问一道题：NO.PZ2018103102000069

问题如下：

The Senior VP of RN fund asks Jacques to evaluate intangibles value for TMT. Jacques notes that TMT’s intangibles consisting of mainly patents and other intangible assets.Therefore Jacques projects the following data for next year. Using the excess earnings method, the value of the intangibles is closest to:

选项：

$458.61M

$654.12M

$245.31M

解释：

A is correct.

考点：Excess earnings method

解析：A正确的。营运资本回报= 0.06×22000000 = 1320000美元

固定资产回报= 0.09×57000000 = 5130000美元

无形资产回报= 8900万美元-132万美元-513万美元= 8255万美元

使用EEM的无形资产价值=82,550,000美元/(0.25 - 0.07)=458.61百万美元。