NO.PZ2023041004000066
问题如下：
Tseng and Collin next analyze a potential investment in the leveraged buyout of Stoneham Industries.
Specifically, they assess the expected gain if they elect to purchase all the preference shares and 90% of the common equity in the LBO. Details of the LBO include the following:
The buyout requires an initial investment of $10 million.
Financing for the deal includes $6 million in debt, $3.6 million in preference shares that promise a 15% annual return paid at exit, and $0.4 million in common equity.
The expected exit value in six years is $15 million, with an estimated reduction in debt of $2.8 million over the six years prior to exit.
The multiple of expected proceeds at exit to invested funds for JRR’s Stoneham LBO investment is closest to:
选项：
A.2.77×. B.2.89×. C.2.98×.解释：
The investment exit value is $15 million. The expected payoff to JRR is calculated as (all amounts in millions):
Expected exit
value: $15.00
Debt remaining at
exit: ($6.0 – 2.8) 3.20
Preference shares:
[$3.60 × (1.15)6] 8.33
Common equity:
($15 exit – 3.2 debt – 8.33 preference) 3.47
Initial
investment: $3.6 (preference) + 0.9 × $0.4 (common) = $3.96
Proceeds at exit:
$8.33 (preference) + 0.9 × $3.47 (common) = $11.45
Multiple of
expected proceeds to invested funds: $11.45 exit value/$3.96 initial investment
= 2.89×
这道题讲会投资10m，这10m来买优先股和90%的股权。这里的10m题目中说的是investment。
答案按这样划分的：
10m=6m debt + 3.6m 优先股 + 0.4m*90% PE + 0.4m*10% 创始人
为什么不是：
10m=6m debt + 3.6m 优先股 + 0.4m PE ，因为PE占90%，所以创始人是0.4/90%*10%
而题目后面说退出价值是15m，我想的是从10minvestment+原本0.4m/90%*10%的创始人，变成了15m。
其实6年后的优先股+普通股是一样的，只是期初我觉得是3.6+0.4=4m，而不是3.6+0.9*0.4
我算出来的乘数是2.86，略低一点。
怎么理解10m的investment包不包含买创始人的股份？
