为什么这里FCFF不乘以1+g

问题如下：

Yee gathers the following information to estimate the equity value:

• 2013 FCFF will be $600 million.

• Beyond 2013, FCFF will grow in perpetuity at 4% annually.

• The market value and book value of McLaughlin’s long-term debt are approximately equal.

• Weighted average cost of capital (WACC)=9.0%

• Number of outstanding shares (millions)=411

• Long-term debt at the end of 2012=$2,249 million

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

选项：

A.

$23.73

B.

$12.78

C.

$29.20

解释：