全部版块 我的主页
论坛 提问 悬赏 求职 新闻 读书 功能一区 经管百科 爱问频道
1373 1
2010-10-28
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


不知应该用那种公式解答,求牛人相助!
二维码

扫码加我 拉你入群

请注明:姓名-公司-职位

以便审核进群资格,未注明则拒绝

全部回复
2010-10-29 08:46:53
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
二维码

扫码加我 拉你入群

请注明:姓名-公司-职位

以便审核进群资格,未注明则拒绝

相关推荐
栏目导航
热门文章
推荐文章

说点什么

分享

扫码加好友,拉您进群
各岗位、行业、专业交流群