亮同学2018-03-24 17:45:05
亮同学Fontenot 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 老师这个怎么算的
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Amy2018-03-26 10:04:57
Amy同学你好，WACC=re，所以该项目不用付利息。after-tax operating CF=净利润+折旧= 50*(1-0.3) + (100/2)= 85.
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为什么折旧不用再乘以T呢？ 公式不是 (S-C)(1-T)+D*T吗
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同学你好，这里的earnings before interest and taxes=S-C-D=50，所以用的公式应该是：(S-C-D)(1-T) + D= 50*(1-0.3) + (100/2)= 85.
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