FINM3005

• 这门课的灵魂就一句话：用同一套估值引擎跑完所有题——$PV(FCF)$ 按 $WACC$ 折现 → 加终值 → 得 $EV$ → 桥接到股权 → 每股价值 → 做 sanity-check → 给 Buy/Hold/Sell。[2]Source: asksia-bible-finm3005-bilingual.pdfA 1 . LEARN the method 1·学方法 You haven't done the topic yet. Read a chapter top to bottom. Every idea opens with a one-line TL;DR, then heading -+ diagram/formula - explainer -+ steps - worked example - trap + recap. The diagrams are original schematics of the standard valuation canon - learn the DCF picture cold. 你还没学过这个主题。把一章从 头读到尾。每个要点都以一行 TL;DR 开头,然后是标题→ 图 示/公式→讲解→步骤→ 例 题→陷阱→小结。图示是标准 估值经典内容的原创示意图 -- 把DCF那张图彻底学透。 B 2 . BUILD the model 2 · 搭模型 You've seen the lecture and a workshop. Cover the worked steps and re-build each one by hand - forecast the FCFF, discount at the WACC, add the terminal value, run the bridge. The assignment is this book applied to a real ASX company; the exam is the same engine on fresh numbers. 你已看过讲座和一次研讨课。遮 住已解出的步骤,逐一动手重建 预测 FCFF,按 WACC 折 现,加上终值,再做桥接。作业 就是把本书应用到一家真实的 ASX 公司上;考试则是同一套引 擎换上全新数字。 C 3 . EXAM 考试 It's revision / study week. The TL;DRs, the trap boxes and the recurring DCF-+equity pattern are your map. The blueprint overleaf shows the weights, the redeemable quiz and the five- step answer shape every valuation problem should follow. 现在是复习/温习周。各处的 TL;DR、陷阱框以及反复出现的 DCF→股权模式,就是你的地 图。下一页的蓝图列出各项权 重、可抵扣的测验,以及每道估 值问题都应遵循的五步答题结 构。 FINM3005/6005 . Corporate Valuation . AskSia Library i The single engine that runs the whole course 驱动整门课的唯一引擎 Master one calculation and the course collapses into a pattern. Every task - a full DCF, a WACC build, a reorganisation, a multiple, a synergy - is the same engine: estimate the free cash flow to all investors, discount it at the cost of capital, add a terminal value, then bridge enterprise value to equity and divide by shares. Wrapped around it is one decision rule - value is created only when ROIC > WACC - and one answer shape the graders reward beat by beat. Internalise the engine and fresh exam numbers cannot surprise you. 掌握一种计算,整门课就坍缩为一个套路。每一项任务 -- 一个完整的DCF、一次 WACC 构建、一次重组、一个倍 数、一次协同 -- 都是同一套引擎:估计流向全体投资者的自由现金流,按资本成本折现,加上终值,然后把企业价值 桥接到股权价值,再除以股数。围绕它的是一条决策法则 -- 只有当 ROIC>WACC 时才创造价值 -- 以及一种评卷人 会逐节拍给分的答题结构。把这套引擎内化,全新的考试数字就无法让你措手不及。 THE SPINE Enterprise Value = ∑ t=1 T FCF CVT (1 + W ACC)t + (1 + W ACC)T ⟶ Equity = EV - net debt -> Equity shares ! The most important strategic fact about FINM3005/6005 关于 FINM3005/6005 最重要的战略事实 The 60% final is closed-book and ungated, and the 5% quiz redeems into it - if you skip the Week-5 quiz or score worse than your exam, that 5% simply rolls onto the exam weight. So a strong exam carries the day, but nothing backstops the exam. Treat the 35% group assignment as exam practice with a longer deadline: building the model is learning the exam. Prioritise the exam engine, and let the assignment forge it. 60% 的期末考试是闭卷且无门槛的,且5% 的测验可抵扣进考试 -- 若你跳过第5周测验,或其分数低于考试分数, 那5% 就直接并入考试权重。因此一场强势的考试足以定乾坤,但没有任何东西为考试兜底。把占35% 的小组作业当 作截止期更长的考试练习:搭建模型本身就是在学习考试内容。优先攻克考试引擎,让作业来锤炼它。 i How this book was built - and the two-layer rule 本书是如何构建的 -- 以及两层规则[8]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library Value = = ! The growth fallacy examiners bait 考官设下的增长谬误诱饵 "The company is growing fast, so it must be creating value. " Wrong. Growth only creates value if the capital funding it earns above the hurdle. High-ROIC firms should prioritise growth; low-ROIC firms should fix ROIC first. Always state the verdict as ROIC vs W ACC, never as the growth rate alone. “这家公司增长很快,所以它一定在创造价值。”错。增 长只有在为其供资的资本回报超过门槛时才创造价 值。高 ROIC 企业应优先增长;低 ROIC 企业应先修 复 ROIC。结论始终要表述为对的关系,绝不能单凭增 长率。 ★ Recap - W1 in five lines 回顾一 一第1周五行要点 ● 价值=未来现金流的现值;内在价值 ≠账面价值 ≠市场价值 。· DCF 是核心;两大驱动因素 -- 现金流与风险。● ,,。● 只有当 ROIC>WACC 时才创造价值;增长会沿着利差所指的方向放大 。· 更高 ROIC 的企业所需再投资更少 → 更多自由现金→更多价值(“价值公司 vs 规模公司”)。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . DCF IN ONE PICTURE DCF VALUATION - THE WHOLE ENGINE IN ONE PICTURE WEEK 2 . THE CORE Discount the cash flows, then bridge to value per share 折现现金流,再桥接到每股价值 the AHA-unit: PV(FCF) + PV(TV) = EV-> - net debt -> equity - per share “恍然大悟”单元:PV(FCF)+ PV(TV)= EV →-净负债→ 股权→ 每股 This single diagram is the spine of the course, the assignment and most of the exam. Left: each forecast free cash flow (and a terminal value) is dragged back to today by dividing by (1 + W ACC)t, and the present values are summed to enterprise value. Right: the EV++equity bridge subtracts net debt and minority interest, adds associates, to reach equity value; divide by shares for value per share. Learn this picture cold. 这张图就是整门课、作业以及大部分考试的主干。左侧:每一笔预测的自由现金流(以及一个终值)通过除以 被拉回今天, 再把各现值加总为企业价值。右侧:EV→股权桥接减去净负债与少数股东权益、加上联营企业,得到股权价值;除以股数得 到每股价值。把这张图烂熟于心。 1 Discount the cash flows FCF (nominal) PV = FCF / (1+WACC) ~+ terminal TV year Sum of PVs = Enterprise Value 2 Bridge to value per share -32 +14 -8[12]Source: asksia-bible-finm3005-bilingual.pdfEV - net debt - minority + assoc. Equity Equity Value / shares = $ per share The DCF in one picture. LEFT: forecast free cash flows for years 1. . 5 plus a terminal value are each discounted back at the WACC (divide by (1+WACC)^t) and summed to Enterprise Value. RIGHT: the EV-to-equity bridge subtracts net debt and minority interest, adds associates, to reach Equity Value; divide by shares for value per share. 一张图说尽 DCF。左侧:第1. 5 年的预测自由现金流加上一个终值,各自按 WACC 折现回来(除以(1+WACC)^t)并 加总得到企业价值。右侧:EV到股权的桥接减去净负债与少数股东权益、加上联营公司,得到股权价值;除以股数即 每股价值。 FINM3005/6005 . Corporate Valuation . AskSia Library THE DCF IN ONE EQUATION EV = T ∑ t=1 FCF. (1 + W ACC)t CVT + (1 + W ACC)T Two quantities, two halves of the picture: the explicit- horizon PVs (the discounted bars) and the continuing value (the amber bar), both discounted at the same WACC. The CV bar is large on purpose - it is usually the majority of EV. 两个量,构成图景的两半:明确预测期内的现值(折现后的 柱体)与持续价值(琥珀色柱体),二者都以同一个 WACC 折现。CV 柱体故意画得很大 -- 它通常是 EV 的大部分。 i Two enterprise values - do not confuse them 两个企业价值 -- 切勿混淆 In DCF, EV = value of operations + value of non- operating assets (what the business is worth). In multiples, net EV = equity + debt - excess cash (the acquisition cost of operations). They answer different questions; keep the labels straight. 在 DCF 中,EV = 经营价值+非经营性资产价值(业 务值多少钱)。在倍数中,net EV = 股权+债务 一超 额现金(收购该业务的成本)。两者回答不同的问题; 把标签分清楚。 ✓ Where the rest of the course plugs in 课程其余部分从何处接入 Everything else feeds this one diagram: W3 reorganises the accounts to get clean FCFF; W4 forecasts it; W5 builds the WACC that discounts it; W6 sets the growth in the terminal value; W7 cross- checks EV with multiples. Master the picture and every week is a sub-routine. 其他一切都汇入这一张图:W3 重组账目以得到干净的 FCFF;W4 预测它;W5 构建用以折现它的 WACC; W6 设定终值中的增长;W7 用倍数对 EV 做交叉验 证。掌握这张图,每一周都是一个子程序。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . FCFF /FCFE . SIX STEPS - FCFF, FCFE, AND THE 6-STEP ENTERPRISE DCF W2 . METHOD The cash to ALL investors - and the ladder that turns it into a share price
• 考试定位是 应用型（junior equity analyst）：评分看的是建模完整性与假设自洽，不追求唯一“正确数字”。[1]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library ! Large acquisitions sit at the bottom 大型收购位于底部 Big deals usually pay a fat control premium up front - so much of the value created leaks to the target's shareholders. Organic share gains in a growing market beat a splashy acquisition on value-per-dollar most of the time. 大型交易通常会在前期支付一笔丰厚的控制权溢价 -- 所以所创造价值的大部分都漏给了标的方股东。 在增长中的市场里靠有机方式抢占份额,多数时候在 每一美元的价值上都胜过一笔轰动的收购。 R&D CAPITALISATION Adj. earnings = Earnings + R&D current - Amort. of past R& research asset = unamortised portion of all years' R&D - add to book equity & invested capital FINM3005/6005 . Corporate Valuation . AskSia Library AskSia Library STUDY BIBLE . ASKSIA COLLEGE OF BUSINESS & ECONOMICS . RSFAS SEMESTER 1 . 2026 PV (FCF) + PV (TV) EV + equity THE COMPLETE STUDY BIBLE Corporate Valuation 公司估值 DISCOUNT THE CASH FLOWS, BRIDGE TO EQUITY, DEFEND EVERY ASSUMPTION - THE WHOLE COURSE ON ONE ENGINE. 完整双语学习圣经 FINM3005 / FINM6005 . AUSTRALIAN NATIONAL UNIVERSITY 中英双语版 · BILINGUAL EDITION 英文主讲,中文随行 一 考试要点与术语保留英文原词 The final exam is 60% in one closed-book sitting over the ANU exam period, and every topic is examinable - lectures, workshops, tutorials, the quiz and the assignment. It is an applied paper: you sit as a junior equity analyst and are judged on model-building integrity, not a single "right" number. Nearly every problem runs the same engine - PV of free cash flow at the WACC - enterprise value - bridge to equity - per share. This book drills exactly that. Independent study companion. Not affiliated with or endorsed by the Australian National University. Corrections: takedowns@asksia. ai PREFACE HOW TO USE THIS BOOK Method, not memory; a solution, not the answer 方法,而非记忆;一个解,而非唯一答案 LEARN the method - BUILD the model - walk the five-step exam answer shape 学方法 →搭模型→ 走通五步式考试答题结构 This is not a transcript of the lecture decks or a re-run of the KGW Excel labs. It is a self-contained course in the valuation reasoning FINM3005/6005 examines - each idea stated plainly, each method shown on a fully-worked example with our own round numbers, each classic trap flagged. You learn to drive the spreadsheet in the workshops and the group assignment; the exam tests whether you can set up assumptions, build the cash flows, bridge to a per-share value and defend the call. That is what these pages drill. 这不是讲义幻灯片的逐字记录,也不是 KGW Excel 实验的重演。它是一门自成体系的课程,讲授 FINM3005/6005 所考核 的估值推理 -- 每个概念都直白陈述,每种方法都用我们自己的整数在完整算例上演示,每个经典陷阱都被标出。你在研讨课 和小组作业中学会驾驭电子表格;考试则检验你能否设定假设、构建现金流、桥接到每股价值并为判断辩护。这些页面操练的 正是后者。[7]Source: asksia-bible-finm3005-bilingual.pdfWhat it means at the exam A solution, not the answer No single correct number - defensible assumptions win Model-building integrity Internal consistency, sanity checks, a clear story Sit as a junior analyst Audience = professional investors; end on a clear call Always sanity- check ROIC vs WACC, CV as a share of value, triangulate FINM3005/6005 . Corporate Valuation . AskSia Library ★ The exam format - applied valuation, NOT spreadsheet recall 考试形式 -- 应用型估值,而非电子表格的死记硬背 One closed-book written paper. You will not open the KGW model. You will be given a company sketch, accounts, peer multiples and cost-of-capital inputs and asked to set up assumptions, build the cash flows, bridge to a per-share value and recommend. The same skeleton - PV(FCF) at the WACC -+ EV -> equity - per share - powers nearly every problem, alongside short concept items (why enterprise DCF, the convergence-CV rationale, ROIC vs WACC, market efficiency). Walk a full valuation on a fresh company and you have walked the exam. 一场闭卷笔试。你不能翻开 KGW 模型。但你将拿到 一份公司概况、账目、同业倍数与资本成本输入,并 被要求设定假设、构建现金流、桥接到每股价值并给 出建议。同一套骨架一 -按 WACC 折现的 PV(FCF) → EV→股权→每股 -- 驱动着几乎每一道问题, 外加一些概念简答(为何用企业 DCF、收敛型 CV的 理据、ROIC 对 WACC、市场有效性)。走一遍对一家 全新公司的完整估值,你就走过了整场考试。 ✓ The quiz redemption rule - and what it dictates 测验补偿规则 -- 以及它所决定的事 The Week-5 quiz is optional and redeemable: if you don't take it, or your exam % beats your quiz %, the 5% simply rolls into the final exam. Net effect - the exam is effectively ≥60% and the universal backstop, while nothing backstops the exam. The dominant move is to over-invest in exam-style reasoning: drill the DCF engine, write the EV-equity bridge every time, and end every problem with a recommendation. 第5 周测验是可选且可抵扣的:若你不参加,或你的 考试百分比超过测验百分比,那5% 就直接并入期末 考试。净效果是 -- 考试实际上占比≥60% 且是普遍 的兜底,而没有任何东西为考试兜底。占优的做法是 过度投入于考试式推理:反复操练 DCF 引擎,每次都 写出 EV→股权桥接,并在每道题末尾给出建议。 i The five-step valuation answer shape - the rubric for every problem 五步式估值答题结构 -- 每道题的评分准绳 Every strong valuation answer moves through the same five beats. Author every solution this way: (1) Set up assumptions - method, horizon, value drivers, cost-of-capital inputs; flag the fragile ones. (2) Build / compute - forecast FCFF, build the WACC, discount, add the terminal value (default = convergence NOPLAT++1/W ACC). (3) Bridge to equity / per share - value of operations ++ + non-operating assets - EV - - net debt - minorities - equity -+ + shares. (4) Sanity-check / triangulate - ROIC > WACC? CV plausible? cross-check vs multiples. (5) Recommend - Buy / Hold / Sell on a 1-3-year horizon, with what would change the call. 每一份出色的估值答案都走过同样的五个节拍。每份解答都照此撰写:(1)设定假设 -- 方法、视野、价值驱动因素、资 本成本输入;标出脆弱者。(2)构建/计算 -- 预测 FCFF、构建 WACC、折现、加上终值(默认=收敛型)。(3)桥接到 股权/每股 -- 经营价值 →+非经营性资产 →EV→- 净负债 -少数股东权益→ 股权→÷股数。(4)合理性检验/ 三角验证 -- ROIC>WACC? CV 是否可信?与倍数交叉验证。(5)给出建议 -- 以1-3 年视野给出买入/持有/卖出, 并说明什么会改变这一判断。 FINM3005/6005 . Corporate Valuation . AskSia Library CONTENTS - CONTENTS Three parts, one pipeline 三个部分,一条流水线 Build the engine - build the model- cross-check & recommend 搭引擎→搭模型 → 交叉核验并给出建议 Ch Topic Core ideas Part I . The engine (Weeks 1-2)[15]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library W1 . THE VALUATION MINDSET THE VALUATION MINDSET WEEK 1 . PART I . THE ENGINE What is this asset fundamentally worth? 这项资产从根本上值多少? value vs price . intrinsic / book / market . the four approaches 价值对比价格 · 内在/账面/市场 · 四种方法 Valuation estimates what an asset is fundamentally worth - its intrinsic (fair) value, the present value of the cash it will generate - which is unobservable and must be estimated. Because it is quantitative, students mistake it for objective; it is not. Assumptions dominate. The discipline this course grades is not finding the one right number - it is building a model with integrity: defensible assumptions, internal consistency, and a clear story. You are a junior equity analyst looking for a solution, not the answer. 估值是估计一项资产从根本上值多少 -- 即其内在(公允)价值,也就是它将产生的现金的现值 -- 这是不可观测的,必须被 估计。因为它是定量的,学生误以为它是客观的;其实不然。假设占主导。这门课所考核的能力不是找到那个唯一正确的数字 -- 而是构建一个有完整性的模型:可辩护的假设、内部一致性,以及清晰的叙事。你是一名初级股票分析师,寻找的是一个 解,而非唯一答案。 PV of cash WHAT VALUE IS 价值是什么 intrinsic WHAT WE ESTIMATE 我们所估计的 market THE OBSERVABLE PRICE 可观测的价格 ROIC > WACC THE VALUE TEST 价值检验 1. 1 Three "values" - keep them distinct 1. 1 三种“价值” -- 务必区分清楚 The single most common conceptual slip is conflating these three. They are different numbers measuring different things. 最常见的概念性失误是把这三者混为一谈。它们是衡量不同 事物的不同数字。 "Value" What it is Why it differs Intrinsic / fair PV of future cash flows - what we estimate the target of valuation Book the accounting balance-sheet number historical cost, accounting rules Market the observable traded price
• （我也能帮你把你最弱的3块记住，下次复习就直接从痛点开始；你想的话最后告诉我。）

0）你现在最需要知道的：Final 的“考试结构 + 出题风格”

权重/形式（你复习策略必须围着它转）

• Final exam：60%，闭卷，一场坐完；所有内容可考（lecture/workshop/tutorial/quiz/assignment材料）。[1]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library ! Large acquisitions sit at the bottom 大型收购位于底部 Big deals usually pay a fat control premium up front - so much of the value created leaks to the target's shareholders. Organic share gains in a growing market beat a splashy acquisition on value-per-dollar most of the time. 大型交易通常会在前期支付一笔丰厚的控制权溢价 -- 所以所创造价值的大部分都漏给了标的方股东。 在增长中的市场里靠有机方式抢占份额,多数时候在 每一美元的价值上都胜过一笔轰动的收购。 R&D CAPITALISATION Adj. earnings = Earnings + R&D current - Amort. of past R& research asset = unamortised portion of all years' R&D - add to book equity & invested capital FINM3005/6005 . Corporate Valuation . AskSia Library AskSia Library STUDY BIBLE . ASKSIA COLLEGE OF BUSINESS & ECONOMICS . RSFAS SEMESTER 1 . 2026 PV (FCF) + PV (TV) EV + equity THE COMPLETE STUDY BIBLE Corporate Valuation 公司估值 DISCOUNT THE CASH FLOWS, BRIDGE TO EQUITY, DEFEND EVERY ASSUMPTION - THE WHOLE COURSE ON ONE ENGINE. 完整双语学习圣经 FINM3005 / FINM6005 . AUSTRALIAN NATIONAL UNIVERSITY 中英双语版 · BILINGUAL EDITION 英文主讲,中文随行 一 考试要点与术语保留英文原词 The final exam is 60% in one closed-book sitting over the ANU exam period, and every topic is examinable - lectures, workshops, tutorials, the quiz and the assignment. It is an applied paper: you sit as a junior equity analyst and are judged on model-building integrity, not a single "right" number. Nearly every problem runs the same engine - PV of free cash flow at the WACC - enterprise value - bridge to equity - per share. This book drills exactly that. Independent study companion. Not affiliated with or endorsed by the Australian National University. Corrections: takedowns@asksia. ai PREFACE HOW TO USE THIS BOOK Method, not memory; a solution, not the answer 方法,而非记忆;一个解,而非唯一答案 LEARN the method - BUILD the model - walk the five-step exam answer shape 学方法 →搭模型→ 走通五步式考试答题结构 This is not a transcript of the lecture decks or a re-run of the KGW Excel labs. It is a self-contained course in the valuation reasoning FINM3005/6005 examines - each idea stated plainly, each method shown on a fully-worked example with our own round numbers, each classic trap flagged. You learn to drive the spreadsheet in the workshops and the group assignment; the exam tests whether you can set up assumptions, build the cash flows, bridge to a per-share value and defend the call. That is what these pages drill. 这不是讲义幻灯片的逐字记录,也不是 KGW Excel 实验的重演。它是一门自成体系的课程,讲授 FINM3005/6005 所考核 的估值推理 -- 每个概念都直白陈述,每种方法都用我们自己的整数在完整算例上演示,每个经典陷阱都被标出。你在研讨课 和小组作业中学会驾驭电子表格;考试则检验你能否设定假设、构建现金流、桥接到每股价值并为判断辩护。这些页面操练的 正是后者。[3]Source: asksia-bible-finm3005-bilingual.pdfThe standard valuation canon - the DCF, FCFF/FCFE, WACC, CAPM, terminal value, the EV++equity bridge - is universal method and is stated openly (a present value is a fact, an identity is an identity). The lecturer's proprietary cases (the Cochlear example report, the Coles assignment company, the KGW Excel model, the JPM/Telstra case) are paraphrased and re-numbered, never copied - every worked example here is our own invented company. The course follows Koller-Goedhart-Wessels (KGW) with Damodaran as the recommended companion; we restate only the non-copyrightable method. Book status: closed-book ANU exam - no bring-in. Verify weights and dates on your own Wattle/Canvas. 标准估值经典体系 -- DCF、FCFF/FCFE、WACC、CAPM、终值、EV→股权桥接 -- 是通用方法,可公开陈述(一个 现值是事实,一个恒等式就是恒等式)。讲师的专有案例(Cochlear 示例报告、Coles 作业公司、KGW Excel 模型、 JPM/Telstra 案例)均经改写并重新赋数,绝不照搬 -- 这里每一道例题都是我们自己虚构的公司。本课程遵循 Koller-Goedhart-Wessels (KGW),并以 Damodaran 为推荐配套读物;我们只复述不受版权保护的方法。书本状 态:ANU 闭卷考试 -- 不可携带资料。请在你自己的 Wattle/Canvas 上核实各项权重与日期。 FINM3005/6005 . Corporate Valuation . AskSia Library THE BLUEPRINT - THE EXAM BLUEPRINT FINAL 60% . CLOSED-BOOK 60% closed-book, every topic examinable 60% 闭卷,每个主题都可考 Optional Quiz 5% (redeemable) . Group Valuation Assignment 35% . Final Exam 60% 可选测验 5%(可补偿)· 小组估值作业 35% · 期末考试 60% Your mark is three pieces, and one dominates. The final exam is 60% in a single closed-book sitting during the ANU central exam period - in-person, individual, and everything is examinable: lectures, workshops, tutorials, the online quiz and the assignment materials. The convenor is A/Prof Xianming Zhou (RSFAS). 你的成绩由三部分构成,其中一部分占主导。期末考试是ANU 中央考试期内的一场闭卷、占60% 的考试 -- 线下、个人作 答,且一切皆可考:讲座、研讨课、辅导课、线上测验和作业材料。课程协调人是 A/Prof Xianming Zhou (RSFAS)。 - 60% FINAL EXAM (CLOSED-BOOK) 期末考试(闭卷) 35% GROUP VALUATION ASSIGNMENT 小组估值作业 QUIZ (REDEEMABLE, WK5) 测验(可抵扣,第5周) 1 ENGINE: PV(FCF) - EQUITY 引擎:PV(FCF)→ 股权 The three assessment pieces 三项考核 Component Weight When / detail Final examination - closed-book, 60% ANU exam period individual, all topics Group Valuation Assignment (teams of 4-6; ASX company) 35% Due ~Wk 11 Optional Quiz (online, individual, redeemable) 5% Week 5 The applied junior-analyst ethos 应用型初级分析师的精神 Principle
• Group valuation assignment：35%。[3]Source: asksia-bible-finm3005-bilingual.pdfThe standard valuation canon - the DCF, FCFF/FCFE, WACC, CAPM, terminal value, the EV++equity bridge - is universal method and is stated openly (a present value is a fact, an identity is an identity). The lecturer's proprietary cases (the Cochlear example report, the Coles assignment company, the KGW Excel model, the JPM/Telstra case) are paraphrased and re-numbered, never copied - every worked example here is our own invented company. The course follows Koller-Goedhart-Wessels (KGW) with Damodaran as the recommended companion; we restate only the non-copyrightable method. Book status: closed-book ANU exam - no bring-in. Verify weights and dates on your own Wattle/Canvas. 标准估值经典体系 -- DCF、FCFF/FCFE、WACC、CAPM、终值、EV→股权桥接 -- 是通用方法,可公开陈述(一个 现值是事实,一个恒等式就是恒等式)。讲师的专有案例(Cochlear 示例报告、Coles 作业公司、KGW Excel 模型、 JPM/Telstra 案例)均经改写并重新赋数,绝不照搬 -- 这里每一道例题都是我们自己虚构的公司。本课程遵循 Koller-Goedhart-Wessels (KGW),并以 Damodaran 为推荐配套读物;我们只复述不受版权保护的方法。书本状 态:ANU 闭卷考试 -- 不可携带资料。请在你自己的 Wattle/Canvas 上核实各项权重与日期。 FINM3005/6005 . Corporate Valuation . AskSia Library THE BLUEPRINT - THE EXAM BLUEPRINT FINAL 60% . CLOSED-BOOK 60% closed-book, every topic examinable 60% 闭卷,每个主题都可考 Optional Quiz 5% (redeemable) . Group Valuation Assignment 35% . Final Exam 60% 可选测验 5%(可补偿)· 小组估值作业 35% · 期末考试 60% Your mark is three pieces, and one dominates. The final exam is 60% in a single closed-book sitting during the ANU central exam period - in-person, individual, and everything is examinable: lectures, workshops, tutorials, the online quiz and the assignment materials. The convenor is A/Prof Xianming Zhou (RSFAS). 你的成绩由三部分构成,其中一部分占主导。期末考试是ANU 中央考试期内的一场闭卷、占60% 的考试 -- 线下、个人作 答,且一切皆可考:讲座、研讨课、辅导课、线上测验和作业材料。课程协调人是 A/Prof Xianming Zhou (RSFAS)。 - 60% FINAL EXAM (CLOSED-BOOK) 期末考试(闭卷) 35% GROUP VALUATION ASSIGNMENT 小组估值作业 QUIZ (REDEEMABLE, WK5) 测验(可抵扣,第5周) 1 ENGINE: PV(FCF) - EQUITY 引擎:PV(FCF)→ 股权 The three assessment pieces 三项考核 Component Weight When / detail Final examination - closed-book, 60% ANU exam period individual, all topics Group Valuation Assignment (teams of 4-6; ASX company) 35% Due ~Wk 11 Optional Quiz (online, individual, redeemable) 5% Week 5 The applied junior-analyst ethos 应用型初级分析师的精神 Principle
• Optional quiz：5%（可抵扣/并入 final 权重的规则：如果不做或考得比期末差，5%会“滚”进期末）。[2]Source: asksia-bible-finm3005-bilingual.pdfA 1 . LEARN the method 1·学方法 You haven't done the topic yet. Read a chapter top to bottom. Every idea opens with a one-line TL;DR, then heading -+ diagram/formula - explainer -+ steps - worked example - trap + recap. The diagrams are original schematics of the standard valuation canon - learn the DCF picture cold. 你还没学过这个主题。把一章从 头读到尾。每个要点都以一行 TL;DR 开头,然后是标题→ 图 示/公式→讲解→步骤→ 例 题→陷阱→小结。图示是标准 估值经典内容的原创示意图 -- 把DCF那张图彻底学透。 B 2 . BUILD the model 2 · 搭模型 You've seen the lecture and a workshop. Cover the worked steps and re-build each one by hand - forecast the FCFF, discount at the WACC, add the terminal value, run the bridge. The assignment is this book applied to a real ASX company; the exam is the same engine on fresh numbers. 你已看过讲座和一次研讨课。遮 住已解出的步骤,逐一动手重建 预测 FCFF,按 WACC 折 现,加上终值,再做桥接。作业 就是把本书应用到一家真实的 ASX 公司上;考试则是同一套引 擎换上全新数字。 C 3 . EXAM 考试 It's revision / study week. The TL;DRs, the trap boxes and the recurring DCF-+equity pattern are your map. The blueprint overleaf shows the weights, the redeemable quiz and the five- step answer shape every valuation problem should follow. 现在是复习/温习周。各处的 TL;DR、陷阱框以及反复出现的 DCF→股权模式,就是你的地 图。下一页的蓝图列出各项权 重、可抵扣的测验,以及每道估 值问题都应遵循的五步答题结 构。 FINM3005/6005 . Corporate Valuation . AskSia Library i The single engine that runs the whole course 驱动整门课的唯一引擎 Master one calculation and the course collapses into a pattern. Every task - a full DCF, a WACC build, a reorganisation, a multiple, a synergy - is the same engine: estimate the free cash flow to all investors, discount it at the cost of capital, add a terminal value, then bridge enterprise value to equity and divide by shares. Wrapped around it is one decision rule - value is created only when ROIC > WACC - and one answer shape the graders reward beat by beat. Internalise the engine and fresh exam numbers cannot surprise you. 掌握一种计算,整门课就坍缩为一个套路。每一项任务 -- 一个完整的DCF、一次 WACC 构建、一次重组、一个倍 数、一次协同 -- 都是同一套引擎:估计流向全体投资者的自由现金流,按资本成本折现,加上终值,然后把企业价值 桥接到股权价值,再除以股数。围绕它的是一条决策法则 -- 只有当 ROIC>WACC 时才创造价值 -- 以及一种评卷人 会逐节拍给分的答题结构。把这套引擎内化,全新的考试数字就无法让你措手不及。 THE SPINE Enterprise Value = ∑ t=1 T FCF CVT (1 + W ACC)t + (1 + W ACC)T ⟶ Equity = EV - net debt -> Equity shares ! The most important strategic fact about FINM3005/6005 关于 FINM3005/6005 最重要的战略事实 The 60% final is closed-book and ungated, and the 5% quiz redeems into it - if you skip the Week-5 quiz or score worse than your exam, that 5% simply rolls onto the exam weight. So a strong exam carries the day, but nothing backstops the exam. Treat the 35% group assignment as exam practice with a longer deadline: building the model is learning the exam. Prioritise the exam engine, and let the assignment forge it. 60% 的期末考试是闭卷且无门槛的,且5% 的测验可抵扣进考试 -- 若你跳过第5周测验,或其分数低于考试分数, 那5% 就直接并入考试权重。因此一场强势的考试足以定乾坤,但没有任何东西为考试兜底。把占35% 的小组作业当 作截止期更长的考试练习:搭建模型本身就是在学习考试内容。优先攻克考试引擎,让作业来锤炼它。 i How this book was built - and the two-layer rule 本书是如何构建的 -- 以及两层规则[7]Source: asksia-bible-finm3005-bilingual.pdfWhat it means at the exam A solution, not the answer No single correct number - defensible assumptions win Model-building integrity Internal consistency, sanity checks, a clear story Sit as a junior analyst Audience = professional investors; end on a clear call Always sanity- check ROIC vs WACC, CV as a share of value, triangulate FINM3005/6005 . Corporate Valuation . AskSia Library ★ The exam format - applied valuation, NOT spreadsheet recall 考试形式 -- 应用型估值,而非电子表格的死记硬背 One closed-book written paper. You will not open the KGW model. You will be given a company sketch, accounts, peer multiples and cost-of-capital inputs and asked to set up assumptions, build the cash flows, bridge to a per-share value and recommend. The same skeleton - PV(FCF) at the WACC -+ EV -> equity - per share - powers nearly every problem, alongside short concept items (why enterprise DCF, the convergence-CV rationale, ROIC vs WACC, market efficiency). Walk a full valuation on a fresh company and you have walked the exam. 一场闭卷笔试。你不能翻开 KGW 模型。但你将拿到 一份公司概况、账目、同业倍数与资本成本输入,并 被要求设定假设、构建现金流、桥接到每股价值并给 出建议。同一套骨架一 -按 WACC 折现的 PV(FCF) → EV→股权→每股 -- 驱动着几乎每一道问题, 外加一些概念简答(为何用企业 DCF、收敛型 CV的 理据、ROIC 对 WACC、市场有效性)。走一遍对一家 全新公司的完整估值,你就走过了整场考试。 ✓ The quiz redemption rule - and what it dictates 测验补偿规则 -- 以及它所决定的事 The Week-5 quiz is optional and redeemable: if you don't take it, or your exam % beats your quiz %, the 5% simply rolls into the final exam. Net effect - the exam is effectively ≥60% and the universal backstop, while nothing backstops the exam. The dominant move is to over-invest in exam-style reasoning: drill the DCF engine, write the EV-equity bridge every time, and end every problem with a recommendation. 第5 周测验是可选且可抵扣的:若你不参加,或你的 考试百分比超过测验百分比,那5% 就直接并入期末 考试。净效果是 -- 考试实际上占比≥60% 且是普遍 的兜底,而没有任何东西为考试兜底。占优的做法是 过度投入于考试式推理:反复操练 DCF 引擎,每次都 写出 EV→股权桥接,并在每道题末尾给出建议。 i The five-step valuation answer shape - the rubric for every problem 五步式估值答题结构 -- 每道题的评分准绳 Every strong valuation answer moves through the same five beats. Author every solution this way: (1) Set up assumptions - method, horizon, value drivers, cost-of-capital inputs; flag the fragile ones. (2) Build / compute - forecast FCFF, build the WACC, discount, add the terminal value (default = convergence NOPLAT++1/W ACC). (3) Bridge to equity / per share - value of operations ++ + non-operating assets - EV - - net debt - minorities - equity -+ + shares. (4) Sanity-check / triangulate - ROIC > WACC? CV plausible? cross-check vs multiples. (5) Recommend - Buy / Hold / Sell on a 1-3-year horizon, with what would change the call. 每一份出色的估值答案都走过同样的五个节拍。每份解答都照此撰写:(1)设定假设 -- 方法、视野、价值驱动因素、资 本成本输入;标出脆弱者。(2)构建/计算 -- 预测 FCFF、构建 WACC、折现、加上终值(默认=收敛型)。(3)桥接到 股权/每股 -- 经营价值 →+非经营性资产 →EV→- 净负债 -少数股东权益→ 股权→÷股数。(4)合理性检验/ 三角验证 -- ROIC>WACC? CV 是否可信?与倍数交叉验证。(5)给出建议 -- 以1-3 年视野给出买入/持有/卖出, 并说明什么会改变这一判断。 FINM3005/6005 . Corporate Valuation . AskSia Library CONTENTS - CONTENTS Three parts, one pipeline 三个部分,一条流水线 Build the engine - build the model- cross-check & recommend 搭引擎→搭模型 → 交叉核验并给出建议 Ch Topic Core ideas Part I . The engine (Weeks 1-2)

