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410140980 · 2021年11月25日

Capital expenditures equal 125 percent of depreciation to support the current level of revenues. l Additional capital expenditures of 15 percent of incremental revenues are needed to fund future growth.

* 问题详情,请 查看题干

NO.PZ201512300100001304

问题如下:

3.The free cash flow to the firm is closest to:

选项:

A.

$23,031,000.

B.

$25,441,000.

C.

$36,091,000.

解释:

A is correct.

Using Ebinosa’s assumptions:

 Capital expenditures equal 125 percent of depreciation to support the current level of revenues.

l Additional capital expenditures of 15 percent of incremental revenues are needed to fund future growth.

老师不理解这两个是怎么算出来的。麻烦给一下详细的计算,最好解释一下,谢谢

1 个答案
已采纳答案

王园圆_品职助教 · 2021年11月25日

嗨,爱思考的PZer你好:


同学你好,首先,这两句话是说CAPAX是125%倍的depreciation+15%的增量revenue

depreciation在题干黑点点的表述中,是2%的revenue

那CAPAX = $200 million*(1+3%)*2%*125% +$200 million*3%*15%= $6.05 million

这里把不同的计算部分和颜色一一对应起来了,同学可以对照着看一下哦~~

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