kkyy · 2020年09月17日
* 问题详情，请 查看题干
问题如下：
2. Logan’s best response to the supervisor’s question concerning the sensitivity of the enterprise value to the terminal growth rate assumption, is closest to:
选项：
A.–36.5%.
B.–28.5%.
C.–24.8%.
解释：
B is correct.
Terminal value at 5 percent: 7(1.05)/(.15 – .05) = 73.50M
Terminal value at 0 percent: 7/.15 = 46.67M
Change in present value: (46.67 – 73.50)/1.153 = – 17.64
Percentage change: – 17.64/61.8 = – 28.5%
terminal value不是7*10吗，怎么这道题又换成FCF*(1+g)/r-g了。。变来变去的
王琛_品职助教 · 2020年09月18日
嗨，爱思考的PZer你好：
同学你好，
-------------------------------努力的时光都是限量版，加油！
NO.PZ201601200500004802 按照5%的terminvalue是73.5，折现后是48.33 按照0的terminvalue是46.67，折现后是30.69 二者差值是17.64 为什么sensitivity不是17.64/48.33，而是17.64除以题目中给的数据？ 题目中给出的terminvalue是依据什么算出来的？ 谢谢
NO.PZ201601200500004802 fair enterprise value是0时刻的价值吗？这个概念是什么？
NO.PZ201601200500004802 –28.5%. –24.8%. B is correct. Terminvalue 5 percent: 7(1.05)/(.15 – .05) = 73.50M Terminvalue 0 percent: 7/.15 = 46.67M Change in present value: (46.67 – 73.50)/1.153 = – 17.64 Percentage change: – 17.64/61.8 = – 28.5% 最后的pecentage change为何还要折现后再比较
老师请问这题怎么不是分别将growth rate等于5%和0%得到的TerminValue折到0时刻后两者做差得到变动值，就是5% growth rate TerminValue=73.5m，折现到0时刻是48.33m, 0% growh rate TerminValue=70m, 折现到0时刻是46.03m, (46.03-48.33)/61.8=-3.72%
