Corporate Finance, 3e (Berk/DeMarzo)
Chapter 19 Valuation and Financial Modeling: A Case Study
19.1 Valuation Using Comparables
Use the tables for the question(s) below.
1) Based upon the average P/E ratio of the comparable firms, Ideko's target market value of equity is closest to:
A) $157 million
B) $155 million
C) $193 million
D) $165 million
Answer: D
Explanation: D) Average P/E = = 23.67
Price = earnings ×P/E = 6.939 × 23.67 = $164.22 million
Diff: 1
Section: 19.1 Valuation Using Comparables
Skill: Analytical
2) Based upon the average EV/Sales ratio of the comparable firms, Ideko's target economic value is closest to:
A) $191 million
B) $155 million
C) $165 million
D) $157 million
Answer: B
Explanation: B) Average EV/Sales = = 2.07
EV = EV/Sales × Sales = 2.07 × $75 million = $155.25
Diff: 1
Section: 19.1 Valuation Using Comparables
Skill: Analytical
3) Based upon the average EV/Sales ratio of the comparable firms, if Ideko holds $6.5 million of cash in excess of its working capital needs, then Ideko's target market value of equity is closest to:
A) $165 million
B) $157 million
C) $193 million
D) $191 million
Answer: B
Explanation: B) Average EV/Sales = = 2.07
EV = EV/Sales + Sales = 2.07 × $75 million = $155.25
EV = Equity + Debt - Cash in excess of NWC needs
Equity = EV - Debt + cash in excess of NWC needs = $155.25 - $4.5 + $6.5 = $157.25 million Diff: 2
Section: 19.1 Valuation Using Comparables
Skill: Analytical
4) Based upon the average EV/EBITDA ratio of the comparable firms, Ideko's target economic value is closest to:
A) $191 million
B) $155 million
C) $157 million
D) $193 million
Answer: A
Explanation: A) Average EV/EBITDA = = 11.77
EV = EV/EBITDA ×EBITDA = 11.77 × $16.25 million = $191.26 million
Diff: 1
Section: 19.1 Valuation Using Comparables
Skill: Analytical
5) Based upon the average EV/EBITDA ratio of the comparable firms, if Ideko holds $6.5 million of cash in excess of its working capital needs, then Ideko's target market value of equity is closest to:
A) $155 million
B) $157 million
C) $165 million
D) $193 million
Answer: D
Explanation: D) Average EV/EBITDA = = 11.77
EV = EV/EBITDA ×EBITDA = 11.77 × $16.25 million = $191.26 million
EV = Equity + Debt - Cash in excess of NWC needs
Equity = EV - Debt + cash in excess of NWC needs = $191.26 - $4.5 + $6.5 = $193.26 million Diff: 2
Section: 19.1 Valuation Using Comparables
Skill: Analytical
6) What range for the market value of equity for Ideko is implied by the range of P/E multiples for the comparable firms?
Answer: Low P/E (Nike) = 18.2
Low Price = earnings ×P/E = 6.939 × 18.2 = $126.29 million
High P/E (Luxottica Group) = 28.0
High Price = earnings ×P/E = 6.939 × 28.0 = $194.29 million
Diff: 2
Section: 19.1 Valuation Using Comparables
Skill: Analytical
7) What range for the market value of equity for Ideko is implied by the range of EV/Sales multiples for the comparable firms if Ideko holds $6.5 million of cash in excess of its working capital needs?
Answer: Low EV/Sales (Nike) = 1.5
Low EV = Sales ×EV/Sales = $75 million × 1.5 = $112.50 million
Low EV = Equity + Debt - Cash in excess of NWC needs
Low Equity Price = EV - Debt + cash in excess of NWC needs = $112.50 - $4.5 + $6.5 = $114.50 million
High EV/Sales (Luxottica) = 2.7
High EV = Sales ×EV/Sales = $75 million × 2.7 = $202.50 million
High EV = Equity + Debt - Cash in excess of NWC needs
High Equity Price = EV - Debt + cash in excess of NWC needs = $202.50 - $4.5 + $6.5 = $204.50 million
Diff: 3
Section: 19.1 Valuation Using Comparables
Skill: Analytical
8) What range for the market value of equity for Ideko is implied by the range of EV/EBITDA multiples for the comparable firms if Ideko holds $6.5 million of cash in excess of its working capital needs?
