亮同學(xué)
2018-03-24 17:45Fontenot Company is investing €100 in a project that is being depreciated straight-line to zero over a two-year life with no salvage value. The project will generate earnings before interest and taxes of €50 each year for two years. Fontenot’s weighted average cost of capital and required rate of return for the project are both 12 percent, and its tax rate is 30 percent.” 求after-tax operating CF 老師這個怎么算的
所屬：CFA Level II > Corporate Finance 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
Amy助教
2018-03-26 10:04
該回答已被題主采納
同學(xué)你好，WACC=re，所以該項目不用付利息。after-tax operating CF=凈利潤+折舊= 50*(1-0.3) + (100/2)= 85.
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追問
為什么折舊不用再乘以T呢？ 公式不是 (S-C)(1-T)+D*T嗎
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追答
同學(xué)你好，這里的earnings before interest and taxes=S-C-D=50，所以用的公式應(yīng)該是：(S-C-D)(1-T) + D= 50*(1-0.3) + (100/2)= 85.
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