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fukaismile · 2021年07月14日

问一道题:NO.PZ2018103102000120 [ CFA II ]

问题如下:

Matt is preparing to evaluate the value of Company M`s equity by using the two-stage FCFF model. The growth rates for the first three years are estimated at 5% and then it may grow at 2.5% per year into the indefinite future. The most recent FCFF is $2,000 million and the company is in the 30% tax bracket. The relevant information is shown in the following table. Determine whether the common stock is fairly valued, overvalued or undervalued?

选项:

A.

undervalued.

B.

overvalued.

C.

fairly valued.

解释:

A is correct.

考点:Valuation Models.

解析:先计算WACC = wd × rd × (1–T) + (wp × rp) + (we × re)

= (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)

= 7.08%

PV3=FCFF3×(1+g)rg=2000×1.053×(1+2.5%)7.08%2.5%=51,815.09millionPV_3=\frac{FCFF_3\times\left(1+g\right)}{r-g}=\frac{2000\times1.05^3\times\left(1+2.5\%\right)}{7.08\%-2.5\%}=51,815.09million

PV=21001.0708+22051.07082+2315.25+51,815.091.07083=47,971.73millionPV=\frac{2100}{1.0708}+\frac{2205}{1.0708^2}+\frac{2315.25+51,815.09}{1.0708^3}=47,971.73million

V common stock = 47,971.73 – 15,000 – 5,000 = $27,971.73 million

大于市场价值20,000 million,所以common stock被低估。

这道题计算器如何按?
1 个答案

韩韩_品职助教 · 2021年07月14日

嗨,从没放弃的小努力你好:


同学你好:这道题目,你先计算出来FCFF1、FCFF2、FCFF3,以及终值PV3后,使用计算器上第二排第二个CF键,输入三笔现金流,和对应折现率,进行计算。具体:先按CF键,开始输入现金流,首先CF0=0,然后按第一行的向下的箭头,输入CF1=2100,然后按enter键(记住每一笔现金流按完都要按enter),再按向下箭头,出来F01,代表这笔现金流出现的频率,默认都是1不用管;再输入CF2=2205、按enter;然后向下箭头,出来F02,还是默认是1不用管;然后输入CF3=2315.25+51815.09(V3),按enter,出来F03,还是1;

所有现金流输入完后,按旁边的NPV键,然后会自动出来让你输入折现率的界面,输入求出来的wacc=7.08,不用考虑百分号;然后按向下箭头,出来NPV=的界面,最后按一下CPT,就能计算出结果。

我们的前导课中有专门的计算器使用课程,建议可以看一下。

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加油吧,让我们一起遇见更好的自己!

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