问题如下:
Based on Exhibit 4, Bern’s firm value under Scenario 1 is closest to:
选项:
€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。