Question

求大神解答一下这道题目的答案是怎么来的？ 问题B里83.61%是怎么得到的？谢谢！

Kimberly-Clark, a household product manufacturer, reported earnings per share of $3.20 in 2003, and paid dividends per share of $1.70 in that year. The firm reported depreciation of $315 million in 2003, and capital expenditures of $475 million. (There were 160 million shares outstanding, trading at $51 per share.) This ratio of capital expenditures to depreciation is expected to be maintained in the long term. The working capital needs are negligible. Kimberly-Clark had debt outstanding of $1.6 billion, and intends to maintain its current financing mix (of debt and equity) to finance future investment needs. The firm is in steady state and earnings are expected to grow 7% a year. The stock had a beta of 1.05. The Treasury bond rate is 6.25%.
A. Estimate the value per share, using the Dividend Discount Model.
B. Estimate the value per share, using the FCFE Model.

答案：
A. Value Per Share = $1.70 * 1.07/(.1203 - .07) = $36.20

(Cost of Equity = 6.25% + 1.05 * 5.50% = 12.03%)

B.
Current Earnings per share =
$3.20
- (1 - Desired Debt Fraction) *
(Capital Spending - Depreciation) = 83.61%*
$1.00 =
$0.84
- (1 - Desired Debt Fraction) *
DWorking Capital = 83.61% *
$0.00 =
$0.00
Free Cash Flow to Equity =
$2.36

Cost of Equity = 6.25% + 1.05 * 5.5% = 12.03%

Value Per Share = $2.36 * 1.07/(.1203 - .07) = $50.20

This is based upon the assumption that the current ratio of capital expenditures to depreciation is maintained in perpetuity.

Answer 1

如果你确认题目无误， 左边是对 t 积分， x 的函数 τ(x)/x 与 t 无关，可拿到积分号外； 右边 是对 t 积分，x 的函数 ∫ τ(x)dx 与 t 无关，可拿到积分号外, 则 Ah τ(x)/x = Bh ∫ τ(x)dx A τ(x)/x = B ∫ τ(x)dx A[τ'(x)-τ(x)]/x^2 = B τ(x) Aτ'(x。