问题如下:
Matt is preparing to evaluate the value of Company M`s equity by using the two-stage FCFF model. The growth rates for the first three years are estimated at 5% and then it may grow at 2.5% per year into the indefinite future. The most recent FCFF is $2,000 million and the company is in the 30% tax bracket. The relevant information is shown in the following table. Determine whether the common stock is fairly valued, overvalued or undervalued?
选项:
A.undervalued.
B.overvalued.
C.fairly valued.
解释:
A is correct.
考点:Valuation Models.
解析:先计算WACC = wd × rd × (1–T) + (wp × rp) + (we × re)
= (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)
= 7.08%
$$PV_3=\frac{FCFF_3\times\left(1+g\right)}{r-g}=\frac{2000\times1.05^3\times\left(1+2.5\%\right)}{7.08\%-2.5\%}=\$51,815.09million$$
$$PV=\frac{2100}{1.1.0708}+\frac{2205}{1.1.0708^2}+\frac{2315.25+51,815.09}{1.1.0708^3}=\$47,971.73million$$
V common stock = 47,971.73 – 15,000 – 5,000 = $27,971.73 million
大于市场价值20,000 million,所以common stock被低估。
算完最后一步EV=47971之后,只能说明EV被高估啊?为什么可以说明是普通股被高估?为什么不是优先股或者是债被高估??