问题如下：
Matt, an analyst with company M, has evaluated the effect of the acquisition and estimated the free cash flow to equity 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 to equity 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：
A.$28.27
B.$30.73
C.$33.44
解释：
B is correct.
考点：Discounted Cash Flow Analysis
解析：PV3 = 20*18 = $360 million
故PV per share为$30.73
前三年每年产生的FCFE都折现，体现在公司的现值中了，但这部分FCFE并未分配给股东，还是在公司账上，应该会体现在第三年末公司价值中，把TV折现到现值，其中包含的前三年FCFE部分是不是重复计算了。
