NO.PZ2018103102000114
问题如下:
Matt is preparing to calculate the intrinsic value of Company M’s equity by using the FCFF model with the constant growth rate of 5% indefinitely. The relevant information is shown in the following table. What `s the value of Company M`s equity?
选项:
A.$5,145 million
B.$8,575 million
C.$12,862.5 million
解释:
C is correct.
考点:Valuation Models
解析:M公司的权益回报率为:E(Ri) = RF + βi[E(RM) – RF] = 2.4% + 0.8(7%) = 8%.
M公司的WACC为:WACC = Wd*Rd*(1 - T) + We*Re
WACC = 0.40(5%)(1 – 0.3) + 0.60(8%) = 1.4% + 4.8% = 6.2%
FCFF = NI + Int × (1-T) + NCC – Wcinv - FCinv
= 212 + 100 × (1-0.3) + 88 – (50-25) – 100 = $245 million
Debt value = 0.4 * 21437.5 = $8575 million
Equity value = 0.6 * 21437.5 = $12862.5 million
WACC=wd*rd*(1-T)+we*re我了解,但是我是按照addition information给的数据算出来WACC=8%,这里这个表也写了是M公司的数据!但是所以给的β,给的MRP,就应该给的是整个公司的β和整个公司的MRP啊,全篇上下都在说的是firm 层面的数据,怎么到了下面就变成equity的数据了,而且也没有任何提示?
所以我直接拿WACC=rf+β*MRP求出是8%,然后用GGM算出公司价值就是8575,然后根据DR算出Equity占60%也就是5145,选A,为什么不对?