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米妮涵 · 2021年08月25日

请问这道题的考点是什么，以及sales-based methodology 是什么意思？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000105

问题如下：

Based on Exhibit 1, using the proposed sales-based methodology to forecast FCFE would produce an inaccurate FCFE projection for which company?

选项：

A.

Company A.

B.

Company B.

C.

Company C.

解释：

A is correct. In addition to significant non-cash charges other than depreciation in the most recent year, the annual report indicates that Company A expects to recognize additional non-cash charges related to restructuring over the next few years. The given equation for forecasting assumes that the only non-cash charge is depreciation. When the company being analyzed has significant non-cash charges other than depreciation expense, this sales-based methodology will result in a less accurate estimate of FCFE than one obtained by forecasting all the individual components of FCFE.

如题，没有get到考察的是哪个知识点，以及怎么推演出答案的。

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1 个答案

王园圆_品职助教 · 2021年08月25日

嗨，从没放弃的小努力你好：


同学你好，首先这道题的考点就是上图中最后一行小字哦~~当计算FCFF或者FCFE的时候，以NI为起点和以EBIT等为起点时，要考虑的NCC是不同于其它公式的DEP的。因为许多非现金支出是在计算NI之前出现但在EBIT等的计算之后的，所以把所有非现金的支出加回的时候，碰到NI为起点的时候，就需要多考虑这种非现金支出的加回了。

sales-based methedology其实就是指从利润表的角度出发计算自由现金流，而非从现金流量表计算。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ201809170300000105问题如下 Based on Exhibit 1, using the proposesales-basemethology to forecast FCFE would proinaccurate FCFE projection for whicompany? Company A. Company B. Company C. A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineby forecasting all the invicomponents of FCFE. 题目公式中的是什么意思？

2023-02-26 14:45 1 · 回答

NO.PZ201809170300000105 Baseon Exhibit 1, using the proposesales-basemethology to forecast FCFE woulproinaccurate FCFE projection for whicompany? Company Company Company A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineforecasting all the invicomponents of FCFE. NCC是唯一的非现支出。由于公司A 还有 other non-cash expense，所以不能用 是不是以ni 出发的ncc里，在计算sale base候不能有other non-cash exp的意思？ 是否抛弃non cash exp 的NCC就剩下p？ sale base是target ratio 的别名？target ratio是指代（WC+FC-p)*A是这里的A？

2021-11-26 10:55 3 · 回答

Baseon Exhibit 1, using the proposesales-basemethology to forecast FCFE woulproinaccurate FCFE projection for whicompany? Company Company Company A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineforecasting all the invicomponents of FCFE. 请问关于sale basemethology具体内容，讲义里有吗？

2020-12-09 02:08 1 · 回答

Baseon Exhibit 1, using the proposesales-basemethology to forecast FCFE woulproinaccurate FCFE projection for whicompany? Company Company Company A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineforecasting all the invicomponents of FCFE. 看到过去解析中老师了NCC是唯一的非现支出，没明白这句话是什么意思。。 我看到讲义上说的是假设p是唯一的非现支出。。可否请老师再具体讲一下解析是什么意思？

2020-11-26 22:10 2 · 回答