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九亿少女的梦 · 2020年03月21日

问一道题：NO.PZ2018103102000114 [ CFA II ]

  1. CFA II
  2. Equity

老师上课不是说debt ratio=D/A吗？虽然我知道这题要用FCFE模型，但我觉得题目中给的就是debt ratio啊？

问题如下图：

选项：

A.

B.

C.

解释：

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2 个答案

Kyle · 2020年06月14日

请注意这道题一直是用FCFF来计算的，而不是用FCFE。

虽然可以用题目给的条件求出FCFE，但是FCFE的增长率并没有给出。所以第一步需要用FCFF，wacc，g来求出Firm Value，再用debt raio推出Equity的价格。

而不是用D/A ratio来求出FCFE然后再直接求equity value。

maggie_品职助教 · 2020年03月22日

不是的，如果需要用target debt ratio来计算，题目会明确告知target debt ratio，注意这道题并没有这个词。

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NO.PZ2018103102000114 问题如下 Matt is preparing to calculate the intrinsic value of Company M’s equity using the FCFF mol with the constant growth rate of 5% infinitely. The relevant information is shown in the following table. Wh`s the value of Company M`s equity? A.$5,145 million B.$8,575 million C.$12,862.5 million C is correct.考点Valuation Mols解析M公司的权益回报率为E(Ri) = RF + βi[E(RM) – RF] = 2.4% + 0.8(7%) = 8%.M公司的WACC为WA= WR(1 - T) + We*ReWA= 0.40(5%)(1 – 0.3) + 0.60(8%) = 1.4% + 4.8% = 6.2%FCFF = NI + Int × (1-T) + N– Wcinv - FCinv = 212 + 100 × (1-0.3) + 88 – (50-25) – 100 = $245 millionFirm  Value=FCFF0×(1+g)WACC−g=245×(1+5%)6.2%−5%=$21437.5millionFirm\;Value=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{245\times\left(1+5\%\right)}{6.2\%-5\%}=\$21437.5millionFirmValue=WACC−gFCFF0​×(1+g)​=6.2%−5%245×(1+5%)​=$21437.5millionvalue = 0.4 * 21437.5 = $8575 millionEquity value = 0.6 * 21437.5 = $12862.5 million 我的做法FCFF=NI+int(1-t)+p-WCinv-FCinv=212+100*70%+88-WCinv(50-25)-FCinv(100)=245 FCFE=FCFF-int(1-t)+NB=245-70+NB(60-50)=185re=8%Vo=FCFE(1+g)/re-g=6475

2024-05-24 20:18 1 · 回答

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2024-05-19 21:45 1 · 回答

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2024-04-19 22:34 1 · 回答

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