NO.PZ202303150300000303
问题如下：
Using the data in Exhibits 1 and 2 and the tax rate suggested by Jatin, CRN’s FCFE per share for 20X3 is closest to:选项：
A.$0.85. B.$0.82. C.$0.92.解释：
SolutionC is correct. FCFF = EBITDA(1 – Tax rate) + Depreciation(Tax rate) – FCInv – WCInv
FCFE = FCFF – Interest(1 – Tax rate) + Net borrowing
a Jatin’s tax rate = 35%, which is different from the original tax rate.
b Net increase in Net Working Capital (20X3) is less by $1.80, so it is a positive number.
A is incorrect. It uses the wrong sign for net increase in working capital.
B is incorrect. It uses the incorrect value for net borrowing because it ignores the change in notes payable.
Free Cash Flow Valuation
LOS d
计算出来结果是一样的，我看答案Dep里面还涉及tax了？这个是每道题都要考虑的吗
