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二狗 · 2025年05月19日

CFO-FCInv+Int(1-t)

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NO.PZ201809170300000107

问题如下:

Based on Exhibits 1 and 2 and the proposed single-stage FCFF model, the intrinsic value of Company C’s equity is closest to:

选项:

A.

$277,907 million.

B.

$295,876 million.

C.

$306,595 million.

解释:

C is correct. Company C’s firm value is calculated as follows:

The required rate of return on equity for Company C is

r = E(Ri) = RF + βi[E(RM)  RF] = 3% + 1.1(7%) = 10.7%.

WACC = rd (1 - Tax rate) + re

WACC = 0.40(6%)(1  0.30) + 0.60(10.7%) = 1.68% + 6.42% = 8.10%

FCFF for the most recent year for Company C is calculated as follows:

Investment in working capital is found by adding the increase in accounts receivable, the increase in inventories, the decrease in accounts payable, and the increase in other current liabilities: $536 million  $803 million  $3 million + $350 million = $992 million.

FCFF is expected to grow at 5.0% indefinitely. Thus,

Firm value = =  = = $510,990.97 million

The value of equity is the value of the firm minus the value of debt. The value of debt is found by multiplying the target debt ratio by the total firm value:

Debt value = 0.40($510,990.97) = $204,396.39

Therefore, equity value = $510,990.97  $204,396.39 = $306,594.58 million.

这里面的+Int(1-t)是什么意思呢?CFO应该是已经扣过税的吧?

二狗 · 2025年05月19日

我理解FCFF包括了给债权人的钱,所以要把利息费用也加上去,那既然给债权人的利息是不考虑税的,为什么加的是税后的利息呢

1 个答案

王园圆_品职助教 · 2025年05月19日

同学你好, 这里是从公式角度看的啊

因为CFO项目里是需要记录为利息支付的费用和为交税支付的费用这两项现金流出的——利息现金支出假设100元,税率40%,CFO记录的利息现金流出就是-100,但是由于有利息费用,所以公司的税前应纳税所得额就会下降,相当于税费现金流出可以节省100*40% 这么多

所以最后对于利息费用的现金流出来说,CFO表实际记录的相关现金流出就是 -100*(1-40%)

因为FCFF不应该考虑利息费用,而公式的起点CFO里隐含的是已经扣除的100*(1-40%)这么多的现金流出,所以加回的时候也只需要加回100*(1-40%)这么多就可以了

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