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Jenny · 2024年05月06日

想问一下common equity和share outstanding

  1. CFA II
  2. Equity

NO.PZ2023032701000039

问题如下：

Cuyahoga River Navigators, Inc. (CRN), based in Cleveland, Ohio, has a fleet of 30 watercraft consisting of riverboats, yachts, barges, and ships navigating the Cuyahoga River and Lake Erie. Amit Jatin, a senior equity analyst at Cleveland Investment Research, asks Alahtab to evaluate CRN and prepare a research report for updating the firm’s recommendation about the stock. He gives Alahtab CRN’s financial data, which are shown in Exhibits 1.

Exhibit 1 Income Statement Excerpts& Selected Balance Sheet Data, Years Ending 31 December ($millions)

Using the data in Exhibits 1, CRN’s FCFE per share for 2013 is closest to:

选项：

A.

$0.85

B.

$0.82

C.

$0.92

解释：

FCFF = EBITDA(1 – Tax rate) + Depreciation(Tax rate) – FCInv – WCInv

FCFE = FCFF – Interest(1 – Tax rate) + Net borrowing

想问一下common equity和share outstanding

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1 个答案

王园圆_品职助教 · 2024年05月06日

同学你好，你想问什么？想问这两者的区别吗？

common stock在这道题里，就是代表公司股东投资的总金额——假设公司最开始IPO发行了50 million这么多份的股票，然后就募集到了$800 Million的现金

看出来了吗？shares outstanding就是指的发行在外的股票数量，而不是金额，这里括号里的50 million就是股票的份数

而后面表格里的800 million才是真正的金额，指的是这些股票在最开始投入时候的账面价值

至于这些股票现在在市场上是值$900Mlillion还是$500Million,都和公司记账的这个$800 Million没有关系，公司的账面common stock的金额也不会随股票的市场价格变动而发生改变

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NO.PZ2023032701000039 问题如下 Cuyahoga River Navigators, In(CRN), basein Clevelan Ohio, ha fleet of 30 watercraft consisting of riverboats, yachts, barges, anships navigating the Cuyahoga River anLake Erie. Amit Jatin, a senior equity analyst ClevelanInvestment Research, asks Alahtto evaluate CRN anprepare a researreport for upting the firm’s recommention about the stock. He gives AlahtCRN’s financitwhiare shown in Exhibits 1.Exhibit 1 Income Statement Excerpts SelecteBalanSheet tYears Enng 31 cember ($millions)Using the ta in Exhibits 1, CRN’s FCFE per share for 2013 is closest to: A.$0.85 B.$0.82 C.$0.92 FCFF = EBIT(1 – Trate) + preciation(Trate) – FCInv – WCInvFCFE = FCFF – Interest(1 – Trate) + Net borrowing 这题为什么不从Net income开始直接算FCFE？

2024-11-13 10:50 1 · 回答

NO.PZ2023032701000039 问题如下 Cuyahoga River Navigators, In(CRN), basein Clevelan Ohio, ha fleet of 30 watercraft consisting of riverboats, yachts, barges, anships navigating the Cuyahoga River anLake Erie. Amit Jatin, a senior equity analyst ClevelanInvestment Research, asks Alahtto evaluate CRN anprepare a researreport for upting the firm’s recommention about the stock. He gives AlahtCRN’s financitwhiare shown in Exhibits 1.Exhibit 1 Income Statement Excerpts SelecteBalanSheet tYears Enng 31 cember ($millions)Using the ta in Exhibits 1, CRN’s FCFE per share for 2013 is closest to: A.$0.85 B.$0.82 C.$0.92 FCFF = EBIT(1 – Trate) + preciation(Trate) – FCInv – WCInvFCFE = FCFF – Interest(1 – Trate) + Net borrowing 在有些题目，note payable是属于current liability的科目，在计算FCFF时，已经在WC中计算了，因而在计算FCFE里面，不需要计算note payable。但这道题又把note payable计算进net borrowing里面有没有重复计算的问题？？

2024-05-09 19:21 1 · 回答