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%?
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
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