NO.PZ201809170300000106
问题如下：
Based on Exhibits 1 and 2 and the proposed two-stage FCFE model, the intrinsic value of Company B’s equity is closest to:
选项：
$73,588 million.
C.$79,596 million.
解释：
C is correct.
FCFE for the most recent year for Company B is:
The required rate of return on equity for Company B is
r = E(Ri) = RF + βi[E(RM) RF] = 3% + 0.90(7%) = 9.3%.
The most recent FCFE grows for the next four years at annual growth rates of 10%, 9%, 8%, and 7%, respectively, and then 6% thereafter:
The present value of FCFE for the first four years is calculated as follows:
PV = 
+ 
+ 
+ 
PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94
The present value of the terminal value is calculated as follows:
PV of
TV4 = 
= 70,601.58
So, the estimated total market value of the equity is 8,993.94 + 70,601.58 = 79,595.52 $79,596 million.
terminal value计算折现为何不用WACC? 不知道如何区分？
