求解一道计算公司价值题

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Corx Inc. is a chemical manufacturing company whick reported earnings before interest and taxed of $150million this year.The firm has a cost of capital f 10%,a tax rate of 40% and expects earnings to grow 5% a year in perpetuity.You know that the firm has no working capital requirments but does have net capital expenditures that it needs to make to grow. The firm has return on invested capital of 12.5% that it expects to maintain in perpetuity.

The value of the firm is closest to:
a.$m1143
b.$m1134
c.$m1154
d.$m1167


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关键词：公司价值 Expenditures expenditure earnings Chemical 价值 求解

公司要保持增长，需要追加投资（来源于利润留存），增长率＝利润留存率X权益回率(参见齐寅峰：公司财务学第四版第118页）
利润留存率＝增长率/权益回报率＝5%/12.5%＝0.4（40%），股利支付率＝60%
公司当年税后利润＝150＊（1－40%）＝90
股利＝90*60%＝54
下年度股利＝54＊（1＋5%）＝56.7
按照稳定增长的股折现模型，得到公司价值为56.7/（10%－5%）＝1134