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CFA问答
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根据本页PPT资本化费用化的讲解,我的提问是:书P423-Example 6-1.B问,为什么费用化这些成本会使CFO减少?费用化是和CFO联系在一起的? 费用化是CFO流出,所以CFO减少?expensing those costs would reduce cash from operating activities by USD6,000。2.C问,调整后的EBIT,EBIT adjusted for expensing software development costs 为什么不用加回amortization?而计算EBITDA as reported 时,却需要加回2000的amortization?3.费用化不是使利润降低了吗,为什么它的股票还会看起来更贵?另外,利润降低,为什么会使market multiples增加?4. 第2问,标黄的underpriced怎么理解?
这里effective tax rate=income tax expense/pretax income,老师讲的例子我理解的是用 income tax paid/pretax income,错了?
答案的这句话:Hence, HHI is 1/0.2842 = 3.52 and 1/0.205 = 4.88 for Subportfolio-1 and Subportfolio-2, respectively.这个应该是the inverse of HHI 吧?HHI是分母,HHI不是3.52吧?
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