Answer: Low EV/EBITDA (Nike) = 9.3
Low EV = EBITDA ×EV/EBITDA = $16.25 million × 9.3 = $151.13 million
Low EV = Equity + Debt - Cash in excess of NWC needs
Low Equity Price = EV - Debt + cash in excess of NWC needs = $151.13 - $4.5 + $6.5 = $153.13 million
High EV/EBITDA (Luxottica) = 14.4
High EV = EBITDA ×EV/EBITDA = $16.25 million × 14.4 = $234.00 million
High EV = Equity + Debt - Cash in excess of NWC needs
High Equity Price = EV - Debt + cash in excess of NWC needs = $234.00 - $4.5 + $6.5 = $236.00 million
Diff: 3
Section: 19.1 Valuation Using Comparables
Skill: Analytical
19.2 The Business Plan
Use the following information to answer the question(s) below:
1) If Ideko's loans will have an interest rate of 6.8%, then the interest expense paid in 2008 is closest to:
A) $6,800
B) $7,310
C) $7,820
D) $7,990
Answer: A
Explanation: A) Interest t = Interest rate × ending balance t-1 = .068 × 100,000 = $6,800
Diff: 1
Section: 19.2 The Business Plan
Skill: Analytical
2) If Ideko's loans will have an interest rate of 6.8%, then the interest expense paid in 2009 is closest to:
A) $6,800
B) $7,310
C) $7,820
D) $7,990
Answer: C
Explanation: C) Interest t = Interest rate × ending balance t-1 = .068 × 115,000 = $7,820
Diff: 1
Section: 19.2 The Business Plan
Skill: Analytical
Use the table for the question(s) below.
3) Based upon Ideko's Sales and Operating Cost Assumptions, what production capacity will Ideko require in 2007?
A) 1,505 units
B) 1,323 units
C) 1,914 units
D) 1,115 units
Answer: B
Explanation: B) Production volume each year can be estimated by multiplying the total market
Section: 19.2 The Business Plan
Skill: Analytical
4) Based upon Ideko's Sales and Operating Cost Assumptions, what production capacity will Ideko require in 2008?
A) 1,702 units
B) 1,323 units
C) 1,505 units
D) 1,914 units
Answer: C
Explanation: C) Production volume each year can be estimated by multiplying the total market
Section: 19.2 The Business Plan
Skill: Analytical
5) Based upon Ideko's Sales and Operating Cost Assumptions, what production capacity will Ideko require in 2009?
A) 1,505 units
B) 1,115 units
C) 1,323 units
D) 1,702 units
Answer: D
Explanation: D) Production volume each year can be estimated by multiplying the total market
Section: 19.2 The Business Plan
Skill: Analytical
Use the tables for the question(s) below.
