NO.PZ201601200500004801
问题如下:
1. Using the discounted cash flow approach and assuming that Durtech’s terminal value is based upon the cash flow multiple method, Logan’s best estimate of Durtech’s current value per share is closest to:
选项:
A.$49.60.
B.$51.50.
C.$53.51.
解释:
A is correct.
PV of first three cash flows:
Terminal value: 7 × 10 = 70
PV of terminal value: = = 46.03
Value = 13.49 + 46.03 = 59.52
Value per share = 59.52/1.2 = 49.60
能不能请老师详细讲一下。
为什么不用 70*(1+9)/(r-g)计算呢?