答案和详解如下： 6.The estimated value of the firm is: A) $37.61 million. B) $49.95 million. C) $46.68 million. D) $74.61 million. The correct answer was B) The value of Bankers using stable-growth FCFF model is $49.95 million, calculated as: FCFF = $2.39m = [$6.0m(1 - 0.40)] + $0.63m - $1.25m - $0.59m. WACC = 12.12% = (0.60 * 0.16) + (0.40 * 0.105 * [1 - 0.40]). Estimated value = $49.95 million = ($2.39m * 1.07)/(0.1212 - 0.07) 7.Using the stable growth free cash flow to the firm (FCFF) model, what is the value of Quality Builders under the assumptions contained in the table below? Quality Builders Free Cash Flow to the Firm Year 0 | EBIT | $500 | Depreciation | $200 | Capital Spending | $300 | Working Capital Additions | $30 | Tax Rate | 40% | Assumed Constant Growth Rate in Free Cash Flow | 5% | Weighted-average Cost of Capital | 11% |
A) $1,225.00. B) $2,833.33. C) $6,475.00. D) $2,975.00. The correct answer was D) The stable growth FCFF model assumes that FCFF grows at a constant rate forever. FCFF in Year 0 is equal to EBIT(1 - tax rate) + Depreciation - Capital Spending - Working Capital Additions = 500(1 - 0.4) + 200 - 300 - 30 = 170. The Firm Value = FCFF1/ (r - gn) = 170(1.05)/(0.11 - 0.05) = $2,975. 8.An analyst has prepared the following scenarios for Schneider, Inc.: Scenario 1 Assumptions §
Tax Rate is 40% §
Weighted average cost of capital (WACC) = 12% §
Constant growth rate in free cash flow = 3% §
Last year, free cash flow to the firm (FCFF) = $30 §
Target debt ratio = 10% Scenario 2 Assumptions §
Tax Rate is 40% §
Expenses before interest and taxes (EBIT), capital expenditures, and depreciation will grow at 15% for the next three years. §
After three years, the growth in EBIT will be 2%, and capital expenditure and depreciation will offset each other. §
Weighted average cost of capital (WACC) during high growth stage = 20% §
Weighted average cost of capital (WACC) during stable growth stage = 12% §
Target debt ratio = 10% Scenario 2 FCFF | Year 0 (last year) | Year 1 | Year 2 | Year 3 | Year 4 | EBIT | $15.00 | $17.25 | $19.84 | $22.81 | $23.27 | Capital Expenditures | 6.00 | 6.90 | 7.94 | 9.13 |
| Depreciation | 4.00 | 4.60 | 5.29 | 6.08 |
| Change in Working Capital | 2.00 | 2.10 | 2.20 | 2.40 | 2.40 | FCFF |
| 5.95 | 7.06 | 8.25 | 11.56 |
Given the assumptions contained in Scenario 2, what is the value of the firm? A) $81.54. B) $70.39. C) $96.92. D) $125.62. The correct answer was A) Use the two-stage FCFF model to value the firm. The Terminal Value of the firm as of Year 3 = 11.56/(0.12 - 0.02) = 115.60. The value = 5.95/(1.20) + 7.06/(1.20)2 + (8.25 + 115.62)/(1.20)3 = 81.54. 9.An analyst has prepared the following scenarios for Schneider, Inc.: Scenario 1 Assumptions §
Tax Rate is 40% §
Weighted average cost of capital (WACC) = 12% §
Constant growth rate in free cash flow = 3% §
Last year, free cash flow to the firm (FCFF) = $30 §
Target debt ratio = 10% Scenario 2 Assumptions §
Tax Rate is 40% §
Expenses before interest and taxes (EBIT), capital expenditures, and depreciation will grow at 15% for the next three years. §
After three years, the growth in EBIT will be 2%, and capital expenditure and depreciation will offset each other. §
Weighted average cost of capital (WACC) during high growth stage = 20% §
Weighted average cost of capital (WACC) during stable growth stage = 12% §
Target debt ratio = 10% Scenario 2 FCFF | Year 0
(last year) | Year 1 | Year 2 | Year 3 | Year 4 | EBIT | $15.00 | $17.25 | $19.84 | $22.81 | $23.27 | Capital Expenditures | 6.00 | 6.90 | 7.94 | 9.13 |
| Depreciation | 4.00 | 4.60 | 5.29 | 6.08 |
| Change in Working Capital | 2.00 | 2.10 | 2.20 | 2.40 | 2.40 | FCFF |
| 5.95 | 7.06 | 8.25 | 11.56 |
Given the assumptions contained in Scenario 1, what is the value of the firm? A) $250.00. B) $300.00. C) $333.33. D) $343.33. The correct answer was D) Under the stable growth FCFF model, the value of the firm = FCFF1 /(WACC - gn) = 30(1.03)/(0.12 - 0.03) = 343.33. 10.In Scenario 2, what is the year 0 free cash flow to the firm (FCFF)? A) $2.00. B) $9.00. C) $12.00. D) $5.00. The correct answer was D) The free cash flow to the firm (FCFF) = EBIT(1 - tax rate) + Depreciation – Capital Expenditures – Change in Working Capital = 15.0(1 - 0.4) + 4.0 - 6.0 – 2.0 = 5.00. | 
发表于 2008-5-20 13:55
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