出题“共性骨架”（你写答案就按这套拿方法分）——五拍式答题结构

• (1) Set up：方法、预测期、价值驱动、资本成本输入，标出脆弱假设。[6]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library — — — Required gap between intrinsic value & price before acting on a Buy/Sell. Margin of safety — — — i How to use this glossary in revision 复习时如何使用这份术语表 The terms run in teaching order - the same spine the exam walks on a fresh company. Two passes: EN-meaning (cover the right column), then meaning-EN (cover the term). The ideas to over-learn (tested almost verbatim): ROIC > W ACC - growth creates value, the EV-equity bridge, convergence vs Gordon CV, unlever/relever beta, multiple consistency, and accretion # value creation. 这些术语按教学顺序排列 -- 与考试在一家全新公司上所走的主干相同。两遍:EN→含义(遮住右列),然后含义→EN (遮住术语)。应过度学习的观念(几乎逐字被考):ROIC >WACC→增长创造价值、EV→股权桥接、收敛型 vs Gordon CV、去杠杆/再加杠杆贝塔、倍数一致性,以及增厚 ≠价值创造。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q1-Q5 CHAPTER . PRACTICE BANK & WORKED SOLUTIONS MIRRORS THE 60% FINAL + ASSIGNMENT Drill the valuation spine, exam-style 按考试风格,操练估值主干 Sixteen fresh problems - concept short-answers + full computational valuations, each worked through the five-beat answer shape 十六道全新题目 -- 概念简答+完整计算估值,每题都走通五拍式答题结构 The one-line takeaway. The FINM3005/6005 final is a spine of full valuation problems (DCF, WACC, reorg, growth, multiples, M&A, sensitivity) plus concept short-answers. This bank gives one fresh problem per recurring exam move, each worked through the five beats: set up - compute - bridge - sanity-check - recommend. Cover the solution, do it on paper, then check. 一句话要点。FINM3005/6005 期末考试的主干是一系列完整的估值问题(DCF、WACC、重组、增长、倍数、M&A、敏感 性)外加概念简答。本题库为每一种反复出现的考试套路提供一道全新问题,每道都贯穿五个节拍:设定→计算→桥接→ 合理性检验→给出建议。先遮住解答,在纸上做一遍,再核对。 ★ The five-beat answer shape - use it every time 五拍式答题结构 -- 每次都要用 (1) Set up - method, horizon, value drivers, cost-of-capital inputs, flag fragile assumptions. (2) Compute - FCFF, WACC from CAPM with unlever/relever, explicit PVs, continuing value. (3) Bridge - ops -+ + non-op -+ EV -+ - net debt / minority / options -> equity -+ + shares. (4) Sanity-check - is ROIC > W ACC? is CV a plausible share? cross-check vs multiples; sensitivity. (5) Recommend - Buy/Hold/Sell over 1-3 yrs + what changes the call. (1) 设定 -- 方法、视野、价值驱动因素、资本成本输入,标出脆弱假设。(2)计算 -- FCFF、用带去杠杆/再加杠杆的 CAPM 得 WACC、显式各期现值、持续价值。(3)桥接 -- 经营 →+非经营性→EV →- 净负债/少数股东权益/期权 → 股权→÷股数。(4)合理性检验 -- 是否?CV占比是否可信?与倍数交叉验证;敏感性。(5)给出建议 -- 以 1-3 年视野给出买入/持有/卖出+什么会改变这一判断。 ! Fresh stems - the exam STYLE, not the exam 全新题干 -- 考试风格,而非考试本身 These are AskSia-authored problems on invented companies with fresh round numbers. They are not real exam/tutorial questions and use no figures from the Coles case or the Example Report. The standard valuation procedure is canonical; every number is checked by hand.[7]Source: asksia-bible-finm3005-bilingual.pdfWhat it means at the exam A solution, not the answer No single correct number - defensible assumptions win Model-building integrity Internal consistency, sanity checks, a clear story Sit as a junior analyst Audience = professional investors; end on a clear call Always sanity- check ROIC vs WACC, CV as a share of value, triangulate FINM3005/6005 . Corporate Valuation . AskSia Library ★ The exam format - applied valuation, NOT spreadsheet recall 考试形式 -- 应用型估值,而非电子表格的死记硬背 One closed-book written paper. You will not open the KGW model. You will be given a company sketch, accounts, peer multiples and cost-of-capital inputs and asked to set up assumptions, build the cash flows, bridge to a per-share value and recommend. The same skeleton - PV(FCF) at the WACC -+ EV -> equity - per share - powers nearly every problem, alongside short concept items (why enterprise DCF, the convergence-CV rationale, ROIC vs WACC, market efficiency). Walk a full valuation on a fresh company and you have walked the exam. 一场闭卷笔试。你不能翻开 KGW 模型。但你将拿到 一份公司概况、账目、同业倍数与资本成本输入,并 被要求设定假设、构建现金流、桥接到每股价值并给 出建议。同一套骨架一 -按 WACC 折现的 PV(FCF) → EV→股权→每股 -- 驱动着几乎每一道问题, 外加一些概念简答(为何用企业 DCF、收敛型 CV的 理据、ROIC 对 WACC、市场有效性)。走一遍对一家 全新公司的完整估值,你就走过了整场考试。 ✓ The quiz redemption rule - and what it dictates 测验补偿规则 -- 以及它所决定的事 The Week-5 quiz is optional and redeemable: if you don't take it, or your exam % beats your quiz %, the 5% simply rolls into the final exam. Net effect - the exam is effectively ≥60% and the universal backstop, while nothing backstops the exam. The dominant move is to over-invest in exam-style reasoning: drill the DCF engine, write the EV-equity bridge every time, and end every problem with a recommendation. 第5 周测验是可选且可抵扣的:若你不参加,或你的 考试百分比超过测验百分比,那5% 就直接并入期末 考试。净效果是 -- 考试实际上占比≥60% 且是普遍 的兜底,而没有任何东西为考试兜底。占优的做法是 过度投入于考试式推理:反复操练 DCF 引擎,每次都 写出 EV→股权桥接,并在每道题末尾给出建议。 i The five-step valuation answer shape - the rubric for every problem 五步式估值答题结构 -- 每道题的评分准绳 Every strong valuation answer moves through the same five beats. Author every solution this way: (1) Set up assumptions - method, horizon, value drivers, cost-of-capital inputs; flag the fragile ones. (2) Build / compute - forecast FCFF, build the WACC, discount, add the terminal value (default = convergence NOPLAT++1/W ACC). (3) Bridge to equity / per share - value of operations ++ + non-operating assets - EV - - net debt - minorities - equity -+ + shares. (4) Sanity-check / triangulate - ROIC > WACC? CV plausible? cross-check vs multiples. (5) Recommend - Buy / Hold / Sell on a 1-3-year horizon, with what would change the call. 每一份出色的估值答案都走过同样的五个节拍。每份解答都照此撰写:(1)设定假设 -- 方法、视野、价值驱动因素、资 本成本输入;标出脆弱者。(2)构建/计算 -- 预测 FCFF、构建 WACC、折现、加上终值(默认=收敛型)。(3)桥接到 股权/每股 -- 经营价值 →+非经营性资产 →EV→- 净负债 -少数股东权益→ 股权→÷股数。(4)合理性检验/ 三角验证 -- ROIC>WACC? CV 是否可信?与倍数交叉验证。(5)给出建议 -- 以1-3 年视野给出买入/持有/卖出, 并说明什么会改变这一判断。 FINM3005/6005 . Corporate Valuation . AskSia Library CONTENTS - CONTENTS Three parts, one pipeline 三个部分,一条流水线 Build the engine - build the model- cross-check & recommend 搭引擎→搭模型 → 交叉核验并给出建议 Ch Topic Core ideas Part I . The engine (Weeks 1-2)
• (2) Compute：预测 $FCFF$、用 CAPM+去/加杠杆 beta 搭 $WACC$、折现、算终值/持续价值（CV/TV）。[6]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library — — — Required gap between intrinsic value & price before acting on a Buy/Sell. Margin of safety — — — i How to use this glossary in revision 复习时如何使用这份术语表 The terms run in teaching order - the same spine the exam walks on a fresh company. Two passes: EN-meaning (cover the right column), then meaning-EN (cover the term). The ideas to over-learn (tested almost verbatim): ROIC > W ACC - growth creates value, the EV-equity bridge, convergence vs Gordon CV, unlever/relever beta, multiple consistency, and accretion # value creation. 这些术语按教学顺序排列 -- 与考试在一家全新公司上所走的主干相同。两遍:EN→含义(遮住右列),然后含义→EN (遮住术语)。应过度学习的观念(几乎逐字被考):ROIC >WACC→增长创造价值、EV→股权桥接、收敛型 vs Gordon CV、去杠杆/再加杠杆贝塔、倍数一致性,以及增厚 ≠价值创造。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q1-Q5 CHAPTER . PRACTICE BANK & WORKED SOLUTIONS MIRRORS THE 60% FINAL + ASSIGNMENT Drill the valuation spine, exam-style 按考试风格,操练估值主干 Sixteen fresh problems - concept short-answers + full computational valuations, each worked through the five-beat answer shape 十六道全新题目 -- 概念简答+完整计算估值,每题都走通五拍式答题结构 The one-line takeaway. The FINM3005/6005 final is a spine of full valuation problems (DCF, WACC, reorg, growth, multiples, M&A, sensitivity) plus concept short-answers. This bank gives one fresh problem per recurring exam move, each worked through the five beats: set up - compute - bridge - sanity-check - recommend. Cover the solution, do it on paper, then check. 一句话要点。FINM3005/6005 期末考试的主干是一系列完整的估值问题(DCF、WACC、重组、增长、倍数、M&A、敏感 性)外加概念简答。本题库为每一种反复出现的考试套路提供一道全新问题,每道都贯穿五个节拍:设定→计算→桥接→ 合理性检验→给出建议。先遮住解答,在纸上做一遍,再核对。 ★ The five-beat answer shape - use it every time 五拍式答题结构 -- 每次都要用 (1) Set up - method, horizon, value drivers, cost-of-capital inputs, flag fragile assumptions. (2) Compute - FCFF, WACC from CAPM with unlever/relever, explicit PVs, continuing value. (3) Bridge - ops -+ + non-op -+ EV -+ - net debt / minority / options -> equity -+ + shares. (4) Sanity-check - is ROIC > W ACC? is CV a plausible share? cross-check vs multiples; sensitivity. (5) Recommend - Buy/Hold/Sell over 1-3 yrs + what changes the call. (1) 设定 -- 方法、视野、价值驱动因素、资本成本输入,标出脆弱假设。(2)计算 -- FCFF、用带去杠杆/再加杠杆的 CAPM 得 WACC、显式各期现值、持续价值。(3)桥接 -- 经营 →+非经营性→EV →- 净负债/少数股东权益/期权 → 股权→÷股数。(4)合理性检验 -- 是否?CV占比是否可信?与倍数交叉验证;敏感性。(5)给出建议 -- 以 1-3 年视野给出买入/持有/卖出+什么会改变这一判断。 ! Fresh stems - the exam STYLE, not the exam 全新题干 -- 考试风格,而非考试本身 These are AskSia-authored problems on invented companies with fresh round numbers. They are not real exam/tutorial questions and use no figures from the Coles case or the Example Report. The standard valuation procedure is canonical; every number is checked by hand.[7]Source: asksia-bible-finm3005-bilingual.pdfWhat it means at the exam A solution, not the answer No single correct number - defensible assumptions win Model-building integrity Internal consistency, sanity checks, a clear story Sit as a junior analyst Audience = professional investors; end on a clear call Always sanity- check ROIC vs WACC, CV as a share of value, triangulate FINM3005/6005 . Corporate Valuation . AskSia Library ★ The exam format - applied valuation, NOT spreadsheet recall 考试形式 -- 应用型估值,而非电子表格的死记硬背 One closed-book written paper. You will not open the KGW model. You will be given a company sketch, accounts, peer multiples and cost-of-capital inputs and asked to set up assumptions, build the cash flows, bridge to a per-share value and recommend. The same skeleton - PV(FCF) at the WACC -+ EV -> equity - per share - powers nearly every problem, alongside short concept items (why enterprise DCF, the convergence-CV rationale, ROIC vs WACC, market efficiency). Walk a full valuation on a fresh company and you have walked the exam. 一场闭卷笔试。你不能翻开 KGW 模型。但你将拿到 一份公司概况、账目、同业倍数与资本成本输入,并 被要求设定假设、构建现金流、桥接到每股价值并给 出建议。同一套骨架一 -按 WACC 折现的 PV(FCF) → EV→股权→每股 -- 驱动着几乎每一道问题, 外加一些概念简答(为何用企业 DCF、收敛型 CV的 理据、ROIC 对 WACC、市场有效性)。走一遍对一家 全新公司的完整估值,你就走过了整场考试。 ✓ The quiz redemption rule - and what it dictates 测验补偿规则 -- 以及它所决定的事 The Week-5 quiz is optional and redeemable: if you don't take it, or your exam % beats your quiz %, the 5% simply rolls into the final exam. Net effect - the exam is effectively ≥60% and the universal backstop, while nothing backstops the exam. The dominant move is to over-invest in exam-style reasoning: drill the DCF engine, write the EV-equity bridge every time, and end every problem with a recommendation. 第5 周测验是可选且可抵扣的:若你不参加,或你的 考试百分比超过测验百分比,那5% 就直接并入期末 考试。净效果是 -- 考试实际上占比≥60% 且是普遍 的兜底,而没有任何东西为考试兜底。占优的做法是 过度投入于考试式推理:反复操练 DCF 引擎,每次都 写出 EV→股权桥接,并在每道题末尾给出建议。 i The five-step valuation answer shape - the rubric for every problem 五步式估值答题结构 -- 每道题的评分准绳 Every strong valuation answer moves through the same five beats. Author every solution this way: (1) Set up assumptions - method, horizon, value drivers, cost-of-capital inputs; flag the fragile ones. (2) Build / compute - forecast FCFF, build the WACC, discount, add the terminal value (default = convergence NOPLAT++1/W ACC). (3) Bridge to equity / per share - value of operations ++ + non-operating assets - EV - - net debt - minorities - equity -+ + shares. (4) Sanity-check / triangulate - ROIC > WACC? CV plausible? cross-check vs multiples. (5) Recommend - Buy / Hold / Sell on a 1-3-year horizon, with what would change the call. 每一份出色的估值答案都走过同样的五个节拍。每份解答都照此撰写:(1)设定假设 -- 方法、视野、价值驱动因素、资 本成本输入;标出脆弱者。(2)构建/计算 -- 预测 FCFF、构建 WACC、折现、加上终值(默认=收敛型)。(3)桥接到 股权/每股 -- 经营价值 →+非经营性资产 →EV→- 净负债 -少数股东权益→ 股权→÷股数。(4)合理性检验/ 三角验证 -- ROIC>WACC? CV 是否可信?与倍数交叉验证。(5)给出建议 -- 以1-3 年视野给出买入/持有/卖出, 并说明什么会改变这一判断。 FINM3005/6005 . Corporate Valuation . AskSia Library CONTENTS - CONTENTS Three parts, one pipeline 三个部分,一条流水线 Build the engine - build the model- cross-check & recommend 搭引擎→搭模型 → 交叉核验并给出建议 Ch Topic Core ideas Part I . The engine (Weeks 1-2)
• (3) Bridge：从经营价值/EV 桥接到股权，再除以股数得每股价值。[6]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library — — — Required gap between intrinsic value & price before acting on a Buy/Sell. Margin of safety — — — i How to use this glossary in revision 复习时如何使用这份术语表 The terms run in teaching order - the same spine the exam walks on a fresh company. Two passes: EN-meaning (cover the right column), then meaning-EN (cover the term). The ideas to over-learn (tested almost verbatim): ROIC > W ACC - growth creates value, the EV-equity bridge, convergence vs Gordon CV, unlever/relever beta, multiple consistency, and accretion # value creation. 这些术语按教学顺序排列 -- 与考试在一家全新公司上所走的主干相同。两遍:EN→含义(遮住右列),然后含义→EN (遮住术语)。应过度学习的观念(几乎逐字被考):ROIC >WACC→增长创造价值、EV→股权桥接、收敛型 vs Gordon CV、去杠杆/再加杠杆贝塔、倍数一致性,以及增厚 ≠价值创造。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q1-Q5 CHAPTER . PRACTICE BANK & WORKED SOLUTIONS MIRRORS THE 60% FINAL + ASSIGNMENT Drill the valuation spine, exam-style 按考试风格,操练估值主干 Sixteen fresh problems - concept short-answers + full computational valuations, each worked through the five-beat answer shape 十六道全新题目 -- 概念简答+完整计算估值,每题都走通五拍式答题结构 The one-line takeaway. The FINM3005/6005 final is a spine of full valuation problems (DCF, WACC, reorg, growth, multiples, M&A, sensitivity) plus concept short-answers. This bank gives one fresh problem per recurring exam move, each worked through the five beats: set up - compute - bridge - sanity-check - recommend. Cover the solution, do it on paper, then check. 一句话要点。FINM3005/6005 期末考试的主干是一系列完整的估值问题(DCF、WACC、重组、增长、倍数、M&A、敏感 性)外加概念简答。本题库为每一种反复出现的考试套路提供一道全新问题,每道都贯穿五个节拍:设定→计算→桥接→ 合理性检验→给出建议。先遮住解答,在纸上做一遍,再核对。 ★ The five-beat answer shape - use it every time 五拍式答题结构 -- 每次都要用 (1) Set up - method, horizon, value drivers, cost-of-capital inputs, flag fragile assumptions. (2) Compute - FCFF, WACC from CAPM with unlever/relever, explicit PVs, continuing value. (3) Bridge - ops -+ + non-op -+ EV -+ - net debt / minority / options -> equity -+ + shares. (4) Sanity-check - is ROIC > W ACC? is CV a plausible share? cross-check vs multiples; sensitivity. (5) Recommend - Buy/Hold/Sell over 1-3 yrs + what changes the call. (1) 设定 -- 方法、视野、价值驱动因素、资本成本输入,标出脆弱假设。(2)计算 -- FCFF、用带去杠杆/再加杠杆的 CAPM 得 WACC、显式各期现值、持续价值。(3)桥接 -- 经营 →+非经营性→EV →- 净负债/少数股东权益/期权 → 股权→÷股数。(4)合理性检验 -- 是否?CV占比是否可信?与倍数交叉验证;敏感性。(5)给出建议 -- 以 1-3 年视野给出买入/持有/卖出+什么会改变这一判断。 ! Fresh stems - the exam STYLE, not the exam 全新题干 -- 考试风格,而非考试本身 These are AskSia-authored problems on invented companies with fresh round numbers. They are not real exam/tutorial questions and use no figures from the Coles case or the Example Report. The standard valuation procedure is canonical; every number is checked by hand.[12]Source: asksia-bible-finm3005-bilingual.pdfEV - net debt - minority + assoc. Equity Equity Value / shares = $ per share The DCF in one picture. LEFT: forecast free cash flows for years 1. . 5 plus a terminal value are each discounted back at the WACC (divide by (1+WACC)^t) and summed to Enterprise Value. RIGHT: the EV-to-equity bridge subtracts net debt and minority interest, adds associates, to reach Equity Value; divide by shares for value per share. 一张图说尽 DCF。左侧:第1. 5 年的预测自由现金流加上一个终值,各自按 WACC 折现回来(除以(1+WACC)^t)并 加总得到企业价值。右侧:EV到股权的桥接减去净负债与少数股东权益、加上联营公司,得到股权价值;除以股数即 每股价值。 FINM3005/6005 . Corporate Valuation . AskSia Library THE DCF IN ONE EQUATION EV = T ∑ t=1 FCF. (1 + W ACC)t CVT + (1 + W ACC)T Two quantities, two halves of the picture: the explicit- horizon PVs (the discounted bars) and the continuing value (the amber bar), both discounted at the same WACC. The CV bar is large on purpose - it is usually the majority of EV. 两个量,构成图景的两半:明确预测期内的现值(折现后的 柱体)与持续价值(琥珀色柱体),二者都以同一个 WACC 折现。CV 柱体故意画得很大 -- 它通常是 EV 的大部分。 i Two enterprise values - do not confuse them 两个企业价值 -- 切勿混淆 In DCF, EV = value of operations + value of non- operating assets (what the business is worth). In multiples, net EV = equity + debt - excess cash (the acquisition cost of operations). They answer different questions; keep the labels straight. 在 DCF 中,EV = 经营价值+非经营性资产价值(业 务值多少钱)。在倍数中,net EV = 股权+债务 一超 额现金(收购该业务的成本)。两者回答不同的问题; 把标签分清楚。 ✓ Where the rest of the course plugs in 课程其余部分从何处接入 Everything else feeds this one diagram: W3 reorganises the accounts to get clean FCFF; W4 forecasts it; W5 builds the WACC that discounts it; W6 sets the growth in the terminal value; W7 cross- checks EV with multiples. Master the picture and every week is a sub-routine. 其他一切都汇入这一张图:W3 重组账目以得到干净的 FCFF;W4 预测它;W5 构建用以折现它的 WACC; W6 设定终值中的增长;W7 用倍数对 EV 做交叉验 证。掌握这张图,每一周都是一个子程序。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . FCFF /FCFE . SIX STEPS - FCFF, FCFE, AND THE 6-STEP ENTERPRISE DCF W2 . METHOD The cash to ALL investors - and the ladder that turns it into a share price
• (4) Sanity-check / triangulate：检查 $ROIC$ vs $WACC$、CV 占比、用倍数/情景敏感性做交叉验证。[6]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library — — — Required gap between intrinsic value & price before acting on a Buy/Sell. Margin of safety — — — i How to use this glossary in revision 复习时如何使用这份术语表 The terms run in teaching order - the same spine the exam walks on a fresh company. Two passes: EN-meaning (cover the right column), then meaning-EN (cover the term). The ideas to over-learn (tested almost verbatim): ROIC > W ACC - growth creates value, the EV-equity bridge, convergence vs Gordon CV, unlever/relever beta, multiple consistency, and accretion # value creation. 这些术语按教学顺序排列 -- 与考试在一家全新公司上所走的主干相同。两遍:EN→含义(遮住右列),然后含义→EN (遮住术语)。应过度学习的观念(几乎逐字被考):ROIC >WACC→增长创造价值、EV→股权桥接、收敛型 vs Gordon CV、去杠杆/再加杠杆贝塔、倍数一致性,以及增厚 ≠价值创造。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q1-Q5 CHAPTER . PRACTICE BANK & WORKED SOLUTIONS MIRRORS THE 60% FINAL + ASSIGNMENT Drill the valuation spine, exam-style 按考试风格,操练估值主干 Sixteen fresh problems - concept short-answers + full computational valuations, each worked through the five-beat answer shape 十六道全新题目 -- 概念简答+完整计算估值,每题都走通五拍式答题结构 The one-line takeaway. The FINM3005/6005 final is a spine of full valuation problems (DCF, WACC, reorg, growth, multiples, M&A, sensitivity) plus concept short-answers. This bank gives one fresh problem per recurring exam move, each worked through the five beats: set up - compute - bridge - sanity-check - recommend. Cover the solution, do it on paper, then check. 一句话要点。FINM3005/6005 期末考试的主干是一系列完整的估值问题(DCF、WACC、重组、增长、倍数、M&A、敏感 性)外加概念简答。本题库为每一种反复出现的考试套路提供一道全新问题,每道都贯穿五个节拍:设定→计算→桥接→ 合理性检验→给出建议。先遮住解答,在纸上做一遍,再核对。 ★ The five-beat answer shape - use it every time 五拍式答题结构 -- 每次都要用 (1) Set up - method, horizon, value drivers, cost-of-capital inputs, flag fragile assumptions. (2) Compute - FCFF, WACC from CAPM with unlever/relever, explicit PVs, continuing value. (3) Bridge - ops -+ + non-op -+ EV -+ - net debt / minority / options -> equity -+ + shares. (4) Sanity-check - is ROIC > W ACC? is CV a plausible share? cross-check vs multiples; sensitivity. (5) Recommend - Buy/Hold/Sell over 1-3 yrs + what changes the call. (1) 设定 -- 方法、视野、价值驱动因素、资本成本输入,标出脆弱假设。(2)计算 -- FCFF、用带去杠杆/再加杠杆的 CAPM 得 WACC、显式各期现值、持续价值。(3)桥接 -- 经营 →+非经营性→EV →- 净负债/少数股东权益/期权 → 股权→÷股数。(4)合理性检验 -- 是否?CV占比是否可信?与倍数交叉验证;敏感性。(5)给出建议 -- 以 1-3 年视野给出买入/持有/卖出+什么会改变这一判断。 ! Fresh stems - the exam STYLE, not the exam 全新题干 -- 考试风格,而非考试本身 These are AskSia-authored problems on invented companies with fresh round numbers. They are not real exam/tutorial questions and use no figures from the Coles case or the Example Report. The standard valuation procedure is canonical; every number is checked by hand.[11]Source: asksia-bible-finm3005-bilingual.pdf3@/alue per share $ A tornado chart ranks what moves the valuation. Each bar swings value from a low to a high input, centred on the base case. WACC and terminal growth g dominate (widest bars at the top); operating assumptions matter less. Test the big levers first -- the answer is most sensitive to the discount rate and the long-run growth rate. 龙卷风图对什么撼动估值做排序。每根条形把价值从一个低输入摆动到一个高输入,以基准情形为中心。WACC 与终值 增长 g 占主导(最宽的条形位于顶部);经营性假设影响较小。先检验大杠杆 -- 答案对折现率与长期增长率最为敏 感。 Q15-016 SOTP & holdings consistency Q15-Q16 SOTP 与持股一致性 Q15 SUM-OF - THE - PARTS 3 marks . concept Orion Ltd has a fast-growing software arm and a slow, capital-heavy logistics arm. Why is a single company- wide WACC inappropriate, and how do you value Orion? Q16 HOLDINGS / MULTIPLE CONSISTENCY 3 marks . concept Pinnacle Ltd's EV includes the market value of a 10% passive stake in another firm, but that stake's income is NOT in Pinnacle's operating EBITA. Its EV/EBITA looks high. What is the bias and the fix? FINM3005/6005 . Corporate Valuation . AskSia Library Q15-Q16 Worked solutions - SOTP & consistency 1 Q15. The two arms differ in growth and risk, so one blended WACC over- discounts the software arm and under-discounts logistics. Value each segment separately - its own WACC from listed single-business peers (unlever - relever at the segment's target leverage), DCF where statements can be built, multiples where data is thin - then sum the segment EVs (+ a negative corporate-centre line, + excess cash, - debt). Flag the conglomerate discount (~90-95% of the standalone sum) when comparing to market cap. Q15. 两项业务在增长与风险上各异,所以单一混合 WACC 会对软件业务折现过度、对物流折现不足。分别为每个板块估 值 -- 从上市单一业务同业取其自身的 WACC(去杠杆→按板块目标杠杆再加杠杆),能搭建报表处用 DCF,数据稀 薄处用倍数 -- 然后加总各板块 EV(+一条负值的公司总部科目,+超额现金,一债务)。在与市值比较时标出集团折 价(约为独立加总的90-95%)。 2 Q16. This is the Case 1 bias: a non-operating investment sits in the numerator (net EV) with no matching operating income in the denominator - the multiple is biased up. Fix: exclude the stake's value from net EV so numerator and denominator both cover the same operations. (The mirror is Case 2: a minority interest excluded from the numerator while its operations sit in consolidated income biases the multiple down - add it back. ) Q16. 这是 Case 1 偏差:一项非经营性投资位于分子(net EV)中,分母里却没有与之匹配的经营收益→倍数被向上偏 置。修正:从 net EV 中剔除该持股的价值,使分子与分母都覆盖同一组经营业务。(镜像情形是 Case 2:一项少数股 东权益被排除在分子之外,而其经营业务却进入合并收益,使倍数被向下偏置→把它加回。) Across all sixteen: state the method, run the five beats, and always end on ROIC vs WACC and a Buy/Hold/Sell tethered to intrinsic value. That skeleton earns the marks even when the arithmetic wobbles. 贯穿全部十六题:陈述方法、走完五个节拍,并始终以 ROIC 对 WACC 以及一个锚定于内在价值的买入/持有/卖出收 尾。即便算术有些晃动,这套骨架也能赚到分数。 FINM3005/6005 . THE PATTERN BEHIND EVERY VALUATION QUESTION FINM3005/6005 . Corporate Valuation . AskSia Library REORG . IC / FCF / ROIC INVESTED CAPITAL, FCF AND ROIC WEEK 3 . CENTREPIECE The denominator, the cash, and the metric that judges the business 分母、现金,以及评判这门生意的指标 IC = operating WC + net PP&E + intangibles + leases . FCF = NOPLAT + non-cash - AIC . ROIC = NOPLAT/IC IC = 经营营运资本+ 净 PP&E+ 无形资产 +租赁 · FCF = NOPLAT+ 非现金 - △IC · ROIC = NOPLAT/IC 3. 2 Invested capital 3. 2 投入资本 The capital the providers have tied up in operations - the denominator of ROIC. Build it bottom-up; exclude non-operating assets. 提供者投入在经营中的资本 -- ROIC 的分母。自下而上构 建;排除非经营资产。 INVESTED CAPITAL[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开
• (5) Recommend：用 1–3 年视野给 Buy/Hold/Sell，并说清“什么会改变判断”。[6]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library — — — Required gap between intrinsic value & price before acting on a Buy/Sell. Margin of safety — — — i How to use this glossary in revision 复习时如何使用这份术语表 The terms run in teaching order - the same spine the exam walks on a fresh company. Two passes: EN-meaning (cover the right column), then meaning-EN (cover the term). The ideas to over-learn (tested almost verbatim): ROIC > W ACC - growth creates value, the EV-equity bridge, convergence vs Gordon CV, unlever/relever beta, multiple consistency, and accretion # value creation. 这些术语按教学顺序排列 -- 与考试在一家全新公司上所走的主干相同。两遍:EN→含义(遮住右列),然后含义→EN (遮住术语)。应过度学习的观念(几乎逐字被考):ROIC >WACC→增长创造价值、EV→股权桥接、收敛型 vs Gordon CV、去杠杆/再加杠杆贝塔、倍数一致性,以及增厚 ≠价值创造。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q1-Q5 CHAPTER . PRACTICE BANK & WORKED SOLUTIONS MIRRORS THE 60% FINAL + ASSIGNMENT Drill the valuation spine, exam-style 按考试风格,操练估值主干 Sixteen fresh problems - concept short-answers + full computational valuations, each worked through the five-beat answer shape 十六道全新题目 -- 概念简答+完整计算估值,每题都走通五拍式答题结构 The one-line takeaway. The FINM3005/6005 final is a spine of full valuation problems (DCF, WACC, reorg, growth, multiples, M&A, sensitivity) plus concept short-answers. This bank gives one fresh problem per recurring exam move, each worked through the five beats: set up - compute - bridge - sanity-check - recommend. Cover the solution, do it on paper, then check. 一句话要点。FINM3005/6005 期末考试的主干是一系列完整的估值问题(DCF、WACC、重组、增长、倍数、M&A、敏感 性)外加概念简答。本题库为每一种反复出现的考试套路提供一道全新问题,每道都贯穿五个节拍:设定→计算→桥接→ 合理性检验→给出建议。先遮住解答,在纸上做一遍,再核对。 ★ The five-beat answer shape - use it every time 五拍式答题结构 -- 每次都要用 (1) Set up - method, horizon, value drivers, cost-of-capital inputs, flag fragile assumptions. (2) Compute - FCFF, WACC from CAPM with unlever/relever, explicit PVs, continuing value. (3) Bridge - ops -+ + non-op -+ EV -+ - net debt / minority / options -> equity -+ + shares. (4) Sanity-check - is ROIC > W ACC? is CV a plausible share? cross-check vs multiples; sensitivity. (5) Recommend - Buy/Hold/Sell over 1-3 yrs + what changes the call. (1) 设定 -- 方法、视野、价值驱动因素、资本成本输入,标出脆弱假设。(2)计算 -- FCFF、用带去杠杆/再加杠杆的 CAPM 得 WACC、显式各期现值、持续价值。(3)桥接 -- 经营 →+非经营性→EV →- 净负债/少数股东权益/期权 → 股权→÷股数。(4)合理性检验 -- 是否?CV占比是否可信?与倍数交叉验证;敏感性。(5)给出建议 -- 以 1-3 年视野给出买入/持有/卖出+什么会改变这一判断。 ! Fresh stems - the exam STYLE, not the exam 全新题干 -- 考试风格,而非考试本身 These are AskSia-authored problems on invented companies with fresh round numbers. They are not real exam/tutorial questions and use no figures from the Coles case or the Example Report. The standard valuation procedure is canonical; every number is checked by hand.[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开[18]Source: asksia-cheatsheet-finm3005.pdf21 . Market Efficiency W10 . CONTEXT · Weak - prices reflect past trades => technical analysis can't beat it Valuation still pays for private firms, divisions & mispriced names. 21b . The Investment W10 . LAND IT Call A clear Buy / Sell / Hold over a 1-3 yr horizon, anchored on your intrinsic value as the expected price. State it up front, make it conditional where appropriate (the contingencies), and back it with: short-term outlook (momentum, sentiment), a business-model/strategy view, and a peer comparison (P/E, EV/EBITA). Tie the call to the number - a recommendation untethered from intrinsic value scores poorly, and don't confuse short- term price momentum with fundamental value. 22 . Exam Traps DON'T LOSE MARKS . FCFF>WACC vs FCFE> Re - never cross the cash flow with the wrong rate WACC weights = market, not book --- SIA > Half the marks are "show the chain": NOPLAT - ROIC vs WACC - FCFF + CV - EV + bridge - per share, then cross-check with a multiple. Method marks survive even when a number slips - always write the working, and state your assumptions. Formula Belt SIDE 2 | g = IR x ROIC . grow value iff RONIC>WACC P/E driver: payout(1+g)/ (Re-g) EV/EBIT: (1+g)(1-T)(1-g/ROIC)/(WACC-g) net EV = E + D - excess cash - non-op M&A: V_AB = V_A+V_B+AV . NPV = synergy-premium ER = P_Β/P_Α · TRS = %ΔΕ + %Δ (Ρ/Ε) + div yld asksia. ai/cheatsheet/ anu-finm3005 . side 2/2 AskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 good luck. value it, then defend it. MATTERS A B REVISION SHEET . ALL TOPICS W10

