求助：关于EVA估值的一道题

growth, expected, 题, one

You are valuing the MECH.I using EVA model.

The WACC for the firm is 15%. The current (year 0) NOPAT is $80,000 and the invested capital is $700,000. The firm is currently reinvesting 30% of its NOPAT.

The high growth stage is expected to last one year (year 1). Starting in year 2, the firm will enter a steady state.In the high growth stage(year 1), NOPAT grows by 20% and the firm reinvests 30%. Starting in year 2, the firm enters the steady state, NOPAT grows by 3% per year and the firm reinvests 20%.

What is the total enterprise value using the discounted EVA model?

求具体的解法，不胜感激。

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empyreanfly

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2^#

发表于 2012-5-1 14:12 | 只看该作者

我来随便讨论一下，是否每年re-invested NOPAT也要计算入WACC cost。譬如第一年末的EVA = NOPAT*120% - （NOPAT*120%*30%+Invested Capital)*WACC?

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qztsxhe111

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发表于 2012-5-12 21:15 | 只看该作者

我认为第一年的EVA很好算，用NOPAT-$WACC就好，第二年的EVA可以看做第二年的NOPAT-第二年的NOPAT*30%*$，然后第三年开始，EVA=NOPAT-NOPAT*20%*$，后面的是年金形式，所以增长率为3%，算出到第3年年初的PV，然后按照3段分别折现得到MV就好了，似乎该是这样的

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empyreanfly