题目
题目

MSB-250-300-002 Proctored Midcourse Exam 1

单项选择题

What is the Last FAD's FCFE in the current year?

选项
A.$140 million
B.$157 million
C.$677 million
D.$534 million
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标准答案
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思路分析
Begin by restating the information you have: the question asks for Last FAD's FCFE in the current year, and the available options are $140 million, $157 million, $677 million, and $534 million. Option 1: $140 million. This value is far from the figure indicated in the provided answer data, so it is unlikely to be correct. A common mistake her......Login to view full explanation

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Regarding the valuation of levered companies, select the correct statement:

Last year, the Clarity Corporation had Free Cash Flow (FCF) of $950.  Some other financial information from last year: Clarity paid $520 in dividends to its shareholders Clarity paid $250 in interest Clarity's depreciation expense was $120  Clarity repaid $65 of existing debt and issued new debt of $145 Clarity's corporate tax rate is 30% Calculate Clarity's Free Cash Flow to Equity (FCFE) last year (with one decimal).

Use Coug Co.’s financial statements below to calculate their FCFE for 20X1:     Coug Co. Balance Sheet Assets 20x0 20x1 Current assets Cash $ 295 $ 340 Inventory $ 206 $ 210 Accounts Receivable $ 198 $ 243 Total CA $ 699 $ 793 LT Assets PP&E $ 1,190 $ 1,240 Accumulated Depreciation $ (280) $ (310) Net PP&E $ 910 $ 930 Total Assets $ 1,609 $ 1,723 Liabilities & Equity 20x0 20x1 Current Liabilities Accounts Payable $ 148 $ 166 Notes Payable $ 110 $ 80 Total CL $ 258 $ 246 Long-Term Debt $ 335 $ 360 Total Liabilities $ 593 $ 606 Owners' Equity $ 1,016 $ 1,117 Total Liab. & Equity $ 1,609 $ 1,723   Coug Co. Income Statement 20x1 Revenue $ 1,548.00 COGS $ (423.00) Depreciation $ (388.00) EBIT $ 737.00 Interest Expense $ (124.00) EBT $ 613.00 Taxes $ (147.00) Net Income $ 466.00  

Suppose you have estimated the free cash flows to equity holders over the next five years as follows: Year 1: $33.2 million Year 2: $35.8 million Year 3: $42.3 million Year 4: $36.9 million Year 5: $40.5 million You expect FCFE to remain constant at $38.6 million after year 5. If the company’s cost of equity is 13%, the WACC is 12%, the YTM is 10%, and the tax rate is 34%, then what is the value of the firm’s equity (in millions)?

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