1）全课唯一引擎（你要背到“闭眼能画图”）

核心等式（Enterprise DCF）

• $$EV=\sum_{t=1}^{T}\frac{FCF_t}{(1+WACC)^t}+\frac{CV_T}{(1+WACC)^T}$$[12]Source: asksia-bible-finm3005-bilingual.pdfEV - net debt - minority + assoc. Equity Equity Value / shares = $ per share The DCF in one picture. LEFT: forecast free cash flows for years 1. . 5 plus a terminal value are each discounted back at the WACC (divide by (1+WACC)^t) and summed to Enterprise Value. RIGHT: the EV-to-equity bridge subtracts net debt and minority interest, adds associates, to reach Equity Value; divide by shares for value per share. 一张图说尽 DCF。左侧:第1. 5 年的预测自由现金流加上一个终值,各自按 WACC 折现回来(除以(1+WACC)^t)并 加总得到企业价值。右侧:EV到股权的桥接减去净负债与少数股东权益、加上联营公司,得到股权价值;除以股数即 每股价值。 FINM3005/6005 . Corporate Valuation . AskSia Library THE DCF IN ONE EQUATION EV = T ∑ t=1 FCF. (1 + W ACC)t CVT + (1 + W ACC)T Two quantities, two halves of the picture: the explicit- horizon PVs (the discounted bars) and the continuing value (the amber bar), both discounted at the same WACC. The CV bar is large on purpose - it is usually the majority of EV. 两个量,构成图景的两半:明确预测期内的现值(折现后的 柱体)与持续价值(琥珀色柱体),二者都以同一个 WACC 折现。CV 柱体故意画得很大 -- 它通常是 EV 的大部分。 i Two enterprise values - do not confuse them 两个企业价值 -- 切勿混淆 In DCF, EV = value of operations + value of non- operating assets (what the business is worth). In multiples, net EV = equity + debt - excess cash (the acquisition cost of operations). They answer different questions; keep the labels straight. 在 DCF 中,EV = 经营价值+非经营性资产价值(业 务值多少钱)。在倍数中,net EV = 股权+债务 一超 额现金(收购该业务的成本)。两者回答不同的问题; 把标签分清楚。 ✓ Where the rest of the course plugs in 课程其余部分从何处接入 Everything else feeds this one diagram: W3 reorganises the accounts to get clean FCFF; W4 forecasts it; W5 builds the WACC that discounts it; W6 sets the growth in the terminal value; W7 cross- checks EV with multiples. Master the picture and every week is a sub-routine. 其他一切都汇入这一张图:W3 重组账目以得到干净的 FCFF;W4 预测它;W5 构建用以折现它的 WACC; W6 设定终值中的增长;W7 用倍数对 EV 做交叉验 证。掌握这张图,每一周都是一个子程序。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . FCFF /FCFE . SIX STEPS - FCFF, FCFE, AND THE 6-STEP ENTERPRISE DCF W2 . METHOD The cash to ALL investors - and the ladder that turns it into a share price
• 然后 桥接到股权与每股：
  • 逻辑：$EV \rightarrow Equity \rightarrow Value/share$（减净负债/少数股东，加联营/非经营资产等，再除以股数）。[8]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library Value = = ! The growth fallacy examiners bait 考官设下的增长谬误诱饵 "The company is growing fast, so it must be creating value. " Wrong. Growth only creates value if the capital funding it earns above the hurdle. High-ROIC firms should prioritise growth; low-ROIC firms should fix ROIC first. Always state the verdict as ROIC vs W ACC, never as the growth rate alone. “这家公司增长很快,所以它一定在创造价值。”错。增 长只有在为其供资的资本回报超过门槛时才创造价 值。高 ROIC 企业应优先增长;低 ROIC 企业应先修 复 ROIC。结论始终要表述为对的关系,绝不能单凭增 长率。 ★ Recap - W1 in five lines 回顾一 一第1周五行要点 ● 价值=未来现金流的现值;内在价值 ≠账面价值 ≠市场价值 。· DCF 是核心;两大驱动因素 -- 现金流与风险。● ,,。● 只有当 ROIC>WACC 时才创造价值;增长会沿着利差所指的方向放大 。· 更高 ROIC 的企业所需再投资更少 → 更多自由现金→更多价值(“价值公司 vs 规模公司”)。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . DCF IN ONE PICTURE DCF VALUATION - THE WHOLE ENGINE IN ONE PICTURE WEEK 2 . THE CORE Discount the cash flows, then bridge to value per share 折现现金流,再桥接到每股价值 the AHA-unit: PV(FCF) + PV(TV) = EV-> - net debt -> equity - per share “恍然大悟”单元:PV(FCF)+ PV(TV)= EV →-净负债→ 股权→ 每股 This single diagram is the spine of the course, the assignment and most of the exam. Left: each forecast free cash flow (and a terminal value) is dragged back to today by dividing by (1 + W ACC)t, and the present values are summed to enterprise value. Right: the EV++equity bridge subtracts net debt and minority interest, adds associates, to reach equity value; divide by shares for value per share. Learn this picture cold. 这张图就是整门课、作业以及大部分考试的主干。左侧:每一笔预测的自由现金流(以及一个终值)通过除以 被拉回今天, 再把各现值加总为企业价值。右侧:EV→股权桥接减去净负债与少数股东权益、加上联营企业,得到股权价值;除以股数得 到每股价值。把这张图烂熟于心。 1 Discount the cash flows FCF (nominal) PV = FCF / (1+WACC) ~+ terminal TV year Sum of PVs = Enterprise Value 2 Bridge to value per share -32 +14 -8[12]Source: asksia-bible-finm3005-bilingual.pdfEV - net debt - minority + assoc. Equity Equity Value / shares = $ per share The DCF in one picture. LEFT: forecast free cash flows for years 1. . 5 plus a terminal value are each discounted back at the WACC (divide by (1+WACC)^t) and summed to Enterprise Value. RIGHT: the EV-to-equity bridge subtracts net debt and minority interest, adds associates, to reach Equity Value; divide by shares for value per share. 一张图说尽 DCF。左侧:第1. 5 年的预测自由现金流加上一个终值,各自按 WACC 折现回来(除以(1+WACC)^t)并 加总得到企业价值。右侧:EV到股权的桥接减去净负债与少数股东权益、加上联营公司,得到股权价值;除以股数即 每股价值。 FINM3005/6005 . Corporate Valuation . AskSia Library THE DCF IN ONE EQUATION EV = T ∑ t=1 FCF. (1 + W ACC)t CVT + (1 + W ACC)T Two quantities, two halves of the picture: the explicit- horizon PVs (the discounted bars) and the continuing value (the amber bar), both discounted at the same WACC. The CV bar is large on purpose - it is usually the majority of EV. 两个量,构成图景的两半:明确预测期内的现值(折现后的 柱体)与持续价值(琥珀色柱体),二者都以同一个 WACC 折现。CV 柱体故意画得很大 -- 它通常是 EV 的大部分。 i Two enterprise values - do not confuse them 两个企业价值 -- 切勿混淆 In DCF, EV = value of operations + value of non- operating assets (what the business is worth). In multiples, net EV = equity + debt - excess cash (the acquisition cost of operations). They answer different questions; keep the labels straight. 在 DCF 中,EV = 经营价值+非经营性资产价值(业 务值多少钱)。在倍数中,net EV = 股权+债务 一超 额现金(收购该业务的成本)。两者回答不同的问题; 把标签分清楚。 ✓ Where the rest of the course plugs in 课程其余部分从何处接入 Everything else feeds this one diagram: W3 reorganises the accounts to get clean FCFF; W4 forecasts it; W5 builds the WACC that discounts it; W6 sets the growth in the terminal value; W7 cross- checks EV with multiples. Master the picture and every week is a sub-routine. 其他一切都汇入这一张图:W3 重组账目以得到干净的 FCFF;W4 预测它;W5 构建用以折现它的 WACC; W6 设定终值中的增长;W7 用倍数对 EV 做交叉验 证。掌握这张图,每一周都是一个子程序。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . FCFF /FCFE . SIX STEPS - FCFF, FCFE, AND THE 6-STEP ENTERPRISE DCF W2 . METHOD The cash to ALL investors - and the ladder that turns it into a share price

两条“铁律”（考试最爱扣分点）

• 现金流与折现率要配对：$FCFF$ 配 $WACC$；$FCFE$ 配 $R_e$（cost of equity），千万别交叉。[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开[16]Source: asksia-cheatsheet-finm3005.pdfFINM3005 / 6005 Corporate Valuation AUSTRALIAN NATIONAL UNIVERSITY . RSFAS . APPLIED VALUATION EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 Whole-course revision . all topics 0 · Exam Blueprint READ FIRST * One spine runs the whole course: value = the cash a business throws off, discounted for risk . You estimate intrinsic value, then sanity-check it against what the market pays. This is applied valuation - you are a junior analyst; there is no single right number, only a defensible one. Side 1 = the DCF engine (cash flow -> discount rate -> enterprise -> equity). Side 2 = growth, multiples, M&A & the analyst call. Assessment: final exam 60% + group valuation assignment 35% + optional redeemable quiz 5%. Most-tested reflexes: build FCFF from NOPLAT; pick & compute a terminal value; walk the EV-> equity bridge; compute WACC with CAPM & relevered beta; read whether growth creates value (RONIC vs WACC); cross- check DCF with a multiple. --- SIA - Two-line discipline: match the cash flow to its discount rate (FCFF ++WACC, FCFE++Re - never cross them), and always state whether ROIC>WACC before you reward any growth. Markers reward the consistent chain, not the headline number. 1 . The Valuation Mindset W1 Intrinsic value = PV of a company's future cash flows; two broad drivers - cash flow and risk (the discount rate). Keep three "values" distinct: · Fair / intrinsic - what we estimate (PV of cash flows) Value vs price: short-run sentiment moves price; long- run, price tracks value & its drivers (ROIC x growth). FOUR APPROACHES 1. * DCF - PV of free cash flow at a risk-adjusted rate. The course core. 2. Relative / multiples - price off comparable companies 3. Contingent-claim - option pricing (real options); inputs hard 4. Asset-based - liquidation / replacement cost DCF SPINE Value = Σ FCFt : (1+R)+ 1b . The Value-Driver Identity WHOLE COURSE With constant g, WACC and NOPLAT (key value-driver formula): Value = NOPLAT1(1 - g/ROIC) + (WACC - g) = IC x (ROIC - WACC) + (WACC - g)
• 先判定“是否创造价值”再谈增长：结论要写成 $ROIC ;?; WACC$，不是“增长快/慢”。[2]Source: asksia-bible-finm3005-bilingual.pdfA 1 . LEARN the method 1·学方法 You haven't done the topic yet. Read a chapter top to bottom. Every idea opens with a one-line TL;DR, then heading -+ diagram/formula - explainer -+ steps - worked example - trap + recap. The diagrams are original schematics of the standard valuation canon - learn the DCF picture cold. 你还没学过这个主题。把一章从 头读到尾。每个要点都以一行 TL;DR 开头,然后是标题→ 图 示/公式→讲解→步骤→ 例 题→陷阱→小结。图示是标准 估值经典内容的原创示意图 -- 把DCF那张图彻底学透。 B 2 . BUILD the model 2 · 搭模型 You've seen the lecture and a workshop. Cover the worked steps and re-build each one by hand - forecast the FCFF, discount at the WACC, add the terminal value, run the bridge. The assignment is this book applied to a real ASX company; the exam is the same engine on fresh numbers. 你已看过讲座和一次研讨课。遮 住已解出的步骤,逐一动手重建 预测 FCFF,按 WACC 折 现,加上终值,再做桥接。作业 就是把本书应用到一家真实的 ASX 公司上;考试则是同一套引 擎换上全新数字。 C 3 . EXAM 考试 It's revision / study week. The TL;DRs, the trap boxes and the recurring DCF-+equity pattern are your map. The blueprint overleaf shows the weights, the redeemable quiz and the five- step answer shape every valuation problem should follow. 现在是复习/温习周。各处的 TL;DR、陷阱框以及反复出现的 DCF→股权模式,就是你的地 图。下一页的蓝图列出各项权 重、可抵扣的测验,以及每道估 值问题都应遵循的五步答题结 构。 FINM3005/6005 . Corporate Valuation . AskSia Library i The single engine that runs the whole course 驱动整门课的唯一引擎 Master one calculation and the course collapses into a pattern. Every task - a full DCF, a WACC build, a reorganisation, a multiple, a synergy - is the same engine: estimate the free cash flow to all investors, discount it at the cost of capital, add a terminal value, then bridge enterprise value to equity and divide by shares. Wrapped around it is one decision rule - value is created only when ROIC > WACC - and one answer shape the graders reward beat by beat. Internalise the engine and fresh exam numbers cannot surprise you. 掌握一种计算,整门课就坍缩为一个套路。每一项任务 -- 一个完整的DCF、一次 WACC 构建、一次重组、一个倍 数、一次协同 -- 都是同一套引擎:估计流向全体投资者的自由现金流,按资本成本折现,加上终值,然后把企业价值 桥接到股权价值,再除以股数。围绕它的是一条决策法则 -- 只有当 ROIC>WACC 时才创造价值 -- 以及一种评卷人 会逐节拍给分的答题结构。把这套引擎内化,全新的考试数字就无法让你措手不及。 THE SPINE Enterprise Value = ∑ t=1 T FCF CVT (1 + W ACC)t + (1 + W ACC)T ⟶ Equity = EV - net debt -> Equity shares ! The most important strategic fact about FINM3005/6005 关于 FINM3005/6005 最重要的战略事实 The 60% final is closed-book and ungated, and the 5% quiz redeems into it - if you skip the Week-5 quiz or score worse than your exam, that 5% simply rolls onto the exam weight. So a strong exam carries the day, but nothing backstops the exam. Treat the 35% group assignment as exam practice with a longer deadline: building the model is learning the exam. Prioritise the exam engine, and let the assignment forge it. 60% 的期末考试是闭卷且无门槛的,且5% 的测验可抵扣进考试 -- 若你跳过第5周测验,或其分数低于考试分数, 那5% 就直接并入考试权重。因此一场强势的考试足以定乾坤,但没有任何东西为考试兜底。把占35% 的小组作业当 作截止期更长的考试练习:搭建模型本身就是在学习考试内容。优先攻克考试引擎,让作业来锤炼它。 i How this book was built - and the two-layer rule 本书是如何构建的 -- 以及两层规则[8]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library Value = = ! The growth fallacy examiners bait 考官设下的增长谬误诱饵 "The company is growing fast, so it must be creating value. " Wrong. Growth only creates value if the capital funding it earns above the hurdle. High-ROIC firms should prioritise growth; low-ROIC firms should fix ROIC first. Always state the verdict as ROIC vs W ACC, never as the growth rate alone. “这家公司增长很快,所以它一定在创造价值。”错。增 长只有在为其供资的资本回报超过门槛时才创造价 值。高 ROIC 企业应优先增长;低 ROIC 企业应先修 复 ROIC。结论始终要表述为对的关系,绝不能单凭增 长率。 ★ Recap - W1 in five lines 回顾一 一第1周五行要点 ● 价值=未来现金流的现值;内在价值 ≠账面价值 ≠市场价值 。· DCF 是核心;两大驱动因素 -- 现金流与风险。● ,,。● 只有当 ROIC>WACC 时才创造价值;增长会沿着利差所指的方向放大 。· 更高 ROIC 的企业所需再投资更少 → 更多自由现金→更多价值(“价值公司 vs 规模公司”)。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . DCF IN ONE PICTURE DCF VALUATION - THE WHOLE ENGINE IN ONE PICTURE WEEK 2 . THE CORE Discount the cash flows, then bridge to value per share 折现现金流,再桥接到每股价值 the AHA-unit: PV(FCF) + PV(TV) = EV-> - net debt -> equity - per share “恍然大悟”单元:PV(FCF)+ PV(TV)= EV →-净负债→ 股权→ 每股 This single diagram is the spine of the course, the assignment and most of the exam. Left: each forecast free cash flow (and a terminal value) is dragged back to today by dividing by (1 + W ACC)t, and the present values are summed to enterprise value. Right: the EV++equity bridge subtracts net debt and minority interest, adds associates, to reach equity value; divide by shares for value per share. Learn this picture cold. 这张图就是整门课、作业以及大部分考试的主干。左侧:每一笔预测的自由现金流(以及一个终值)通过除以 被拉回今天, 再把各现值加总为企业价值。右侧:EV→股权桥接减去净负债与少数股东权益、加上联营企业,得到股权价值;除以股数得 到每股价值。把这张图烂熟于心。 1 Discount the cash flows FCF (nominal) PV = FCF / (1+WACC) ~+ terminal TV year Sum of PVs = Enterprise Value 2 Bridge to value per share -32 +14 -8[16]Source: asksia-cheatsheet-finm3005.pdfFINM3005 / 6005 Corporate Valuation AUSTRALIAN NATIONAL UNIVERSITY . RSFAS . APPLIED VALUATION EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 Whole-course revision . all topics 0 · Exam Blueprint READ FIRST * One spine runs the whole course: value = the cash a business throws off, discounted for risk . You estimate intrinsic value, then sanity-check it against what the market pays. This is applied valuation - you are a junior analyst; there is no single right number, only a defensible one. Side 1 = the DCF engine (cash flow -> discount rate -> enterprise -> equity). Side 2 = growth, multiples, M&A & the analyst call. Assessment: final exam 60% + group valuation assignment 35% + optional redeemable quiz 5%. Most-tested reflexes: build FCFF from NOPLAT; pick & compute a terminal value; walk the EV-> equity bridge; compute WACC with CAPM & relevered beta; read whether growth creates value (RONIC vs WACC); cross- check DCF with a multiple. --- SIA - Two-line discipline: match the cash flow to its discount rate (FCFF ++WACC, FCFE++Re - never cross them), and always state whether ROIC>WACC before you reward any growth. Markers reward the consistent chain, not the headline number. 1 . The Valuation Mindset W1 Intrinsic value = PV of a company's future cash flows; two broad drivers - cash flow and risk (the discount rate). Keep three "values" distinct: · Fair / intrinsic - what we estimate (PV of cash flows) Value vs price: short-run sentiment moves price; long- run, price tracks value & its drivers (ROIC x growth). FOUR APPROACHES 1. * DCF - PV of free cash flow at a risk-adjusted rate. The course core. 2. Relative / multiples - price off comparable companies 3. Contingent-claim - option pricing (real options); inputs hard 4. Asset-based - liquidation / replacement cost DCF SPINE Value = Σ FCFt : (1+R)+ 1b . The Value-Driver Identity WHOLE COURSE With constant g, WACC and NOPLAT (key value-driver formula): Value = NOPLAT1(1 - g/ROIC) + (WACC - g) = IC x (ROIC - WACC) + (WACC - g)

