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JackieTu · 2021年03月14日

EP4是如何计算出的？

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000038

问题如下：

Company M is investing in a four-year project, relevant information is shown in the following table. The company is in the 25% tax bracket. The weighted average cost of capital and the cost of equity is 10% and 15%, respectively. What`s the market value added (MVA)?

选项：

A.

56,070.52

B.

62,625.16

C.

55,795.03

解释：

B is correct.

考点：Other Valuation Models

解析：根据公式MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}

其中EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capital

EP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500

需要注意的是第四年的EBIT要加回残值的影响

EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000

MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16

EBIT4 = 33333.33，这部以后，是如何得出EP4 = 23000？

我根据公式：EP4 = EBIT4*（1-T）- WACC*Capital，表里第四年的Capital = 0，所以我算出EP4 = 33333.33*（1-0.25） = 25000

我的计算过程错在哪里，谢谢！

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1 个答案

王琛_品职助教 · 2021年03月16日

嗨，从没放弃的小努力你好：


- 计算第四年的 EP，用的 BV 是第「三」年的 20000

- EP4 = 33,333.33x(1-25%)-10%x20,000 = 23,000

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