13 The management of Telluride, an international diversified conglomerate,
believes that the recent strong performance of its wholly owned medical supply
subsidiary, Sundanci, has gone unnoticed. To realize Sundanci’s full value,
Telluride has announced that it will divest Sundanci in a tax-free spin-off.
Sue Carroll is director of research at Kesson and Associates. In developing an
investment recommendation for Sundanci, Carroll has gathered the information
shown in Exhibits 1 and 2.
Abbey Naylor has been directed by Carroll to determine the value of Sundanci’s
stock by using the FCFE model. Naylor believes that Sundanci’s FCFE will grow
at 27% for two years and at 13% thereafter. Capital expenditures, depreciation,
and working capital are all expected to increase proportionately with FCFE.
A Calculate the amount of FCFE per share for 2020 by using the data from
Exhibit 1.
B Calculate the current value of a share of Sundanci stock based on the two
stage FCFE model.
C Describe limitations that the two-stage DDM and FCFE models have in
common.
答案
答案中的WC investment =41 怎么来的。另为什么没有NB？
