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安可er · 2021年03月21日

EBIT的计算&WCinv

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000021

问题如下：

Company M is investing an equipment of $1 million, which may enable the company to earn a 12% internal rate of return. The equipment will generate operating income after taxes of $150,000 and depreciation of $95,000 annually for the coming four years. The equipment will be sold at the end of the fourth year. The company is in the 25% tax bracket. What`s the terminal selling price?

选项：

A.

$483,273

B.

$452,325

C.

$330,112

解释：

C is correct.

考点：Cash Flow Projections: Expansion Project

解析：CF = (S – C – D)(1 – T) + D = EBIT*(1-T) + D = 150,000+95,000 = $245,000

账面价值BV4 = 1,000,000 – 95000*4 = $620,000

TNOCF = Sal4 +NWCInv−T(Sal4 – B4 ) = Sal4 - 0.25*( Sal4-620,000)

NPV=−1,000,000+∑t=14245,0001.12t+Sal4−0.25×(Sal4−620,000)1.124NPV=-1,000,000+\sum_{t=1}^4\frac{245,000}{1.12^t}+\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}

计算求得Sal4 =$330,112

请问老师ebit为什么是200k以及WCinv为什么=0？谢谢。


No.PZ2018101501000021 (选择题)

来源: 品职出题

Company M is investing an equipment of $1 million, which may enable the company to earn a 12% internal rate of return. The equipment will generate operating income after taxes of $150,000 and depreciation of $95,000 annually for the coming four years. The equipment will be sold at the end of the fourth year. The company is in the 25% tax bracket. What`s the terminal selling price?

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王琛_品职助教 · 2021年03月23日

嗨，爱思考的PZer你好：


> 关于WCInv还有什么其他常见的表述形式呢？

- 课后题第 1，8，28 题，都涉及 Working Capital，可以总结熟悉一下表达形式哈

1）An inventory investment of $73,000 is required during the life of the investment.

8）An inventory investment of $60,000 is required during the life of the investment.

28）Investment in net working capital is €0.40 billion

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

王琛_品职助教 · 2021年03月22日

嗨，从没放弃的小努力你好：


- 这道题不用求 EBIT 哈，题目中的 150000 是 EBIT(1-t): operating income after tax，直接代入公式即可

- 这道题没有提到 WCInv 哈，所以是 0。关于 WCInv，我之前总结过，请参考：https://class.pzacademy.com/qa/66576

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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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