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"Equity Investments": Concepts and Basic Tools
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Questions 1:
Which of the following statements is least accurate? A firm’s free cash flow to equity (FCFE):
A 、is a measure of the firm’s dividend-paying capacity.
B、 increases with an increase in the firm’s net borrowing.
C、 is significantly affected by the amount of dividends paid by the firm.
Questions 2:
An investor gathers the following data to estimate the intrinsic value of a company’s stock using the justified forward price-to-earnings ratio (P/E) approach.
The intrinsic value per share is closest to:
A、 $36.
B 、$48.
C、 $72
View answer resolution
【Answer to question 1】C
【analysis】
C is correct. Dividends, a discretionary cash flow from financing activities, have no bearing on a firm’s free cash flow to equity, as can be seen from the formula: FCFE = CFO – FCInv + Net borrowing.
A is incorrect. FCFE is a measure of dividend-paying capacity.
B is incorrect. FCFE increases with an increase in the firm’s net borrowing.
【Answer to question 2】A
【analysis】
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