2）你必须背熟的“定义一句话”（概念题/解释题的直接得分点）

价值（Value）与三种“价值”的区分

• Intrinsic / fair value（内在价值）：我们估计的、未来现金流现值。[15]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library W1 . THE VALUATION MINDSET THE VALUATION MINDSET WEEK 1 . PART I . THE ENGINE What is this asset fundamentally worth? 这项资产从根本上值多少? value vs price . intrinsic / book / market . the four approaches 价值对比价格 · 内在/账面/市场 · 四种方法 Valuation estimates what an asset is fundamentally worth - its intrinsic (fair) value, the present value of the cash it will generate - which is unobservable and must be estimated. Because it is quantitative, students mistake it for objective; it is not. Assumptions dominate. The discipline this course grades is not finding the one right number - it is building a model with integrity: defensible assumptions, internal consistency, and a clear story. You are a junior equity analyst looking for a solution, not the answer. 估值是估计一项资产从根本上值多少 -- 即其内在(公允)价值,也就是它将产生的现金的现值 -- 这是不可观测的,必须被 估计。因为它是定量的,学生误以为它是客观的;其实不然。假设占主导。这门课所考核的能力不是找到那个唯一正确的数字 -- 而是构建一个有完整性的模型:可辩护的假设、内部一致性,以及清晰的叙事。你是一名初级股票分析师,寻找的是一个 解,而非唯一答案。 PV of cash WHAT VALUE IS 价值是什么 intrinsic WHAT WE ESTIMATE 我们所估计的 market THE OBSERVABLE PRICE 可观测的价格 ROIC > WACC THE VALUE TEST 价值检验 1. 1 Three "values" - keep them distinct 1. 1 三种“价值” -- 务必区分清楚 The single most common conceptual slip is conflating these three. They are different numbers measuring different things. 最常见的概念性失误是把这三者混为一谈。它们是衡量不同 事物的不同数字。 "Value" What it is Why it differs Intrinsic / fair PV of future cash flows - what we estimate the target of valuation Book the accounting balance-sheet number historical cost, accounting rules Market the observable traded price[16]Source: asksia-cheatsheet-finm3005.pdfFINM3005 / 6005 Corporate Valuation AUSTRALIAN NATIONAL UNIVERSITY . RSFAS . APPLIED VALUATION EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 Whole-course revision . all topics 0 · Exam Blueprint READ FIRST * One spine runs the whole course: value = the cash a business throws off, discounted for risk . You estimate intrinsic value, then sanity-check it against what the market pays. This is applied valuation - you are a junior analyst; there is no single right number, only a defensible one. Side 1 = the DCF engine (cash flow -> discount rate -> enterprise -> equity). Side 2 = growth, multiples, M&A & the analyst call. Assessment: final exam 60% + group valuation assignment 35% + optional redeemable quiz 5%. Most-tested reflexes: build FCFF from NOPLAT; pick & compute a terminal value; walk the EV-> equity bridge; compute WACC with CAPM & relevered beta; read whether growth creates value (RONIC vs WACC); cross- check DCF with a multiple. --- SIA - Two-line discipline: match the cash flow to its discount rate (FCFF ++WACC, FCFE++Re - never cross them), and always state whether ROIC>WACC before you reward any growth. Markers reward the consistent chain, not the headline number. 1 . The Valuation Mindset W1 Intrinsic value = PV of a company's future cash flows; two broad drivers - cash flow and risk (the discount rate). Keep three "values" distinct: · Fair / intrinsic - what we estimate (PV of cash flows) Value vs price: short-run sentiment moves price; long- run, price tracks value & its drivers (ROIC x growth). FOUR APPROACHES 1. * DCF - PV of free cash flow at a risk-adjusted rate. The course core. 2. Relative / multiples - price off comparable companies 3. Contingent-claim - option pricing (real options); inputs hard 4. Asset-based - liquidation / replacement cost DCF SPINE Value = Σ FCFt : (1+R)+ 1b . The Value-Driver Identity WHOLE COURSE With constant g, WACC and NOPLAT (key value-driver formula): Value = NOPLAT1(1 - g/ROIC) + (WACC - g) = IC x (ROIC - WACC) + (WACC - g)
• Book value（账面价值）：会计报表数，不等于公允价值。[15]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library W1 . THE VALUATION MINDSET THE VALUATION MINDSET WEEK 1 . PART I . THE ENGINE What is this asset fundamentally worth? 这项资产从根本上值多少? value vs price . intrinsic / book / market . the four approaches 价值对比价格 · 内在/账面/市场 · 四种方法 Valuation estimates what an asset is fundamentally worth - its intrinsic (fair) value, the present value of the cash it will generate - which is unobservable and must be estimated. Because it is quantitative, students mistake it for objective; it is not. Assumptions dominate. The discipline this course grades is not finding the one right number - it is building a model with integrity: defensible assumptions, internal consistency, and a clear story. You are a junior equity analyst looking for a solution, not the answer. 估值是估计一项资产从根本上值多少 -- 即其内在(公允)价值,也就是它将产生的现金的现值 -- 这是不可观测的,必须被 估计。因为它是定量的,学生误以为它是客观的;其实不然。假设占主导。这门课所考核的能力不是找到那个唯一正确的数字 -- 而是构建一个有完整性的模型:可辩护的假设、内部一致性,以及清晰的叙事。你是一名初级股票分析师,寻找的是一个 解,而非唯一答案。 PV of cash WHAT VALUE IS 价值是什么 intrinsic WHAT WE ESTIMATE 我们所估计的 market THE OBSERVABLE PRICE 可观测的价格 ROIC > WACC THE VALUE TEST 价值检验 1. 1 Three "values" - keep them distinct 1. 1 三种“价值” -- 务必区分清楚 The single most common conceptual slip is conflating these three. They are different numbers measuring different things. 最常见的概念性失误是把这三者混为一谈。它们是衡量不同 事物的不同数字。 "Value" What it is Why it differs Intrinsic / fair PV of future cash flows - what we estimate the target of valuation Book the accounting balance-sheet number historical cost, accounting rules Market the observable traded price
• Market value（市场价值）：可观察到的交易价格。[15]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library W1 . THE VALUATION MINDSET THE VALUATION MINDSET WEEK 1 . PART I . THE ENGINE What is this asset fundamentally worth? 这项资产从根本上值多少? value vs price . intrinsic / book / market . the four approaches 价值对比价格 · 内在/账面/市场 · 四种方法 Valuation estimates what an asset is fundamentally worth - its intrinsic (fair) value, the present value of the cash it will generate - which is unobservable and must be estimated. Because it is quantitative, students mistake it for objective; it is not. Assumptions dominate. The discipline this course grades is not finding the one right number - it is building a model with integrity: defensible assumptions, internal consistency, and a clear story. You are a junior equity analyst looking for a solution, not the answer. 估值是估计一项资产从根本上值多少 -- 即其内在(公允)价值,也就是它将产生的现金的现值 -- 这是不可观测的,必须被 估计。因为它是定量的,学生误以为它是客观的;其实不然。假设占主导。这门课所考核的能力不是找到那个唯一正确的数字 -- 而是构建一个有完整性的模型:可辩护的假设、内部一致性,以及清晰的叙事。你是一名初级股票分析师,寻找的是一个 解,而非唯一答案。 PV of cash WHAT VALUE IS 价值是什么 intrinsic WHAT WE ESTIMATE 我们所估计的 market THE OBSERVABLE PRICE 可观测的价格 ROIC > WACC THE VALUE TEST 价值检验 1. 1 Three "values" - keep them distinct 1. 1 三种“价值” -- 务必区分清楚 The single most common conceptual slip is conflating these three. They are different numbers measuring different things. 最常见的概念性失误是把这三者混为一谈。它们是衡量不同 事物的不同数字。 "Value" What it is Why it differs Intrinsic / fair PV of future cash flows - what we estimate the target of valuation Book the accounting balance-sheet number historical cost, accounting rules Market the observable traded price
• 经典陷阱：把这三者混为一谈。[15]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library W1 . THE VALUATION MINDSET THE VALUATION MINDSET WEEK 1 . PART I . THE ENGINE What is this asset fundamentally worth? 这项资产从根本上值多少? value vs price . intrinsic / book / market . the four approaches 价值对比价格 · 内在/账面/市场 · 四种方法 Valuation estimates what an asset is fundamentally worth - its intrinsic (fair) value, the present value of the cash it will generate - which is unobservable and must be estimated. Because it is quantitative, students mistake it for objective; it is not. Assumptions dominate. The discipline this course grades is not finding the one right number - it is building a model with integrity: defensible assumptions, internal consistency, and a clear story. You are a junior equity analyst looking for a solution, not the answer. 估值是估计一项资产从根本上值多少 -- 即其内在(公允)价值,也就是它将产生的现金的现值 -- 这是不可观测的,必须被 估计。因为它是定量的,学生误以为它是客观的;其实不然。假设占主导。这门课所考核的能力不是找到那个唯一正确的数字 -- 而是构建一个有完整性的模型:可辩护的假设、内部一致性,以及清晰的叙事。你是一名初级股票分析师,寻找的是一个 解,而非唯一答案。 PV of cash WHAT VALUE IS 价值是什么 intrinsic WHAT WE ESTIMATE 我们所估计的 market THE OBSERVABLE PRICE 可观测的价格 ROIC > WACC THE VALUE TEST 价值检验 1. 1 Three "values" - keep them distinct 1. 1 三种“价值” -- 务必区分清楚 The single most common conceptual slip is conflating these three. They are different numbers measuring different things. 最常见的概念性失误是把这三者混为一谈。它们是衡量不同 事物的不同数字。 "Value" What it is Why it differs Intrinsic / fair PV of future cash flows - what we estimate the target of valuation Book the accounting balance-sheet number historical cost, accounting rules Market the observable traded price

价值创造判据（整门课最常被“几乎原话考”）

• 只有当 $ROIC>WACC$ 才创造价值；若 $ROIC<WACC$，增长越快越糟（增长会放大负利差）。[2]Source: asksia-bible-finm3005-bilingual.pdfA 1 . LEARN the method 1·学方法 You haven't done the topic yet. Read a chapter top to bottom. Every idea opens with a one-line TL;DR, then heading -+ diagram/formula - explainer -+ steps - worked example - trap + recap. The diagrams are original schematics of the standard valuation canon - learn the DCF picture cold. 你还没学过这个主题。把一章从 头读到尾。每个要点都以一行 TL;DR 开头,然后是标题→ 图 示/公式→讲解→步骤→ 例 题→陷阱→小结。图示是标准 估值经典内容的原创示意图 -- 把DCF那张图彻底学透。 B 2 . BUILD the model 2 · 搭模型 You've seen the lecture and a workshop. Cover the worked steps and re-build each one by hand - forecast the FCFF, discount at the WACC, add the terminal value, run the bridge. The assignment is this book applied to a real ASX company; the exam is the same engine on fresh numbers. 你已看过讲座和一次研讨课。遮 住已解出的步骤,逐一动手重建 预测 FCFF,按 WACC 折 现,加上终值,再做桥接。作业 就是把本书应用到一家真实的 ASX 公司上;考试则是同一套引 擎换上全新数字。 C 3 . EXAM 考试 It's revision / study week. The TL;DRs, the trap boxes and the recurring DCF-+equity pattern are your map. The blueprint overleaf shows the weights, the redeemable quiz and the five- step answer shape every valuation problem should follow. 现在是复习/温习周。各处的 TL;DR、陷阱框以及反复出现的 DCF→股权模式,就是你的地 图。下一页的蓝图列出各项权 重、可抵扣的测验,以及每道估 值问题都应遵循的五步答题结 构。 FINM3005/6005 . Corporate Valuation . AskSia Library i The single engine that runs the whole course 驱动整门课的唯一引擎 Master one calculation and the course collapses into a pattern. Every task - a full DCF, a WACC build, a reorganisation, a multiple, a synergy - is the same engine: estimate the free cash flow to all investors, discount it at the cost of capital, add a terminal value, then bridge enterprise value to equity and divide by shares. Wrapped around it is one decision rule - value is created only when ROIC > WACC - and one answer shape the graders reward beat by beat. Internalise the engine and fresh exam numbers cannot surprise you. 掌握一种计算,整门课就坍缩为一个套路。每一项任务 -- 一个完整的DCF、一次 WACC 构建、一次重组、一个倍 数、一次协同 -- 都是同一套引擎:估计流向全体投资者的自由现金流,按资本成本折现,加上终值,然后把企业价值 桥接到股权价值,再除以股数。围绕它的是一条决策法则 -- 只有当 ROIC>WACC 时才创造价值 -- 以及一种评卷人 会逐节拍给分的答题结构。把这套引擎内化,全新的考试数字就无法让你措手不及。 THE SPINE Enterprise Value = ∑ t=1 T FCF CVT (1 + W ACC)t + (1 + W ACC)T ⟶ Equity = EV - net debt -> Equity shares ! The most important strategic fact about FINM3005/6005 关于 FINM3005/6005 最重要的战略事实 The 60% final is closed-book and ungated, and the 5% quiz redeems into it - if you skip the Week-5 quiz or score worse than your exam, that 5% simply rolls onto the exam weight. So a strong exam carries the day, but nothing backstops the exam. Treat the 35% group assignment as exam practice with a longer deadline: building the model is learning the exam. Prioritise the exam engine, and let the assignment forge it. 60% 的期末考试是闭卷且无门槛的,且5% 的测验可抵扣进考试 -- 若你跳过第5周测验,或其分数低于考试分数, 那5% 就直接并入考试权重。因此一场强势的考试足以定乾坤,但没有任何东西为考试兜底。把占35% 的小组作业当 作截止期更长的考试练习:搭建模型本身就是在学习考试内容。优先攻克考试引擎,让作业来锤炼它。 i How this book was built - and the two-layer rule 本书是如何构建的 -- 以及两层规则[8]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library Value = = ! The growth fallacy examiners bait 考官设下的增长谬误诱饵 "The company is growing fast, so it must be creating value. " Wrong. Growth only creates value if the capital funding it earns above the hurdle. High-ROIC firms should prioritise growth; low-ROIC firms should fix ROIC first. Always state the verdict as ROIC vs W ACC, never as the growth rate alone. “这家公司增长很快,所以它一定在创造价值。”错。增 长只有在为其供资的资本回报超过门槛时才创造价 值。高 ROIC 企业应优先增长;低 ROIC 企业应先修 复 ROIC。结论始终要表述为对的关系,绝不能单凭增 长率。 ★ Recap - W1 in five lines 回顾一 一第1周五行要点 ● 价值=未来现金流的现值;内在价值 ≠账面价值 ≠市场价值 。· DCF 是核心;两大驱动因素 -- 现金流与风险。● ,,。● 只有当 ROIC>WACC 时才创造价值;增长会沿着利差所指的方向放大 。· 更高 ROIC 的企业所需再投资更少 → 更多自由现金→更多价值(“价值公司 vs 规模公司”)。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . DCF IN ONE PICTURE DCF VALUATION - THE WHOLE ENGINE IN ONE PICTURE WEEK 2 . THE CORE Discount the cash flows, then bridge to value per share 折现现金流,再桥接到每股价值 the AHA-unit: PV(FCF) + PV(TV) = EV-> - net debt -> equity - per share “恍然大悟”单元:PV(FCF)+ PV(TV)= EV →-净负债→ 股权→ 每股 This single diagram is the spine of the course, the assignment and most of the exam. Left: each forecast free cash flow (and a terminal value) is dragged back to today by dividing by (1 + W ACC)t, and the present values are summed to enterprise value. Right: the EV++equity bridge subtracts net debt and minority interest, adds associates, to reach equity value; divide by shares for value per share. Learn this picture cold. 这张图就是整门课、作业以及大部分考试的主干。左侧:每一笔预测的自由现金流(以及一个终值)通过除以 被拉回今天, 再把各现值加总为企业价值。右侧:EV→股权桥接减去净负债与少数股东权益、加上联营企业,得到股权价值;除以股数得 到每股价值。把这张图烂熟于心。 1 Discount the cash flows FCF (nominal) PV = FCF / (1+WACC) ~+ terminal TV year Sum of PVs = Enterprise Value 2 Bridge to value per share -32 +14 -8[10]Source: asksia-bible-finm3005-bilingual.pdf这些是 AskSia 自编的、关于虚构公司、采用全新整数的问题。它们并非真实的考试/辅导题,也未使用 Coles 案例或示 例报告中的任何数据。标准估值流程是经典通用的;每一个数字都经过手工核验。 01-05 Concept short-answers Q1-Q5 概念简答 Q1 METHOD CHOICE 3 marks Why does the course use enterprise DCF rather than equity DCF or APV as the default? When would you switch to each alternative? FINM3005/6005 . Corporate Valuation . AskSia Library Q2 CONVERGENCE CV RATIONALE 3 marks A classmate always uses the Gordon continuing-value formula with RONIC = 15% forever. Explain why the course's default is the convergence formula CVt = NOPLATt+1/W ACC, and what assumption it encodes. Q3 GROWTH & VALUE 2 marks Aurora Ltd grows revenue 8% p. a. but earns ROIC = 7% against W ACC = 9%. Is its growth creating or destroying value? Justify in one line. Q4 RELATIVE VS DCF 3 marks Give two strengths and two weaknesses of multiple-based valuation relative to DCF, and state why the two methods should roughly agree. 05 MARKET EFFICIENCY 3 marks Under semi-strong efficiency, can fundamental analysis earn abnormal returns on a listed firm? Why is fundamental valuation still essential for a private firm? FINM3005/6005 . Corporate Valuation . AskSia Library Q1-Q5 Worked solutions - concept items 1 Q1. Enterprise DCF discounts FCF (cash to all investors) at WACC, and assumes a stable target capital structure so leverage is implicit - ideal for normal firms. Switch to APV (unlevered FCF + ITS valued separately) when leverage is high/variable (LBOs, infrastructure, tax-loss firms); switch to equity DCF (ke ) for financials, where capital structure is embedded in the cash flow. Q1. 企业 DCF 把 FCF(流向全体投资者的现金)按WACC 折现,并假设稳定目标资本结构,使杠杆隐含其中 -- 适用 于正常企业。当杠杆高/可变时(LBO、基础设施、税损企业)切换到APV(无杠杆 FCF+单独估值的利息税盾 ITS); 为金融机构切换到股权 DCF(),因其资本结构内嵌于现金流中。 2 Q2. The convergence form encodes RONIC = W ACC after the horizon - new investment earns exactly its cost, so growth adds no value beyond the explicit period. This is the default because competition fades excess returns; assuming RONIC = 15% forever asserts a permanent moat, which is rarely defensible. Use Gordon/KVD only with a strong competitive-advantage argument. Q2. 收敛形式编码了视野之后的 RONIC= W ACC -- 新投资恰好赚得其成本,所以在显式期之外增长不增添价值。这 之所以是默认,是因为竞争会消磨超额回报;假设永远持续即断言一条永久护城河,而这鲜有可辩护性。只有在有强有 力的竞争优势论据时才用 Gordon/KVD。 Q3. Destroying value: ROIC = 7% < W ACC = 9%, so each dollar reinvested to grow earns below its cost - faster growth makes it worse, not better. Q3. 摧毁价值:,所以为增长而再投资的每一美元都赚得低于其成本 -- 增长越快越糟,而非越好。 4 Q4. Strengths: fast, fewer assumptions, intuitive, reflect current market mood. Weaknesses: easily misused (bad peers/multiples), inherit market mis-pricing, cannot support sensitivity/scenario analysis. They should agree because every multiple is an implied DCF - both embed growth, risk (WACC), ROIC and leverage; sharp divergence flags an input disagreement to investigate. Q4. 优点:快速、假设更少、直观、反映当前市场情绪。缺点:易被误用(坏的同业/倍数)、继承市场错误定价、无法 支持敏感性/情景分析。它们之所以应当一致,是因为每个倍数都是一个隐含的 DCF -- 两者都内嵌增长、风险 (WACC)、ROIC 与杠杆;显著分歧标示出一处需要调查的输入不一致。 5 Q5. No - semi-strong efficiency means prices already reflect all public info, so fundamental analysis cannot earn abnormal returns on a listed firm. But a private firm / division has no market price, so a fundamental DCF is the only way to estimate value - valuation always pays off there (and for M&A targets). Q5. 不能 -- 半强式有效意味着价格已反映所有公开信息,所以对一家上市企业,基本面分析无法赚取超额收益。但一家 私营企业/事业部没有市场价格,因此基本面 DCF 是估计其价值的唯一途径 -- 估值在那里始终有回报(对M&A 标的 亦然)。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q6-Q7 - PRACTICE BANK (CONT. ) Reorganise - ROIC, and the growth identity 重组 → ROIC,以及增长恒等式 Q6-Q7: rebuild NOPLAT & invested capital then judge value creation; tie g = reinvestment x ROIC Q6-Q7: 重建 NOPLAT 与投入资本,再判断价值创造;用 g = 再投资率 x ROIC 闭环 06 Reorganise - NOPLAT, IC, ROIC Q6 重组 → NOPLAT、IC、ROIC

“方法不是答案”与评分标准

• 考官要的是：假设可辩护 + 内部一致 + sanity-check + 清晰叙事，不是某个“唯一正确数字”。[1]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library ! Large acquisitions sit at the bottom 大型收购位于底部 Big deals usually pay a fat control premium up front - so much of the value created leaks to the target's shareholders. Organic share gains in a growing market beat a splashy acquisition on value-per-dollar most of the time. 大型交易通常会在前期支付一笔丰厚的控制权溢价 -- 所以所创造价值的大部分都漏给了标的方股东。 在增长中的市场里靠有机方式抢占份额,多数时候在 每一美元的价值上都胜过一笔轰动的收购。 R&D CAPITALISATION Adj. earnings = Earnings + R&D current - Amort. of past R& research asset = unamortised portion of all years' R&D - add to book equity & invested capital FINM3005/6005 . Corporate Valuation . AskSia Library AskSia Library STUDY BIBLE . ASKSIA COLLEGE OF BUSINESS & ECONOMICS . RSFAS SEMESTER 1 . 2026 PV (FCF) + PV (TV) EV + equity THE COMPLETE STUDY BIBLE Corporate Valuation 公司估值 DISCOUNT THE CASH FLOWS, BRIDGE TO EQUITY, DEFEND EVERY ASSUMPTION - THE WHOLE COURSE ON ONE ENGINE. 完整双语学习圣经 FINM3005 / FINM6005 . AUSTRALIAN NATIONAL UNIVERSITY 中英双语版 · BILINGUAL EDITION 英文主讲,中文随行 一 考试要点与术语保留英文原词 The final exam is 60% in one closed-book sitting over the ANU exam period, and every topic is examinable - lectures, workshops, tutorials, the quiz and the assignment. It is an applied paper: you sit as a junior equity analyst and are judged on model-building integrity, not a single "right" number. Nearly every problem runs the same engine - PV of free cash flow at the WACC - enterprise value - bridge to equity - per share. This book drills exactly that. Independent study companion. Not affiliated with or endorsed by the Australian National University. Corrections: takedowns@asksia. ai PREFACE HOW TO USE THIS BOOK Method, not memory; a solution, not the answer 方法,而非记忆;一个解,而非唯一答案 LEARN the method - BUILD the model - walk the five-step exam answer shape 学方法 →搭模型→ 走通五步式考试答题结构 This is not a transcript of the lecture decks or a re-run of the KGW Excel labs. It is a self-contained course in the valuation reasoning FINM3005/6005 examines - each idea stated plainly, each method shown on a fully-worked example with our own round numbers, each classic trap flagged. You learn to drive the spreadsheet in the workshops and the group assignment; the exam tests whether you can set up assumptions, build the cash flows, bridge to a per-share value and defend the call. That is what these pages drill. 这不是讲义幻灯片的逐字记录,也不是 KGW Excel 实验的重演。它是一门自成体系的课程,讲授 FINM3005/6005 所考核 的估值推理 -- 每个概念都直白陈述,每种方法都用我们自己的整数在完整算例上演示,每个经典陷阱都被标出。你在研讨课 和小组作业中学会驾驭电子表格;考试则检验你能否设定假设、构建现金流、桥接到每股价值并为判断辩护。这些页面操练的 正是后者。[7]Source: asksia-bible-finm3005-bilingual.pdfWhat it means at the exam A solution, not the answer No single correct number - defensible assumptions win Model-building integrity Internal consistency, sanity checks, a clear story Sit as a junior analyst Audience = professional investors; end on a clear call Always sanity- check ROIC vs WACC, CV as a share of value, triangulate FINM3005/6005 . Corporate Valuation . AskSia Library ★ The exam format - applied valuation, NOT spreadsheet recall 考试形式 -- 应用型估值,而非电子表格的死记硬背 One closed-book written paper. You will not open the KGW model. You will be given a company sketch, accounts, peer multiples and cost-of-capital inputs and asked to set up assumptions, build the cash flows, bridge to a per-share value and recommend. The same skeleton - PV(FCF) at the WACC -+ EV -> equity - per share - powers nearly every problem, alongside short concept items (why enterprise DCF, the convergence-CV rationale, ROIC vs WACC, market efficiency). Walk a full valuation on a fresh company and you have walked the exam. 一场闭卷笔试。你不能翻开 KGW 模型。但你将拿到 一份公司概况、账目、同业倍数与资本成本输入,并 被要求设定假设、构建现金流、桥接到每股价值并给 出建议。同一套骨架一 -按 WACC 折现的 PV(FCF) → EV→股权→每股 -- 驱动着几乎每一道问题, 外加一些概念简答(为何用企业 DCF、收敛型 CV的 理据、ROIC 对 WACC、市场有效性)。走一遍对一家 全新公司的完整估值,你就走过了整场考试。 ✓ The quiz redemption rule - and what it dictates 测验补偿规则 -- 以及它所决定的事 The Week-5 quiz is optional and redeemable: if you don't take it, or your exam % beats your quiz %, the 5% simply rolls into the final exam. Net effect - the exam is effectively ≥60% and the universal backstop, while nothing backstops the exam. The dominant move is to over-invest in exam-style reasoning: drill the DCF engine, write the EV-equity bridge every time, and end every problem with a recommendation. 第5 周测验是可选且可抵扣的:若你不参加,或你的 考试百分比超过测验百分比,那5% 就直接并入期末 考试。净效果是 -- 考试实际上占比≥60% 且是普遍 的兜底,而没有任何东西为考试兜底。占优的做法是 过度投入于考试式推理:反复操练 DCF 引擎,每次都 写出 EV→股权桥接,并在每道题末尾给出建议。 i The five-step valuation answer shape - the rubric for every problem 五步式估值答题结构 -- 每道题的评分准绳 Every strong valuation answer moves through the same five beats. Author every solution this way: (1) Set up assumptions - method, horizon, value drivers, cost-of-capital inputs; flag the fragile ones. (2) Build / compute - forecast FCFF, build the WACC, discount, add the terminal value (default = convergence NOPLAT++1/W ACC). (3) Bridge to equity / per share - value of operations ++ + non-operating assets - EV - - net debt - minorities - equity -+ + shares. (4) Sanity-check / triangulate - ROIC > WACC? CV plausible? cross-check vs multiples. (5) Recommend - Buy / Hold / Sell on a 1-3-year horizon, with what would change the call. 每一份出色的估值答案都走过同样的五个节拍。每份解答都照此撰写:(1)设定假设 -- 方法、视野、价值驱动因素、资 本成本输入;标出脆弱者。(2)构建/计算 -- 预测 FCFF、构建 WACC、折现、加上终值(默认=收敛型)。(3)桥接到 股权/每股 -- 经营价值 →+非经营性资产 →EV→- 净负债 -少数股东权益→ 股权→÷股数。(4)合理性检验/ 三角验证 -- ROIC>WACC? CV 是否可信?与倍数交叉验证。(5)给出建议 -- 以1-3 年视野给出买入/持有/卖出, 并说明什么会改变这一判断。 FINM3005/6005 . Corporate Valuation . AskSia Library CONTENTS - CONTENTS Three parts, one pipeline 三个部分,一条流水线 Build the engine - build the model- cross-check & recommend 搭引擎→搭模型 → 交叉核验并给出建议 Ch Topic Core ideas Part I . The engine (Weeks 1-2)[15]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library W1 . THE VALUATION MINDSET THE VALUATION MINDSET WEEK 1 . PART I . THE ENGINE What is this asset fundamentally worth? 这项资产从根本上值多少? value vs price . intrinsic / book / market . the four approaches 价值对比价格 · 内在/账面/市场 · 四种方法 Valuation estimates what an asset is fundamentally worth - its intrinsic (fair) value, the present value of the cash it will generate - which is unobservable and must be estimated. Because it is quantitative, students mistake it for objective; it is not. Assumptions dominate. The discipline this course grades is not finding the one right number - it is building a model with integrity: defensible assumptions, internal consistency, and a clear story. You are a junior equity analyst looking for a solution, not the answer. 估值是估计一项资产从根本上值多少 -- 即其内在(公允)价值,也就是它将产生的现金的现值 -- 这是不可观测的,必须被 估计。因为它是定量的,学生误以为它是客观的;其实不然。假设占主导。这门课所考核的能力不是找到那个唯一正确的数字 -- 而是构建一个有完整性的模型:可辩护的假设、内部一致性,以及清晰的叙事。你是一名初级股票分析师,寻找的是一个 解,而非唯一答案。 PV of cash WHAT VALUE IS 价值是什么 intrinsic WHAT WE ESTIMATE 我们所估计的 market THE OBSERVABLE PRICE 可观测的价格 ROIC > WACC THE VALUE TEST 价值检验 1. 1 Three "values" - keep them distinct 1. 1 三种“价值” -- 务必区分清楚 The single most common conceptual slip is conflating these three. They are different numbers measuring different things. 最常见的概念性失误是把这三者混为一谈。它们是衡量不同 事物的不同数字。 "Value" What it is Why it differs Intrinsic / fair PV of future cash flows - what we estimate the target of valuation Book the accounting balance-sheet number historical cost, accounting rules Market the observable traded price

3）公式带（你最该背的那一圈：算题必用）

3.1 从经营重组到现金流：NOPLAT / IC / ROIC / FCFF（W3 核心）

NOPLAT（税后经营利润）

• 你会在 cheatsheet 看到的写法：
  • $$NOPLAT = EBITA - \text{operating taxes}$$[19]Source: asksia-cheatsheet-finm3005.pdfEV - net debt etc. equity value + shares value/share vs market Buy/Sell/Hold Formula Belt SIDE 1 FCFF = NOPLAT + non-cash - inv. in IC NOPLAT = EBITA - op. taxes . ROIC = NOPLAT/IC WACC = (E/V)Re + (D/V)Rd(1-T) CAPM: Re = Rf + B(Rm-Rf) . MRP=6% CV = NOPLAT (++1) / (WACC-g) . g = IRxROIC B_e = B_u[1+(1-T)D/E] . EP = IC (ROIC-WACC) asksia. ai/cheatsheet/ anu-finm3005 . side 1/2 AskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 flip - for side 2 . growth, multiples, M&A & the call SIDE 1/2 CAPM . Beta VALUE . The mindset . DCF (FCFF/FCFE) . 6-step enterprise DCF . Terminal value . EV-equity bridge . NOPLAT . ROIC . WACC . REVISION SHEET . ALL TOPICS Compiled by AskSia . mapped to the FINM3005/6005 syllabus . asksia. ai/cheatsheet/anu- finm3005 W3 W2 FINM3005 / 6005
• 关键含义：把融资项（利息等）剥离，留下“经营口径”的利润。[30]Source: asksia-cheatsheet-finm3005.pdfECONOMIC PROFIT - EP = IC x (ROIC - WACC) = NOPLAT - (IC x WACC) EV = IC + PV of all future EP. A positive spread means the period created value; a zero spread means the firm merely earned its cost of capital. The big terminal- value pitfall: a CV that implies RONIC far above WACC forever 6 . NOPLAT & Invested Capital Rebuild profit & capital on an economic basis - strip out financing & non-operating items. NOPLAT Revenue - COGS - deprec. = EBITA NOPLAT = EBITA - operating taxes NOPLAT = taxed operating profit on invested capital. Excludes interest (financing), amortisation of acquired intangibles, & non-operating items. Operating taxes = Tx EBITA; preferred: tax paid + tax shield on debt - tax on non-operating items, all at the marginal rate. INVESTED CAPITAL IC = operating WC + net PP&E + goodwill/intangibles + cap. leases + other LT operating assets Operating WC = current operating assets (ex-excess cash) - current operating liabilities (ex-debt); operating liabilities are netted against operating assets. Excludes non-operating assets. 7 . ROIC - the Core W3 · Metric DIAGNOSTIC Re = Rf + B(Rm - Rf) RETURN ON INVESTED CAPITAL ROIC = NOPLAT + invested capital Directly comparable with WACC (the opportunity cost). Economic profit = IC x (ROIC - WACC) = value created in one period. DUPONT DECOMPOSITION ROIC = (NOPLAT/Revenue) x (Revenue/IC) = operating margin x capital turnover - Why not ROA / ROE? Both commingle operating & non- operating items - ROA includes excess cash; ROE includes the leverage benefit. ROIC isolates operating performance. Over-riding principle: numerator & denominator must be consistent. ROIC trends & peer relativities carry the real information, not the point estimate. 7b . Forecast Integrity W4 Forecast the stock as a % of revenue, then derive the flow. Revenue is the master driver (pricexvolume, or industryxshare); growth fades fast - >5-year high growth is rare. ROIC is the forward-looking sanity check; abnormal ROIC hints at mean reversion. Beware the debt circularity (base interest on prior-year debt).

