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kevinzhu · 2021年03月08日

restructure

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000101

问题如下：

Based on Company A’s key characteristics, which discounted cash flow model would most likely be used by the investment team to value Company A’s shares?

选项：

A.

DDM

B.

FCFE

C.

FCFF

解释：

B is correct. Company A has a history of paying modest dividends relative to FCFE. An FCFF or FCFE model provides a better estimate of value over a DDM model when dividends paid differ significantly from the company’s capacity to pay dividends. Also, Company A has a controlling investor; with control comes discretion over the uses of free cash flow. Therefore, there is the possibility that the controlling shareholder could change the dividend policy. Finally, Company A has a stable capital structure; using FCFE is a more direct and simpler method to value a company’s equity than using FCFF when a company’s capital structure is stable.

题干里面的restructuring over the next few years让我选择了fcff

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Debrah_品职答疑助手 · 2021年03月08日

嗨，从没放弃的小努力你好：


表1 下面就明确写了Company A has a stable capital structure。稳定的资本结构更适用FCFE（讲义190页）: 资本结构变化其实都是公司内部发生变化，因此不影响整体FCFF，但是FCFE是归属于股东自有支配的现金流，里面有一项NB，如果资本结构变化，NB也就会跟着大幅变化，进而影响FCFE.这道题说资本结构稳定所以建议用FCFE.

restructuring over the next few years值的是公司未来会有重组，重组并不代表资本结构不稳定啊。还是要仔细读题。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ201809170300000101 问题如下 Based on Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pay vin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reand simpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 不是说most v吗，为什么不选a呢

2022-08-16 22:20 1 · 回答

NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. ownea controlling investor. 这个不是只能站在这个公司的角度来估值么，所有应该选FCFF 如果公司杠杆稳定的话，应该FCFF和FCFE都可以选择

2021-12-06 20:24 1 · 回答

NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 不是说capitstable适合FCFE，但是后一句控股不是指代FCFF？ 对比FCFE，FCFF更适合控股股东吗？这个是有问题？ FCFF更适合capitstructure变化的有leverage的。

2021-11-26 10:06 1 · 回答

Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 请问，在计算的时候，我们是先算FCFF，再算FCFE，为啥FCFE是更直接简单的方式？

2020-12-09 01:47 1 · 回答