|
- UID
- 223418
- 帖子
- 305
- 主题
- 8
- 注册时间
- 2011-7-11
- 最后登录
- 2014-8-2
|
Ok...
Page 655 #2: Multiply by (1+g) because it says "earnings are 100,000 for the year just ended
Page 677 #3: Multiply by (1+g) because you are given FCF and a growth in FCF so you assume that the FCF provided is current year.
Page 683: Do not multiply by (1+g) becasue the growth rate is designated as "future growth rate" which just doesn't sound right. If you notice on Schweser page 318 they multiply by a growth called "growth rate of residual income" which is the same name of the growth rate on CFAI page 655.
With all that said I'm sure CFAI will be very clear on exam day which values are current year and which are next year. That's one thing they do do fairly. |
|
发表于 2011-7-13 13:29
|