投入资本（Invested Capital, $IC$）

• 用于做 $ROIC$ 的分母；原则是排除非经营资产。[11]Source: asksia-bible-finm3005-bilingual.pdf3@/alue per share $ A tornado chart ranks what moves the valuation. Each bar swings value from a low to a high input, centred on the base case. WACC and terminal growth g dominate (widest bars at the top); operating assumptions matter less. Test the big levers first -- the answer is most sensitive to the discount rate and the long-run growth rate. 龙卷风图对什么撼动估值做排序。每根条形把价值从一个低输入摆动到一个高输入,以基准情形为中心。WACC 与终值 增长 g 占主导(最宽的条形位于顶部);经营性假设影响较小。先检验大杠杆 -- 答案对折现率与长期增长率最为敏 感。 Q15-016 SOTP & holdings consistency Q15-Q16 SOTP 与持股一致性 Q15 SUM-OF - THE - PARTS 3 marks . concept Orion Ltd has a fast-growing software arm and a slow, capital-heavy logistics arm. Why is a single company- wide WACC inappropriate, and how do you value Orion? Q16 HOLDINGS / MULTIPLE CONSISTENCY 3 marks . concept Pinnacle Ltd's EV includes the market value of a 10% passive stake in another firm, but that stake's income is NOT in Pinnacle's operating EBITA. Its EV/EBITA looks high. What is the bias and the fix? FINM3005/6005 . Corporate Valuation . AskSia Library Q15-Q16 Worked solutions - SOTP & consistency 1 Q15. The two arms differ in growth and risk, so one blended WACC over- discounts the software arm and under-discounts logistics. Value each segment separately - its own WACC from listed single-business peers (unlever - relever at the segment's target leverage), DCF where statements can be built, multiples where data is thin - then sum the segment EVs (+ a negative corporate-centre line, + excess cash, - debt). Flag the conglomerate discount (~90-95% of the standalone sum) when comparing to market cap. Q15. 两项业务在增长与风险上各异,所以单一混合 WACC 会对软件业务折现过度、对物流折现不足。分别为每个板块估 值 -- 从上市单一业务同业取其自身的 WACC(去杠杆→按板块目标杠杆再加杠杆),能搭建报表处用 DCF,数据稀 薄处用倍数 -- 然后加总各板块 EV(+一条负值的公司总部科目,+超额现金,一债务)。在与市值比较时标出集团折 价(约为独立加总的90-95%)。 2 Q16. This is the Case 1 bias: a non-operating investment sits in the numerator (net EV) with no matching operating income in the denominator - the multiple is biased up. Fix: exclude the stake's value from net EV so numerator and denominator both cover the same operations. (The mirror is Case 2: a minority interest excluded from the numerator while its operations sit in consolidated income biases the multiple down - add it back. ) Q16. 这是 Case 1 偏差:一项非经营性投资位于分子(net EV)中,分母里却没有与之匹配的经营收益→倍数被向上偏 置。修正:从 net EV 中剔除该持股的价值,使分子与分母都覆盖同一组经营业务。(镜像情形是 Case 2:一项少数股 东权益被排除在分子之外,而其经营业务却进入合并收益,使倍数被向下偏置→把它加回。) Across all sixteen: state the method, run the five beats, and always end on ROIC vs WACC and a Buy/Hold/Sell tethered to intrinsic value. That skeleton earns the marks even when the arithmetic wobbles. 贯穿全部十六题:陈述方法、走完五个节拍,并始终以 ROIC 对 WACC 以及一个锚定于内在价值的买入/持有/卖出收 尾。即便算术有些晃动,这套骨架也能赚到分数。 FINM3005/6005 . THE PATTERN BEHIND EVERY VALUATION QUESTION FINM3005/6005 . Corporate Valuation . AskSia Library REORG . IC / FCF / ROIC INVESTED CAPITAL, FCF AND ROIC WEEK 3 . CENTREPIECE The denominator, the cash, and the metric that judges the business 分母、现金,以及评判这门生意的指标 IC = operating WC + net PP&E + intangibles + leases . FCF = NOPLAT + non-cash - AIC . ROIC = NOPLAT/IC IC = 经营营运资本+ 净 PP&E+ 无形资产 +租赁 · FCF = NOPLAT+ 非现金 - △IC · ROIC = NOPLAT/IC 3. 2 Invested capital 3. 2 投入资本 The capital the providers have tied up in operations - the denominator of ROIC. Build it bottom-up; exclude non-operating assets. 提供者投入在经营中的资本 -- ROIC 的分母。自下而上构 建;排除非经营资产。 INVESTED CAPITAL[30]Source: asksia-cheatsheet-finm3005.pdfECONOMIC PROFIT - EP = IC x (ROIC - WACC) = NOPLAT - (IC x WACC) EV = IC + PV of all future EP. A positive spread means the period created value; a zero spread means the firm merely earned its cost of capital. The big terminal- value pitfall: a CV that implies RONIC far above WACC forever 6 . NOPLAT & Invested Capital Rebuild profit & capital on an economic basis - strip out financing & non-operating items. NOPLAT Revenue - COGS - deprec. = EBITA NOPLAT = EBITA - operating taxes NOPLAT = taxed operating profit on invested capital. Excludes interest (financing), amortisation of acquired intangibles, & non-operating items. Operating taxes = Tx EBITA; preferred: tax paid + tax shield on debt - tax on non-operating items, all at the marginal rate. INVESTED CAPITAL IC = operating WC + net PP&E + goodwill/intangibles + cap. leases + other LT operating assets Operating WC = current operating assets (ex-excess cash) - current operating liabilities (ex-debt); operating liabilities are netted against operating assets. Excludes non-operating assets. 7 . ROIC - the Core W3 · Metric DIAGNOSTIC Re = Rf + B(Rm - Rf) RETURN ON INVESTED CAPITAL ROIC = NOPLAT + invested capital Directly comparable with WACC (the opportunity cost). Economic profit = IC x (ROIC - WACC) = value created in one period. DUPONT DECOMPOSITION ROIC = (NOPLAT/Revenue) x (Revenue/IC) = operating margin x capital turnover - Why not ROA / ROE? Both commingle operating & non- operating items - ROA includes excess cash; ROE includes the leverage benefit. ROIC isolates operating performance. Over-riding principle: numerator & denominator must be consistent. ROIC trends & peer relativities carry the real information, not the point estimate. 7b . Forecast Integrity W4 Forecast the stock as a % of revenue, then derive the flow. Revenue is the master driver (pricexvolume, or industryxshare); growth fades fast - >5-year high growth is rare. ROIC is the forward-looking sanity check; abnormal ROIC hints at mean reversion. Beware the debt circularity (base interest on prior-year debt).

ROIC（Return on Invested Capital）

• $$ROIC=\frac{NOPLAT}{IC}$$[11]Source: asksia-bible-finm3005-bilingual.pdf3@/alue per share $ A tornado chart ranks what moves the valuation. Each bar swings value from a low to a high input, centred on the base case. WACC and terminal growth g dominate (widest bars at the top); operating assumptions matter less. Test the big levers first -- the answer is most sensitive to the discount rate and the long-run growth rate. 龙卷风图对什么撼动估值做排序。每根条形把价值从一个低输入摆动到一个高输入,以基准情形为中心。WACC 与终值 增长 g 占主导(最宽的条形位于顶部);经营性假设影响较小。先检验大杠杆 -- 答案对折现率与长期增长率最为敏 感。 Q15-016 SOTP & holdings consistency Q15-Q16 SOTP 与持股一致性 Q15 SUM-OF - THE - PARTS 3 marks . concept Orion Ltd has a fast-growing software arm and a slow, capital-heavy logistics arm. Why is a single company- wide WACC inappropriate, and how do you value Orion? Q16 HOLDINGS / MULTIPLE CONSISTENCY 3 marks . concept Pinnacle Ltd's EV includes the market value of a 10% passive stake in another firm, but that stake's income is NOT in Pinnacle's operating EBITA. Its EV/EBITA looks high. What is the bias and the fix? FINM3005/6005 . Corporate Valuation . AskSia Library Q15-Q16 Worked solutions - SOTP & consistency 1 Q15. The two arms differ in growth and risk, so one blended WACC over- discounts the software arm and under-discounts logistics. Value each segment separately - its own WACC from listed single-business peers (unlever - relever at the segment's target leverage), DCF where statements can be built, multiples where data is thin - then sum the segment EVs (+ a negative corporate-centre line, + excess cash, - debt). Flag the conglomerate discount (~90-95% of the standalone sum) when comparing to market cap. Q15. 两项业务在增长与风险上各异,所以单一混合 WACC 会对软件业务折现过度、对物流折现不足。分别为每个板块估 值 -- 从上市单一业务同业取其自身的 WACC(去杠杆→按板块目标杠杆再加杠杆),能搭建报表处用 DCF,数据稀 薄处用倍数 -- 然后加总各板块 EV(+一条负值的公司总部科目,+超额现金,一债务)。在与市值比较时标出集团折 价(约为独立加总的90-95%)。 2 Q16. This is the Case 1 bias: a non-operating investment sits in the numerator (net EV) with no matching operating income in the denominator - the multiple is biased up. Fix: exclude the stake's value from net EV so numerator and denominator both cover the same operations. (The mirror is Case 2: a minority interest excluded from the numerator while its operations sit in consolidated income biases the multiple down - add it back. ) Q16. 这是 Case 1 偏差:一项非经营性投资位于分子(net EV)中,分母里却没有与之匹配的经营收益→倍数被向上偏 置。修正:从 net EV 中剔除该持股的价值,使分子与分母都覆盖同一组经营业务。(镜像情形是 Case 2:一项少数股 东权益被排除在分子之外,而其经营业务却进入合并收益,使倍数被向下偏置→把它加回。) Across all sixteen: state the method, run the five beats, and always end on ROIC vs WACC and a Buy/Hold/Sell tethered to intrinsic value. That skeleton earns the marks even when the arithmetic wobbles. 贯穿全部十六题:陈述方法、走完五个节拍,并始终以 ROIC 对 WACC 以及一个锚定于内在价值的买入/持有/卖出收 尾。即便算术有些晃动,这套骨架也能赚到分数。 FINM3005/6005 . THE PATTERN BEHIND EVERY VALUATION QUESTION FINM3005/6005 . Corporate Valuation . AskSia Library REORG . IC / FCF / ROIC INVESTED CAPITAL, FCF AND ROIC WEEK 3 . CENTREPIECE The denominator, the cash, and the metric that judges the business 分母、现金,以及评判这门生意的指标 IC = operating WC + net PP&E + intangibles + leases . FCF = NOPLAT + non-cash - AIC . ROIC = NOPLAT/IC IC = 经营营运资本+ 净 PP&E+ 无形资产 +租赁 · FCF = NOPLAT+ 非现金 - △IC · ROIC = NOPLAT/IC 3. 2 Invested capital 3. 2 投入资本 The capital the providers have tied up in operations - the denominator of ROIC. Build it bottom-up; exclude non-operating assets. 提供者投入在经营中的资本 -- ROIC 的分母。自下而上构 建;排除非经营资产。 INVESTED CAPITAL[19]Source: asksia-cheatsheet-finm3005.pdfEV - net debt etc. equity value + shares value/share vs market Buy/Sell/Hold Formula Belt SIDE 1 FCFF = NOPLAT + non-cash - inv. in IC NOPLAT = EBITA - op. taxes . ROIC = NOPLAT/IC WACC = (E/V)Re + (D/V)Rd(1-T) CAPM: Re = Rf + B(Rm-Rf) . MRP=6% CV = NOPLAT (++1) / (WACC-g) . g = IRxROIC B_e = B_u[1+(1-T)D/E] . EP = IC (ROIC-WACC) asksia. ai/cheatsheet/ anu-finm3005 . side 1/2 AskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 flip - for side 2 . growth, multiples, M&A & the call SIDE 1/2 CAPM . Beta VALUE . The mindset . DCF (FCFF/FCFE) . 6-step enterprise DCF . Terminal value . EV-equity bridge . NOPLAT . ROIC . WACC . REVISION SHEET . ALL TOPICS Compiled by AskSia . mapped to the FINM3005/6005 syllabus . asksia. ai/cheatsheet/anu- finm3005 W3 W2 FINM3005 / 6005
• 解释：和 $WACC$ 直接可比，是判断价值创造/毁灭的核心指标。[27]Source: asksia-cheatsheet-finm3005.pdf7 . ROIC - the Core W3 · Metric DIAGNOSTIC Re = Rf + B(Rm - Rf) RETURN ON INVESTED CAPITAL ROIC = NOPLAT + invested capital Directly comparable with WACC (the opportunity cost). Economic profit = IC x (ROIC - WACC) = value created in one period. DUPONT DECOMPOSITION ROIC = (NOPLAT/Revenue) x (Revenue/IC) = operating margin x capital turnover - Why not ROA / ROE? Both commingle operating & non- operating items - ROA includes excess cash; ROE includes the leverage benefit. ROIC isolates operating performance. Over-riding principle: numerator & denominator must be consistent. ROIC trends & peer relativities carry the real information, not the point estimate. 7b . Forecast Integrity W4 Forecast the stock as a % of revenue, then derive the flow. Revenue is the master driver (pricexvolume, or industryxshare); growth fades fast - >5-year high growth is rare. ROIC is the forward-looking sanity check; abnormal ROIC hints at mean reversion. Beware the debt circularity (base interest on prior-year debt). 7c . Forecasting the Lines W4 . KGW LOGIC · Revenue - pricexvolume, industryxmarket share, or inflation+real growth; sanity-check against industry capacity Three statements must tie out; under enterprise DCF the capital structure is implicit (constant WACC at target leverage). Overlay Porter's five forces & the competitive fade - don't extrapolate blindly. When funds fall short, plug with balancing debt or excess cash, but check it doesn't break target leverage. 8 . Cost of Capital . WACC W5 The required return of all capital providers = the hurdle / discount rate. Under enterprise DCF that is WACC. WACC (MARKET-VALUE WEIGHTS) WACC = (E/V) . Re + (D/V) . Rd(1-T) V = D + E Principles: consistent with FCFF (covers all providers, same currency, nominal); use a stable target capital structure ; flag the vulnerable inputs for sensitivity. For an all-equity firm WACC = ku = Re. Use market, not book, weights. COST OF DEBT (RD) Rd = YTM of a long-term option-free bond or Rd = Rf + default spread[30]Source: asksia-cheatsheet-finm3005.pdfECONOMIC PROFIT - EP = IC x (ROIC - WACC) = NOPLAT - (IC x WACC) EV = IC + PV of all future EP. A positive spread means the period created value; a zero spread means the firm merely earned its cost of capital. The big terminal- value pitfall: a CV that implies RONIC far above WACC forever 6 . NOPLAT & Invested Capital Rebuild profit & capital on an economic basis - strip out financing & non-operating items. NOPLAT Revenue - COGS - deprec. = EBITA NOPLAT = EBITA - operating taxes NOPLAT = taxed operating profit on invested capital. Excludes interest (financing), amortisation of acquired intangibles, & non-operating items. Operating taxes = Tx EBITA; preferred: tax paid + tax shield on debt - tax on non-operating items, all at the marginal rate. INVESTED CAPITAL IC = operating WC + net PP&E + goodwill/intangibles + cap. leases + other LT operating assets Operating WC = current operating assets (ex-excess cash) - current operating liabilities (ex-debt); operating liabilities are netted against operating assets. Excludes non-operating assets. 7 . ROIC - the Core W3 · Metric DIAGNOSTIC Re = Rf + B(Rm - Rf) RETURN ON INVESTED CAPITAL ROIC = NOPLAT + invested capital Directly comparable with WACC (the opportunity cost). Economic profit = IC x (ROIC - WACC) = value created in one period. DUPONT DECOMPOSITION ROIC = (NOPLAT/Revenue) x (Revenue/IC) = operating margin x capital turnover - Why not ROA / ROE? Both commingle operating & non- operating items - ROA includes excess cash; ROE includes the leverage benefit. ROIC isolates operating performance. Over-riding principle: numerator & denominator must be consistent. ROIC trends & peer relativities carry the real information, not the point estimate. 7b . Forecast Integrity W4 Forecast the stock as a % of revenue, then derive the flow. Revenue is the master driver (pricexvolume, or industryxshare); growth fades fast - >5-year high growth is rare. ROIC is the forward-looking sanity check; abnormal ROIC hints at mean reversion. Beware the debt circularity (base interest on prior-year debt).

FCFF（Free cash flow to the firm）

• $$FCFF = NOPLAT + \text{non-cash} - \Delta IC$$[11]Source: asksia-bible-finm3005-bilingual.pdf3@/alue per share $ A tornado chart ranks what moves the valuation. Each bar swings value from a low to a high input, centred on the base case. WACC and terminal growth g dominate (widest bars at the top); operating assumptions matter less. Test the big levers first -- the answer is most sensitive to the discount rate and the long-run growth rate. 龙卷风图对什么撼动估值做排序。每根条形把价值从一个低输入摆动到一个高输入,以基准情形为中心。WACC 与终值 增长 g 占主导(最宽的条形位于顶部);经营性假设影响较小。先检验大杠杆 -- 答案对折现率与长期增长率最为敏 感。 Q15-016 SOTP & holdings consistency Q15-Q16 SOTP 与持股一致性 Q15 SUM-OF - THE - PARTS 3 marks . concept Orion Ltd has a fast-growing software arm and a slow, capital-heavy logistics arm. Why is a single company- wide WACC inappropriate, and how do you value Orion? Q16 HOLDINGS / MULTIPLE CONSISTENCY 3 marks . concept Pinnacle Ltd's EV includes the market value of a 10% passive stake in another firm, but that stake's income is NOT in Pinnacle's operating EBITA. Its EV/EBITA looks high. What is the bias and the fix? FINM3005/6005 . Corporate Valuation . AskSia Library Q15-Q16 Worked solutions - SOTP & consistency 1 Q15. The two arms differ in growth and risk, so one blended WACC over- discounts the software arm and under-discounts logistics. Value each segment separately - its own WACC from listed single-business peers (unlever - relever at the segment's target leverage), DCF where statements can be built, multiples where data is thin - then sum the segment EVs (+ a negative corporate-centre line, + excess cash, - debt). Flag the conglomerate discount (~90-95% of the standalone sum) when comparing to market cap. Q15. 两项业务在增长与风险上各异,所以单一混合 WACC 会对软件业务折现过度、对物流折现不足。分别为每个板块估 值 -- 从上市单一业务同业取其自身的 WACC(去杠杆→按板块目标杠杆再加杠杆),能搭建报表处用 DCF,数据稀 薄处用倍数 -- 然后加总各板块 EV(+一条负值的公司总部科目,+超额现金,一债务)。在与市值比较时标出集团折 价(约为独立加总的90-95%)。 2 Q16. This is the Case 1 bias: a non-operating investment sits in the numerator (net EV) with no matching operating income in the denominator - the multiple is biased up. Fix: exclude the stake's value from net EV so numerator and denominator both cover the same operations. (The mirror is Case 2: a minority interest excluded from the numerator while its operations sit in consolidated income biases the multiple down - add it back. ) Q16. 这是 Case 1 偏差:一项非经营性投资位于分子(net EV)中,分母里却没有与之匹配的经营收益→倍数被向上偏 置。修正:从 net EV 中剔除该持股的价值,使分子与分母都覆盖同一组经营业务。(镜像情形是 Case 2:一项少数股 东权益被排除在分子之外,而其经营业务却进入合并收益,使倍数被向下偏置→把它加回。) Across all sixteen: state the method, run the five beats, and always end on ROIC vs WACC and a Buy/Hold/Sell tethered to intrinsic value. That skeleton earns the marks even when the arithmetic wobbles. 贯穿全部十六题:陈述方法、走完五个节拍,并始终以 ROIC 对 WACC 以及一个锚定于内在价值的买入/持有/卖出收 尾。即便算术有些晃动,这套骨架也能赚到分数。 FINM3005/6005 . THE PATTERN BEHIND EVERY VALUATION QUESTION FINM3005/6005 . Corporate Valuation . AskSia Library REORG . IC / FCF / ROIC INVESTED CAPITAL, FCF AND ROIC WEEK 3 . CENTREPIECE The denominator, the cash, and the metric that judges the business 分母、现金,以及评判这门生意的指标 IC = operating WC + net PP&E + intangibles + leases . FCF = NOPLAT + non-cash - AIC . ROIC = NOPLAT/IC IC = 经营营运资本+ 净 PP&E+ 无形资产 +租赁 · FCF = NOPLAT+ 非现金 - △IC · ROIC = NOPLAT/IC 3. 2 Invested capital 3. 2 投入资本 The capital the providers have tied up in operations - the denominator of ROIC. Build it bottom-up; exclude non-operating assets. 提供者投入在经营中的资本 -- ROIC 的分母。自下而上构 建;排除非经营资产。 INVESTED CAPITAL[19]Source: asksia-cheatsheet-finm3005.pdfEV - net debt etc. equity value + shares value/share vs market Buy/Sell/Hold Formula Belt SIDE 1 FCFF = NOPLAT + non-cash - inv. in IC NOPLAT = EBITA - op. taxes . ROIC = NOPLAT/IC WACC = (E/V)Re + (D/V)Rd(1-T) CAPM: Re = Rf + B(Rm-Rf) . MRP=6% CV = NOPLAT (++1) / (WACC-g) . g = IRxROIC B_e = B_u[1+(1-T)D/E] . EP = IC (ROIC-WACC) asksia. ai/cheatsheet/ anu-finm3005 . side 1/2 AskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 flip - for side 2 . growth, multiples, M&A & the call SIDE 1/2 CAPM . Beta VALUE . The mindset . DCF (FCFF/FCFE) . 6-step enterprise DCF . Terminal value . EV-equity bridge . NOPLAT . ROIC . WACC . REVISION SHEET . ALL TOPICS Compiled by AskSia . mapped to the FINM3005/6005 syllabus . asksia. ai/cheatsheet/anu- finm3005 W3 W2 FINM3005 / 6005
• 经典陷阱（很贵）：利息的税盾已经在 $WACC$ 里，别再在 FCFF 里扣利息，否则重复计算。[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开[29]Source: asksia-cheatsheet-finm3005.pdf· Fair / intrinsic - what we estimate (PV of cash flows) Value vs price: short-run sentiment moves price; long- run, price tracks value & its drivers (ROIC x growth). FOUR APPROACHES 1. * DCF - PV of free cash flow at a risk-adjusted rate. The course core. 2. Relative / multiples - price off comparable companies 3. Contingent-claim - option pricing (real options); inputs hard 4. Asset-based - liquidation / replacement cost DCF SPINE Value = Σ FCFt : (1+R)+ 1b . The Value-Driver Identity WHOLE COURSE With constant g, WACC and NOPLAT (key value-driver formula): Value = NOPLAT1(1 - g/ROIC) + (WACC - g) = IC x (ROIC - WACC) + (WACC - g) Value is created only when ROIC > WACC. Growth then amplifies value; if ROIC < WACC, growth destroys it. High-ROIC firms should chase growth; low-ROIC firms should fix ROIC first. "Same earnings, different cash flow": for a given g, a higher-ROIC firm reinvests less and so throws off more free cash -> higher value. Risk works the other way - a higher cost of capital lowers value; debt's tax shield trims WACC, but excess leverage lifts it again through distress risk. Pitfall: treating valuation as "objective" because it is quantitative - assumptions dominate the answer. Confusing book / market / intrinsic value, and chasing top-line growth without checking ROIC vs WACC, are the classic first-week errors. 2 . DCF . Free Cash Flow FCFF (to the firm) = cash to all capital providers; the input to the enterprise DCF. FCFF FCFF = NOPLAT + non-cash (deprec. ) - investment in invested capital Subtract: capex, A operating working capital, investment in goodwill/intangibles, A capitalised leases, FX translation. Treat interest as a financing payout, not an expense - its tax effect lives in WACC, not the cash flow (else you double-count). FCFE (to equity) = cash left for shareholders: FCFE FCFE = net income + non-cash - 4 WC - capex - net debt repaid (+ new borrowing) FCFF discounts at WACC > EV; FCFE discounts at Re > equity directly. Course default = FCFF/enterprise DCF (the assignment company has a near-target structure); FCFE is used for financials & behind the dividend/P/E logic. 3 . The 6-Step Enterprise W2 . DCF CORE 1. * Value operations = PV of FCFF over the explicit horizon + PV of continuing value, all at WACC 2. Value non-operating assets separately (excess cash, associates)

3.2 WACC（折现率）与 CAPM（W5 核心）

WACC（市场价值权重）

• $$WACC=\frac{E}{V}R_e+\frac{D}{V}R_d(1-T),\quad V=D+E$$[24]Source: asksia-cheatsheet-finm3005.pdf7c . Forecasting the Lines W4 . KGW LOGIC · Revenue - pricexvolume, industryxmarket share, or inflation+real growth; sanity-check against industry capacity Three statements must tie out; under enterprise DCF the capital structure is implicit (constant WACC at target leverage). Overlay Porter's five forces & the competitive fade - don't extrapolate blindly. When funds fall short, plug with balancing debt or excess cash, but check it doesn't break target leverage. 8 . Cost of Capital . WACC W5 The required return of all capital providers = the hurdle / discount rate. Under enterprise DCF that is WACC. WACC (MARKET-VALUE WEIGHTS) WACC = (E/V) . Re + (D/V) . Rd(1-T) V = D + E Principles: consistent with FCFF (covers all providers, same currency, nominal); use a stable target capital structure ; flag the vulnerable inputs for sensitivity. For an all-equity firm WACC = ku = Re. Use market, not book, weights. COST OF DEBT (RD) Rd = YTM of a long-term option-free bond or Rd = Rf + default spread Spread from the credit rating or, absent one, the interest coverage ratio (EBIT/interest). YTM slightly overstates expected return. 9 . Cost of Equity . CAPM W5 CAPM · Rf - long-term (=10-yr) government bond, to match equity duration · MRP = Rm - Rf - historical = 6% in Australia ; implied = 8% post-COVID (forward-looking) · ß - the only firm-specific input; slope of stock returns regressed on market returns Assignment beta: 104 weekly or 60 monthly returns, rolling. Diagnose outliers & stability. BLOOMBERG ADJ. BETA @_adj = 0. 33 + 0. 67. @_raw 9b · Unlever / Relever Beta W5 . PEERS[27]Source: asksia-cheatsheet-finm3005.pdf7 . ROIC - the Core W3 · Metric DIAGNOSTIC Re = Rf + B(Rm - Rf) RETURN ON INVESTED CAPITAL ROIC = NOPLAT + invested capital Directly comparable with WACC (the opportunity cost). Economic profit = IC x (ROIC - WACC) = value created in one period. DUPONT DECOMPOSITION ROIC = (NOPLAT/Revenue) x (Revenue/IC) = operating margin x capital turnover - Why not ROA / ROE? Both commingle operating & non- operating items - ROA includes excess cash; ROE includes the leverage benefit. ROIC isolates operating performance. Over-riding principle: numerator & denominator must be consistent. ROIC trends & peer relativities carry the real information, not the point estimate. 7b . Forecast Integrity W4 Forecast the stock as a % of revenue, then derive the flow. Revenue is the master driver (pricexvolume, or industryxshare); growth fades fast - >5-year high growth is rare. ROIC is the forward-looking sanity check; abnormal ROIC hints at mean reversion. Beware the debt circularity (base interest on prior-year debt). 7c . Forecasting the Lines W4 . KGW LOGIC · Revenue - pricexvolume, industryxmarket share, or inflation+real growth; sanity-check against industry capacity Three statements must tie out; under enterprise DCF the capital structure is implicit (constant WACC at target leverage). Overlay Porter's five forces & the competitive fade - don't extrapolate blindly. When funds fall short, plug with balancing debt or excess cash, but check it doesn't break target leverage. 8 . Cost of Capital . WACC W5 The required return of all capital providers = the hurdle / discount rate. Under enterprise DCF that is WACC. WACC (MARKET-VALUE WEIGHTS) WACC = (E/V) . Re + (D/V) . Rd(1-T) V = D + E Principles: consistent with FCFF (covers all providers, same currency, nominal); use a stable target capital structure ; flag the vulnerable inputs for sensitivity. For an all-equity firm WACC = ku = Re. Use market, not book, weights. COST OF DEBT (RD) Rd = YTM of a long-term option-free bond or Rd = Rf + default spread
• 必写原则：权重用 market value，不用 book value。[18]Source: asksia-cheatsheet-finm3005.pdf21 . Market Efficiency W10 . CONTEXT · Weak - prices reflect past trades => technical analysis can't beat it Valuation still pays for private firms, divisions & mispriced names. 21b . The Investment W10 . LAND IT Call A clear Buy / Sell / Hold over a 1-3 yr horizon, anchored on your intrinsic value as the expected price. State it up front, make it conditional where appropriate (the contingencies), and back it with: short-term outlook (momentum, sentiment), a business-model/strategy view, and a peer comparison (P/E, EV/EBITA). Tie the call to the number - a recommendation untethered from intrinsic value scores poorly, and don't confuse short- term price momentum with fundamental value. 22 . Exam Traps DON'T LOSE MARKS . FCFF>WACC vs FCFE> Re - never cross the cash flow with the wrong rate WACC weights = market, not book --- SIA > Half the marks are "show the chain": NOPLAT - ROIC vs WACC - FCFF + CV - EV + bridge - per share, then cross-check with a multiple. Method marks survive even when a number slips - always write the working, and state your assumptions. Formula Belt SIDE 2 | g = IR x ROIC . grow value iff RONIC>WACC P/E driver: payout(1+g)/ (Re-g) EV/EBIT: (1+g)(1-T)(1-g/ROIC)/(WACC-g) net EV = E + D - excess cash - non-op M&A: V_AB = V_A+V_B+AV . NPV = synergy-premium ER = P_Β/P_Α · TRS = %ΔΕ + %Δ (Ρ/Ε) + div yld asksia. ai/cheatsheet/ anu-finm3005 . side 2/2 AskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 good luck. value it, then defend it. MATTERS A B REVISION SHEET . ALL TOPICS W10[24]Source: asksia-cheatsheet-finm3005.pdf7c . Forecasting the Lines W4 . KGW LOGIC · Revenue - pricexvolume, industryxmarket share, or inflation+real growth; sanity-check against industry capacity Three statements must tie out; under enterprise DCF the capital structure is implicit (constant WACC at target leverage). Overlay Porter's five forces & the competitive fade - don't extrapolate blindly. When funds fall short, plug with balancing debt or excess cash, but check it doesn't break target leverage. 8 . Cost of Capital . WACC W5 The required return of all capital providers = the hurdle / discount rate. Under enterprise DCF that is WACC. WACC (MARKET-VALUE WEIGHTS) WACC = (E/V) . Re + (D/V) . Rd(1-T) V = D + E Principles: consistent with FCFF (covers all providers, same currency, nominal); use a stable target capital structure ; flag the vulnerable inputs for sensitivity. For an all-equity firm WACC = ku = Re. Use market, not book, weights. COST OF DEBT (RD) Rd = YTM of a long-term option-free bond or Rd = Rf + default spread Spread from the credit rating or, absent one, the interest coverage ratio (EBIT/interest). YTM slightly overstates expected return. 9 . Cost of Equity . CAPM W5 CAPM · Rf - long-term (=10-yr) government bond, to match equity duration · MRP = Rm - Rf - historical = 6% in Australia ; implied = 8% post-COVID (forward-looking) · ß - the only firm-specific input; slope of stock returns regressed on market returns Assignment beta: 104 weekly or 60 monthly returns, rolling. Diagnose outliers & stability. BLOOMBERG ADJ. BETA @_adj = 0. 33 + 0. 67. @_raw 9b · Unlever / Relever Beta W5 . PEERS

