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杨舒芃 · 2022年01月05日

问一下b为什么不对呢

  1. CFA II
  2. Equity

NO.PZ2018103102000057

问题如下：

Jacques is conducting an analysis of TMT, a publicly traded European petrochemical engineering company. Jacques intends to use a price-to-cash flow multiple in valuing the shares and the cash flow measure in the multiple would account for both working capital and non-cash revenues, and also be after interest expense and thus not be mismatched with share price. Therefore, the most appropriate cash flow measure for TMT is?

选项：

A.

EBITDA.

B.

earnings plus non-cash charges.

C.

FCFE.

解释：

C is correct.

考点：Computing FCFE From Different Accounting Items.

解析：C是正确的。股东自由现金流(FCFE)是指扣除所有运营费用、利息和债务支付以及营运和固定资本投资后股东可自由支配的现金流。根据Jacque对现金流要求，FCFE满足这一要求。

问一下b为什么不对呢

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1 个答案

王园圆_品职助教 · 2022年01月05日

嗨，爱思考的PZer你好：


同学你好，首先，题干要求的是cash flow measure，我们学过的未来现金流折现求公司价值的方法只有，DDM，GGM，FCF这几种，并没有B选项这一种。

其次，earnings + non cash charges（NCC） 是计算FCFF或FCFE的公式中的一个部分（见以下公式截图），并不能由此得到FCFF或FCFE，所以B不对~~

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