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

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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：

Solution

C 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

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王园圆_品职助教 · 2024年07月16日

同学你好，我们在讲义上总结的公式，其实折旧本身是不用特意考虑税费的，请看以下讲义截图的FCFF和FCFE的公式，Dep本身不用去乘以tax rate

这里解析用的公式是以EBITDA为起点出发的公式，你看截图中的公式如果变形一下，-Dep*（1-t)+Dep = -Dep + Dep*t + Dep = Dep*t——所以以EBITDA为起点的公式，本质上是算上的Dep*t而非单纯的Dep

但是同学只需要记住讲义公式即可，本题解析这个推导了解即可了，并不需要特意去记得的

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NO.PZ202303150300000303 问题如下 Using the ta in Exhibits 1 an2 anthe trate suggesteJatin, CRN’s FCFE per share for 20X3 is closest to: A.$0.85. B.$0.82. C.$0.92. SolutionC is correct. FCFF = EBIT(1 – Trate) + preciation(Trate) – FCInv – WCInvFCFE = FCFF – Interest(1 – Trate) + Net borrowinga Jatin’s trate = 35%, whiis fferent from the origintrate.b Net increase in Net Working Capit(20X3) is less $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 incorrevalue for net borrowing because it ignores the change in notes payable.Free Cash Flow ValuationLOS 请问可以用NI的公式吗？用NI的公式算不来的结果不一样诶

2024-03-20 10:08 1 · 回答

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

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