CAPM（cost of equity）

• $$R_e=R_f+\beta (R_m-R_f)$$[19]Source: asksia-cheatsheet-finm3005.pdfEV - net debt etc. equity value + shares value/share vs market Buy/Sell/Hold Formula Belt SIDE 1 FCFF = NOPLAT + non-cash - inv. in IC NOPLAT = EBITA - op. taxes . ROIC = NOPLAT/IC WACC = (E/V)Re + (D/V)Rd(1-T) CAPM: Re = Rf + B(Rm-Rf) . MRP=6% CV = NOPLAT (++1) / (WACC-g) . g = IRxROIC B_e = B_u[1+(1-T)D/E] . EP = IC (ROIC-WACC) asksia. ai/cheatsheet/ anu-finm3005 . side 1/2 AskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 flip - for side 2 . growth, multiples, M&A & the call SIDE 1/2 CAPM . Beta VALUE . The mindset . DCF (FCFF/FCFE) . 6-step enterprise DCF . Terminal value . EV-equity bridge . NOPLAT . ROIC . WACC . REVISION SHEET . ALL TOPICS Compiled by AskSia . mapped to the FINM3005/6005 syllabus . asksia. ai/cheatsheet/anu- finm3005 W3 W2 FINM3005 / 6005[24]Source: asksia-cheatsheet-finm3005.pdf7c . Forecasting the Lines W4 . KGW LOGIC · Revenue - pricexvolume, industryxmarket share, or inflation+real growth; sanity-check against industry capacity Three statements must tie out; under enterprise DCF the capital structure is implicit (constant WACC at target leverage). Overlay Porter's five forces & the competitive fade - don't extrapolate blindly. When funds fall short, plug with balancing debt or excess cash, but check it doesn't break target leverage. 8 . Cost of Capital . WACC W5 The required return of all capital providers = the hurdle / discount rate. Under enterprise DCF that is WACC. WACC (MARKET-VALUE WEIGHTS) WACC = (E/V) . Re + (D/V) . Rd(1-T) V = D + E Principles: consistent with FCFF (covers all providers, same currency, nominal); use a stable target capital structure ; flag the vulnerable inputs for sensitivity. For an all-equity firm WACC = ku = Re. Use market, not book, weights. COST OF DEBT (RD) Rd = YTM of a long-term option-free bond or Rd = Rf + default spread Spread from the credit rating or, absent one, the interest coverage ratio (EBIT/interest). YTM slightly overstates expected return. 9 . Cost of Equity . CAPM W5 CAPM · Rf - long-term (=10-yr) government bond, to match equity duration · MRP = Rm - Rf - historical = 6% in Australia ; implied = 8% post-COVID (forward-looking) · ß - the only firm-specific input; slope of stock returns regressed on market returns Assignment beta: 104 weekly or 60 monthly returns, rolling. Diagnose outliers & stability. BLOOMBERG ADJ. BETA @_adj = 0. 33 + 0. 67. @_raw 9b · Unlever / Relever Beta W5 . PEERS
• 材料里也提醒：$R_f$ 取长期政府债以匹配久期；MRP 口径要一致。[24]Source: asksia-cheatsheet-finm3005.pdf7c . Forecasting the Lines W4 . KGW LOGIC · Revenue - pricexvolume, industryxmarket share, or inflation+real growth; sanity-check against industry capacity Three statements must tie out; under enterprise DCF the capital structure is implicit (constant WACC at target leverage). Overlay Porter's five forces & the competitive fade - don't extrapolate blindly. When funds fall short, plug with balancing debt or excess cash, but check it doesn't break target leverage. 8 . Cost of Capital . WACC W5 The required return of all capital providers = the hurdle / discount rate. Under enterprise DCF that is WACC. WACC (MARKET-VALUE WEIGHTS) WACC = (E/V) . Re + (D/V) . Rd(1-T) V = D + E Principles: consistent with FCFF (covers all providers, same currency, nominal); use a stable target capital structure ; flag the vulnerable inputs for sensitivity. For an all-equity firm WACC = ku = Re. Use market, not book, weights. COST OF DEBT (RD) Rd = YTM of a long-term option-free bond or Rd = Rf + default spread Spread from the credit rating or, absent one, the interest coverage ratio (EBIT/interest). YTM slightly overstates expected return. 9 . Cost of Equity . CAPM W5 CAPM · Rf - long-term (=10-yr) government bond, to match equity duration · MRP = Rm - Rf - historical = 6% in Australia ; implied = 8% post-COVID (forward-looking) · ß - the only firm-specific input; slope of stock returns regressed on market returns Assignment beta: 104 weekly or 60 monthly returns, rolling. Diagnose outliers & stability. BLOOMBERG ADJ. BETA @_adj = 0. 33 + 0. 67. @_raw 9b · Unlever / Relever Beta W5 . PEERS

去杠杆/再加杠杆 beta（Hamada，常考陷阱）

• $$\beta_{e}=\beta_{u}\left[1+(1-T)\frac{D}{E}\right]$$[19]Source: asksia-cheatsheet-finm3005.pdfEV - net debt etc. equity value + shares value/share vs market Buy/Sell/Hold Formula Belt SIDE 1 FCFF = NOPLAT + non-cash - inv. in IC NOPLAT = EBITA - op. taxes . ROIC = NOPLAT/IC WACC = (E/V)Re + (D/V)Rd(1-T) CAPM: Re = Rf + B(Rm-Rf) . MRP=6% CV = NOPLAT (++1) / (WACC-g) . g = IRxROIC B_e = B_u[1+(1-T)D/E] . EP = IC (ROIC-WACC) asksia. ai/cheatsheet/ anu-finm3005 . side 1/2 AskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 flip - for side 2 . growth, multiples, M&A & the call SIDE 1/2 CAPM . Beta VALUE . The mindset . DCF (FCFF/FCFE) . 6-step enterprise DCF . Terminal value . EV-equity bridge . NOPLAT . ROIC . WACC . REVISION SHEET . ALL TOPICS Compiled by AskSia . mapped to the FINM3005/6005 syllabus . asksia. ai/cheatsheet/anu- finm3005 W3 W2 FINM3005 / 6005[26]Source: asksia-cheatsheet-finm3005.pdfEquity betas aren't comparable across peers with different leverage - unlever first, then relever at the target's own D/E. HAMADA (B_DEBT = 0) @_levered = B_u[1 + (1-T) . D/E] B_U = @_e + [1 + (1-T) . D/E] Two steps: (1) unlever each comparable's ß_e >> average to the business @_u; (2) relever to the firm's D/E -> its ß_e -> feed CAPM > WACC. LEVERED COST OF EQUITY Re = ku + (1-T) (D/E) (ku - Rd) Use the same comparable-beta machinery for divisions, private firms & IPOs that have no traded beta of their own. 9c · Capital-Structure Weights W5 . TARGET Prefer an assumed target structure (stable leverage -> stable WACC -> implicit forecasting). Current leverage is unsuitable unless already near target. NET DEBT (MARKET VALUES) = short + long-term debt + lease liabilities + pension deficit - excess cash Take the lead from management behaviour and comparable-firm leverage; keep currency & duration consistent with Rf and the MRP. Watch the classic errors: book weights instead of market; a single noisy regression beta with no diagnostics; using current leverage when it's far from target; forgetting leases & pensions in net debt. 10 · Worked · Mini- DCF PUT IT TOGETHER Setup: NOPLAT, = 100, ROIC = 15%, g = 4%, WACC = 9% (figures illustrative - no course numbers). Reinvestment: IR = g/ROIC = 4/15 = 27%. FCFF, = NOPLAT,(1 - g/ROIC) = 100(1 - 0. 27) = 73. Value of operations (constant-growth, value-driver form): = 73+(0. 09-0. 04) = 1,460 . Convergence check (RONIC->WACC): NOPLAT,/WACC = 100/0. 09 = 1,111 - lower, because it credits no excess returns on new capital. The 1,460 vs 1,111 gap is the PV of the firm's excess returns on growth. SIA > The gap between the two terminal methods is the value of expected excess returns. If you can't defend RONIC>WACC forever, use convergence - examiners probe exactly this assumption. 10b . Worked . WACC BUILD IT Rf = 4%, ß = 1. 1, MRP = 6% => Re =4+1. 1×6 = 10. 6%. Rd = 5%, T = 30% => after-tax = 5×0. 7 = 3. 5%. Weights E/V = 70%, D/V = 30%: WACC = 0. 7x10. 6+0. 3×3. 5=8. 5%. Halve the equity weight (more debt) and WACC falls via the tax shield - until distress risk lifts Rd & Re again. 10c · Worked . Equity Bridge
• 关键一句话：去杠杆的目的，是拿到“业务风险”；然后要按“你自己的公司目标杠杆”再加杠杆，不是直接平均同业的原始 equity beta。[17]Source: asksia-bible-finm3005-bilingual.pdf! Relever to YOUR firm, not the peer's leverage 向你自己的公司重新加杠杆,而非同业的杠杆 The whole point of unlevering is to recover the shared business risk; you then relever to Glacier's own target D/E. Skipping the unlever step and averaging raw equity betas mixes in the peers' financial risk - a common, costly error. 去杠杆的全部用意,是为了还原共享的业务风险;随后你再加杠杆到 Glacier 自己的目标 D/E。跳过去杠杆这步、直接 对原始股权贝塔取平均,会把同业的财务风险混进来 -- 一个常见且代价高昂的错误。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q9 . DCF PRACTICE BANK (CONT. ) The centrepiece - a full enterprise DCF 重头戏 -- 一个完整的企业 DCF Q9: FCFF- discount at WACC -> continuing value - EV- bridge to equity - per share - recommend Q9: FCFF→以 WACC 折现→ 持续价值 → EV→ 桥接到股权→每股→ 给出建议 09 Full enterprise DCF, end to end Q9 端到端的完整企业 DCF Q9 ENTERPRISE DCF 10 marks . CENTREPIECE Value Harbour Ltd per share and issue a recommendation. Use the inputs below; round PVs sensibly and show the EV++equity bridge. Harbour Ltd - enterprise DCF inputs Explicit FCFF, years 1-5 ($m) 40, 44, 48, 52, 56 WACC 10% Terminal-year (yr 6) NOPLAT $66m Long-run growth g 2% Continuing-value method convergence (default) Excess cash (non-operating) $30m Net debt (market value) $180m Minority interest[26]Source: asksia-cheatsheet-finm3005.pdfEquity betas aren't comparable across peers with different leverage - unlever first, then relever at the target's own D/E. HAMADA (B_DEBT = 0) @_levered = B_u[1 + (1-T) . D/E] B_U = @_e + [1 + (1-T) . D/E] Two steps: (1) unlever each comparable's ß_e >> average to the business @_u; (2) relever to the firm's D/E -> its ß_e -> feed CAPM > WACC. LEVERED COST OF EQUITY Re = ku + (1-T) (D/E) (ku - Rd) Use the same comparable-beta machinery for divisions, private firms & IPOs that have no traded beta of their own. 9c · Capital-Structure Weights W5 . TARGET Prefer an assumed target structure (stable leverage -> stable WACC -> implicit forecasting). Current leverage is unsuitable unless already near target. NET DEBT (MARKET VALUES) = short + long-term debt + lease liabilities + pension deficit - excess cash Take the lead from management behaviour and comparable-firm leverage; keep currency & duration consistent with Rf and the MRP. Watch the classic errors: book weights instead of market; a single noisy regression beta with no diagnostics; using current leverage when it's far from target; forgetting leases & pensions in net debt. 10 · Worked · Mini- DCF PUT IT TOGETHER Setup: NOPLAT, = 100, ROIC = 15%, g = 4%, WACC = 9% (figures illustrative - no course numbers). Reinvestment: IR = g/ROIC = 4/15 = 27%. FCFF, = NOPLAT,(1 - g/ROIC) = 100(1 - 0. 27) = 73. Value of operations (constant-growth, value-driver form): = 73+(0. 09-0. 04) = 1,460 . Convergence check (RONIC->WACC): NOPLAT,/WACC = 100/0. 09 = 1,111 - lower, because it credits no excess returns on new capital. The 1,460 vs 1,111 gap is the PV of the firm's excess returns on growth. SIA > The gap between the two terminal methods is the value of expected excess returns. If you can't defend RONIC>WACC forever, use convergence - examiners probe exactly this assumption. 10b . Worked . WACC BUILD IT Rf = 4%, ß = 1. 1, MRP = 6% => Re =4+1. 1×6 = 10. 6%. Rd = 5%, T = 30% => after-tax = 5×0. 7 = 3. 5%. Weights E/V = 70%, D/V = 30%: WACC = 0. 7x10. 6+0. 3×3. 5=8. 5%. Halve the equity weight (more debt) and WACC falls via the tax shield - until distress risk lifts Rd & Re again. 10c · Worked . Equity Bridge

3.3 终值/持续价值（CV/TV）（W2/W6 核心，最容易被追问假设）

材料给的默认逻辑：Convergence CV（收敛型，课程默认）

• 典型形式：
  • $$CV_T=\frac{NOPLAT_{T+1}}{WACC}$$（收敛法编码 $RONIC \to WACC$：显式期后新增投资只赚到资本成本，超额回报被竞争消磨）。[10]Source: asksia-bible-finm3005-bilingual.pdf这些是 AskSia 自编的、关于虚构公司、采用全新整数的问题。它们并非真实的考试/辅导题,也未使用 Coles 案例或示 例报告中的任何数据。标准估值流程是经典通用的;每一个数字都经过手工核验。 01-05 Concept short-answers Q1-Q5 概念简答 Q1 METHOD CHOICE 3 marks Why does the course use enterprise DCF rather than equity DCF or APV as the default? When would you switch to each alternative? FINM3005/6005 . Corporate Valuation . AskSia Library Q2 CONVERGENCE CV RATIONALE 3 marks A classmate always uses the Gordon continuing-value formula with RONIC = 15% forever. Explain why the course's default is the convergence formula CVt = NOPLATt+1/W ACC, and what assumption it encodes. Q3 GROWTH & VALUE 2 marks Aurora Ltd grows revenue 8% p. a. but earns ROIC = 7% against W ACC = 9%. Is its growth creating or destroying value? Justify in one line. Q4 RELATIVE VS DCF 3 marks Give two strengths and two weaknesses of multiple-based valuation relative to DCF, and state why the two methods should roughly agree. 05 MARKET EFFICIENCY 3 marks Under semi-strong efficiency, can fundamental analysis earn abnormal returns on a listed firm? Why is fundamental valuation still essential for a private firm? FINM3005/6005 . Corporate Valuation . AskSia Library Q1-Q5 Worked solutions - concept items 1 Q1. Enterprise DCF discounts FCF (cash to all investors) at WACC, and assumes a stable target capital structure so leverage is implicit - ideal for normal firms. Switch to APV (unlevered FCF + ITS valued separately) when leverage is high/variable (LBOs, infrastructure, tax-loss firms); switch to equity DCF (ke ) for financials, where capital structure is embedded in the cash flow. Q1. 企业 DCF 把 FCF(流向全体投资者的现金)按WACC 折现,并假设稳定目标资本结构,使杠杆隐含其中 -- 适用 于正常企业。当杠杆高/可变时(LBO、基础设施、税损企业)切换到APV(无杠杆 FCF+单独估值的利息税盾 ITS); 为金融机构切换到股权 DCF(),因其资本结构内嵌于现金流中。 2 Q2. The convergence form encodes RONIC = W ACC after the horizon - new investment earns exactly its cost, so growth adds no value beyond the explicit period. This is the default because competition fades excess returns; assuming RONIC = 15% forever asserts a permanent moat, which is rarely defensible. Use Gordon/KVD only with a strong competitive-advantage argument. Q2. 收敛形式编码了视野之后的 RONIC= W ACC -- 新投资恰好赚得其成本,所以在显式期之外增长不增添价值。这 之所以是默认,是因为竞争会消磨超额回报;假设永远持续即断言一条永久护城河,而这鲜有可辩护性。只有在有强有 力的竞争优势论据时才用 Gordon/KVD。 Q3. Destroying value: ROIC = 7% < W ACC = 9%, so each dollar reinvested to grow earns below its cost - faster growth makes it worse, not better. Q3. 摧毁价值:,所以为增长而再投资的每一美元都赚得低于其成本 -- 增长越快越糟,而非越好。 4 Q4. Strengths: fast, fewer assumptions, intuitive, reflect current market mood. Weaknesses: easily misused (bad peers/multiples), inherit market mis-pricing, cannot support sensitivity/scenario analysis. They should agree because every multiple is an implied DCF - both embed growth, risk (WACC), ROIC and leverage; sharp divergence flags an input disagreement to investigate. Q4. 优点:快速、假设更少、直观、反映当前市场情绪。缺点:易被误用(坏的同业/倍数)、继承市场错误定价、无法 支持敏感性/情景分析。它们之所以应当一致,是因为每个倍数都是一个隐含的 DCF -- 两者都内嵌增长、风险 (WACC)、ROIC 与杠杆;显著分歧标示出一处需要调查的输入不一致。 5 Q5. No - semi-strong efficiency means prices already reflect all public info, so fundamental analysis cannot earn abnormal returns on a listed firm. But a private firm / division has no market price, so a fundamental DCF is the only way to estimate value - valuation always pays off there (and for M&A targets). Q5. 不能 -- 半强式有效意味着价格已反映所有公开信息,所以对一家上市企业,基本面分析无法赚取超额收益。但一家 私营企业/事业部没有市场价格,因此基本面 DCF 是估计其价值的唯一途径 -- 估值在那里始终有回报(对M&A 标的 亦然)。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q6-Q7 - PRACTICE BANK (CONT. ) Reorganise - ROIC, and the growth identity 重组 → ROIC,以及增长恒等式 Q6-Q7: rebuild NOPLAT & invested capital then judge value creation; tie g = reinvestment x ROIC Q6-Q7: 重建 NOPLAT 与投入资本,再判断价值创造;用 g = 再投资率 x ROIC 闭环 06 Reorganise - NOPLAT, IC, ROIC Q6 重组 → NOPLAT、IC、ROIC
• 为什么默认：因为“永久维持高 $RONIC$”通常不可辩护。[10]Source: asksia-bible-finm3005-bilingual.pdf这些是 AskSia 自编的、关于虚构公司、采用全新整数的问题。它们并非真实的考试/辅导题,也未使用 Coles 案例或示 例报告中的任何数据。标准估值流程是经典通用的;每一个数字都经过手工核验。 01-05 Concept short-answers Q1-Q5 概念简答 Q1 METHOD CHOICE 3 marks Why does the course use enterprise DCF rather than equity DCF or APV as the default? When would you switch to each alternative? FINM3005/6005 . Corporate Valuation . AskSia Library Q2 CONVERGENCE CV RATIONALE 3 marks A classmate always uses the Gordon continuing-value formula with RONIC = 15% forever. Explain why the course's default is the convergence formula CVt = NOPLATt+1/W ACC, and what assumption it encodes. Q3 GROWTH & VALUE 2 marks Aurora Ltd grows revenue 8% p. a. but earns ROIC = 7% against W ACC = 9%. Is its growth creating or destroying value? Justify in one line. Q4 RELATIVE VS DCF 3 marks Give two strengths and two weaknesses of multiple-based valuation relative to DCF, and state why the two methods should roughly agree. 05 MARKET EFFICIENCY 3 marks Under semi-strong efficiency, can fundamental analysis earn abnormal returns on a listed firm? Why is fundamental valuation still essential for a private firm? FINM3005/6005 . Corporate Valuation . AskSia Library Q1-Q5 Worked solutions - concept items 1 Q1. Enterprise DCF discounts FCF (cash to all investors) at WACC, and assumes a stable target capital structure so leverage is implicit - ideal for normal firms. Switch to APV (unlevered FCF + ITS valued separately) when leverage is high/variable (LBOs, infrastructure, tax-loss firms); switch to equity DCF (ke ) for financials, where capital structure is embedded in the cash flow. Q1. 企业 DCF 把 FCF(流向全体投资者的现金)按WACC 折现,并假设稳定目标资本结构,使杠杆隐含其中 -- 适用 于正常企业。当杠杆高/可变时(LBO、基础设施、税损企业)切换到APV(无杠杆 FCF+单独估值的利息税盾 ITS); 为金融机构切换到股权 DCF(),因其资本结构内嵌于现金流中。 2 Q2. The convergence form encodes RONIC = W ACC after the horizon - new investment earns exactly its cost, so growth adds no value beyond the explicit period. This is the default because competition fades excess returns; assuming RONIC = 15% forever asserts a permanent moat, which is rarely defensible. Use Gordon/KVD only with a strong competitive-advantage argument. Q2. 收敛形式编码了视野之后的 RONIC= W ACC -- 新投资恰好赚得其成本,所以在显式期之外增长不增添价值。这 之所以是默认,是因为竞争会消磨超额回报;假设永远持续即断言一条永久护城河,而这鲜有可辩护性。只有在有强有 力的竞争优势论据时才用 Gordon/KVD。 Q3. Destroying value: ROIC = 7% < W ACC = 9%, so each dollar reinvested to grow earns below its cost - faster growth makes it worse, not better. Q3. 摧毁价值:,所以为增长而再投资的每一美元都赚得低于其成本 -- 增长越快越糟,而非越好。 4 Q4. Strengths: fast, fewer assumptions, intuitive, reflect current market mood. Weaknesses: easily misused (bad peers/multiples), inherit market mis-pricing, cannot support sensitivity/scenario analysis. They should agree because every multiple is an implied DCF - both embed growth, risk (WACC), ROIC and leverage; sharp divergence flags an input disagreement to investigate. Q4. 优点:快速、假设更少、直观、反映当前市场情绪。缺点:易被误用(坏的同业/倍数)、继承市场错误定价、无法 支持敏感性/情景分析。它们之所以应当一致,是因为每个倍数都是一个隐含的 DCF -- 两者都内嵌增长、风险 (WACC)、ROIC 与杠杆;显著分歧标示出一处需要调查的输入不一致。 5 Q5. No - semi-strong efficiency means prices already reflect all public info, so fundamental analysis cannot earn abnormal returns on a listed firm. But a private firm / division has no market price, so a fundamental DCF is the only way to estimate value - valuation always pays off there (and for M&A targets). Q5. 不能 -- 半强式有效意味着价格已反映所有公开信息,所以对一家上市企业,基本面分析无法赚取超额收益。但一家 私营企业/事业部没有市场价格,因此基本面 DCF 是估计其价值的唯一途径 -- 估值在那里始终有回报(对M&A 标的 亦然)。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q6-Q7 - PRACTICE BANK (CONT. ) Reorganise - ROIC, and the growth identity 重组 → ROIC,以及增长恒等式 Q6-Q7: rebuild NOPLAT & invested capital then judge value creation; tie g = reinvestment x ROIC Q6-Q7: 重建 NOPLAT 与投入资本,再判断价值创造;用 g = 再投资率 x ROIC 闭环 06 Reorganise - NOPLAT, IC, ROIC Q6 重组 → NOPLAT、IC、ROIC[21]Source: asksia-cheatsheet-finm3005.pdfTake the lead from management behaviour and comparable-firm leverage; keep currency & duration consistent with Rf and the MRP. Watch the classic errors: book weights instead of market; a single noisy regression beta with no diagnostics; using current leverage when it's far from target; forgetting leases & pensions in net debt. 10 · Worked · Mini- DCF PUT IT TOGETHER Setup: NOPLAT, = 100, ROIC = 15%, g = 4%, WACC = 9% (figures illustrative - no course numbers). Reinvestment: IR = g/ROIC = 4/15 = 27%. FCFF, = NOPLAT,(1 - g/ROIC) = 100(1 - 0. 27) = 73. Value of operations (constant-growth, value-driver form): = 73+(0. 09-0. 04) = 1,460 . Convergence check (RONIC->WACC): NOPLAT,/WACC = 100/0. 09 = 1,111 - lower, because it credits no excess returns on new capital. The 1,460 vs 1,111 gap is the PV of the firm's excess returns on growth. SIA > The gap between the two terminal methods is the value of expected excess returns. If you can't defend RONIC>WACC forever, use convergence - examiners probe exactly this assumption. 10b . Worked . WACC BUILD IT Rf = 4%, ß = 1. 1, MRP = 6% => Re =4+1. 1×6 = 10. 6%. Rd = 5%, T = 30% => after-tax = 5×0. 7 = 3. 5%. Weights E/V = 70%, D/V = 30%: WACC = 0. 7x10. 6+0. 3×3. 5=8. 5%. Halve the equity weight (more debt) and WACC falls via the tax shield - until distress risk lifts Rd & Re again. 10c · Worked . Equity Bridge EV - PER SHARE From a value of operations of 1,460 (above): ITEM $ Value of operations 1,460 + non-op assets +40 = Enterprise value 1,500

Gordon/增长型 CV（你可以用，但必须能辩护）

• cheatsheet 给的形式：
  • $$CV=\frac{NOPLAT_{T+1}}{WACC-g}$$[19]Source: asksia-cheatsheet-finm3005.pdfEV - net debt etc. equity value + shares value/share vs market Buy/Sell/Hold Formula Belt SIDE 1 FCFF = NOPLAT + non-cash - inv. in IC NOPLAT = EBITA - op. taxes . ROIC = NOPLAT/IC WACC = (E/V)Re + (D/V)Rd(1-T) CAPM: Re = Rf + B(Rm-Rf) . MRP=6% CV = NOPLAT (++1) / (WACC-g) . g = IRxROIC B_e = B_u[1+(1-T)D/E] . EP = IC (ROIC-WACC) asksia. ai/cheatsheet/ anu-finm3005 . side 1/2 AskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 flip - for side 2 . growth, multiples, M&A & the call SIDE 1/2 CAPM . Beta VALUE . The mindset . DCF (FCFF/FCFE) . 6-step enterprise DCF . Terminal value . EV-equity bridge . NOPLAT . ROIC . WACC . REVISION SHEET . ALL TOPICS Compiled by AskSia . mapped to the FINM3005/6005 syllabus . asksia. ai/cheatsheet/anu- finm3005 W3 W2 FINM3005 / 6005
• 用它时，考官会盯你：你是不是在暗示“护城河永久存在”。[10]Source: asksia-bible-finm3005-bilingual.pdf这些是 AskSia 自编的、关于虚构公司、采用全新整数的问题。它们并非真实的考试/辅导题,也未使用 Coles 案例或示 例报告中的任何数据。标准估值流程是经典通用的;每一个数字都经过手工核验。 01-05 Concept short-answers Q1-Q5 概念简答 Q1 METHOD CHOICE 3 marks Why does the course use enterprise DCF rather than equity DCF or APV as the default? When would you switch to each alternative? FINM3005/6005 . Corporate Valuation . AskSia Library Q2 CONVERGENCE CV RATIONALE 3 marks A classmate always uses the Gordon continuing-value formula with RONIC = 15% forever. Explain why the course's default is the convergence formula CVt = NOPLATt+1/W ACC, and what assumption it encodes. Q3 GROWTH & VALUE 2 marks Aurora Ltd grows revenue 8% p. a. but earns ROIC = 7% against W ACC = 9%. Is its growth creating or destroying value? Justify in one line. Q4 RELATIVE VS DCF 3 marks Give two strengths and two weaknesses of multiple-based valuation relative to DCF, and state why the two methods should roughly agree. 05 MARKET EFFICIENCY 3 marks Under semi-strong efficiency, can fundamental analysis earn abnormal returns on a listed firm? Why is fundamental valuation still essential for a private firm? FINM3005/6005 . Corporate Valuation . AskSia Library Q1-Q5 Worked solutions - concept items 1 Q1. Enterprise DCF discounts FCF (cash to all investors) at WACC, and assumes a stable target capital structure so leverage is implicit - ideal for normal firms. Switch to APV (unlevered FCF + ITS valued separately) when leverage is high/variable (LBOs, infrastructure, tax-loss firms); switch to equity DCF (ke ) for financials, where capital structure is embedded in the cash flow. Q1. 企业 DCF 把 FCF(流向全体投资者的现金)按WACC 折现,并假设稳定目标资本结构,使杠杆隐含其中 -- 适用 于正常企业。当杠杆高/可变时(LBO、基础设施、税损企业)切换到APV(无杠杆 FCF+单独估值的利息税盾 ITS); 为金融机构切换到股权 DCF(),因其资本结构内嵌于现金流中。 2 Q2. The convergence form encodes RONIC = W ACC after the horizon - new investment earns exactly its cost, so growth adds no value beyond the explicit period. This is the default because competition fades excess returns; assuming RONIC = 15% forever asserts a permanent moat, which is rarely defensible. Use Gordon/KVD only with a strong competitive-advantage argument. Q2. 收敛形式编码了视野之后的 RONIC= W ACC -- 新投资恰好赚得其成本,所以在显式期之外增长不增添价值。这 之所以是默认,是因为竞争会消磨超额回报;假设永远持续即断言一条永久护城河,而这鲜有可辩护性。只有在有强有 力的竞争优势论据时才用 Gordon/KVD。 Q3. Destroying value: ROIC = 7% < W ACC = 9%, so each dollar reinvested to grow earns below its cost - faster growth makes it worse, not better. Q3. 摧毁价值:,所以为增长而再投资的每一美元都赚得低于其成本 -- 增长越快越糟,而非越好。 4 Q4. Strengths: fast, fewer assumptions, intuitive, reflect current market mood. Weaknesses: easily misused (bad peers/multiples), inherit market mis-pricing, cannot support sensitivity/scenario analysis. They should agree because every multiple is an implied DCF - both embed growth, risk (WACC), ROIC and leverage; sharp divergence flags an input disagreement to investigate. Q4. 优点:快速、假设更少、直观、反映当前市场情绪。缺点:易被误用(坏的同业/倍数)、继承市场错误定价、无法 支持敏感性/情景分析。它们之所以应当一致,是因为每个倍数都是一个隐含的 DCF -- 两者都内嵌增长、风险 (WACC)、ROIC 与杠杆;显著分歧标示出一处需要调查的输入不一致。 5 Q5. No - semi-strong efficiency means prices already reflect all public info, so fundamental analysis cannot earn abnormal returns on a listed firm. But a private firm / division has no market price, so a fundamental DCF is the only way to estimate value - valuation always pays off there (and for M&A targets). Q5. 不能 -- 半强式有效意味着价格已反映所有公开信息,所以对一家上市企业,基本面分析无法赚取超额收益。但一家 私营企业/事业部没有市场价格,因此基本面 DCF 是估计其价值的唯一途径 -- 估值在那里始终有回报(对M&A 标的 亦然)。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q6-Q7 - PRACTICE BANK (CONT. ) Reorganise - ROIC, and the growth identity 重组 → ROIC,以及增长恒等式 Q6-Q7: rebuild NOPLAT & invested capital then judge value creation; tie g = reinvestment x ROIC Q6-Q7: 重建 NOPLAT 与投入资本,再判断价值创造;用 g = 再投资率 x ROIC 闭环 06 Reorganise - NOPLAT, IC, ROIC Q6 重组 → NOPLAT、IC、ROIC

