CICPA Comprehensive
CICPA CPA Comprehensive Stage (注册会计师 职业能力综合测试, China)
Valuation And Capital StructuringEnglish
Exam overviewPractice session
Analyst Liu is valuing Target Company T using the Free Cash Flow to Firm (FCFF) Discounted Cash Flow (DCF) model. For the 2025 forecast year, the projected financial data are: EBIT = RMB 200 million; Enterprise Income Tax rate = 25%; Depreciation & Amortization = RMB 40 million; Capital Expenditures (Capex) = RMB 60 million; Net Working Capital increased by RMB 30 million; Interest Expense = RMB 20 million; Net New Borrowing (Debt Issued - Debt Repaid) = RMB 15 million. What are the projected FCFF and Free Cash Flow to Equity (FCFE) for 2025?
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