2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Equity Valuation (3)5道练习题，附答案解析，供您备考练习。

1、Based on Exhibits 1 and 2 and the proposed two-stage FCFE model, the intrinsic value of Company B’s equity is closest to:【单选题】

A.$70,602 million.

B.$73,588 million.

C.$79,596 million.

正确答案:C

答案解析:C is correct.

2、Which of the following income approaches would be most appropriate for valuing Balanced Metals?【单选题】

A.The free cash flow method.

B.The excess earnings method.

C.The capitalized cash flow method.

正确答案:A

答案解析:The free cash flow method can accommodate multiple stage growth assumptions and is the most appropriate. The firm's 

3、According to the revised method used by Metev, the WACC suggested by Nenkov, and the data provided in Exhibit 3, RRBL's capitalization rate is closest to:【单选题】

A.6.0%.

B.11.0%.

C.

正确答案:A

答案解析:Capitalization rate = (WACC 一 Long-term growth rate) = 11.0% - 5.0% = 6.0%

4、Based upon the information in Exhibit 2, the intrinsic value per share of the equity of Jackson Breweries is closest to:【单选题】

A.R97.67.

B.R130.22.

C.R186.03.

正确答案:B

答案解析:B is correct. With a single-stage residual income (RI) model, the intrinsic value, V0, is calculated assuming a constant return on equity (ROE) and a constant earnings growth (g).

5、Holt’s FCFE (in millions) for 2008 is closest to:【单选题】

A.$175.

B.$250.

C.$364.

正确答案:B

答案解析:B is correct. FCFE = NI + NCC – FCInv – WCInv + Net borrowing. In this case: