问一道题：NO.PZ201809170300000206 第6小题 [ CFA II ]

NO.PZ201809170300000206问题如下 Based on Exhibit 4, Singh anHo shoulconclu thunr Scenario 2, shares of Bern are: unrvalue fairly value overvalue A is correct. The totmarket value of the firm is the sum of the bt, preferrestock, ancommon stomarket values: 15,400 + 4,000 + 18,100 = 37,500 million. WA= [w× r1 – Trate)] + (wp × rp) + (we × re). = [(15,400/37,500)(0.060)(1 – 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11) = 7.70%. Unr the assumption thBern ha low growth rate because it not receive regulatory approvfor its new ugs, the value of Bern canalyzeusing a two-stage valuation mol. Company value = The terminvalue the enof Ye3 is TV3 = FCFF4/(WA – g4). TV3 = 3,398.66/(0.0770 – 0.0075) = €48,901.58 million. The totvalue of operating assets = (3,040.37 + 2,865.42 + 2,700.53) + 48,901.58/(1 + 0.0770)3 = 8,606.32 + 39,144.95 = 47,751.27 Value of Bern’s common sto= Value of operating assets + Value of non-operating assets – Market value of – Preferresto= 47,751.27 + 50.00 – 15,400 – 4,000 = €28,401.27 Sinthe current market value of Bern’s common sto( € 18,100 million) is less ththe estimatevalue ( €28,401.27 million), the shares are unrvalue 3266*1.015不是等于3314.99吗？怎么算出来的3274.39…我按了好几遍计算器了🥹

NO.PZ201809170300000206问题如下 Gurmeet Singh, equity portfolio manager a wealth management company, meets with junior researanalyst Cin Ho to scuss potentiinvestments in three companies: Sienna Limite Colanari Manufacturing, anBern Pharmaceutical. Singh anHo review key financita from Sienna’s most recent annureport, whiare presentein Exhibits 1 an2, to assess the company’s ability to generate free cash flow. Exhibit 1: Selecteta from Sienna Limites Statement of Income for the YeEn31 cember 2016 (Amounts in Millions of Euros) Exhibit 2: Sienna Limites Statement of Cash Flows for the YeEn31 cember 2016 (Amounts in Millions of Euros) Singh anHo also scuss the impaof vin, share repurchases, anleverage on Sienna’s free cash flow. Ho tells Singh the following: Statement 1 Changes in leverage not impafree cash flow to equity. Statement 2 Transactions between the company anits shareholrs, suthe payment of vin or share repurchases, affefree cash flow. Singh anHo next analyze Colanari. Last year, Colanari hFCFF of € 140 million. Singh instructs Ho to perform a FCFF sensitivity analysis of Colanari’s firm value using the three sets of estimates presentein Exhibit 3. In her analysis, Ho assumes a trate of 35% ana stable capitstructure of 30% an70% equity. Exhibit 3:. ₤ Sensitivity Analysis for Colanari Valuation Finally, Singh anHo analyze Bern. Selectefinanciinformation on Bern is presentein Exhibit 4. Exhibit 4:. ₤ SelecteFinancita on Bern Pharmaceutic Singh notes thBern htwo new ugs thare currently in clinictrials awaiting regulatory approval. In aition to its operating assets, Bern owns a parcel of lanfrom a commissionemanufacturing facility with a current market value of € 50 million this being helfor investment. Singh anHo eleto value Bern unr two scenarios: Scenario 1 Value Bern assuming the two new ugs receive regulatory approval. In this scenario, FCFF is forecast to grow 4.5% into perpetuity. Scenario 2 Value Bern assuming the two new ugs not receive regulatory approval. In this scenario, FCFF is forecast using a stable growth in FCFF of 1.5% for the next three years anthen 0.75% thereafter into perpetuity. Based on Exhibit 4, Singh anHo shoulconclu thunr Scenario 2, shares of Bern are: unrvalue fairly value overvalue A is correct. The totmarket value of the firm is the sum of the bt, preferrestock, ancommon stomarket values: 15,400 + 4,000 + 18,100 = 37,500 million. WA= [w× r1 – Trate)] + (wp × rp) + (we × re). = [(15,400/37,500)(0.060)(1 – 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11) = 7.70%. Unr the assumption thBern ha low growth rate because it not receive regulatory approvfor its new ugs, the value of Bern canalyzeusing a two-stage valuation mol. Company value = The terminvalue the enof Ye3 is TV3 = FCFF4/(WA – g4). TV3 = 3,398.66/(0.0770 – 0.0075) = €48,901.58 million. The totvalue of operating assets = (3,040.37 + 2,865.42 + 2,700.53) + 48,901.58/(1 + 0.0770)3 = 8,606.32 + 39,144.95 = 47,751.27 Value of Bern’s common sto= Value of operating assets + Value of non-operating assets – Market value of – Preferresto= 47,751.27 + 50.00 – 15,400 – 4,000 = €28,401.27 Sinthe current market value of Bern’s common sto( € 18,100 million) is less ththe estimatevalue ( €28,401.27 million), the shares are unrvalue 如题............