6) Ideko's Accounts Receivable Days is closest to:
A) 84 days
B) 95 days
C) 90 days
D) 75 days
Answer: C
Explanation: C) Accounts Receivable Days = × 365 = 90 days Diff: 1
Section: 19.2 The Business Plan
Skill: Analytical
19.3 Building the Financial Model
Use the following information to answer the question(s) below:
1) The after tax interest expense in 2008 is closest to:
A) 2,380
B) 4,420
C) 6,800
D) 7,820
Answer: B
Explanation: B) After-Tax interest expense = interest expense(1 - T c) = 6,800(1 - .35) = 4,420 Note T c = income tax/pre-tax income = 3,748/10,708 = 35%
Diff: 1
Section: 19.3 Building the Financial Model
Skill: Analytical
A) -5,005
B) -1,755
C) 5,575
D) 14,995
Answer: A
Explanation: A) After-Tax interest expense = interest expense(1 - T c) = 6,800(1 - .35) = 4,420 Note T c = income tax/pre-tax income = 3,748/10,708 = 35%
FCF firm = NI + after tax interest + Depreciation - ΔNWC - capital expenditures
FCF firm = 6,960 + 4,420 + 6,865 - 3,250 - 20,000 = -5,005
Diff: 2
Section: 19.3 Building the Financial Model
Skill: Analytical
3) The free cash flow to equity in 2008 is closest to:
A) -5,005
B) -1,755
C) 5,575
D) 9,995
Answer: C
Explanation: C) After-Tax interest expense = interest expense(1 - T c) = 6,800(1 - .35) = 4,420 Note T c = income tax/pre-tax income = 3,748/10,708 = 35%
FCF firm = NI + after tax interest + Depreciation - ΔNWC - capital expenditures
FCF firm = 6,960 + 4,420 + 6,865 - 3,250 - 20,000 = -5,005
FCF equity = FCF firm + Net borrowing - after tax interest expense
FCF equity = -5,005 + 15,000 - 4,420 = 5,575
Diff: 2
Section: 19.3 Building the Financial Model
Skill: Analytical
4) The after tax interest expense in 2010 is closest to:
A) 0
B) 2,856
C) 5,304
D) 8,160
Answer: C
Explanation: C) After-Tax interest expense = interest expense(1 - T c) = 8,160(1 - .35) = 5,304 Note T c = income tax/pre-tax income = 5,678/16,223 = 35%
Diff: 1
Section: 19.3 Building the Financial Model
Skill: Analytical
A) 10,684
B) 11,559
C) 23,698
D) 26,394
Answer: B
Explanation: B) After-Tax interest expense = interest expense(1 - T c) = 8,160(1 - .35) = 5,304 Note T c = income tax/pre-tax income = 5,678/16,223 = 35%
FCF firm = NI + after tax interest + Depreciation - ΔNWC - capital expenditures
FCF firm = 10,545 + 5,304 + 15,848 - 7,710 - 8,000 = 11,559
Diff: 2
Section: 19.3 Building the Financial Model
Skill: Analytical
6) The free cash flow to equity in 2010 is closest to:
A) 6,255
B) 10,684
C) 11,559
D) 18,394
Answer: A
Explanation: A) After-Tax interest expense = interest expense(1 - T c) = 8,160(1 - .35) = 5,304 Note T c = income tax/pre-tax income = 5,678/16,223 = 35%
FCF firm = NI + after tax interest + Depreciation - ΔNWC - capital expenditures
FCF firm = 10,545 + 5,304 + 15,848 - 7,710 - 8,000 = 11,559
FCF equity = FCF firm + Net borrowing - after tax interest expense
FCF equity =11,559 + 0 - 5,304 = 6,255
Diff: 2
Section: 19.3 Building the Financial Model
Skill: Analytical
Use the table for the question(s) below.
