如题

问题如下：

Digigraf GmbH, a small private digital media firm with several patents, seeks early-stage financing and plans to use EEM for valuation. Recent financials show EUR 1,000,000 in total assets: EUR 200K in working capital and EUR 800K in fixed assets, close to market value. Normalized earnings last year were EUR 120K. Given the following information, you have been asked to value Digigraf GmbH, by using an excess earnings method:

• Required return on working capital = 4.0 percent

• Required return on fixed assets = 10.0 percent

• Required return on intangible assets = 11.0 percent

• Long-term growth rate of residual income = 3.0 percent

Which of the following is closest to the corrected estimate of Digigraf’s EEM value?

选项：

A.

EUR 1,283,000

B.

EUR 1,366,000

C.

EUR 1,412,000

解释：

1. Calculate residual income (RI_t) by deducting required returns on assets from normalized income.

RI_t = EUR 32,000=120,000 – (200,000 x 4%) – (800,000 x 10%)

• This residual income must reflect the value associated with intangible assets.

2. Value intangible assets using the growing perpetuity ：

• EUR 32,000 is the normalized income for the most recent year, which is increased by its assumed 3% growth rate to forecast next year’s residual income

3. Firm value is the sum of working capital, fixed assets, and intangible assets. The EEM estimate for Digigraf GmbH is: EUR 1,412,000 = EUR 200,000 + EUR 800,000 + EUR 412,000.