问一道题：NO.PZ201809170300000205 第5小题 [ CFA II ]

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？

怎么看出50不是非经营的呢？

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。

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.   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。