Pro Forma Income Statement for Ideko, 2005-2010
receivables days of 60. The forecasted accounts receivable for Ideko in 2006 is closest to:
A) $19,690
B) $16,970
C) 22,710
D) $14,525
Answer: D
Explanation: D) Accounts receivable = 60 days ×
Section: 19.3 Building the Financial Model
Skill: Analytical
receivables days of 60. The forecasted accounts receivable for Ideko in 2007 is closest to:
A) $14,525
B) $16,970
C) 22,710
D) $19,690
Answer: B
Explanation: B) Accounts receivable = 60 days ×
Section: 19.3 Building the Financial Model
Skill: Analytical
receivables days of 60. The forecasted accounts receivable for Ideko in 2008 is closest to:
A) $14,525
B) $19,690
C) 22,710
D) $16,970
Answer: B
Explanation: B) Accounts receivable = 60 days ×
Section: 19.3 Building the Financial Model
Skill: Analytical
A) $22,750
B) $35,195
C) $30,510
D) $26,420
Answer: A
NWC = CA - CL
Diff: 2
Section: 19.3 Building the Financial Model Skill: Analytical
A) $30,510
B) $26,420
C) $22,170
D) $35,195
Answer: B
Section: 19.3 Building the Financial Model Skill: Analytical
A) $35,195
B) $26,420
C) $22,170
D) $30,510
Answer: D
Section: 19.3 Building the Financial Model Skill: Analytical
A) $4,090
B) $4,685
C) $3,665
D) $5,230
Answer: C
Increase in NWC = NWC t - NWC t - 1 Diff: 3
Section: 19.3 Building the Financial Model Skill: Analytical
A) $4,685
B) $3,665
C) $4,090
D) $5,230
Answer: C
Increase in NWC = NWC t - NWC t - 1 Diff: 3
Section: 19.3 Building the Financial Model Skill: Analytical
上财经济学考研参考书及考试科目 为了方便广大考研学子更好的了解上财经济学考研,凯程艾老师为大家整理总结了上海财经大学考试科目及参考书,希望能帮到广大考研学子。祝愿2019考研学子顺利考上研究生。 考试科目:801经济学 一、适用专业: 人文学院:马克思主义哲学/伦理学/科学技术哲学/经济哲学/马克思主义基本原理/马克思主义中国化研究/思想政治教育 经济学院:政治经济学/经济思想史/经济史/西方经济学/人口、资源与环境经济学/劳动经济学/数量经济学(要求硕博连读) 公共经济与管理学院:国民经济学/财政学/投资经济/税收学/公共经济政策学/房地产经济学/技术经济及管理/行政管理/社会医学与卫生事业管理/教育经济与管理/社会保障/土地资源管理 财经研究所:区域经济学/国防经济/城市经济与管理/能源经济与环境政策/农业经济管理/林业经济管理 金融学院:金融学/保险学/金融数学与金融工程/信用管理(要求硕博连读) 国际工商管理学院:世界经济/世界经济/国际贸易学/企业管理/旅游管理/市场营销学/体育经营管理 会计学院:会计学/财务管理 二、参考书目: 范里安版《微观经济学:现代观点》、曼昆版《宏观经济学》、巴罗版《宏观经济学:现代观点》 三、试卷构成: 微观经济学(75分) 宏观经济学(75分) 四、考试题型: 判断题(每小题1分,共20分) 单项选择题(每小题1分,共40分) 问答(计算)题(每题15分,共90分)
