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一只可爱的猪 · 2020年02月25日

关于EV和EBITDA

问题如下:

Daisy shorts 1800 shares of KIY company's stock on a 30% initial margin and the broker's lending rate is 2.5%. The current price is $65 per share. The broker charges a commission of $0.02 per share on sales but purchases for free. KIY stock pays an annual dividend of $1 per share. One year later, Daisy buys the 1800 shares at a price of $58 per share and close the position.Which of the following is closest to Daisy's rate of return?

选项:

A.

24.98%.

B.

24.81%

C.

32.55%.

解释:

B is correct.

Initial principal = 1800*65*0.3= 35100. The commission on sale( calculating as a part of initial cost)=1800*0.02=36

Remaining principal=1800*65*0.7=81900 ,so the first expense---lending interest=81900*2.5%=2047.5

The second expense---dividend payment=1*1800=1800, and there is no purchase commission.

The return on this investment=1800*65-1800*58-36-2047.5-1800=8716.5

Yield=8716.5/(35100+36)=24.81%

我想问一下,EV是指什么?什么叫公司价值?为什么是的能与普通股和优先股的市场价格加上debt的市场价格-cashand投资。

什么是EBITDA?

1 个答案

maggie_品职助教 · 2020年02月26日

嗨,爱思考的PZer你好:


1、EV是企业价值,EV = market value of common stock + market value of preferred equity + market value of debt– cash and short-term investments, 这是考纲规定的,把公式记住就好。这个部分请停下基础班的视频:

 

2、EBITDA是earning before interest、tax and depreciation&amortization即息税折旧摊销前利润


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