NO.PZ2023032701000127
问题如下：
Vinuvia, a privately held Brazilian wine distributor,
was estimated to have equity value of approximately BRL 167 million using the
CCM. Vinuvia’s FCFF was BRL 15 million, and the valuation assumed WACC of 15%
and a perpetual growth rate of FCFF of 5%. Which statement is most accurate
about the underlying assumption of Vinuvia’s reinvestment rate？
选项：
A.Vinuvia’s assumed reinvestment rate is 33.33%
Vinuvia’s assumed reinvestment rate is 66.67%
Vinuvia’s reinvestment rate is not known based on the
example
解释：
A is Correct.
Equation 2 shows that the assumed reinvestment rate in the CCM can be
calculated by dividing the assumed perpetual growth rate of FCFF by the assumed
WACC. In this case, reinvestment is equal to 33.33% (5%/15%).
如题
