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KKII · 2024年05月09日

如何理解讲义里这个NB的公式需要减去Dep？

  1. CFA II
  2. Equity

NO.PZ2023032701000040

问题如下：

Yee makes the following critical assumptions

• 2013 earnings per share (EPS) will be $1.80.

• EPS will grow forever at 6% annually.

• Cost of equity=12.0%

• For 2013 and beyond:

• Net capital expenditures (fixed capital expenditures minus depreciation) will be 30% of EPS.

• Investments in working capital will be 10% of EPS.

• Of future investments, 60% will be financed with equity and 40% will be financed with debt.

Using Yee’s assumptions and the FCFE valuation approach, the year-end 2012 value per share of McLaughlin’s common stock is closest to:

选项：

A.

$24.17

B.

$22.80

C.

$18.00

解释：

如何理解讲义里这个NB的公式需要减去Dep？


实际投入固定资本的现金流不就是FCinv吗？


FCinv - dep = Net PPEt - Net PPEt-1，这个是会计记账上的固定资本投资吧





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1 个答案

王园圆_品职助教 · 2024年05月09日

同学你好，老师上课的时候讲过target data racial这个知识点，本质是用target D/A来计算未来公司净资产增加 ΔAsset的份额中需要用借款来补充的部分是多少

根据BASE法则，期初固定资产净值+本期新投资（CAPEX）-本期折旧 = 期末固定资产净值

所以每一期公司实际固定资产的净值增加量就是粉色部分

再加上每一期由于经营所需要支出的经营性投资也就是WCInv

就构成了未来公司每一期Δ Asset，即Δ asset = 固定资产的净值增加量 + WCInv




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