乘以g

问题如下：

Nano Beta, an Italian biotech firm, develops nanoparticles to enhance cancer treatments and counter drug resistance. They await preliminary EMA approval in a year and final approval in two years. A VC analyst is evaluating its value using a decision tree based on EMA approval predictions：

If the company's product isn't approved, its value is zero. Using a 15% WACC and constant growth in a discounted cash flow model, the analyst considers two scenarios.

• Broad applicability: Nano Beta is able to apply this new therapy to several pervasive forms of cancer. Annual FCFF is expected to be EUR 200 million with perpetual constant growth (g) of 5%.

• Limited applicability: Due to the therapy’s limited efficacy, Nano Beta is only able to apply its therapy on a limited basis to a few rare cancer types. Annual FCFF is expected to be EUR 50 million with 2% constant growth.

• Assuming that FCFF grows at a constant rate in perpetuity under each scenario

The firm value today (t=0) is closest to:

选项：

A.

EUR 392 million

B.

EUR 798 million

C.

EUR 603 million

解释：