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ahahaha · 2021年07月13日

从ebit出发？

  1. CFA II
  2. Equity

NO.PZ2018103102000049

问题如下：

Jacques is preparing the valuation for PZ Inc.. Based on its 2017 and 2018 financial statements provided by the company as shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:

选项：

A.

$800 million

B.

$720 million

C.

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv:

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 million

FCInv = 固定资产总额增长= 5000 - 4250 = $750 million

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 million

FCFF = 875 + 400 + 245 -750 -50= $720 million

这道题可以用从EBIT的公式吗？好像算出来结果不一样？
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1 个答案

韩韩_品职助教 · 2021年07月13日

嗨，努力学习的PZer你好：


同学你好：


从EBIT出发计算FCFF=EBIT*（1-t）+Dep-FCInv-WCInv=1600*0.7+400-750-50=720m，也可以答案一样，你可以再练习一下

----------------------------------------------
努力的时光都是限量版，加油！

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NO.PZ2018103102000049问题如下Jacques is preparing the valuation for PZ Inc.. Baseon its 2017 an2018 financistatements provithe company shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:$800 million $720 million $600 million B is correct.考点FCFF解析B是正确的。我们从NI 出发计算FCFF:FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 millionInterest expense (1- Trate) = 350 (1- 0.30) = $245 millionFCInv = 固定资产总额增长= 5000 - 4250 = $750 millionWCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 millionFCFF = 875 + 400 + 245 -750 -50= $720 million为啥feff要加回interst income post t而且不加net borrowing呢？ 照理来说 借来的钱不也是属于firm的。同理fcfe 为啥不加interst income 和net norrowing

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