不是很明白ep4的算法

NO.PZ2018101501000038

问题如下：

Company M is investing in a four-year project, relevant information is shown in the following table. The company is in the 25% tax bracket. The weighted average cost of capital and the cost of equity is 10% and 15%, respectively. What`s the market value added (MVA)?

选项：

56,070.52

62,625.16

55,795.03

解释：

B is correct.

考点：Other Valuation Models

解析：根据公式 $MVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}$

其中 $EP=EBIT\ast(1-T)-WACC\ast capital$

EP₁ = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP₂ = 24,000；EP₃ = 18,500

需要注意的是第四年的EBIT要加回残值的影响

EBIT₄= 20,000+10,000/(1-25%) = 33,333.33，EP₄ = 23,000

$MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16$

ep4=ebit（1-t）-wacc*capital，capital不是账面价值-残值嘛？

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1 个答案

王琛_品职助教 · 2021年05月31日

嗨，爱思考的PZer你好：

EP 计算公式中的 Capital，指的是期初的资本，beginning book value of assets

EP4 中的 capital，是第四年期初，即第三年期末资产的账面价值：20000

也请参考：https://class.pzacademy.com/qa/57102

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NO.PZ2018101501000038 Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the market value ae(MVA)? 56,070.52 62,625.16 55,795.03 B is correct. 考点Other Valuation Mols 解析根据公式 MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}MVA=∑t=1n(1+WACC)tEPt 其中 EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capitalEP=EBIT∗(1−T)−WACC∗capitEP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500 需要注意的是第四年的EBIT要加回残值的影响 EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000 MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16MVA=1.114,500+1.1224,000+1.1318,500+1.1423,000=62,625.16 preciation是否要从asset里减去？

2021-11-17 16:15 1 · 回答

Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the market value ae(MVA)? 56,070.52 62,625.16 55,795.03 B is correct. 考点Other Valuation Mols 解析根据公式 MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}MVA=∑t=1n(1+WACC)tEPt 其中 EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capitalEP=EBIT∗(1−T)−WACC∗capitEP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500 需要注意的是第四年的EBIT要加回残值的影响 EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000 MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16MVA=1.114,500+1.1224,000+1.1318,500+1.1423,000=62,625.16 1:不懂最后一年怎么算的；2EP3为什么我算的不是这个数

2021-09-22 11:31 1 · 回答

NO.PZ2018101501000038 62,625.16 55,795.03 B is correct. 考点Other Valuation Mols 解析根据公式 MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}MVA=∑t=1n(1+WACC)tEPt 其中 EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capitalEP=EBIT∗(1−T)−WACC∗capitEP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500 需要注意的是第四年的EBIT要加回残值的影响 EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000 MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16MVA=1.114,500+1.1224,000+1.1318,500+1.1423,000=62,625.16请问这道题可以用算算每期的ocf方法吗？这样的话，t=0时，-8，后面的ocf分别是4.25、5、4.25、4.5，再折现求Npv？

2021-07-18 14:36 1 · 回答

2021-07-02 16:35 1 · 回答

不是很明白ep4的算法

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