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3#
发表于 2011-7-13 16:48
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1. because the land does not contribute to FCFF, therefore valuing the firm using a FCFF model results in the same value if land is held or not. Basically the firm could sell the land and not affect firm value (FCFF model), so it should be added to the calculated value.
Same with Cash, say a firm had $1B sitting there, it is not really contibuting to FCFF and therefore firm value. Thus you need to add it to the valuation to get the real value of the firm.
2. Yes. |
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