Yee gathers the following information to estimate the equity value:
- 2013 FCFF will be $600 million.
- Beyond 2013, FCFF will grow in perpetuity at 4% annually.
- The market value and book value of McLaughlin’s long-term debt are approximately equal.
- Weighted average cost of capital (WACC)=9.0%
- Number of outstanding shares (millions)=411
- Long-term debt at the end of 2012=$2,249 million
Using Yee’s assumptions and the FCFF valuation approach, the year-end 2012 value per share of McLaughlin common stock is closest to:
上面这个题目，2013年之后，就永续增长4%，可以用FCFF1/WACC吗？
