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兔小兔 · 2021年12月10日

我算出这个答案然后找接近的可以么？

  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



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2 个答案

王园圆_品职助教 · 2022年02月20日

嗨，爱思考的PZer你好：


所以同学你的计算结果是什么呢》如果方便的话可以把过程上传哦

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努力的时光都是限量版，加油！

王园圆_品职助教 · 2021年12月10日

嗨，努力学习的PZer你好：


同学你好，你的计算过程是没有问题的哦～～所以按照这个结果找近似答案应该是没有问题的

这里推荐同学一个方法：何老师曾经在上课的时候跟大家说过，尽量保留六位小数，同学在有条件的情况下，尽量保留６位小数计算，最后计算出的结果就一定可以找到最接近的答案哦～～

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

啦啦啦啦啦 · 2022年02月20日

我和兔小兔算的一样，兔兔图里的wacc比答案里的wacc多保留了一位小数，应该是兔兔更精确啊

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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?

2023-01-29 08:52 1 · 回答

NO.PZ2018103102000119 如图

2021-12-10 10:30 1 · 回答

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

2021-11-26 21:29 1 · 回答