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双 · 2020年02月15日

问一道题：NO.PZ2018103102000049 [ CFA II ]

  1. CFA II
  2. Equity

问题如下：

Jacques is preparing the valuation for PZ Inc.. Based on its 2017 and 2018 financial statements provided by the company as shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:

选项：

A.

$800 million

B.

$720 million

C.

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv:

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 million

FCInv = 固定资产总额增长= 5000 - 4250 = $750 million

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 million

FCFF = 875 + 400 + 245 -750 -50= $720 million

为什么notes payable不是Cl

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1 个答案

maggie_品职助教 · 2020年02月18日

这是因为working capital investment是企业维持现有经营活动不变所做的必要投资，而CL里面的notes payable 和长期负债中的短期部分都是付息负债，是应该被考虑在融资活动中的而不是经营活动中。

这个点讲义专门强调了：

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