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洋葱头 · 2023年10月17日

这题我对计算roi的分子分母无法对应理解，求解答 如图

  1. CFA II
  2. Alternative

NO.PZ2018111302000053

问题如下：

An buyout PE fund plans to invest in Company B’s all preference shares and 70% of the common equity. Company B’s current valuation is $10 million, consisting of $6.5 million in debt, $2.8 million in preference shares and $0.7 million in common equity. The expected exit value in five years is $15 million, with an estimated reduction in debt of $2.5 million and 15% annual return on preference shares. The multiple of expected proceeds at exit to invested funds is closest to:

选项：

A.

2.73x.

B.

2.85x.

C.

2.96x.

解释：

B is correct.

考点：PE退出倍数计算

解析：初始投资额=投资时优先股价值+70%*投资是普通股价值=$2.8 + 70%*$0.7=$3.29

退出时金额=退出时优先股价值+70%*退出时普通股价值=$5.63 + 70%*$5.37=$9.39

退出倍数=退出时金额/初始投资额=$9.39/$3.29=2.85x, B选项正确

其中：

退出时优先股价值=投资时优先股价值*(1+收益率)^投资年限=$2.8^(1+15%)^5=$5.63

退出时普通股价值=退出时公司价值-退出时优先股价值-退出时债权价值=$15-$5.63-($6.5-$2.5)=$5.37


无法理解分子分母含义，请解释红色疑问及提示绿色部分理解错误的点

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1 个答案

pzqa35 · 2023年10月18日

嗨，从没放弃的小努力你好：


首先对于退出倍数的计算是退出倍数=退出时金额/初始投资额，在此题中PE的初始投资就是所有的优先股+70%的普通股权=2.8+70%*0.7=3.29.而退出时，整个公司的价值是15m，退出时优先股=2.8*（1+15%）5=5.63，退出时debt=6.5-2.5=4，普通股=15-4-5.63=5.37.

那PE退出时的价值=5.63+70%*5.37=9.39.退出倍数=9.39/3.29=2.85.

其次同学的PE退出价值的公式，其实在我们课堂中是用来计算VC的。

那么对于VC的退出倍数，这里面都是指的是股权价值的退出，在我们的计算中也不会涉及到debt和优先股，因为VC主要投资还是以股权为主。Post-money valuation也是指创始人和VC一起的股权价值，这点同学的理解是对的哈。

同学在计算这道题的时候，将buyout的估值方式和VC的估值方式混在了一起，这两个的估值方法还是有一些差别的，同学可以看回基础班的例题再来巩固理解一下这部分的知识点。

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