CV 占比 sanity-check

• 材料明确说：CV 通常就是 EV 的大头；所以你要对 $WACC$ 与 $g$ 做敏感性（tornado 的顶端杠杆）。[11]Source: asksia-bible-finm3005-bilingual.pdf3@/alue per share $ A tornado chart ranks what moves the valuation. Each bar swings value from a low to a high input, centred on the base case. WACC and terminal growth g dominate (widest bars at the top); operating assumptions matter less. Test the big levers first -- the answer is most sensitive to the discount rate and the long-run growth rate. 龙卷风图对什么撼动估值做排序。每根条形把价值从一个低输入摆动到一个高输入,以基准情形为中心。WACC 与终值 增长 g 占主导(最宽的条形位于顶部);经营性假设影响较小。先检验大杠杆 -- 答案对折现率与长期增长率最为敏 感。 Q15-016 SOTP & holdings consistency Q15-Q16 SOTP 与持股一致性 Q15 SUM-OF - THE - PARTS 3 marks . concept Orion Ltd has a fast-growing software arm and a slow, capital-heavy logistics arm. Why is a single company- wide WACC inappropriate, and how do you value Orion? Q16 HOLDINGS / MULTIPLE CONSISTENCY 3 marks . concept Pinnacle Ltd's EV includes the market value of a 10% passive stake in another firm, but that stake's income is NOT in Pinnacle's operating EBITA. Its EV/EBITA looks high. What is the bias and the fix? FINM3005/6005 . Corporate Valuation . AskSia Library Q15-Q16 Worked solutions - SOTP & consistency 1 Q15. The two arms differ in growth and risk, so one blended WACC over- discounts the software arm and under-discounts logistics. Value each segment separately - its own WACC from listed single-business peers (unlever - relever at the segment's target leverage), DCF where statements can be built, multiples where data is thin - then sum the segment EVs (+ a negative corporate-centre line, + excess cash, - debt). Flag the conglomerate discount (~90-95% of the standalone sum) when comparing to market cap. Q15. 两项业务在增长与风险上各异,所以单一混合 WACC 会对软件业务折现过度、对物流折现不足。分别为每个板块估 值 -- 从上市单一业务同业取其自身的 WACC(去杠杆→按板块目标杠杆再加杠杆),能搭建报表处用 DCF,数据稀 薄处用倍数 -- 然后加总各板块 EV(+一条负值的公司总部科目,+超额现金,一债务)。在与市值比较时标出集团折 价(约为独立加总的90-95%)。 2 Q16. This is the Case 1 bias: a non-operating investment sits in the numerator (net EV) with no matching operating income in the denominator - the multiple is biased up. Fix: exclude the stake's value from net EV so numerator and denominator both cover the same operations. (The mirror is Case 2: a minority interest excluded from the numerator while its operations sit in consolidated income biases the multiple down - add it back. ) Q16. 这是 Case 1 偏差:一项非经营性投资位于分子(net EV)中,分母里却没有与之匹配的经营收益→倍数被向上偏 置。修正:从 net EV 中剔除该持股的价值,使分子与分母都覆盖同一组经营业务。(镜像情形是 Case 2:一项少数股 东权益被排除在分子之外,而其经营业务却进入合并收益,使倍数被向下偏置→把它加回。) Across all sixteen: state the method, run the five beats, and always end on ROIC vs WACC and a Buy/Hold/Sell tethered to intrinsic value. That skeleton earns the marks even when the arithmetic wobbles. 贯穿全部十六题:陈述方法、走完五个节拍,并始终以 ROIC 对 WACC 以及一个锚定于内在价值的买入/持有/卖出收 尾。即便算术有些晃动,这套骨架也能赚到分数。 FINM3005/6005 . THE PATTERN BEHIND EVERY VALUATION QUESTION FINM3005/6005 . Corporate Valuation . AskSia Library REORG . IC / FCF / ROIC INVESTED CAPITAL, FCF AND ROIC WEEK 3 . CENTREPIECE The denominator, the cash, and the metric that judges the business 分母、现金,以及评判这门生意的指标 IC = operating WC + net PP&E + intangibles + leases . FCF = NOPLAT + non-cash - AIC . ROIC = NOPLAT/IC IC = 经营营运资本+ 净 PP&E+ 无形资产 +租赁 · FCF = NOPLAT+ 非现金 - △IC · ROIC = NOPLAT/IC 3. 2 Invested capital 3. 2 投入资本 The capital the providers have tied up in operations - the denominator of ROIC. Build it bottom-up; exclude non-operating assets. 提供者投入在经营中的资本 -- ROIC 的分母。自下而上构 建;排除非经营资产。 INVESTED CAPITAL[12]Source: asksia-bible-finm3005-bilingual.pdfEV - net debt - minority + assoc. Equity Equity Value / shares = $ per share The DCF in one picture. LEFT: forecast free cash flows for years 1. . 5 plus a terminal value are each discounted back at the WACC (divide by (1+WACC)^t) and summed to Enterprise Value. RIGHT: the EV-to-equity bridge subtracts net debt and minority interest, adds associates, to reach Equity Value; divide by shares for value per share. 一张图说尽 DCF。左侧:第1. 5 年的预测自由现金流加上一个终值,各自按 WACC 折现回来(除以(1+WACC)^t)并 加总得到企业价值。右侧:EV到股权的桥接减去净负债与少数股东权益、加上联营公司,得到股权价值;除以股数即 每股价值。 FINM3005/6005 . Corporate Valuation . AskSia Library THE DCF IN ONE EQUATION EV = T ∑ t=1 FCF. (1 + W ACC)t CVT + (1 + W ACC)T Two quantities, two halves of the picture: the explicit- horizon PVs (the discounted bars) and the continuing value (the amber bar), both discounted at the same WACC. The CV bar is large on purpose - it is usually the majority of EV. 两个量,构成图景的两半:明确预测期内的现值(折现后的 柱体)与持续价值(琥珀色柱体),二者都以同一个 WACC 折现。CV 柱体故意画得很大 -- 它通常是 EV 的大部分。 i Two enterprise values - do not confuse them 两个企业价值 -- 切勿混淆 In DCF, EV = value of operations + value of non- operating assets (what the business is worth). In multiples, net EV = equity + debt - excess cash (the acquisition cost of operations). They answer different questions; keep the labels straight. 在 DCF 中,EV = 经营价值+非经营性资产价值(业 务值多少钱)。在倍数中,net EV = 股权+债务 一超 额现金(收购该业务的成本)。两者回答不同的问题; 把标签分清楚。 ✓ Where the rest of the course plugs in 课程其余部分从何处接入 Everything else feeds this one diagram: W3 reorganises the accounts to get clean FCFF; W4 forecasts it; W5 builds the WACC that discounts it; W6 sets the growth in the terminal value; W7 cross- checks EV with multiples. Master the picture and every week is a sub-routine. 其他一切都汇入这一张图:W3 重组账目以得到干净的 FCFF;W4 预测它;W5 构建用以折现它的 WACC; W6 设定终值中的增长;W7 用倍数对 EV 做交叉验 证。掌握这张图,每一周都是一个子程序。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . FCFF /FCFE . SIX STEPS - FCFF, FCFE, AND THE 6-STEP ENTERPRISE DCF W2 . METHOD The cash to ALL investors - and the ladder that turns it into a share price[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开

3.4 增长恒等式（W6：增长不是目标，利差才是）

增长身份（Growth identity）

• $$g=\text{reinvestment rate}\times ROIC$$[20]Source: asksia-cheatsheet-finm3005.pdfAskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 flip - for side 2 . growth, multiples, M&A & the call SIDE 1/2 CAPM . Beta VALUE . The mindset . DCF (FCFF/FCFE) . 6-step enterprise DCF . Terminal value . EV-equity bridge . NOPLAT . ROIC . WACC . REVISION SHEET . ALL TOPICS Compiled by AskSia . mapped to the FINM3005/6005 syllabus . asksia. ai/cheatsheet/anu- finm3005 W3 W2 FINM3005 / 6005 Corporate Valuation AUSTRALIAN NATIONAL UNIVERSITY . RSFAS . APPLIED VALUATION EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 Growth . multiples . M&A . the call SIDE 2/2 Recommendation JUDGE . Value of growth . RONIC vs WACC . Multiples (P/E, EV/EBITDA, EV/Sales, P/B) . Football field . Sum-of-the-parts . M&A . 12 . Value of Growth W6 Growth is funded by reinvestment, and only pays if the new capital earns above the hurdle. GROWTH IDENTITY g = reinvestment rate x ROIC IR = g * ROIC FCF = NOPLAT(1 - g/ROIC) The same identity ties the value-driver formula on side 1 to the terminal value. Growth creates value only when RONIC > WACC. RONIC = return on new invested capital. If RONIC < WACC, faster growth destroys value - top-line growth is never the goal in itself; the return on the investment is. Capacity expansion can dilute returns (capital base grows, pricing pressure). Apply the NPV rule to each project - and do your own numbers; don't trust "management says it's NPV-positive. " ORGANIC VS INORGANIC
• 同一页也给出（等价常用）：
  • $$FCF = NOPLAT\left(1-\frac{g}{ROIC}\right)$$[20]Source: asksia-cheatsheet-finm3005.pdfAskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 flip - for side 2 . growth, multiples, M&A & the call SIDE 1/2 CAPM . Beta VALUE . The mindset . DCF (FCFF/FCFE) . 6-step enterprise DCF . Terminal value . EV-equity bridge . NOPLAT . ROIC . WACC . REVISION SHEET . ALL TOPICS Compiled by AskSia . mapped to the FINM3005/6005 syllabus . asksia. ai/cheatsheet/anu- finm3005 W3 W2 FINM3005 / 6005 Corporate Valuation AUSTRALIAN NATIONAL UNIVERSITY . RSFAS . APPLIED VALUATION EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 Growth . multiples . M&A . the call SIDE 2/2 Recommendation JUDGE . Value of growth . RONIC vs WACC . Multiples (P/E, EV/EBITDA, EV/Sales, P/B) . Football field . Sum-of-the-parts . M&A . 12 . Value of Growth W6 Growth is funded by reinvestment, and only pays if the new capital earns above the hurdle. GROWTH IDENTITY g = reinvestment rate x ROIC IR = g * ROIC FCF = NOPLAT(1 - g/ROIC) The same identity ties the value-driver formula on side 1 to the terminal value. Growth creates value only when RONIC > WACC. RONIC = return on new invested capital. If RONIC < WACC, faster growth destroys value - top-line growth is never the goal in itself; the return on the investment is. Capacity expansion can dilute returns (capital base grows, pricing pressure). Apply the NPV rule to each project - and do your own numbers; don't trust "management says it's NPV-positive. " ORGANIC VS INORGANIC
• 考试一句话结论模板：
  • 若 $RONIC>WACC$：增长创造价值；若 $RONIC<WACC$：增长毁灭价值。[20]Source: asksia-cheatsheet-finm3005.pdfAskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 flip - for side 2 . growth, multiples, M&A & the call SIDE 1/2 CAPM . Beta VALUE . The mindset . DCF (FCFF/FCFE) . 6-step enterprise DCF . Terminal value . EV-equity bridge . NOPLAT . ROIC . WACC . REVISION SHEET . ALL TOPICS Compiled by AskSia . mapped to the FINM3005/6005 syllabus . asksia. ai/cheatsheet/anu- finm3005 W3 W2 FINM3005 / 6005 Corporate Valuation AUSTRALIAN NATIONAL UNIVERSITY . RSFAS . APPLIED VALUATION EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 Growth . multiples . M&A . the call SIDE 2/2 Recommendation JUDGE . Value of growth . RONIC vs WACC . Multiples (P/E, EV/EBITDA, EV/Sales, P/B) . Football field . Sum-of-the-parts . M&A . 12 . Value of Growth W6 Growth is funded by reinvestment, and only pays if the new capital earns above the hurdle. GROWTH IDENTITY g = reinvestment rate x ROIC IR = g * ROIC FCF = NOPLAT(1 - g/ROIC) The same identity ties the value-driver formula on side 1 to the terminal value. Growth creates value only when RONIC > WACC. RONIC = return on new invested capital. If RONIC < WACC, faster growth destroys value - top-line growth is never the goal in itself; the return on the investment is. Capacity expansion can dilute returns (capital base grows, pricing pressure). Apply the NPV rule to each project - and do your own numbers; don't trust "management says it's NPV-positive. " ORGANIC VS INORGANIC[10]Source: asksia-bible-finm3005-bilingual.pdf这些是 AskSia 自编的、关于虚构公司、采用全新整数的问题。它们并非真实的考试/辅导题,也未使用 Coles 案例或示 例报告中的任何数据。标准估值流程是经典通用的;每一个数字都经过手工核验。 01-05 Concept short-answers Q1-Q5 概念简答 Q1 METHOD CHOICE 3 marks Why does the course use enterprise DCF rather than equity DCF or APV as the default? When would you switch to each alternative? FINM3005/6005 . Corporate Valuation . AskSia Library Q2 CONVERGENCE CV RATIONALE 3 marks A classmate always uses the Gordon continuing-value formula with RONIC = 15% forever. Explain why the course's default is the convergence formula CVt = NOPLATt+1/W ACC, and what assumption it encodes. Q3 GROWTH & VALUE 2 marks Aurora Ltd grows revenue 8% p. a. but earns ROIC = 7% against W ACC = 9%. Is its growth creating or destroying value? Justify in one line. Q4 RELATIVE VS DCF 3 marks Give two strengths and two weaknesses of multiple-based valuation relative to DCF, and state why the two methods should roughly agree. 05 MARKET EFFICIENCY 3 marks Under semi-strong efficiency, can fundamental analysis earn abnormal returns on a listed firm? Why is fundamental valuation still essential for a private firm? FINM3005/6005 . Corporate Valuation . AskSia Library Q1-Q5 Worked solutions - concept items 1 Q1. Enterprise DCF discounts FCF (cash to all investors) at WACC, and assumes a stable target capital structure so leverage is implicit - ideal for normal firms. Switch to APV (unlevered FCF + ITS valued separately) when leverage is high/variable (LBOs, infrastructure, tax-loss firms); switch to equity DCF (ke ) for financials, where capital structure is embedded in the cash flow. Q1. 企业 DCF 把 FCF(流向全体投资者的现金)按WACC 折现,并假设稳定目标资本结构,使杠杆隐含其中 -- 适用 于正常企业。当杠杆高/可变时(LBO、基础设施、税损企业)切换到APV(无杠杆 FCF+单独估值的利息税盾 ITS); 为金融机构切换到股权 DCF(),因其资本结构内嵌于现金流中。 2 Q2. The convergence form encodes RONIC = W ACC after the horizon - new investment earns exactly its cost, so growth adds no value beyond the explicit period. This is the default because competition fades excess returns; assuming RONIC = 15% forever asserts a permanent moat, which is rarely defensible. Use Gordon/KVD only with a strong competitive-advantage argument. Q2. 收敛形式编码了视野之后的 RONIC= W ACC -- 新投资恰好赚得其成本,所以在显式期之外增长不增添价值。这 之所以是默认,是因为竞争会消磨超额回报;假设永远持续即断言一条永久护城河,而这鲜有可辩护性。只有在有强有 力的竞争优势论据时才用 Gordon/KVD。 Q3. Destroying value: ROIC = 7% < W ACC = 9%, so each dollar reinvested to grow earns below its cost - faster growth makes it worse, not better. Q3. 摧毁价值:,所以为增长而再投资的每一美元都赚得低于其成本 -- 增长越快越糟,而非越好。 4 Q4. Strengths: fast, fewer assumptions, intuitive, reflect current market mood. Weaknesses: easily misused (bad peers/multiples), inherit market mis-pricing, cannot support sensitivity/scenario analysis. They should agree because every multiple is an implied DCF - both embed growth, risk (WACC), ROIC and leverage; sharp divergence flags an input disagreement to investigate. Q4. 优点:快速、假设更少、直观、反映当前市场情绪。缺点:易被误用(坏的同业/倍数)、继承市场错误定价、无法 支持敏感性/情景分析。它们之所以应当一致,是因为每个倍数都是一个隐含的 DCF -- 两者都内嵌增长、风险 (WACC)、ROIC 与杠杆;显著分歧标示出一处需要调查的输入不一致。 5 Q5. No - semi-strong efficiency means prices already reflect all public info, so fundamental analysis cannot earn abnormal returns on a listed firm. But a private firm / division has no market price, so a fundamental DCF is the only way to estimate value - valuation always pays off there (and for M&A targets). Q5. 不能 -- 半强式有效意味着价格已反映所有公开信息,所以对一家上市企业,基本面分析无法赚取超额收益。但一家 私营企业/事业部没有市场价格,因此基本面 DCF 是估计其价值的唯一途径 -- 估值在那里始终有回报(对M&A 标的 亦然)。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q6-Q7 - PRACTICE BANK (CONT. ) Reorganise - ROIC, and the growth identity 重组 → ROIC,以及增长恒等式 Q6-Q7: rebuild NOPLAT & invested capital then judge value creation; tie g = reinvestment x ROIC Q6-Q7: 重建 NOPLAT 与投入资本,再判断价值创造;用 g = 再投资率 x ROIC 闭环 06 Reorganise - NOPLAT, IC, ROIC Q6 重组 → NOPLAT、IC、ROIC

4）高频“核心链条”（你要练到写答案像套模板）

链条 A：完整企业 DCF（考试主菜）

你每次都写的骨架：$FCFF \to$ 折现($WACC$) $\to$ 加 $CV$ $\to EV \to$ bridge $\to$ 每股 $\to$ sanity-check $\to$ recommendation。[6]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library — — — Required gap between intrinsic value & price before acting on a Buy/Sell. Margin of safety — — — i How to use this glossary in revision 复习时如何使用这份术语表 The terms run in teaching order - the same spine the exam walks on a fresh company. Two passes: EN-meaning (cover the right column), then meaning-EN (cover the term). The ideas to over-learn (tested almost verbatim): ROIC > W ACC - growth creates value, the EV-equity bridge, convergence vs Gordon CV, unlever/relever beta, multiple consistency, and accretion # value creation. 这些术语按教学顺序排列 -- 与考试在一家全新公司上所走的主干相同。两遍:EN→含义(遮住右列),然后含义→EN (遮住术语)。应过度学习的观念(几乎逐字被考):ROIC >WACC→增长创造价值、EV→股权桥接、收敛型 vs Gordon CV、去杠杆/再加杠杆贝塔、倍数一致性,以及增厚 ≠价值创造。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q1-Q5 CHAPTER . PRACTICE BANK & WORKED SOLUTIONS MIRRORS THE 60% FINAL + ASSIGNMENT Drill the valuation spine, exam-style 按考试风格,操练估值主干 Sixteen fresh problems - concept short-answers + full computational valuations, each worked through the five-beat answer shape 十六道全新题目 -- 概念简答+完整计算估值,每题都走通五拍式答题结构 The one-line takeaway. The FINM3005/6005 final is a spine of full valuation problems (DCF, WACC, reorg, growth, multiples, M&A, sensitivity) plus concept short-answers. This bank gives one fresh problem per recurring exam move, each worked through the five beats: set up - compute - bridge - sanity-check - recommend. Cover the solution, do it on paper, then check. 一句话要点。FINM3005/6005 期末考试的主干是一系列完整的估值问题(DCF、WACC、重组、增长、倍数、M&A、敏感 性)外加概念简答。本题库为每一种反复出现的考试套路提供一道全新问题,每道都贯穿五个节拍:设定→计算→桥接→ 合理性检验→给出建议。先遮住解答,在纸上做一遍,再核对。 ★ The five-beat answer shape - use it every time 五拍式答题结构 -- 每次都要用 (1) Set up - method, horizon, value drivers, cost-of-capital inputs, flag fragile assumptions. (2) Compute - FCFF, WACC from CAPM with unlever/relever, explicit PVs, continuing value. (3) Bridge - ops -+ + non-op -+ EV -+ - net debt / minority / options -> equity -+ + shares. (4) Sanity-check - is ROIC > W ACC? is CV a plausible share? cross-check vs multiples; sensitivity. (5) Recommend - Buy/Hold/Sell over 1-3 yrs + what changes the call. (1) 设定 -- 方法、视野、价值驱动因素、资本成本输入,标出脆弱假设。(2)计算 -- FCFF、用带去杠杆/再加杠杆的 CAPM 得 WACC、显式各期现值、持续价值。(3)桥接 -- 经营 →+非经营性→EV →- 净负债/少数股东权益/期权 → 股权→÷股数。(4)合理性检验 -- 是否?CV占比是否可信?与倍数交叉验证;敏感性。(5)给出建议 -- 以 1-3 年视野给出买入/持有/卖出+什么会改变这一判断。 ! Fresh stems - the exam STYLE, not the exam 全新题干 -- 考试风格,而非考试本身 These are AskSia-authored problems on invented companies with fresh round numbers. They are not real exam/tutorial questions and use no figures from the Coles case or the Example Report. The standard valuation procedure is canonical; every number is checked by hand.[7]Source: asksia-bible-finm3005-bilingual.pdfWhat it means at the exam A solution, not the answer No single correct number - defensible assumptions win Model-building integrity Internal consistency, sanity checks, a clear story Sit as a junior analyst Audience = professional investors; end on a clear call Always sanity- check ROIC vs WACC, CV as a share of value, triangulate FINM3005/6005 . Corporate Valuation . AskSia Library ★ The exam format - applied valuation, NOT spreadsheet recall 考试形式 -- 应用型估值,而非电子表格的死记硬背 One closed-book written paper. You will not open the KGW model. You will be given a company sketch, accounts, peer multiples and cost-of-capital inputs and asked to set up assumptions, build the cash flows, bridge to a per-share value and recommend. The same skeleton - PV(FCF) at the WACC -+ EV -> equity - per share - powers nearly every problem, alongside short concept items (why enterprise DCF, the convergence-CV rationale, ROIC vs WACC, market efficiency). Walk a full valuation on a fresh company and you have walked the exam. 一场闭卷笔试。你不能翻开 KGW 模型。但你将拿到 一份公司概况、账目、同业倍数与资本成本输入,并 被要求设定假设、构建现金流、桥接到每股价值并给 出建议。同一套骨架一 -按 WACC 折现的 PV(FCF) → EV→股权→每股 -- 驱动着几乎每一道问题, 外加一些概念简答(为何用企业 DCF、收敛型 CV的 理据、ROIC 对 WACC、市场有效性)。走一遍对一家 全新公司的完整估值,你就走过了整场考试。 ✓ The quiz redemption rule - and what it dictates 测验补偿规则 -- 以及它所决定的事 The Week-5 quiz is optional and redeemable: if you don't take it, or your exam % beats your quiz %, the 5% simply rolls into the final exam. Net effect - the exam is effectively ≥60% and the universal backstop, while nothing backstops the exam. The dominant move is to over-invest in exam-style reasoning: drill the DCF engine, write the EV-equity bridge every time, and end every problem with a recommendation. 第5 周测验是可选且可抵扣的:若你不参加,或你的 考试百分比超过测验百分比,那5% 就直接并入期末 考试。净效果是 -- 考试实际上占比≥60% 且是普遍 的兜底,而没有任何东西为考试兜底。占优的做法是 过度投入于考试式推理:反复操练 DCF 引擎,每次都 写出 EV→股权桥接,并在每道题末尾给出建议。 i The five-step valuation answer shape - the rubric for every problem 五步式估值答题结构 -- 每道题的评分准绳 Every strong valuation answer moves through the same five beats. Author every solution this way: (1) Set up assumptions - method, horizon, value drivers, cost-of-capital inputs; flag the fragile ones. (2) Build / compute - forecast FCFF, build the WACC, discount, add the terminal value (default = convergence NOPLAT++1/W ACC). (3) Bridge to equity / per share - value of operations ++ + non-operating assets - EV - - net debt - minorities - equity -+ + shares. (4) Sanity-check / triangulate - ROIC > WACC? CV plausible? cross-check vs multiples. (5) Recommend - Buy / Hold / Sell on a 1-3-year horizon, with what would change the call. 每一份出色的估值答案都走过同样的五个节拍。每份解答都照此撰写:(1)设定假设 -- 方法、视野、价值驱动因素、资 本成本输入;标出脆弱者。(2)构建/计算 -- 预测 FCFF、构建 WACC、折现、加上终值(默认=收敛型)。(3)桥接到 股权/每股 -- 经营价值 →+非经营性资产 →EV→- 净负债 -少数股东权益→ 股权→÷股数。(4)合理性检验/ 三角验证 -- ROIC>WACC? CV 是否可信?与倍数交叉验证。(5)给出建议 -- 以1-3 年视野给出买入/持有/卖出, 并说明什么会改变这一判断。 FINM3005/6005 . Corporate Valuation . AskSia Library CONTENTS - CONTENTS Three parts, one pipeline 三个部分,一条流水线 Build the engine - build the model- cross-check & recommend 搭引擎→搭模型 → 交叉核验并给出建议 Ch Topic Core ideas Part I . The engine (Weeks 1-2)[12]Source: asksia-bible-finm3005-bilingual.pdfEV - net debt - minority + assoc. Equity Equity Value / shares = $ per share The DCF in one picture. LEFT: forecast free cash flows for years 1. . 5 plus a terminal value are each discounted back at the WACC (divide by (1+WACC)^t) and summed to Enterprise Value. RIGHT: the EV-to-equity bridge subtracts net debt and minority interest, adds associates, to reach Equity Value; divide by shares for value per share. 一张图说尽 DCF。左侧:第1. 5 年的预测自由现金流加上一个终值,各自按 WACC 折现回来(除以(1+WACC)^t)并 加总得到企业价值。右侧:EV到股权的桥接减去净负债与少数股东权益、加上联营公司,得到股权价值;除以股数即 每股价值。 FINM3005/6005 . Corporate Valuation . AskSia Library THE DCF IN ONE EQUATION EV = T ∑ t=1 FCF. (1 + W ACC)t CVT + (1 + W ACC)T Two quantities, two halves of the picture: the explicit- horizon PVs (the discounted bars) and the continuing value (the amber bar), both discounted at the same WACC. The CV bar is large on purpose - it is usually the majority of EV. 两个量,构成图景的两半:明确预测期内的现值(折现后的 柱体)与持续价值(琥珀色柱体),二者都以同一个 WACC 折现。CV 柱体故意画得很大 -- 它通常是 EV 的大部分。 i Two enterprise values - do not confuse them 两个企业价值 -- 切勿混淆 In DCF, EV = value of operations + value of non- operating assets (what the business is worth). In multiples, net EV = equity + debt - excess cash (the acquisition cost of operations). They answer different questions; keep the labels straight. 在 DCF 中,EV = 经营价值+非经营性资产价值(业 务值多少钱)。在倍数中,net EV = 股权+债务 一超 额现金(收购该业务的成本)。两者回答不同的问题; 把标签分清楚。 ✓ Where the rest of the course plugs in 课程其余部分从何处接入 Everything else feeds this one diagram: W3 reorganises the accounts to get clean FCFF; W4 forecasts it; W5 builds the WACC that discounts it; W6 sets the growth in the terminal value; W7 cross- checks EV with multiples. Master the picture and every week is a sub-routine. 其他一切都汇入这一张图:W3 重组账目以得到干净的 FCFF;W4 预测它;W5 构建用以折现它的 WACC; W6 设定终值中的增长;W7 用倍数对 EV 做交叉验 证。掌握这张图,每一周都是一个子程序。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . FCFF /FCFE . SIX STEPS - FCFF, FCFE, AND THE 6-STEP ENTERPRISE DCF W2 . METHOD The cash to ALL investors - and the ladder that turns it into a share price

三大 DCF 高危陷阱（材料点名“最丢分”）

• 折现率不匹配：$FCFF$ 配 $WACC$、$FCFE$ 配 $R_e$。[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开
• 名义/实际混用：若 $FCFF$ 是名义（通常是），$WACC$ 与终值 $g$ 也必须名义一致。[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开
• 重复计算：利息/非经营项/融资项不要在多个地方重复出现。[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开

