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我是一条鱼 · 2021年04月16日

分子应该是FCFE吗

  1. CFA II
  2. Equity

NO.PZ2018103102000119

问题如下：

Matt is preparing to calculate the intrinsic value of Company M’s equity by using the FCFF model with the constant growth rate of 5% indefinitely. The most recent FCFF is $2,000 million and the company is in the 30% tax bracket. The relevant information is shown in the following table. What `s the value of Company M?

选项：

A.

$ 96,153.85million

B.

$ 100,836.20million

C.

$100,961.54 million

解释：

C is correct.

考点：Valuation Models

解析：先计算WACC = wd × rd × (1–T) + (wp × rp) + (we × re)

= (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)

= 7.08%

V=FCFF0×(1+g)WACC−g=2,000×1.057.08%−5%=$100,961.54millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.08\%-5\%}=\$100,961.54million

这道题算COMPANY VALUE 为什么用FCFF除以WACC-g, 不是分子应该是FCFE吗，谢谢

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1 个答案

Debrah_品职答疑助手 · 2021年04月17日

嗨，努力学习的PZer你好：


计算Equity value才用FCFE和（Re-g）

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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！

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NO.PZ2018103102000119 问题如下 Matt is preparing to calculate the intrinsic value of Company M’s equity using the FCFF mol with the constant growth rate of 5% infinitely. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. Wh`s the value of Company M? A.$ 96,153.85million B.$ 107,836.20million C.$$101,204.82 million C is correct.考点Valuation Mols解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.075%V=FCFF0×(1+g)WACC−g=2,000×1.057.075%−5%=$101,204.82millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million V=WACC−gFCFF0​×(1+g)​=7.075%−5%2,000×1.05​=$101,204.82million 你好，计算求得V0(EV)=101,204.82后，为什么不是Value=EV-mkt value of bt=101,204.82-15,000

2023-02-19 02:17 1 · 回答

NO.PZ2018103102000119 问题如下 Matt is preparing to calculate the intrinsic value of Company M’s equity using the FCFF mol with the constant growth rate of 5% infinitely. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. Wh`s the value of Company M? A.$ 96,153.85million B.$ 107,836.20million C.$$101,204.82 million C is correct.考点Valuation Mols解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.075%V=FCFF0×(1+g)WACC−g=2,000×1.057.075%−5%=$101,204.82millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million V=WACC−gFCFF0​×(1+g)​=7.075%−5%2,000×1.05​=$101,204.82million WA= w× r× (1–T) + (wp × rp) + (we × re)，这个公式没见过，不敢用。那是不是，equity value=firm value--优先股 value?

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NO.PZ2018103102000119 如图

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NO.PZ2018103102000119

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NO.PZ2018103102000119 $ 100,836.20million $100,961.54 million C is correct. 考点Valuation Mols 解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1) = 7.08% V=FCFF0×(1+g)WACC−g=2,000×1.057.08%−5%=$100,961.54millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.08\%-5\%}=\$100,961.54million V=WACC−gFCFF0​×(1+g)​=7.08%−5%2,000×1.05​=$100,961.54million算WACC时,优先股不需要1—t吗

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