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大老王 · 2023年01月05日

属于CL的科目

  1. CFA II
  2. Equity

NO.PZ2018103102000113

问题如下：

Matt is preparing to evaluate the value of Company M`s equity by using the two-stage FCFE model. The growth rates for the first three years are estimated at 10%, 8%, and 6%, respectively, and then it may grow at 5% per year into the indefinite future. The required rate of return on equity for Company M is 10%. What`s the intrinsic value of Company M’s equity?

选项：

A.

$4195million

B.

$4818million

C.

$6406 million

解释：

C is correct.

考点：Valuation Models

解析：先计算出FCFE0 = NI + NCC – WCInv – FCInv + Net Borrowing

= 485 + 270 – (59-33) – 523 + (15+60)

= $281 million

FCFE1 = 281*(1+10%) = $309.1 million, FCFE2 = $333.83 million, FCFE3 = $353.86 million

PV3=FCFE3×(1+g)r−g=353.86×1.0510%−5%=$7431.06millionPV_3=\frac{FCFE_3\times\left(1+g\right)}{r-g}=\frac{353.86\times1.05}{10\%-5\%}=\$7431.06million

PV=309.11.1+333.831.12+353.86+7431.061.13=$6405.82millionPV=\frac{309.1}{1.1}+\frac{333.83}{1.1^2}+\frac{353.86+7431.06}{1.1^3}=\$6405.82million

想问下老师，CURRENT LIABILITY 里除了accounts payable外，还包括什么科目呢，尤其考试中可能出现的。

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1 个答案

王园圆_品职助教 · 2023年01月05日

嗨，从没放弃的小努力你好：


同学你好，以下截图是助教在网上找的一份比较全的短期借款中可能包括的子项目，供同学参考

其中和考试相关度较高的有notes payable, deferred revenue，这两项出现的概率相对更高

----------------------------------------------
努力的时光都是限量版，加油！

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NO.PZ2018103102000113 问题如下 Matt is preparing to evaluate the value of Company M`s equity using the two-stage FCFE mol. The growth rates for the first three years are estimate10%, 8%, an6%, respectively, anthen it mgrow 5% per yeinto the infinite future. The requirerate of return on equity for Company M is 10%. What`s the intrinsic value of Company M’s equity? A.$4195million B.$4818million C.$6406 million C is correct.考点Valuation Mols解析先计算出FCFE0 = NI + N– WCInv – FCInv + Net Borrowing= 485 + 270 – (59-33) – 523 + (15+60)= $281 millionFCFE1 = 281*(1+10%) = $309.1 million, FCFE2 = $333.83 million, FCFE3 = $353.86 millionPV3=FCFE3×(1+g)r−g=353.86×1.0510%−5%=$7431.06millionPV_3=\frac{FCFE_3\times\left(1+g\right)}{r-g}=\frac{353.86\times1.05}{10\%-5\%}=\$7431.06millionPV3​=r−gFCFE3​×(1+g)​=10%−5%353.86×1.05​=$7431.06millionPV=309.11.1+333.831.12+353.86+7431.061.13=$6405.82millionPV=\frac{309.1}{1.1}+\frac{333.83}{1.1^2}+\frac{353.86+7431.06}{1.1^3}=\$6405.82millionPV=1.1309.1​+1.12333.83​+1.13353.86+7431.06​=$6405.82million 做的时候想了半天，增长率没说是什么的增长率有可能是净利润的增长率，也有可能是FCFE的增长率。因为是出在这个章节了，所以用的FCFE。

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