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台风来了 · 2023年07月14日

计算FCFF,not all non-charges will need to be added back,具体有哪些不用加回?

NO.PZ2023032701000041

问题如下:

Since Wadgett has no plan to begin paying a dividend, Baker asks the analysts to calculate the free cash flow to the firm (FCFF). The two analysts discuss how to go about it, and they make the following comments:

Paschel: If we begin with cash flow from operations (CFO), we do not have to make adjustments for working capital.

Covey: We should begin with earnings before interest, taxes, depreciation, and amortization (EBITDA) but will have to add in all the non-cash charges on the income statement.

Paschel: Regardless of whether we start with net income, CFO, or EBITDA, we will have to add in net borrowing.

In regard to calculating Wadgett’s FCFF, the comment that is most appropriate is the one dealing with:

选项:

A.

working capital adjustments

B.

treatment of all non-cash charges

C.

treatment of net borrowing

解释:

Cash flow from operations (CFO) already reflects changes in working capital items, therefore Paschel’s first comment is correct. EBITDA has the non-cash charges of depreciation and amortization added back, so Covey’s statement is incorrect, not all non-charges will need to be added back. Net borrowing is added back for FCFE not FCFF, so Paschel’s second statement is incorrect.

B is incorrect. Depreciation has already been added back to EBITDA, though there may be other items that still need to be added back.

C is incorrect. Adjusting for net borrowing is not necessary for FCFF (just FCFE).

老师,您好!


计算FCFF,not all non-charges will need to be added back,具体有哪些不用加回?谢谢!

1 个答案

王园圆_品职助教 · 2023年07月14日

同学你好,注意读题,这里说的是在以EBITDA为前提计算FCFF的时候,是不需要把所有的NCC都加回的,只需要加回D&A

而讲义上我们学习的NCC需要全部加回的情况,是针对的以NI为起点计算的时候才需要加回,这是因为这些NCC都发生在EBITDA之后,但是发生在NI之前,所以对NI有影响,但对EBITDA无影响

请仔细看以下讲义截图,在以NI为起点的情况下,除了D&A以外的黄色部分的一些常见NCC和其他NCC都是需要加回的


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