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执瑞 Zhirui · 2024年07月10日

Net borrowing怎么算？

  1. CFA II
  2. Equity

NO.PZ2018103102000049

问题如下：

Jacques is preparing the valuation for PZ Inc.. Based on its 2017 and 2018 financial statements provided by the company as shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:

选项：

A.

$800 million

B.

$720 million

C.

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv:

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 million

FCInv = 固定资产总额增长= 5000 - 4250 = $750 million

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 million

FCFF = 875 + 400 + 245 -750 -50= $720 million

Net borrowing怎么算？

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1 个答案

王园圆_品职助教 · 2024年07月10日

同学你好，请看以下讲义截图公式，net borrowing 是公司本年新增的有息负债，包括短期和长期

所以本题就是notes payable和long-term debt的18年和17年的差额，也就是(550+1500) -（500+1400) = 150

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