胡老师。您好。辛苦了。

       我曾经问过您一个问题。就是“level 1 book 4最后一个los: price multipliers中讲到了P/CF,这里的CF可以是4种情况。第一种情况是cf=net income+depreciation+amortization, 第二种情况是adjusted CFO, adjusted CFO=cfo+[net interest cash outflow*(1-tax rate)].”

      我还是不太明白，下面的例题也许能更好的说明我的疑惑！！

Data management systems,inc. reported net income of $32 million, depreciation and amortization of $41 million,net interest expense of $12 million, and cash flow from operations of $44 million. The tax rate is 30%. Calculate the p/cf ratio using CFand adjusted CFO as proxies for cash flow. DMS has 25 million shares of common stock outstanding, trading at $47 per share.

answer:

 cf=$32 million +$41 million =$73 million

adjusted cfo=$44 million +[（12 million)(1-0.30)]=$52.4 million

........

这里题目中如果不告诉CFO的具体数据，也可以用以前章节中提到的CFO间接法计算出来，也就是net income+deprciation+amortization.这不就和cf=$73 million 的结果一样吗？疑惑？？？