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金融民工阿聪 · 2021年06月07日

几个问题

  1. CFA II
  2. Equity

NO.PZ2018103102000121

问题如下：

Matt is evaluating the FCFF of Company M for the next year, which has an annual sale of $100 million. He has forecasted the relevant information in the following table. What`s the FCFF?

选项：

A.

$10.81 million

B.

$11.81 million

C.

$14.75 million

解释：

A is correct.

考点：Computing FCFF from Different Accounting Items

解析：先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + Dep – Wcinv – Fcinv

计算FCFF

FCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 million

1.Capex是属于什么？为什么？

2.SG&A不是应该包括在cost of sale里面，然后在Revenue-cost of sales的时候，就已经减去了吗？

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2 个答案

追风少年_ 品职助教 · 2021年07月13日

嗨，爱思考的PZer你好：


SG&A是销售管理费用等等

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加油吧，让我们一起遇见更好的自己！

追风少年_ 品职助教 · 2021年06月08日

嗨，爱思考的PZer你好：


1.capex全称是capital expenditure，就是资本投资，也就是公司花了多少钱在资产上，如果在没有资产处置的情况下，和FC是一样的。

2.cost of sale不完全，应该全称是cost of good sold(COGS), revenue- COGS=gross profit-SG&A-Dep exp=EBIT，这是利润表最简化的公式了，考试经常用，同学要记住。

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努力的时光都是限量版，加油！

潜在持证人 · 2021年07月09日

老师SG&A是什么

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