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若然 · 2023年04月27日

?

  1. CFA I
  2. Equity

NO.PZ2023040301000143

问题如下：

Geo Telecommunications Inc. is a fast growing company with a double-digit growth rate that is expected to continue for three more years. In his pursuit of valuing the company’s stock, Dimiter Nenkov, a free-lance equity analyst, has compiled the following data about the company:

Based on the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications would be closest to:

选项：

A.

€9.73

B.

€10.13

C.

€ 17.17

解释：

老师好。请问为什么当年的FCFE20不参与折现，而是从20*1.3=26开始？即便是当年的FCFE不需要参与折现，难道不应该直接把20加到后期各笔FEFE折现得到的现值上么？

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1 个答案

王园圆_品职助教 · 2023年04月27日

同学你好，资产的价值的定义：未来产生的现金流的现值之和。

既然是未来的现金流，和现在已经发生的FCFE0，FCFF0 乃至D0这一系列0时刻的现金流就没有关系，不可以把他们计算进公司价值。

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