Char
2023-07-29 22:57Q35, 解釋這題目
所屬：CFA Level I > Corporate Issuers 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Alex助教
2023-07-30 17:13
該回答已被題主采納
B is correct. The value of a company is the value of its existing investments plus the net present values of all of its future investments. The NPV of this new plant is ￡150 million – ￡100 million = ￡50 million. The price per share should increase by NPV per share or ￡50 million/100 million shares = ￡0.50 per share. As the new plant’s profitability is less than expectations, the NPV per share (and hence the increase in the stock price) should therefore be slightly below ￡0.50 per share.
A is incorrect. It is only new plant’s profitability that is below the average not the overall. The company value should not fall below ￡15 per share, all things being equal.
C is incorrect. See the above calculation.
B是正確的。一家公司的價(jià)值是其現(xiàn)有投資的價(jià)值加上其所有未來投資的凈現(xiàn)值。這座新工廠的凈現(xiàn)值為￡150 million – ￡100 million = ￡50 million。每股價(jià)格應(yīng)增加每股凈現(xiàn)值或￡50 million/100 million shares = ￡0.50 per share。由于新工廠的盈利能力低于預(yù)期，因此每股凈現(xiàn)值（以及股價(jià)上漲）應(yīng)略低于￡0.50。
A不正確。只有新工廠的盈利能力低于平均水平，而不是總體水平。在同等條件下，公司價(jià)值不應(yīng)低于每股￡15。
C不正確。參見上述計(jì)算。
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