五、招生概括: 近几年,上海财大考研报考人数日益增多,复试分数持续攀升,竞争日趋白热化。这一方面是由于随着大批海归的加盟,学科发展很快,另一方面依托上海国际金融中心的加快建设,吸引了越来越多的考生选择上海财大。
【考试题型:1.名词解释(20分) 2.填空题(12分) 3.选择题(20分) 4.简答题(20分) 5.计算题(28分)】 第一章、导言 1、风险偏好 风险偏好是指为了实现目标,企业或个体投资者在承担风险的种类、大小等方面的基本态度。根据投资体对风险的偏好将其分为风险回避者、风险追求者和风险中立者。 ①风险回避:当预期收益率相同时,偏好于具有低风险的资产;而对于具有同样风险的资产,则钟情于具有高预期收益率的资产。 ②风险追求:当预期收益相同时,选择风险大的,因为这会给他们带来更大的效用。 ③风险中立:唯一标准是预期收益的大小,而不管风险状况如何。 2、风险的种类 ①按照性质:纯粹风险、投机风险 ②按照标的:财产风险、人身风险、责任风险、信用风险 ③按照行为:特定风险、基本风险 ④按照环境:静态风险、动态风险 ⑤按照原因:自然风险、社会风险、政治风险、经济风险、技术风险 3、系统性风险、非系统性风险 ①系统性风险 系统性风险即市场风险,即指由整体政治、经济、社会等环境因素对证券价格所造成的影响。系统性风险包括政策风险、经济周期性波动风险、利率风险、购买力风险、汇率风险等不可通过分散投资来消除的风险。其造成后果具有普遍性。 ②非系统性风险 非系统性风险是指对某个行业或个别证券产生影响的风险,它通常由某一特殊的因素引起,与整个证券市场的价格不存在系统的全面联系,而只对个别或少数证券的收益产生影响。 4、资本资产定价模型 (1)投资资产的回报和市场投资组合回报的线性关系:R = α + βRM + ε 其中:R为投资资产回报,RM为市场投资组合回报,α和β都是常数,βRM对应系统风险,ε对应非系统风险。 (2)预期的回报(资本资产定价模型): E(R) = RF + β[E(RM) - RF] ,RF为无风险利率 说明:某投资的期望值超出无风险投资回报的数量等于市场投资资产组合回报期望值超出无风险投资回报数量与的β乘积。 (3)阿尔法:α=RP-RF-β(RM-RF),α通常表示投资组合的额外回报量。 投资经理会不断努力来产生正的α:①寻找比市场表现更好的股票;②市场择时,当预计市场上涨时将资金从国债投资转移到股票市场,当预计市场下跌时将资金从股票市场转移到国债投资。 5、股票分析的方法K线组合中的技术分析:连续小阴小阳,后市必有大阳。 (1)基本分析:通过对决定企业内在价值和影响股票价格的相关因素进行详尽分析,以大概测算上市公司的长期投资价值和安全边际,并与当前的股票价格进行比较,形成相应的投资建议。 基本分析认为股价波动不可能被准确预测,而只能在有足够安全边际的情况下买入股票并长期持有。(2)技术分析:以股票价格作为主要研究对象,以预测股价波动趋势为主要目的,从股价变化的历史图表入手,对股票市场波动规律进行分析。 技术分析认为市场行为包容消化一切,股价波动可以定量分析和预测。 (3)演化分析:将股市波动的生命运动特性作为主要研究对象,对市场波动方向与空间进行动态跟踪研究。演化分析认为股价波动无法准确预测,着重为投资人建立一种科学观察和理解股市波动逻辑的全新的分析框架。 6、买空卖空的定义 买空:是指投资者用借入的资金买入证券。卖空:是指投资者自己没有证券而向他人借入证券后卖出。
上财经济学真题 Document serial number【NL89WT-NY98YT-NC8CB-NNUUT-NUT108】
