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aileen20180623 · 2019年11月17日

问一道题:NO.PZ201809170300000205

* 问题详情,请 查看题干

问题如下:

Based on Exhibit 4, Bern’s firm value under Scenario 1 is closest to:

选项:

A.

100,951.3 million.

B.

€105,349.1 . 

C.

€105,399.1 

解释:


C is correct. Based on Scenario 1, where Bern receives regulatory approval for its new drugs, the growth rate in FCFF for Bern will be constant at 4.5%. Therefore, a constant growth valuation model can be used to calculate firm value.

Bern’s weighted average cost of capital is calculated as

WACC = [wd × rd(1 –  Tax rate)] + (wp × rp) + (we × re).

The total market value of the firm is the sum of the debt, preferred stock, and common stock market values: 15,400 + 4,000 + 18,100 = 37,500.

WACC = [(15,400/37,500)(0.060)(1 –  0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11) = 7.70%.

Value of operating assets = FCFF0(1 + g)/(WACC –  g).

Value of operating assets = 3,226 million(1 + 0.045)/(0.0770 –  0.045) = €105,349.06  million.

Total value of the company = Value of operating assets + Value of non-operating assets.

Total value of the company = 105,349.06  million + 50 million = € 105,399.06 million.  


这题目的wacc求出来不约分的出的值跟答案里约两位小数的差距有点大。


Yiyun · 2020年01月12日

WACC不保留小数,用计算器STO功能可以存储WACC,用RCL功能可以重新调出WACC,一步到位算出来的Value of operating assets = 3,226 million(1 + 0.045)/(WACC – 0.045) = €105,441.8513 million.

maggie_品职助教 · 2020年01月14日

是这样的,先说你这样计算没有问题哈。这道题是咱们品职内部题目,为了在解析中更好的展现每一步的计算过程,我们就分步计算了,那么这样的计算方式势必就会产生误差。而且WACC在分母,它微小的区别就会使得价值有大幅波动。所以大家掌握计算步骤就好啦,考试时不会出现没有选项,或误差较大的情形。

3 个答案

Debrah_品职答疑助手 · 2021年04月29日

嗨,爱思考的PZer你好:


是这样的,先说你这样计算没有问题哈。这道题是咱们品职内部题目,为了在解析中更好的展现每一步的计算过程,我们就分步计算了,那么这样的计算方式势必就会产生误差。而且WACC在分母,它微小的区别就会使得价值有大幅波动。所以大家掌握计算步骤就好啦,考试时不会出现没有选项,或误差较大的情形。

----------------------------------------------
努力的时光都是限量版,加油!

Harley Molin · 2021年04月29日

我也想问,不约分根本不一样

maggie_品职助教 · 2019年11月18日

没明白你的意思,可否将你的计算过程截个图给我,我看看你中间是遇到什么问题了。

kkyy · 2020年08月01日

就是用7.7%和7.69%算出来的结果很大

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相关问题

NO.PZ201809170300000205 问题如下 Based on Exhibit 4, Bern’s firm value unr Scenario 1 is closest to: € 100,951.3 million. B.€105,349.1 . C.€105,399.1 C is correct. Baseon Scenario 1, where Bern receives regulatory approvfor its new ugs, the growth rate in FCFF for Bern will constant 4.5%. Therefore, a constant growth valuation mol cuseto calculate firm value.Bern’s weighteaverage cost of capitis calculateasWA= [w× r1 – Trate)] + (wp × rp) + (we × re).The totmarket value of the firm is the sum of the bt, preferrestock, ancommon stomarket values: 15,400 + 4,000 + 18,100 = 37,500.WA= [(15,400/37,500)(0.060)(1 – 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11) = 7.70%.Value of operating assets = FCFF0(1 + g)/(WA – g).Value of operating assets = 3,226 million(1 + 0.045)/(0.0770 – 0.045) = €105,349.06 million.Totvalue of the company = Value of operating assets + Value of non-operating assets.Totvalue of the company = 105,349.06 million + 50 million = € 105,399.06 million. 这道题的50为什么是加在FCFF折现之后呢,而不是直接加在FCFF后面,然后和FCFF一起折现呢?即firm value=(FCFF0+50)/(WACC-g)另外,表格中FCFF不是“most recent year”,是0时刻吗?而lancurrent market value中“current” 也不是0时刻吗?那两个时间点不是都是0时刻吗?如果是的话,为什么不能直接相加呢?

2023-03-08 12:04 1 · 回答

老师,最后为什么要加50呢?通过FCFF求出来的value不就应该是 firm value么?

2020-02-26 05:09 1 · 回答

怎么看出50不是非经营的呢?

2020-02-24 15:38 1 · 回答

Baseon Exhibit 4, Bern’s firm value unr Scenario 1 is closest to: € 100,951.3 million. €105,349.1 . €105,399.1 C is correct. Baseon Scenario 1, where Bern receives regulatory approvfor its new ugs, the growth rate in FCFF for Bern will constant 4.5%. Therefore, a constant growth valuation mol cuseto calculate firm value. Bern’s weighteaverage cost of capitis calculateWA= [w× r1 – Trate)] + (wp × rp) + (we × re). The totmarket value of the firm is the sum of the bt, preferrestock, ancommon stomarket values: 15,400 + 4,000 + 18,100 = 37,500. WA= [(15,400/37,500)(0.060)(1 – 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11) = 7.70%. Value of operating assets = FCFF0(1 + g)/(WA– g). Value of operating assets = 3,226 million(1 + 0.045)/(0.0770 – 0.045) = €105,349.06 million. Totvalue of the company = Value of operating assets + Value of non-operating assets. Totvalue of the company = 105,349.06 million + 50 million = € 105,399.06 million. 老师好 为什么这里FCFF 折现出来的是Asset value 而不是Firm Value? 这考点在讲义里哪里可以做参考。 谢谢。

2020-01-16 03:12 1 · 回答