NO.PZ201809170300000206问题如下 Based on Exhibit 4, Singh anHo shoulconclu thunr Scenario 2, shares of Bern are: unrvalue fairly value overvalue A is correct. The totmarket value of the firm is the sum of the bt, preferrestock, ancommon stomarket values: 15,400 + 4,000 + 18,100 = 37,500 million. WA= [w× r1 – Trate)] + (wp × rp) + (we × re). = [(15,400/37,500)(0.060)(1 – 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11) = 7.70%. Unr the assumption thBern ha low growth rate because it not receive regulatory approvfor its new ugs, the value of Bern canalyzeusing a two-stage valuation mol. Company value = The terminvalue the enof Ye3 is TV3 = FCFF4/(WA – g4). TV3 = 3,398.66/(0.0770 – 0.0075) = €48,901.58 million. The totvalue of operating assets = (3,040.37 + 2,865.42 + 2,700.53) + 48,901.58/(1 + 0.0770)3 = 8,606.32 + 39,144.95 = 47,751.27 Value of Bern’s common sto= Value of operating assets + Value of non-operating assets – Market value of – Preferresto= 47,751.27 + 50.00 – 15,400 – 4,000 = €28,401.27 Sinthe current market value of Bern’s common sto( € 18,100 million) is less ththe estimatevalue ( €28,401.27 million), the shares are unrvalue 情景1计算出来的价值没有包括企业非经营资产50，那我们要加上去才是企业完整价值。同样的用情景二，我们计算出来的企业价值应该也是没有包含50呀。所以我们在倒算普通股的估值时候，为什么又要减去50呢？这不是多减了吗？

Baseon Exhibit 4, Singh anHo shoulconclu thunr Scenario 2, shares of Bern are: unrvalue fairly value overvalue A is correct. The totmarket value of the firm is the sum of the bt, preferrestock, ancommon stomarket values: 15,400 + 4,000 + 18,100 = 37,500 million. WA= [w× r1 – Trate)] + (wp × rp) + (we × re). = [(15,400/37,500)(0.060)(1 – 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11) = 7.70%. Unr the assumption thBern ha low growth rate because it not receive regulatory approvfor its new ugs, the value of Bern canalyzeusing a two-stage valuation mol. Company value = The terminvalue the enof Ye3 is TV3 = FCFF4/(WA– g4). TV3 = 3,398.66/(0.0770 – 0.0075) = €48,901.58 million. The totvalue of operating assets = (3,040.37 + 2,865.42 + 2,700.53) + 48,901.58/(1 + 0.0770)3 = 8,606.32 + 39,144.95 = 47,751.27 Value of Bern’s common sto= Value of operating assets + Value of non-operating assets – Market value of – Preferresto= 47,751.27 + 50.00 – 15,400 – 4,000 = €28,401.27 Sinthe current market value of Bern’s common sto( € 18,100 million) is less ththe estimatevalue ( €28,401.27 million), the shares are unrvalue 这道题不太严谨啊，本来就是问common stock是被低估还是被高估，但是在求WACC的时候用了市场现在的信息，那不就默认现在common stock的price是合理定价的吗？或者说与分析师认为的是一致的。我觉着WACC应该用分析师自己建模得出来的信息来得出，再去求value of common stock，然后与priof common stock去对比。