问题如下：
Matt, an analyst with company M, has evaluated the effect of the acquisition and estimated the free cash flows after merger of 12, 15, 18 million respectively at the end of the first three years. After three years, Company M`s terminal value would be worth 20 times its free cash flow at the end of the third year. The required rate of return is 10%. Company M has 10 million shares of outstanding stock. What`s the present value per share of Company M?
选项： $28.27
$30.73
C.$33.44
解释：
B is correct.
考点：Discounted Cash Flow Analysis
解析：PV3 = 20*18 = $360 million
$$\(PV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+360}{{(1+10\%)}^3}=\$307.30million\)$$
故PV per share为$30.73
请问哪里能看出来这个FCF是指Equity的？因为题目中根本没有WACC和Debt？
