a******6
发帖数: 78 | 1 个问题想请教板上的牛牛们～～
是关于FCFF和EV(enterprise value)之间的关系
一方面
EV ， Enterprise Value represents the value of the operations of a company
attributable to all providers of
capital.
EV = market value of common stock + market value of preferred equity +
market value of debt + minority
interest - cash and investments.
另一方面：
value of the firm = leading FCFF/(WACC - g) g = growth rate.
我不是特别清楚理论上来说这个EV 和 用FCFF估算出来的value of the firm是不是应
该相等。
如果两个是同样的东西，为什么会有两种估算方法呢？是说每一种估算方法里，都有
一些项并不能直接得到吗？ 谢谢～～ |
i****k
发帖数: 804 | 2 WACC depends on equity return, which in turn depends on the historical stock
return.
If the valuation calculated from FCF & WACC differs from the observed sum of
market cap and other sources of funding, the difference could be attributed
to:
+ beta: the historical beta may no longer be the right beta due to internal
or external changes. For example, Google's beta has changed in the past few
years significantly.
+ Rm: You could be using a market return different from the market
expectation.
+ G: You may have a different view of the company's growth outlook than the
market.
+ Exogenous factors: some investors might be using a different valuation
model/methodology, and view risks associated with the company differently
than you do.
company
【在 a******6 的大作中提到】
: 个问题想请教板上的牛牛们～～
: 是关于FCFF和EV(enterprise value)之间的关系
: 一方面
: EV ， Enterprise Value represents the value of the operations of a company
: attributable to all providers of
: capital.
: EV = market value of common stock + market value of preferred equity +
: market value of debt + minority
: interest - cash and investments.
: 另一方面：
|
a******6
发帖数: 78 | 3 大牛呀，太感谢了～～
stock
of
attributed
internal
few
【在 i****k 的大作中提到】
: WACC depends on equity return, which in turn depends on the historical stock
: return.
: If the valuation calculated from FCF & WACC differs from the observed sum of
: market cap and other sources of funding, the difference could be attributed
: to:
: + beta: the historical beta may no longer be the right beta due to internal
: or external changes. For example, Google's beta has changed in the past few
: years significantly.
: + Rm: You could be using a market return different from the market
: expectation.
|
s*******e
发帖数: 3042 | 4 k...这都是哪儿跟哪儿啊，你的原帖里第一个EV是根据现在equity+debt的market
value算出来
的，不是估值，是实际值。根据FCFF算出来的，才是估值。
【在 a******6 的大作中提到】
: 大牛呀，太感谢了～～
:
: stock
: of
: attributed
: internal
: few
|
s*****w
发帖数: 2065 | 5 去看Berk&Demarzo，里面讲得很详细。
【在 s*******e 的大作中提到】
: k...这都是哪儿跟哪儿啊，你的原帖里第一个EV是根据现在equity+debt的market
: value算出来
: 的，不是估值，是实际值。根据FCFF算出来的，才是估值。
|
i****k
发帖数: 804 | 6 是的。
估值是你根据自己的信念，假设和估值模型估算出的企业价值。
Market Value 是市场当前对企业的总体/平均估值，简单说是你可以买到这个企业的价
钱。
这两者一般肯定有一些差别。要么是市场错了，市场会向你靠拢，要么是你错了。
【在 s*******e 的大作中提到】
: k...这都是哪儿跟哪儿啊，你的原帖里第一个EV是根据现在equity+debt的market
: value算出来
: 的，不是估值，是实际值。根据FCFF算出来的，才是估值。
|
