NO.PZ2018103102000057
问题如下：
Jacques is conducting an analysis of TMT, a publicly traded European petrochemical engineering company. Jacques intends to use a price-to-cash flow multiple in valuing the shares and the cash flow measure in the multiple would account for both working capital and non-cash revenues, and also be after interest expense and thus not be mismatched with share price. Therefore, the most appropriate cash flow measure for TMT is?
选项：
A.EBITDA.
B.earnings plus non-cash charges.
C.FCFE.
解释：
C is correct.
考点：Computing FCFE From Different Accounting Items.
解析：C是正确的。股东自由现金流(FCFE)是指扣除所有运营费用、利息和债务支付以及营运和固定资本投资后股东可自由支配的现金流。根据Jacque对现金流要求，FCFE满足这一要求。
老师好
根据题干，现金流期待是“ the cash flow measure in the multiple would account for both “working capital” and “non-cash revenues”, and also be “after interest expense””
然后答案选的是FCFE,那FCFE的公式是FCFE=NI+NCC-WCinv-FCinv+NB
经过匹配，working capital可以和WCinv匹配， non-cash revenues可以和NCC匹配，after interest expense和谁匹配呀？而且FCFE这里还有NI、-FCinv、NB没有对应到。
有些困惑，麻烦老师答疑，谢谢。
