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标题: L2,FCInv的算法的疑惑 [打印本页]
作者: giraffe_lisa 时间: 2011-6-2 16:25 标题: L2,FCInv的算法的疑惑
公式不是 capital expenditures - proceeds from sale of long-term assets吗?
为什么Notes, Book3, Equity, Free Cash Flow Valuation后面 22题里 FCInv 不是 65-8 呀?
不懂啊,求解。。。。。。
作者: 5teawty 时间: 2011-6-2 16:52
proceeds from sale of long-term assets应该是出售资产获得了多少现金,而不是赚了多少钱吧
所以Fcinv=65-10
作者: 5teawty 时间: 2011-6-2 16:53
我理解是出售资产获得了多少CASH而不是赚了多少,所以应该65-10
作者: giraffe_lisa 时间: 2011-6-2 20:01
换一个方式问,proceeds from sale of long-term assets是指market value超出book value的部分吗??!!
求解啊求解
作者: 冰雨自由 时间: 2011-6-2 20:14
理论上的不怎么清楚,实际做的话我一般是这么做 基本都对,就是上一年的net PPE-这一年的depreciation+FAInv=今年的net PPE。
proceeds from sale of long-term assets应该是指卖掉的价格超出BV的部分吧~
如果理解有误的话请指正~
作者: anzhi1987 时间: 2011-6-2 22:29
减去的是实际售价。因为在NCC那里加上了sale of asset的盈利
作者: giraffe_lisa 时间: 2011-6-2 22:46
哦。。。。。。我好像懂了
作者: giraffe_lisa 时间: 2011-6-2 22:54
那为什么NCC那里要加上去呢???sale of asset的盈利是cash呀,不是noncash charge(NCC)
作者: ivygmat 时间: 2011-6-3 00:14
我这么理解的
实际当年的固定资产投资(差额)=当年的投资-卖掉固定资产的收益
作者: 冰晶火 时间: 2011-6-3 00:25
FCInv= Capital expenditure - Proceeds from sale of long-term assets
Here Proceeds means the total sale price you got form the sale.
作者: giraffe_lisa 时间: 2011-6-3 00:54
回楼上,我理解的proceeds from sale of long-term assets是指卖掉的价格超出BV的部分,和3楼一样
但我不理解为什么NCC中还要加回sale price of the asset
作者: 冰晶火 时间: 2011-6-3 01:08
The whole proceeds you get from the sale can be used to reduce the FCInv, so here you should use the sale price rather than the profit of the sale.
For the NCC, It makes little sense to me to just talk about he concept. A example is better to help explain it.
作者: giraffe_lisa 时间: 2011-6-3 01:14
example就是我1楼说的notes后面那道题啊,请看1楼
作者: 冰晶火 时间: 2011-6-3 01:28
Sorry, I should notice that.
OK, my solution is like this
FCFE=NI+Depr Exp-exp in Working capital-exp in FCInv+book value of Long-term asset sale
Which is FCFE=50+27-4-65+2
You don't want to add the whole sale price of the assets because the profit is already included in the NI.
作者: giraffe_lisa 时间: 2011-6-3 01:37
我懂你的意思了,我觉得这样解释很合理,不过和公式不一样啊,如果硬要套公式应该怎么套呢?
sorry 我是不是太刨根问底了
作者: 冰晶火 时间: 2011-6-3 01:53
以下是引用冰晶火在2011-6-3 1:28:00的发言:
Sorry, I should notice that.
OK, my solution is like this
FCFE=NI+Depr Exp-exp in Working capital-exp in FCInv+book value of Long-term asset sale
Which is FCFE=50+27-4-65+2
You don't want to add the whole sale price of the assets because the profit is already included in the NI.
It's OK.
So the formula is like this. FCFE= NI+NCC-FCInv-WCInv+Net Borrowing
Where:
NI=50
NCC=27
FCInv=65-(10-8) cause $8 profit is already in NI.
WCInv=4
Net Borrowing=0
作者: 冰晶火 时间: 2011-6-3 01:56
Gosh.
Why I couldn't break up the text into multiple lines?! Any help?
作者: giraffe_lisa 时间: 2011-6-3 02:31
好的,谢谢了!
我也不知道怎么提行。。。
作者: 冰晶火 时间: 2011-6-3 02:45
Are you in China or some other country?
You guys are working so hard.
作者: giraffe_lisa 时间: 2011-6-3 04:02
没有,我不在中国
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