CFALevelIIEquityValuation2025模拟题练习卷.docxVIP

CFALevelIIEquityValuation2025模拟题练习卷

考试时间：______分钟总分：______分姓名：______

Question1:

Acompanyisexpectedtogeneratethefollowingfreecashflows(FCF)overthenextfiveyears:Year1:$100million,Year2:$120million,Year3:$140million,Year4:$160million,Year5:$180million.AfterYear5,thecompanyisexpectedtogrowataconstantrateof3%peryear.Thecompanyhasnodebt,anditsequitybetais1.2.Therisk-freerateis2%,andthemarketriskpremiumis5%.Thecompanystaxrateis30%.Usingthetwo-stageDCFmodel,estimatetheintrinsicvaluepershareofthecom