问一道题：NO.PZ201601200500004801

问题如下：

1. Using the discounted cash flow approach and assuming that Durtech’s terminal value is based upon the cash flow multiple method, Logan’s best estimate of Durtech’s current value per share is closest to:

选项：

$49.60.

$51.50.

$53.51.

解释：

A is correct.

PV of first three cash flows: $5/1.15+6/1.15^2+7/1.15^3=13.49$

Terminal value: 7 × 10 = 70

PV of terminal value: = $70/1.15^3$ = 46.03

Value = 13.49 + 46.03 = 59.52

Value per share = 59.52/1.2 = 49.60