求一道公司财务题的解，悬赏100论坛币

1、=165-20-5-40-10=90

我觉得好混淆哦
Net earning =165M 到底是扣除了利息跟税款的Net income还是仅扣除一般expense的EBIT？
我这里还是按照它的字面意思，看作是Net income
那么， free cash flow =EBIT(1-T)+ Depreciation-capital expenditure-change in working capital
根据已知条件得：165+5*（1-28%）+20-40-（10-（10+40）*0.5）=163.85Million at year 0

所以，
Free cash flow at year 1: 163.85*1.2=196.62
Free cash flow at year 2: 196.62*1.2=235.944
Free cash flow at year 3: 283.1328
Free cash flow at year 4:283.1328*1.1=311.4461
Free cahs flow at year 5:342.5907
Free cash flow at year 6:376.8498
Free cahs flow aftr year 6 discounted to year 6: 376.8498*1.04/（0.1-0.04)=6532.062
将上述自由现金流用1.1的折旧到year 0, 然后全部加起来
total value=4911.807
value per share=4911.807/25=196.5

Question 1: FCF to equity owners=(165-5)*(1-28%)+20-(40+10)=85.2
Question 2: FCF to equity owners per share for year 1 to 3: 85.2/25*(1+20%)=4.0896, 4.9075, 5.8890(annual growth of 20%)
                   FCF to equity owners per share for year 4 to 6: 6.4779, 7.1257, 7.8382 (annual growth of 10%)
                  The share value in year 6=7.8382*(1+4%)/(10%-4%)=135.8621
                  The share value in year 0=discount the FCF in year 1-6 and the share value in year 6 on the discount rate of 10%=102.16

However，我没有用上公司按50%-50%资本结构进行投资这个条件。所以我在考虑是否在计算未来年度的FCF to shareholders时应该剔除债务成本的影响，但问题是债务成本如何确定呢？是不是题中的利息费用即为当期投资产生的利息，即债务成本=5/(40+10)*2=20%?

欢迎楼下或楼上一起研究讨论。

Question 1: FCF to equity owners=(165+5)*(1-28%)+20-(40+10)=??

题目求解的是股东自由现金流量，故我认为应当减去利息成本。 5# nerv227

这怎么像我们期末考的一题……

Q1
Cash flows from operating activities
Net earnings                                               165
Adjustment for:
Depreciation                                               20
Interest cost                                                5   
Operating profit before working capital changes                  190
Increase in current assets                                    (10)         
Cash generated from operations                               180  
Interest paid                                               (5)
Tax paid                                                 (46.2)
Net cash from operating activities                                         128.8

Cash flows from investing activities
Investment in NA                                         (40)
Investment in CA                                         (10)  
Net cash used in investment activities                                       (50)

Cash flows from financing activities        
Issue of share                                             25
Issue of loan                                              25  
Net cash used in financing activities                                        50   

Net increase in cash and cash equivalents                                     128.8
Cash and cash equivalent at the beginning of year 0                             0      
Cash and cash equivalent at the end of year 0                                   128.8   


Q2
(128.8*(1+20%)*(1+10%)*(1+4%)) * (1+10%)6   （6 是6次方的意思）

Q1
Cash flows from operating activities
Net earnings
165
Adjustment for:
Depreciation
20
Interest cost

5

Operating profit before working capital changes
190
Increase in current assets

(10)


Cash generated from operations

180

Interest paid

(5)
Tax paid

(46.2)
Net cash from operating activities
128.8

Cash flows from investing activities
Investment in NA
(40)
Investment in CA

(10)

Net cash used in investment activities
(50)

Cash flows from financing activities

Issue of share
25
Issue of loan

25

Net cash used in financing activities

50


Net increase in cash and cash equivalents
128.8
Cash and cash equivalent at the beginning of year 0

0

Cash and cash equivalent at the end of year 0

128.8




Q2
(128.8*(1+20%)*(1+10%)*(1+4%)) * (1+10%)6
（6 是6次方的意思）      

太复杂！！！！！！！！！