一、判断题(每小题1分) 1、给定消费者偏好,如果两种商品之间满足边际替代率递减,那么这两种商品的边际效用一定递减。 2、在垄断市场上,一种商品需求的价格弹性越大,垄断定价中成本加成系数减少。 3、如果一种商品的收入效应为正,那么当价格下降时,消费者剩余的变化(△CS)、补偿变差(CV)和等价变差(EV)大小满足:∣EV∣>∣△CS∣>∣CV ∣。 4、如果李三的偏好可以用函数Max{x,y}表示,那么他的偏好是凸的。 5、如果消费者偏好可以用C-D效用函数表示,那么,消费者在一种商品上的支出占总支出的比例不随价格或收入改变而变化 6、对于一个公平的赌博,即期望的净收益为零,此时判断一个人是否是风险爱好,取决于他是否会接受公平的赌博。 7、在博弈情形中,如果扩大一个参与者的策略集,那么至少该参与者的福利不会下降。 8、福利经济学第二定理告诉我们,只要所有交易者具有理性、严格递增偏好,那么每一个帕累托有效的配置都是某一竞争均衡的结果。 9、在外部性问题中,如果每个消费者具有拟线性偏好,那么帕累托有效配置独立于产权分配。 10.、道德风险问题是由于交易一方不能观察另一方类型或质量导致的。 11、新古典经济增长模型与内生经济增长模型的主要区别是,前者没有考虑技术进步,,后者包含了技术进步。 12、货币中性主要是指货币供给变动只影响名义变量,而不影响实际变量。 13、对汇率固定、资本只有流动的小国开放经济,财政政策比货币政策更有效。 14、货币需求交易理论注重货币收益,货币需求资产组合理论注重货币成本。 15.、与政策相关的“时间不一致性”是指当政者宣布政策的目的在于麻痹公众,以达到自己的党派利益。 16、在计算GDP时,企业购买的新厂房及办公用房应当计入投资,而个人购买的新住房应计入消费。 17、在物价为黏性的时间范围内,古典二分法不再成立,并且经济会背离古典模型所预言的均衡。 18、根据货币需求的资产组合理论,股票的实际预期收益不影响货币需求。 19、正如凯恩斯一样,许多经济学家相信在经济衰退时,投资相对无弹性,因此,利益的降低对投资和国民收入几乎没有什么影响。 20、资本与劳动在生产上是可以相互替换的,这是新古典增长模型的假设条件。 二、单项选择题(每小题1分) 21、在两商品经济中,王四觉得商品1越来越好,商品2越多越糟,那么__. A、无差异曲线一定是凸向原点的; B、无差异曲线一定向右上方倾斜; C、无差异曲线可能是呈椭圆形; D、以上都不是 22、在下列效用函数中,哪一个具有风险规避(risk-aversion)倾向,这里x 代表财富水平。 A、u(x)=100+3x B、u(x)=lnx C、u(x)=x2 D、以上都不是
南京财经大学-金融学院-保险硕士专业考研经典专业问题问答 (1)这个专业就业怎么样? 答:保险公司、保险中介机构、保险监管机构、银行与证券部门或其他大中型企业风险管理部门、高等院校及有关咨询服务部门等。从国内外的发展实践来看,也有很多保险硕士专业研究生进入与金融保险相关的咨询或评估行业保险硕士专业研究生毕业后大部分选择到保险公司、国际货币基金组织和国际减灾委员会等机构都有。 2020南京财经大学考研:874036932 (2)这个专业好考吗? 答:你是本专业的吗?这个专业初试的专业课是保险专业基础,包括金融学和保险学,你学过哪一门?我把参考书目发给你看下。 (3)老师有推荐的学校吗? 答:你将来就业想在哪里,读研有自己意向的城市吗? 江苏省招这个专业的学校只有南财。上海市的复旦大学、华东师范大学和上海财经大学都是有这个专业的。 (4)复试刷人比例是多啊?复试比是多少啊? 一般为1:1.2-1:1.5左右,去年是1:1.3. 2020南京财经大学考研:874036932 (5)专业课有难度吗? 专业课一般好好复习都不是很难的,复习要抓住重点,提高效率。专业课首先要复习参考书,根据考试大纲梳理章节重点,做好相关笔记,书本过一遍之后,可以研究真题了解出题规律,再梳理书本,做真题,查漏补缺,这样经过几轮复习下来问题不大的。 (6)怎么样能联系到导师呢? 答:一般是初试之后联系导师的,可以发邮件给他们,或者是参加我们的复试辅导班课程,帮助笔试,面试,导师资源。 (7)专科可以考这个专业吗? 答:可以的,这个专业接受同等力学的考生,需要加试保险学原理和西方经济学。 (8)请问南财保险硕士好调剂吗? 答:保险硕士是不太好调剂的,只有财经类的大学有这个专业,其他综合类的大学一般没有这个专业。 2020南京财经大学考研:874036932 (9)复试考什么啊?什么时候考?怎么考?英语介绍是英文的吗? 答:复试包含专业课笔试、面试等等,一般3月下旬左右,建议准备中英文自我介绍。 复试内容