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Stephanie · 2021年09月22日

问一道题:NO.PZ2018101501000038 [ CFA II ]

问题如下:

Company M is investing in a four-year project, relevant information is shown in the following table. The company is in the 25% tax bracket. The weighted average cost of capital and the cost of equity is 10% and 15%, respectively. What`s the market value added (MVA)?

选项:

A.

56,070.52

B.

62,625.16

C.

55,795.03

解释:

B is correct.

考点:Other Valuation Models

解析根据公式MVA=t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}

其中EP=EBIT(1T)WACCcapitalEP=EBIT\ast(1-T)-WACC\ast capital

EP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000;EP3 = 18,500

需要注意的是第四年的EBIT要加回残值的影响

EBIT4 = 20,000+10,000/(1-25%) = 33,333.33,EP4 = 23,000

MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16

1:不懂最后一年怎么算的;2:EP3为什么我算的不是这个数

1 个答案

王琛_品职助教 · 2021年09月22日

嗨,努力学习的PZer你好:


1)不懂最后一年怎么算的

我理解同学指的是在计算 EP4 时,对于过程数据 EBIT4 中的残值,不清楚具体的算法?

其实原理很容易理解,就是项目期末的 EBIT4 加上了残值

因为项目结束了,变卖资产残值获得的现金流也是你经营项目的一部分,相当于项目做完了,要收回所有投资

其实不光是 EP,其他估值方法,都要考虑期末税后残值

计算税后残值的方法有两种

如果是放在 NOPAT 前计算残值,NOPAT 的计算过程就是解析的:10,000/(1-0.25)+20,000=33,333.33,33,333.33(1-0.25)=25,000

如果是放在 NOPAT 中计算残值,计算过程为:20,000(1-0.25)+10,000=25,000

得到 NOPAT 25,000 后,减去 10%*20,000,即得到 EP4 = 23,000

2)EP3为什么我算的不是这个数

请问同学计算的 EP3 是多少呢?

EP3 = 30,000*(1-25%) - 10%*40,000 = 22,500 - 4,000 = 18,500 

因为同学问的是计算题,之后提问时,如果方便的话,可以在提问时,附上同学自己的计算过程和答案哈,方便彼此交流讨论,谢谢

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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