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nmj1 · 2024年11月13日

这题为什么不从Net income开始直接算FCFE？

  1. CFA II
  2. Equity

NO.PZ2023032701000039

问题如下：

Cuyahoga River Navigators, Inc. (CRN), based in Cleveland, Ohio, has a fleet of 30 watercraft consisting of riverboats, yachts, barges, and ships navigating the Cuyahoga River and Lake Erie. Amit Jatin, a senior equity analyst at Cleveland Investment Research, asks Alahtab to evaluate CRN and prepare a research report for updating the firm’s recommendation about the stock. He gives Alahtab CRN’s financial data, which are shown in Exhibits 1.

Exhibit 1 Income Statement Excerpts& Selected Balance Sheet Data, Years Ending 31 December ($millions)

Using the data in Exhibits 1, CRN’s FCFE per share for 2013 is closest to:

选项：

A.

$0.85

B.

$0.82

C.

$0.92

解释：

FCFF = EBITDA(1 – Tax rate) + Depreciation(Tax rate) – FCInv – WCInv

FCFE = FCFF – Interest(1 – Tax rate) + Net borrowing

这题为什么不从Net income开始直接算FCFE？

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1 个答案

王园圆_品职助教 · 2024年11月13日

同学你好，本题你也可以用NI为起点计算的哦，解析只是给了EBITDA为起点的一种计算方式而已哦，答案是一样的哦

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NO.PZ2023032701000039 问题如下 Cuyahoga River Navigators, In(CRN), basein Clevelan Ohio, ha fleet of 30 watercraft consisting of riverboats, yachts, barges, anships navigating the Cuyahoga River anLake Erie. Amit Jatin, a senior equity analyst ClevelanInvestment Research, asks Alahtto evaluate CRN anprepare a researreport for upting the firm’s recommention about the stock. He gives AlahtCRN’s financitwhiare shown in Exhibits 1.Exhibit 1 Income Statement Excerpts SelecteBalanSheet tYears Enng 31 cember ($millions)Using the ta in Exhibits 1, CRN’s FCFE per share for 2013 is closest to: A.$0.85 B.$0.82 C.$0.92 FCFF = EBIT(1 – Trate) + preciation(Trate) – FCInv – WCInvFCFE = FCFF – Interest(1 – Trate) + Net borrowing 在有些题目，note payable是属于current liability的科目，在计算FCFF时，已经在WC中计算了，因而在计算FCFE里面，不需要计算note payable。但这道题又把note payable计算进net borrowing里面有没有重复计算的问题？？

2024-05-09 19:21 1 · 回答

NO.PZ2023032701000039问题如下 Cuyahoga River Navigators, In(CRN), basein Clevelan Ohio, ha fleet of 30 watercraft consisting of riverboats, yachts, barges, anships navigating the Cuyahoga River anLake Erie. Amit Jatin, a senior equity analyst ClevelanInvestment Research, asks Alahtto evaluate CRN anprepare a researreport for upting the firm’s recommention about the stock. He gives AlahtCRN’s financitwhiare shown in Exhibits 1.Exhibit 1 Income Statement Excerpts SelecteBalanSheet tYears Enng 31 cember ($millions)Using the ta in Exhibits 1, CRN’s FCFE per share for 2013 is closest to: A.$0.85B.$0.82C.$0.92 FCFF = EBIT(1 – Trate) + preciation(Trate) – FCInv – WCInvFCFE = FCFF – Interest(1 – Trate) + Net borrowing 想问一下common equity和share outstanng

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