NO.PZ2023032701000128
问题如下:
Suppose the analyst chooses the CCM to estimate
Macro’s terminal value instead of using the EEM. Which statement best describes
the advantage of the CCM over excess earnings?
选项:
A.The CCM does not rely on comparable public company
data
The CCM will be more effective at estimating the value
of Macro’s intangible assets
The CCM allows for the use of only one discount rate
while the EEM requires multiple discount rates to be estimated
解释:
C is Correct. The CCM
uses the following equation:
Thus, WACC is the
only discount rate. The EEM requires separate discount rates for working
capital, tangible assets, and residual income.
A is not correct
because neither the CCF nor the EEM requires public company comparables.
B is incorrect,
because this is a correct statement about the EEM, not the CCF method.
CCM 全称是啥