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❤Oliva · 2024年01月24日

是否有其他计算方法?

* 问题详情,请 查看题干

NO.PZ201710200100000404

问题如下:

4. Based on Exhibit 1, residual income for SSX is closest to:

选项:

A.

€40.9 million.

B.

€90.2 million.

C.

€133.9 million.

解释:

C is correct.

The residual income can be calculated using net income and the equity charge or using net operating profit after taxes (NOPAT) and the total capital charge. Residual income = Net income – Equity charge

Calculation of Net Income (values in millions):

Equity charge = Total assets × Equity weighting × Cost of equity

Equity charge = €4,000 million × 0.40 × 0.15 = €240 million

Therefore, residual income = €373.9 million – €240 million = €133.9 million.

Alternatively, residual income can be calculated from NOPAT as follows.

Residual income = NOPAT – Total capital charge

NOPAT = EBIT × (1 – Tax rate)

NOPAT = €700 million × (1 – 0.35) = €455 million

The total capital charge is as follows.

Equity charge = Total assets × Equity weighting × Cost of equity

= €4,000 million × 0.40 × 0.15

= €240 million

Debt charge = Total assets × Debt weighting × Pretax cost of debt × (1 – Tax rate)

= €4,000 million × 0.60 × 0.052(1 – 0.35)

= €81.1 million

Total capital charge = €240 million + €81.1 million

= €321.1 million

Therefore, residual income = €455 million – €321.1 million = €133.9 million

(ROE-r)*BV=(23.37%-15%)* 40000*40%=133.92

这种方法可以吗?

2 个答案

Alex · 2024年04月19日

我也是用这个方法计算的,不明白协会为啥舍近求远。

王园圆_品职助教 · 2024年01月24日

同学你好,可以哦,你的这个方法没有问题

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NO.PZ201710200100000404 问题如下 4. Baseon Exhibit 1, resiincome for SSX is closest to: A.€40.9 million. B.€90.2 million. C.€133.9 million. C is correct. The resiincome ccalculateusing net income anthe equity charge or using net operating profit after taxes (NOPAT) anthe totcapitcharge. Resiincome = Net income – Equity chargeCalculation of Net Income (values in millions):Equity charge = Totassets × Equity weighting × Cost of equityEquity charge = €4,000 million × 0.40 × 0.15 = €240 millionTherefore, resiincome = €373.9 million – €240 million = €133.9 million.Alternatively, resiincome ccalculatefrom NOPfollows.Resiincome = NOP– TotcapitchargeNOP= EBIT × (1 – Trate)NOP= €700 million × (1 – 0.35) = €455 millionThe totcapitcharge is follows.Equity charge = Totassets × Equity weighting × Cost of equity= €4,000 million × 0.40 × 0.15= €240 millioncharge = Totassets × weighting × Pretcost of × (1 – Trate)= €4,000 million × 0.60 × 0.052(1 – 0.35)= €81.1 millionTotcapitcharge = €240 million + €81.1 million= €321.1 millionTherefore, resiincome = €455 million – €321.1 million = €133.9 million 请问这句话对做题 计算有什么影响么?

2024-08-20 08:28 1 · 回答

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2024-05-07 00:19 1 · 回答

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2024-04-26 00:50 1 · 回答

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2023-08-26 11:08 1 · 回答