问题如下图：
选项：
A. 
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C. 
解释：
题目做对了，想再问一下：最后一步算出来的47971.31m是firm value对吗，要看普通股的value所以要减掉debt和优先股，是不是这样理解？
感谢回答。
NO.PZ2018103102000120问题如下 Matt is preparing to evaluate the value of Company M`s equity using the two-stage FCFF mol. The growth rates for the first three years are estimate5% anthen it mgrow 2.5% per yeinto the infinite future. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. termine whether the common stois fairly value overvalueor unrvalue A.unrvalueB.overvalueC.fairly value A is correct.考点Valuation Mols.解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.08%PV3=FCFF3×(1+g)r−g=2000×1.053×(1+2.5%)7.08%−2.5%=51,815.09millionPV_3=\frac{FCFF_3\times\left(1+g\right)}{r-g}=\frac{2000\times1.05^3\times\left(1+2.5\%\right)}{7.08\%-2.5\%}=51,815.09millionPV3=r−gFCFF3×(1+g)=7.08%−2.5%2000×1.053×(1+2.5%)=51,815.09millionPV=21001.0708+22051.07082+2315.25+51,815.091.07083=47,971.73millionPV=\frac{2100}{1.0708}+\frac{2205}{1.0708^2}+\frac{2315.25+51,815.09}{1.0708^3}=47,971.73millionPV=1.07082100+1.070822205+1.070832315.25+51,815.09=47,971.73millionV common sto= 47,971.73 – 15,000 – 5,000 = $27,971.73 million大于市场价值20,000 million，所以common stock被低估。 会不会因为preferrestounrvalue 或者overvalu
NO.PZ2018103102000120 问题如下 Matt is preparing to evaluate the value of Company M`s equity using the two-stage FCFF mol. The growth rates for the first three years are estimate5% anthen it mgrow 2.5% per yeinto the infinite future. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. termine whether the common stois fairly value overvalueor unrvalue A.unrvalue B.overvalue C.fairly value A is correct.考点Valuation Mols.解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.08%PV3=FCFF3×(1+g)r−g=2000×1.053×(1+2.5%)7.08%−2.5%=51,815.09millionPV_3=\frac{FCFF_3\times\left(1+g\right)}{r-g}=\frac{2000\times1.05^3\times\left(1+2.5\%\right)}{7.08\%-2.5\%}=51,815.09millionPV3=r−gFCFF3×(1+g)=7.08%−2.5%2000×1.053×(1+2.5%)=51,815.09millionPV=21001.0708+22051.07082+2315.25+51,815.091.07083=47,971.73millionPV=\frac{2100}{1.0708}+\frac{2205}{1.0708^2}+\frac{2315.25+51,815.09}{1.0708^3}=47,971.73millionPV=1.07082100+1.070822205+1.070832315.25+51,815.09=47,971.73millionV common sto= 47,971.73 – 15,000 – 5,000 = $27,971.73 million大于市场价值20,000 million，所以common stock被低估。 想请问一下FCFF现金流折现的时候是不是应该用WAC谢谢
NO.PZ2018103102000120 问题如下 Matt is preparing to evaluate the value of Company M`s equity using the two-stage FCFF mol. The growth rates for the first three years are estimate5% anthen it mgrow 2.5% per yeinto the infinite future. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. termine whether the common stois fairly value overvalueor unrvalue A.unrvalue B.overvalue C.fairly value A is correct.考点Valuation Mols.解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.08%PV3=FCFF3×(1+g)r−g=2000×1.053×(1+2.5%)7.08%−2.5%=51,815.09millionPV_3=\frac{FCFF_3\times\left(1+g\right)}{r-g}=\frac{2000\times1.05^3\times\left(1+2.5\%\right)}{7.08\%-2.5\%}=51,815.09millionPV3=r−gFCFF3×(1+g)=7.08%−2.5%2000×1.053×(1+2.5%)=51,815.09millionPV=21001.0708+22051.07082+2315.25+51,815.091.07083=47,971.73millionPV=\frac{2100}{1.0708}+\frac{2205}{1.0708^2}+\frac{2315.25+51,815.09}{1.0708^3}=47,971.73millionPV=1.07082100+1.070822205+1.070832315.25+51,815.09=47,971.73millionV common sto= 47,971.73 – 15,000 – 5,000 = $27,971.73 million大于市场价值20,000 million，所以common stock被低估。 为什么不能用每一期的FCFF-BT-优先股=FCFE,然后用每一期的FCFE去折现计算？
NO.PZ2018103102000120 问题如下 Matt is preparing to evaluate the value of Company M`s equity using the two-stage FCFF mol. The growth rates for the first three years are estimate5% anthen it mgrow 2.5% per yeinto the infinite future. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. termine whether the common stois fairly value overvalueor unrvalue A.unrvalue B.overvalue C.fairly value A is correct.考点Valuation Mols.解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.08%PV3=FCFF3×(1+g)r−g=2000×1.053×(1+2.5%)7.08%−2.5%=51,815.09millionPV_3=\frac{FCFF_3\times\left(1+g\right)}{r-g}=\frac{2000\times1.05^3\times\left(1+2.5\%\right)}{7.08\%-2.5\%}=51,815.09millionPV3=r−gFCFF3×(1+g)=7.08%−2.5%2000×1.053×(1+2.5%)=51,815.09millionPV=21001.0708+22051.07082+2315.25+51,815.091.07083=47,971.73millionPV=\frac{2100}{1.0708}+\frac{2205}{1.0708^2}+\frac{2315.25+51,815.09}{1.0708^3}=47,971.73millionPV=1.07082100+1.070822205+1.070832315.25+51,815.09=47,971.73millionV common sto= 47,971.73 – 15,000 – 5,000 = $27,971.73 million大于市场价值20,000 million，所以common stock被低估。 V common sto= 47,971.73 – 15,000 – 5,000 = $27,971.73 million为什么 common stock的value是这个？根据普通股占比50%，即We=50%，得到普通股的价值不应该是 47,971.73*50%吗
NO.PZ2018103102000120 问题如下 Matt is preparing to evaluate the value of Company M`s equity using the two-stage FCFF mol. The growth rates for the first three years are estimate5% anthen it mgrow 2.5% per yeinto the infinite future. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. termine whether the common stois fairly value overvalueor unrvalue A.unrvalue B.overvalue C.fairly value A is correct.考点Valuation Mols.解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.08%PV3=FCFF3×(1+g)r−g=2000×1.053×(1+2.5%)7.08%−2.5%=51,815.09millionPV_3=\frac{FCFF_3\times\left(1+g\right)}{r-g}=\frac{2000\times1.05^3\times\left(1+2.5\%\right)}{7.08\%-2.5\%}=51,815.09millionPV3=r−gFCFF3×(1+g)=7.08%−2.5%2000×1.053×(1+2.5%)=51,815.09millionPV=21001.0708+22051.07082+2315.25+51,815.091.07083=47,971.73millionPV=\frac{2100}{1.0708}+\frac{2205}{1.0708^2}+\frac{2315.25+51,815.09}{1.0708^3}=47,971.73millionPV=1.07082100+1.070822205+1.070832315.25+51,815.09=47,971.73millionV common sto= 47,971.73 – 15,000 – 5,000 = $27,971.73 million大于市场价值20,000 million，所以common stock被低估。 FCFF估值模型对WACC非常敏感，解答过程中WACC=7.075%直接≈7.08%了。虽然不影响答案，但就想知道什么时候需要精确，什么时候可以约等于呢？
