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禮琦 · 2021年12月21日

关于公司估值DCF方法的问题

For example, assume a company has a free cash flow of $20 million in the present year. You forecast the FCF will grow 5% annually for the next five years and assign a terminal value multiple of 10 to its year five FCF of $25.52 million. At a discount rate of 10%, the present value of these cash flows (including the terminal value of $255.25 million) is $245.66 million. If the company has 50 million shares outstanding, each share would be worth $245.66 million ÷ 50 million shares = $4.91 (to keep things simple, we assume the company has no debt on its balance sheet). 现值245.66怎么算出来的?
1 个答案

王园圆_品职助教 · 2021年12月21日

嗨,爱思考的PZer你好:


同学你好,计算过程如下

FCFE1 = 20*1.05 =21

FCFE2 = 20*1.05^2=22.05

FCFE3 = 20*1.05^3=23.15

FCFE4 = 20*1.05^4=24.31

FCFE5 = 20*1.05^5=25.52

Terminal value = FCFE5*10 = 255.255

PV of cash flows = 21/1.1 + 22.05/(1.1^2)+23.15/(1.1^3)+24.31/(1.1^4)+25.52/(1.1^5)+255.255/(1.1^5) = 245.66

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