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掠世惊鸿 · 2021年11月26日

算WACC

  1. CFA II
  2. Equity

NO.PZ2018103102000119

问题如下：

Matt is preparing to calculate the intrinsic value of Company M’s equity by using the FCFF model with the constant growth rate of 5% indefinitely. 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. What `s the value of Company M?

选项：

A.

$ 96,153.85million

B.

$ 100,836.20million

C.

$100,961.54 million

解释：

C 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%

V=FCFF0×(1+g)WACC−g=2,000×1.057.08%−5%=$100,961.54millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.08\%-5\%}=\$100,961.54million

算WACC时,优先股不需要1—t吗
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1 个答案

王园圆_品职助教 · 2021年11月26日

嗨，爱思考的PZer你好：


同学你好，不需要哦~因为优先股依然属于股票，不是债务，是不享受税盾的优惠的哦~~


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