level 2 问题- Equity Valuation 的

vincentbli

http://bbs.cfaspace.com/dispbbs.asp?boardid=116&Id=80041

 

第一题的答案，

WC INV （80-150）怎么得到的？

 

第三题答案

FIRM VALUE 12,000 怎么得到的

我算的是 600 x 1.04/(0.09-0.04)=12,480

vincentbli

为什么600不需要乘以1.04？Terminal value based on the perpetual growth assumption should be FCFF x (1+g)/(r-g) per Gordon model.

I think it might be discounted by 1.09 for the value at beginning of 2008 (end of 2007)

12,480/1.09=11,450

(11450-2,249)/411=22.3857, which is close to answer B