NO.PZ2018101501000114
问题如下：
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：
A. $10.64
B. $9.82
C. $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
我输入CF输入完成之后按NPV输入Y=10，再CPT NPV是101.6868