NO.PZ2023032701000109
问题如下：
Olsen is using the guideline transactions method (GTM) using next year's expected earnings before interest, taxes, depreciation, and amortization (EBITDA) to value FDF and she estimates the following from the company data, market information, and her own assessments.
• FDF's expected EBITDA for 2013 equals $924,000.
• Three recent purchase transactions of similar farms in North Dakota indicate an average MVIC (market value of invested capital) to EBITDA multiple of 9.0.
• FDF commands a 30% control premium.
• FDF does not need to incur any additional capital expenditures or borrowing. (Currently, FDF carries debt in the amount of $750,000 at an interest rate of 8%.).
The value of FDF’s equity as at the end of 2012, according to the approach and estimates by Olsen, is closest to:
选项：
A.$10,810,800
$7,566,000
$10,060,800
解释：
有个细节的地方，关于MVIC (market value of invested capital)，严格意义上来讲，invested capital的口径应该是operating asset (剔除cash)- operating liability（剔除debt），也就是说实际用乘数乘完以后，结果应该已经是减掉了liability、就是equity才对。
还是说没必要纠结这个点，直接按照出题人的思路，再减掉题目中的已知条件debt就行了？
