为什么要把第三年FCF的包括进去呢

NO.PZ2018101501000114

Matt, an analyst with company M, has estimated the free cash flows of 8, 10, 11 million respectively at the end of the first three years. After three years, Company M`s terminal value would be worth 10 times its free cash flow at the end of the third year. The required rate of return is 10%. Company M has 10 million shares of outstanding stock. What`s the present value per share of Company M?

选项：

$10.64

$9.82

$12.27

解释：

A is correct.

考点：Discounted Cash Flow Analysis

解析：PV3 = 10*11 = $110 million

      $$\(PV=\frac8{1+10\%}+\frac{10}{{(1+10\%)}^2}+\frac{11+110}{{(1+10\%)}^3}=\$106.45million\)$$ 

      故PV per share为$10.64

为什么要把第三年FCF的包括进去呢。不包含的话算出来就是B的答案。 既然在第三年末的时候TV价值是11*10=110，这里面不是应该包括了其第三年的现金流价值么