来自：CFA > Level II“甄”题库 > Equity Valuation > (2024N) LM3 Free Cash Flow Valuation 2025-06-19 13:28
怎么算出来的
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187****3639
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187****3639
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融跃答疑王老师 2025-06-19 16:24
致精进的你:
FCFF = NI(available to common) + NCC+ [Int × (1 - tax rate)] + preferred dividends -FCInv -WCInv，即FCFF = 125 + 50 + [45 × (1 - 0.40)] + 14-100-30 = $86，，FCFE=FCFF-[Int×(1-tax rate)]-preferred dividends + net borrowing=86-[45 ×(1-0.4)1-14+40=$85，，value of equity=FCFE0*（1+g）/（r-g）=85*1.04/（0.14-0.04）=884
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