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逢考必过过过过过过 · 2022年06月11日

问一道题:NO.PZ2018103102000155 [ CFA II ]

问题如下:

Alan Chin, the CEO of Thunder Corporation, has asked his CFO, Constance Ebinosa, to prepare a valuation of Thunder for the purpose of selling the company to a private investment partnership. Thunder has been in business for 15 years and is privately owned by the original shareholders, none of whom are employed by the company. The partnership has expectations about Thunder similar to the current shareholders and management of Thunder. These investors expect to hold Thunder for an intermediate period of time and then bring the company public when market conditions are more favorable than currently. Chin is concerned about what definition of value should be used when analyzing Thunder. Given Chin’s concerns, the most appropriate defnition of value for Tunder is:   

选项:

A.

intrinsic value   

B.

investment value   

C.

fair market value   

解释:

A is correct. Both the current shareholders and the future shareholders (the private investment group) share the same expectations. It is most reasonable to assume that both are concerned with Thunder’s intrinsic value, which market prices should reflect when the company is brought public under less volatile market conditions. 


老师,我看之前提问老师的回答都说知识点还在,说在330页,可是现在330是Normalized Earning。。。现在这部分在哪儿啊?
2 个答案

王园圆_品职助教 · 2022年06月25日

嗨,爱思考的PZer你好:


同学你好,synergy并不是投资就会有的,而是特指两家相同行业的公司合并时才会产生的。例如产业链上游的公司投资下游公司,从而减少产业链中间的流转环节,从而使合并后的公司节约成本,流转更高效,从而产生比较长久的经济利益流入

本题只是简单的把一个公司卖给私人投资者,未来再通过资本运作实现上市——整个过程没有合并发生,是不存在特别的synergy的,所以本题和investment value无关

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

王园圆_品职助教 · 2022年06月11日

嗨,从没放弃的小努力你好:


同学你好,最新的回答也有哦~~该知识点在讲义第一章,从讲义里的第7张PPT开始,就是讲的这几个value的区别。2022年只是把后面重复的关于这个知识点的讲解部分删除了。

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加油吧,让我们一起遇见更好的自己!

逢考必过过过过过过 · 2022年06月25日

那这样的话,为什么不选investment呢?因为R20 老师说了为了synergy的specific buyer应该是investment value啊,因为这里肯定也是控股了,才能指导它上市吧

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