链条 B：倍数法（W7）用来“交叉验证”，不是替代 DCF

倍数的定位

• 倍数回答“市场给同业什么价格”；DCF 回答“现金流与风险推出来的内在价值”。两者应该大致一致；大分歧意味着某个输入不一致。[9]Source: asksia-bible-finm3005-bilingual.pdfTHE CAPSTONE Triangulate the methods, then make the call 把各种方法做三角验证,再下判断 Week 10 - reconcile DCF, multiples & SOTP into one defensible value, judge value-vs-price, issue Buy / Hold / Sell 第10周 -- 把 DCF、倍数与 SOTP 调和为一个可辩护的价值,判断价值对比价格,给出买入/持有/卖出 Where the whole course lands. Every method so far - enterprise DCF (W2), reorganised ROIC (W3), forecasting (W4), WACC (W5), growth (W6), multiples (W7), sum-of-the-parts (W8), M&A (W9) - converges here into a single deliverable: a per-share value, compared against the market price, expressed as a Buy / Hold / Sell call over a 1-3 year horizon. No single method is "the" answer; you triangulate a range and argue where in it the stock sits. 整门课的落脚点。至此所有方法 -- 企业 DCF (W2)、重组后的 ROIC (W3)、预测(W4)、WACC (W5)、增长(W6)、 倍数(W7)、分部加总估值 (W8)、M&A (W9) -- 都汇聚于此,形成单一交付物:一个每股价值,与市场价格相比较,并 表达为 1-3 年期的买入/持有/卖出建议。没有任何单一方法是“那个”答案;你要三角验证出一个区间,并论证股价落在区间 中的何处。 A Triangulation - three lenses, one value A 三角验证 -- 三个视角,一个价值 The three valuation lenses answer the same question with different machinery, so they should roughly agree; where they diverge, the divergence is itself information. Lay them side by side: 三种估值视角用不同的机制回答同一个问题,因此它们应当大致一致;当它们出现分歧时,分歧本身就是信息。把它们并列摆 开: Lens What it captures Trust it when . . . Weakness Enterprise DCF Intrinsic value from FCF & risk; supports sensitivity You can build a credible forecast & WACC CV dominates; assumption- driven Multiples (comps) What the market pays peers for the same fundamentals A tight, like-for-like peer set exists Inherits market mis-pricing; no risk model Sum-of-the- parts Segment values at segment-specific WACC, summed Segments differ in growth / risk Overhead allocation; conglomerate discount i Why they should reconcile - multiples ARE an implied DCF 为什么二者应当调和 -- 倍数本质上就是一个隐含 DCF Every multiple embeds the same fundamentals a DCF makes explicit: P/ E = ke - g payout(1+g) and EV[10]Source: asksia-bible-finm3005-bilingual.pdf这些是 AskSia 自编的、关于虚构公司、采用全新整数的问题。它们并非真实的考试/辅导题,也未使用 Coles 案例或示 例报告中的任何数据。标准估值流程是经典通用的;每一个数字都经过手工核验。 01-05 Concept short-answers Q1-Q5 概念简答 Q1 METHOD CHOICE 3 marks Why does the course use enterprise DCF rather than equity DCF or APV as the default? When would you switch to each alternative? FINM3005/6005 . Corporate Valuation . AskSia Library Q2 CONVERGENCE CV RATIONALE 3 marks A classmate always uses the Gordon continuing-value formula with RONIC = 15% forever. Explain why the course's default is the convergence formula CVt = NOPLATt+1/W ACC, and what assumption it encodes. Q3 GROWTH & VALUE 2 marks Aurora Ltd grows revenue 8% p. a. but earns ROIC = 7% against W ACC = 9%. Is its growth creating or destroying value? Justify in one line. Q4 RELATIVE VS DCF 3 marks Give two strengths and two weaknesses of multiple-based valuation relative to DCF, and state why the two methods should roughly agree. 05 MARKET EFFICIENCY 3 marks Under semi-strong efficiency, can fundamental analysis earn abnormal returns on a listed firm? Why is fundamental valuation still essential for a private firm? FINM3005/6005 . Corporate Valuation . AskSia Library Q1-Q5 Worked solutions - concept items 1 Q1. Enterprise DCF discounts FCF (cash to all investors) at WACC, and assumes a stable target capital structure so leverage is implicit - ideal for normal firms. Switch to APV (unlevered FCF + ITS valued separately) when leverage is high/variable (LBOs, infrastructure, tax-loss firms); switch to equity DCF (ke ) for financials, where capital structure is embedded in the cash flow. Q1. 企业 DCF 把 FCF(流向全体投资者的现金)按WACC 折现,并假设稳定目标资本结构,使杠杆隐含其中 -- 适用 于正常企业。当杠杆高/可变时(LBO、基础设施、税损企业)切换到APV(无杠杆 FCF+单独估值的利息税盾 ITS); 为金融机构切换到股权 DCF(),因其资本结构内嵌于现金流中。 2 Q2. The convergence form encodes RONIC = W ACC after the horizon - new investment earns exactly its cost, so growth adds no value beyond the explicit period. This is the default because competition fades excess returns; assuming RONIC = 15% forever asserts a permanent moat, which is rarely defensible. Use Gordon/KVD only with a strong competitive-advantage argument. Q2. 收敛形式编码了视野之后的 RONIC= W ACC -- 新投资恰好赚得其成本,所以在显式期之外增长不增添价值。这 之所以是默认,是因为竞争会消磨超额回报;假设永远持续即断言一条永久护城河,而这鲜有可辩护性。只有在有强有 力的竞争优势论据时才用 Gordon/KVD。 Q3. Destroying value: ROIC = 7% < W ACC = 9%, so each dollar reinvested to grow earns below its cost - faster growth makes it worse, not better. Q3. 摧毁价值:,所以为增长而再投资的每一美元都赚得低于其成本 -- 增长越快越糟,而非越好。 4 Q4. Strengths: fast, fewer assumptions, intuitive, reflect current market mood. Weaknesses: easily misused (bad peers/multiples), inherit market mis-pricing, cannot support sensitivity/scenario analysis. They should agree because every multiple is an implied DCF - both embed growth, risk (WACC), ROIC and leverage; sharp divergence flags an input disagreement to investigate. Q4. 优点:快速、假设更少、直观、反映当前市场情绪。缺点:易被误用(坏的同业/倍数)、继承市场错误定价、无法 支持敏感性/情景分析。它们之所以应当一致,是因为每个倍数都是一个隐含的 DCF -- 两者都内嵌增长、风险 (WACC)、ROIC 与杠杆;显著分歧标示出一处需要调查的输入不一致。 5 Q5. No - semi-strong efficiency means prices already reflect all public info, so fundamental analysis cannot earn abnormal returns on a listed firm. But a private firm / division has no market price, so a fundamental DCF is the only way to estimate value - valuation always pays off there (and for M&A targets). Q5. 不能 -- 半强式有效意味着价格已反映所有公开信息,所以对一家上市企业,基本面分析无法赚取超额收益。但一家 私营企业/事业部没有市场价格,因此基本面 DCF 是估计其价值的唯一途径 -- 估值在那里始终有回报(对M&A 标的 亦然)。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q6-Q7 - PRACTICE BANK (CONT. ) Reorganise - ROIC, and the growth identity 重组 → ROIC,以及增长恒等式 Q6-Q7: rebuild NOPLAT & invested capital then judge value creation; tie g = reinvestment x ROIC Q6-Q7: 重建 NOPLAT 与投入资本,再判断价值创造;用 g = 再投资率 x ROIC 闭环 06 Reorganise - NOPLAT, IC, ROIC Q6 重组 → NOPLAT、IC、ROIC

净企业价值（net EV）定义（做 EV 倍数时要用）

• $$net\ EV = E + D - \text{excess cash} - \text{other non-op}$$[23]Source: asksia-cheatsheet-finm3005.pdf15 . Comps & the W7 . Football Field TRIANGULATE NET EV (FOR EV MULTIPLES) net EV = E + D - excess cash - other non-op Trading comps = current market multiples of listed peers. Transaction comps = multiples paid in past M&A deals - they embed a control premium, so they sit higher. THE FOOTBALL FIELD Plot the value range from each method as horizontal bars - DCF, EV/EBITDA, P/E, EV/Sales, transaction comps, 52-week range - to visually triangulate where fair value sits. The composite (W10) reconciles them into one target. Strengths of multiples: fast, intuitive, fewer assumptions, reflect current mood. Weaknesses: bad peers/multiples mislead; inherit market mispricing; can't support scenario/sensitivity (no explicit risk model). Use them to cross-check DCF, not replace it. 16 . Sum-of-the-Parts W8 For multi-business firms, a single forecast & single WACC is wrong. Value each segment separately and sum to total EV. DCF where segment statements can be built; multiples where disclosure is thin. Segment WACC: each segment gets its own - estimate from listed single-business peers (unlever their betas > relever at the segment's target leverage). This is the payoff of the comparable-beta machinery from W5. Challenges: allocating corporate overhead, intercompany eliminations, thin segment data (often only assets, revenue, operating profit, depreciation & capex), and the conglomerate discount - diversified firms trade at ~90-95% of the sum of standalone values. 16b · Relative vs DCF W7 . WHEN WHICH They are two views of the same fundamentals. A DCF builds value bottom-up from explicit cash flows & risk; a multiple reads value off the market's current pricing of peers. Lead with the DCF (it supports scenario & sensitivity), then use multiples to sanity-check the answer and reveal what the market is implying. When they diverge, ask: are my peers truly comparable? Is the market mispricing the sector? Is my terminal-value assumption too aggressive? The reconciliation is the analyst's judgement - and it is the work the marks reward. Multiples can't run scenarios; the DCF can, so let it lead and use comps as the reality check. 16c . Multiples ~ Implied DCF BRIDGE W7 . THE Because every multiple's driver formula is a re- arranged DCF, a high P/E or EV/EBITDA is not automatically "expensive" - it can simply price in higher growth or ROIC. Always ask what fundamentals justify the gap to peers before calling a stock cheap or dear. Even a DCF often "backs into" a multiple, and a DCF terminal value is frequently itself an exit multiple - the two are inseparable. Use the right peer group (same industry and similar growth/profitability/risk), not a broad sector average, and adjust for any unavoidable differences that remain. 17 . M&A Valuation W9 Synergy = value of the whole above the simple sum of standalone parts. -
• 同时材料强调“两个 EV 别混淆”：DCF 里的 EV（经营+非经营资产价值） vs 倍数里的 net EV（收购经营业务的成本口径）。[12]Source: asksia-bible-finm3005-bilingual.pdfEV - net debt - minority + assoc. Equity Equity Value / shares = $ per share The DCF in one picture. LEFT: forecast free cash flows for years 1. . 5 plus a terminal value are each discounted back at the WACC (divide by (1+WACC)^t) and summed to Enterprise Value. RIGHT: the EV-to-equity bridge subtracts net debt and minority interest, adds associates, to reach Equity Value; divide by shares for value per share. 一张图说尽 DCF。左侧:第1. 5 年的预测自由现金流加上一个终值,各自按 WACC 折现回来(除以(1+WACC)^t)并 加总得到企业价值。右侧:EV到股权的桥接减去净负债与少数股东权益、加上联营公司,得到股权价值;除以股数即 每股价值。 FINM3005/6005 . Corporate Valuation . AskSia Library THE DCF IN ONE EQUATION EV = T ∑ t=1 FCF. (1 + W ACC)t CVT + (1 + W ACC)T Two quantities, two halves of the picture: the explicit- horizon PVs (the discounted bars) and the continuing value (the amber bar), both discounted at the same WACC. The CV bar is large on purpose - it is usually the majority of EV. 两个量,构成图景的两半:明确预测期内的现值(折现后的 柱体)与持续价值(琥珀色柱体),二者都以同一个 WACC 折现。CV 柱体故意画得很大 -- 它通常是 EV 的大部分。 i Two enterprise values - do not confuse them 两个企业价值 -- 切勿混淆 In DCF, EV = value of operations + value of non- operating assets (what the business is worth). In multiples, net EV = equity + debt - excess cash (the acquisition cost of operations). They answer different questions; keep the labels straight. 在 DCF 中,EV = 经营价值+非经营性资产价值(业 务值多少钱)。在倍数中,net EV = 股权+债务 一超 额现金(收购该业务的成本)。两者回答不同的问题; 把标签分清楚。 ✓ Where the rest of the course plugs in 课程其余部分从何处接入 Everything else feeds this one diagram: W3 reorganises the accounts to get clean FCFF; W4 forecasts it; W5 builds the WACC that discounts it; W6 sets the growth in the terminal value; W7 cross- checks EV with multiples. Master the picture and every week is a sub-routine. 其他一切都汇入这一张图:W3 重组账目以得到干净的 FCFF;W4 预测它;W5 构建用以折现它的 WACC; W6 设定终值中的增长;W7 用倍数对 EV 做交叉验 证。掌握这张图,每一周都是一个子程序。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . FCFF /FCFE . SIX STEPS - FCFF, FCFE, AND THE 6-STEP ENTERPRISE DCF W2 . METHOD The cash to ALL investors - and the ladder that turns it into a share price

链条 C：SOTP（分部加总）（W8）

为什么要 SOTP

• 不同业务风险/增长差异大，用一个公司层面 WACC 会“对某些业务折现过度，对另一些折现不足”。[11]Source: asksia-bible-finm3005-bilingual.pdf3@/alue per share $ A tornado chart ranks what moves the valuation. Each bar swings value from a low to a high input, centred on the base case. WACC and terminal growth g dominate (widest bars at the top); operating assumptions matter less. Test the big levers first -- the answer is most sensitive to the discount rate and the long-run growth rate. 龙卷风图对什么撼动估值做排序。每根条形把价值从一个低输入摆动到一个高输入,以基准情形为中心。WACC 与终值 增长 g 占主导(最宽的条形位于顶部);经营性假设影响较小。先检验大杠杆 -- 答案对折现率与长期增长率最为敏 感。 Q15-016 SOTP & holdings consistency Q15-Q16 SOTP 与持股一致性 Q15 SUM-OF - THE - PARTS 3 marks . concept Orion Ltd has a fast-growing software arm and a slow, capital-heavy logistics arm. Why is a single company- wide WACC inappropriate, and how do you value Orion? Q16 HOLDINGS / MULTIPLE CONSISTENCY 3 marks . concept Pinnacle Ltd's EV includes the market value of a 10% passive stake in another firm, but that stake's income is NOT in Pinnacle's operating EBITA. Its EV/EBITA looks high. What is the bias and the fix? FINM3005/6005 . Corporate Valuation . AskSia Library Q15-Q16 Worked solutions - SOTP & consistency 1 Q15. The two arms differ in growth and risk, so one blended WACC over- discounts the software arm and under-discounts logistics. Value each segment separately - its own WACC from listed single-business peers (unlever - relever at the segment's target leverage), DCF where statements can be built, multiples where data is thin - then sum the segment EVs (+ a negative corporate-centre line, + excess cash, - debt). Flag the conglomerate discount (~90-95% of the standalone sum) when comparing to market cap. Q15. 两项业务在增长与风险上各异,所以单一混合 WACC 会对软件业务折现过度、对物流折现不足。分别为每个板块估 值 -- 从上市单一业务同业取其自身的 WACC(去杠杆→按板块目标杠杆再加杠杆),能搭建报表处用 DCF,数据稀 薄处用倍数 -- 然后加总各板块 EV(+一条负值的公司总部科目,+超额现金,一债务)。在与市值比较时标出集团折 价(约为独立加总的90-95%)。 2 Q16. This is the Case 1 bias: a non-operating investment sits in the numerator (net EV) with no matching operating income in the denominator - the multiple is biased up. Fix: exclude the stake's value from net EV so numerator and denominator both cover the same operations. (The mirror is Case 2: a minority interest excluded from the numerator while its operations sit in consolidated income biases the multiple down - add it back. ) Q16. 这是 Case 1 偏差:一项非经营性投资位于分子(net EV)中,分母里却没有与之匹配的经营收益→倍数被向上偏 置。修正:从 net EV 中剔除该持股的价值,使分子与分母都覆盖同一组经营业务。(镜像情形是 Case 2:一项少数股 东权益被排除在分子之外,而其经营业务却进入合并收益,使倍数被向下偏置→把它加回。) Across all sixteen: state the method, run the five beats, and always end on ROIC vs WACC and a Buy/Hold/Sell tethered to intrinsic value. That skeleton earns the marks even when the arithmetic wobbles. 贯穿全部十六题:陈述方法、走完五个节拍,并始终以 ROIC 对 WACC 以及一个锚定于内在价值的买入/持有/卖出收 尾。即便算术有些晃动,这套骨架也能赚到分数。 FINM3005/6005 . THE PATTERN BEHIND EVERY VALUATION QUESTION FINM3005/6005 . Corporate Valuation . AskSia Library REORG . IC / FCF / ROIC INVESTED CAPITAL, FCF AND ROIC WEEK 3 . CENTREPIECE The denominator, the cash, and the metric that judges the business 分母、现金,以及评判这门生意的指标 IC = operating WC + net PP&E + intangibles + leases . FCF = NOPLAT + non-cash - AIC . ROIC = NOPLAT/IC IC = 经营营运资本+ 净 PP&E+ 无形资产 +租赁 · FCF = NOPLAT+ 非现金 - △IC · ROIC = NOPLAT/IC 3. 2 Invested capital 3. 2 投入资本 The capital the providers have tied up in operations - the denominator of ROIC. Build it bottom-up; exclude non-operating assets. 提供者投入在经营中的资本 -- ROIC 的分母。自下而上构 建;排除非经营资产。 INVESTED CAPITAL[23]Source: asksia-cheatsheet-finm3005.pdf15 . Comps & the W7 . Football Field TRIANGULATE NET EV (FOR EV MULTIPLES) net EV = E + D - excess cash - other non-op Trading comps = current market multiples of listed peers. Transaction comps = multiples paid in past M&A deals - they embed a control premium, so they sit higher. THE FOOTBALL FIELD Plot the value range from each method as horizontal bars - DCF, EV/EBITDA, P/E, EV/Sales, transaction comps, 52-week range - to visually triangulate where fair value sits. The composite (W10) reconciles them into one target. Strengths of multiples: fast, intuitive, fewer assumptions, reflect current mood. Weaknesses: bad peers/multiples mislead; inherit market mispricing; can't support scenario/sensitivity (no explicit risk model). Use them to cross-check DCF, not replace it. 16 . Sum-of-the-Parts W8 For multi-business firms, a single forecast & single WACC is wrong. Value each segment separately and sum to total EV. DCF where segment statements can be built; multiples where disclosure is thin. Segment WACC: each segment gets its own - estimate from listed single-business peers (unlever their betas > relever at the segment's target leverage). This is the payoff of the comparable-beta machinery from W5. Challenges: allocating corporate overhead, intercompany eliminations, thin segment data (often only assets, revenue, operating profit, depreciation & capex), and the conglomerate discount - diversified firms trade at ~90-95% of the sum of standalone values. 16b · Relative vs DCF W7 . WHEN WHICH They are two views of the same fundamentals. A DCF builds value bottom-up from explicit cash flows & risk; a multiple reads value off the market's current pricing of peers. Lead with the DCF (it supports scenario & sensitivity), then use multiples to sanity-check the answer and reveal what the market is implying. When they diverge, ask: are my peers truly comparable? Is the market mispricing the sector? Is my terminal-value assumption too aggressive? The reconciliation is the analyst's judgement - and it is the work the marks reward. Multiples can't run scenarios; the DCF can, so let it lead and use comps as the reality check. 16c . Multiples ~ Implied DCF BRIDGE W7 . THE Because every multiple's driver formula is a re- arranged DCF, a high P/E or EV/EBITDA is not automatically "expensive" - it can simply price in higher growth or ROIC. Always ask what fundamentals justify the gap to peers before calling a stock cheap or dear. Even a DCF often "backs into" a multiple, and a DCF terminal value is frequently itself an exit multiple - the two are inseparable. Use the right peer group (same industry and similar growth/profitability/risk), not a broad sector average, and adjust for any unavoidable differences that remain. 17 . M&A Valuation W9 Synergy = value of the whole above the simple sum of standalone parts. -
• 方法：每个 segment 用自己的可比公司去/加杠杆 beta 得 segment WACC，再分别估值后加总。[11]Source: asksia-bible-finm3005-bilingual.pdf3@/alue per share $ A tornado chart ranks what moves the valuation. Each bar swings value from a low to a high input, centred on the base case. WACC and terminal growth g dominate (widest bars at the top); operating assumptions matter less. Test the big levers first -- the answer is most sensitive to the discount rate and the long-run growth rate. 龙卷风图对什么撼动估值做排序。每根条形把价值从一个低输入摆动到一个高输入,以基准情形为中心。WACC 与终值 增长 g 占主导(最宽的条形位于顶部);经营性假设影响较小。先检验大杠杆 -- 答案对折现率与长期增长率最为敏 感。 Q15-016 SOTP & holdings consistency Q15-Q16 SOTP 与持股一致性 Q15 SUM-OF - THE - PARTS 3 marks . concept Orion Ltd has a fast-growing software arm and a slow, capital-heavy logistics arm. Why is a single company- wide WACC inappropriate, and how do you value Orion? Q16 HOLDINGS / MULTIPLE CONSISTENCY 3 marks . concept Pinnacle Ltd's EV includes the market value of a 10% passive stake in another firm, but that stake's income is NOT in Pinnacle's operating EBITA. Its EV/EBITA looks high. What is the bias and the fix? FINM3005/6005 . Corporate Valuation . AskSia Library Q15-Q16 Worked solutions - SOTP & consistency 1 Q15. The two arms differ in growth and risk, so one blended WACC over- discounts the software arm and under-discounts logistics. Value each segment separately - its own WACC from listed single-business peers (unlever - relever at the segment's target leverage), DCF where statements can be built, multiples where data is thin - then sum the segment EVs (+ a negative corporate-centre line, + excess cash, - debt). Flag the conglomerate discount (~90-95% of the standalone sum) when comparing to market cap. Q15. 两项业务在增长与风险上各异,所以单一混合 WACC 会对软件业务折现过度、对物流折现不足。分别为每个板块估 值 -- 从上市单一业务同业取其自身的 WACC(去杠杆→按板块目标杠杆再加杠杆),能搭建报表处用 DCF,数据稀 薄处用倍数 -- 然后加总各板块 EV(+一条负值的公司总部科目,+超额现金,一债务)。在与市值比较时标出集团折 价(约为独立加总的90-95%)。 2 Q16. This is the Case 1 bias: a non-operating investment sits in the numerator (net EV) with no matching operating income in the denominator - the multiple is biased up. Fix: exclude the stake's value from net EV so numerator and denominator both cover the same operations. (The mirror is Case 2: a minority interest excluded from the numerator while its operations sit in consolidated income biases the multiple down - add it back. ) Q16. 这是 Case 1 偏差:一项非经营性投资位于分子(net EV)中,分母里却没有与之匹配的经营收益→倍数被向上偏 置。修正:从 net EV 中剔除该持股的价值,使分子与分母都覆盖同一组经营业务。(镜像情形是 Case 2:一项少数股 东权益被排除在分子之外,而其经营业务却进入合并收益,使倍数被向下偏置→把它加回。) Across all sixteen: state the method, run the five beats, and always end on ROIC vs WACC and a Buy/Hold/Sell tethered to intrinsic value. That skeleton earns the marks even when the arithmetic wobbles. 贯穿全部十六题:陈述方法、走完五个节拍,并始终以 ROIC 对 WACC 以及一个锚定于内在价值的买入/持有/卖出收 尾。即便算术有些晃动,这套骨架也能赚到分数。 FINM3005/6005 . THE PATTERN BEHIND EVERY VALUATION QUESTION FINM3005/6005 . Corporate Valuation . AskSia Library REORG . IC / FCF / ROIC INVESTED CAPITAL, FCF AND ROIC WEEK 3 . CENTREPIECE The denominator, the cash, and the metric that judges the business 分母、现金,以及评判这门生意的指标 IC = operating WC + net PP&E + intangibles + leases . FCF = NOPLAT + non-cash - AIC . ROIC = NOPLAT/IC IC = 经营营运资本+ 净 PP&E+ 无形资产 +租赁 · FCF = NOPLAT+ 非现金 - △IC · ROIC = NOPLAT/IC 3. 2 Invested capital 3. 2 投入资本 The capital the providers have tied up in operations - the denominator of ROIC. Build it bottom-up; exclude non-operating assets. 提供者投入在经营中的资本 -- ROIC 的分母。自下而上构 建;排除非经营资产。 INVESTED CAPITAL[23]Source: asksia-cheatsheet-finm3005.pdf15 . Comps & the W7 . Football Field TRIANGULATE NET EV (FOR EV MULTIPLES) net EV = E + D - excess cash - other non-op Trading comps = current market multiples of listed peers. Transaction comps = multiples paid in past M&A deals - they embed a control premium, so they sit higher. THE FOOTBALL FIELD Plot the value range from each method as horizontal bars - DCF, EV/EBITDA, P/E, EV/Sales, transaction comps, 52-week range - to visually triangulate where fair value sits. The composite (W10) reconciles them into one target. Strengths of multiples: fast, intuitive, fewer assumptions, reflect current mood. Weaknesses: bad peers/multiples mislead; inherit market mispricing; can't support scenario/sensitivity (no explicit risk model). Use them to cross-check DCF, not replace it. 16 . Sum-of-the-Parts W8 For multi-business firms, a single forecast & single WACC is wrong. Value each segment separately and sum to total EV. DCF where segment statements can be built; multiples where disclosure is thin. Segment WACC: each segment gets its own - estimate from listed single-business peers (unlever their betas > relever at the segment's target leverage). This is the payoff of the comparable-beta machinery from W5. Challenges: allocating corporate overhead, intercompany eliminations, thin segment data (often only assets, revenue, operating profit, depreciation & capex), and the conglomerate discount - diversified firms trade at ~90-95% of the sum of standalone values. 16b · Relative vs DCF W7 . WHEN WHICH They are two views of the same fundamentals. A DCF builds value bottom-up from explicit cash flows & risk; a multiple reads value off the market's current pricing of peers. Lead with the DCF (it supports scenario & sensitivity), then use multiples to sanity-check the answer and reveal what the market is implying. When they diverge, ask: are my peers truly comparable? Is the market mispricing the sector? Is my terminal-value assumption too aggressive? The reconciliation is the analyst's judgement - and it is the work the marks reward. Multiples can't run scenarios; the DCF can, so let it lead and use comps as the reality check. 16c . Multiples ~ Implied DCF BRIDGE W7 . THE Because every multiple's driver formula is a re- arranged DCF, a high P/E or EV/EBITDA is not automatically "expensive" - it can simply price in higher growth or ROIC. Always ask what fundamentals justify the gap to peers before calling a stock cheap or dear. Even a DCF often "backs into" a multiple, and a DCF terminal value is frequently itself an exit multiple - the two are inseparable. Use the right peer group (same industry and similar growth/profitability/risk), not a broad sector average, and adjust for any unavoidable differences that remain. 17 . M&A Valuation W9 Synergy = value of the whole above the simple sum of standalone parts. -

链条 D：M&A（W9）与“协同/溢价”的基本判别

核心表达（cheatsheet 给的）

• $$V_{AB}=V_A+V_B+AV$$（$AV$ 可理解为协同/增值项）。[14]Source: asksia-cheatsheet-finm3005.pdfFormula Belt SIDE 2 | g = IR x ROIC . grow value iff RONIC>WACC P/E driver: payout(1+g)/ (Re-g) EV/EBIT: (1+g)(1-T)(1-g/ROIC)/(WACC-g) net EV = E + D - excess cash - non-op M&A: V_AB = V_A+V_B+AV . NPV = synergy-premium ER = P_Β/P_Α · TRS = %ΔΕ + %Δ (Ρ/Ε) + div yld asksia. ai/cheatsheet/ anu-finm3005 . side 2/2 AskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 good luck. value it, then defend it. MATTERS A B REVISION SHEET . ALL TOPICS W10 FINM3005 / 6005 Corporate Valuation AUSTRALIAN NATIONAL UNIVERSITY . RSFAS . APPLIED VALUATION EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 Whole-course revision . all topics 0 · Exam Blueprint READ FIRST * One spine runs the whole course: value = the cash a business throws off, discounted for risk . You estimate intrinsic value, then sanity-check it against what the market pays. This is applied valuation - you are a junior analyst; there is no single right number, only a defensible one. Side 1 = the DCF engine (cash flow -> discount rate -> enterprise -> equity). Side 2 = growth, multiples, M&A & the analyst call. Assessment: final exam 60% + group valuation assignment 35% + optional redeemable quiz 5%. Most-tested reflexes: build FCFF from NOPLAT; pick & compute a terminal value; walk the EV-> equity bridge; compute WACC with CAPM & relevered beta; read whether growth creates value (RONIC vs WACC); cross- check DCF with a multiple. --- SIA - Two-line discipline: match the cash flow to its discount rate (FCFF ++WACC, FCFE++Re - never cross them), and always state whether ROIC>WACC before you reward any growth. Markers reward the consistent chain, not the headline number. 1 . The Valuation Mindset W1 Intrinsic value = PV of a company's future cash flows; two broad drivers - cash flow and risk (the discount rate). Keep three "values" distinct:
• 课程也提醒“大型收购常付控制权溢价，价值容易‘漏给’标的股东”。[1]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library ! Large acquisitions sit at the bottom 大型收购位于底部 Big deals usually pay a fat control premium up front - so much of the value created leaks to the target's shareholders. Organic share gains in a growing market beat a splashy acquisition on value-per-dollar most of the time. 大型交易通常会在前期支付一笔丰厚的控制权溢价 -- 所以所创造价值的大部分都漏给了标的方股东。 在增长中的市场里靠有机方式抢占份额,多数时候在 每一美元的价值上都胜过一笔轰动的收购。 R&D CAPITALISATION Adj. earnings = Earnings + R&D current - Amort. of past R& research asset = unamortised portion of all years' R&D - add to book equity & invested capital FINM3005/6005 . Corporate Valuation . AskSia Library AskSia Library STUDY BIBLE . ASKSIA COLLEGE OF BUSINESS & ECONOMICS . RSFAS SEMESTER 1 . 2026 PV (FCF) + PV (TV) EV + equity THE COMPLETE STUDY BIBLE Corporate Valuation 公司估值 DISCOUNT THE CASH FLOWS, BRIDGE TO EQUITY, DEFEND EVERY ASSUMPTION - THE WHOLE COURSE ON ONE ENGINE. 完整双语学习圣经 FINM3005 / FINM6005 . AUSTRALIAN NATIONAL UNIVERSITY 中英双语版 · BILINGUAL EDITION 英文主讲,中文随行 一 考试要点与术语保留英文原词 The final exam is 60% in one closed-book sitting over the ANU exam period, and every topic is examinable - lectures, workshops, tutorials, the quiz and the assignment. It is an applied paper: you sit as a junior equity analyst and are judged on model-building integrity, not a single "right" number. Nearly every problem runs the same engine - PV of free cash flow at the WACC - enterprise value - bridge to equity - per share. This book drills exactly that. Independent study companion. Not affiliated with or endorsed by the Australian National University. Corrections: takedowns@asksia. ai PREFACE HOW TO USE THIS BOOK Method, not memory; a solution, not the answer 方法,而非记忆;一个解,而非唯一答案 LEARN the method - BUILD the model - walk the five-step exam answer shape 学方法 →搭模型→ 走通五步式考试答题结构 This is not a transcript of the lecture decks or a re-run of the KGW Excel labs. It is a self-contained course in the valuation reasoning FINM3005/6005 examines - each idea stated plainly, each method shown on a fully-worked example with our own round numbers, each classic trap flagged. You learn to drive the spreadsheet in the workshops and the group assignment; the exam tests whether you can set up assumptions, build the cash flows, bridge to a per-share value and defend the call. That is what these pages drill. 这不是讲义幻灯片的逐字记录,也不是 KGW Excel 实验的重演。它是一门自成体系的课程,讲授 FINM3005/6005 所考核 的估值推理 -- 每个概念都直白陈述,每种方法都用我们自己的整数在完整算例上演示,每个经典陷阱都被标出。你在研讨课 和小组作业中学会驾驭电子表格;考试则检验你能否设定假设、构建现金流、桥接到每股价值并为判断辩护。这些页面操练的 正是后者。

5）你要准备的“概念简答题”标准答案句式（拿稳小题分）

为什么默认用 enterprise DCF 而不是 equity DCF / APV？何时切换？

• Enterprise DCF：折现“给所有资本提供者的现金流”$FCF$，用 $WACC$；适合资本结构稳定的普通公司。
• APV：高/可变杠杆时（如 LBO 等）更合适；把无杠杆价值与利息税盾分开估。
• Equity DCF：金融机构等资本结构内嵌于现金流时使用。[10]Source: asksia-bible-finm3005-bilingual.pdf这些是 AskSia 自编的、关于虚构公司、采用全新整数的问题。它们并非真实的考试/辅导题,也未使用 Coles 案例或示 例报告中的任何数据。标准估值流程是经典通用的;每一个数字都经过手工核验。 01-05 Concept short-answers Q1-Q5 概念简答 Q1 METHOD CHOICE 3 marks Why does the course use enterprise DCF rather than equity DCF or APV as the default? When would you switch to each alternative? FINM3005/6005 . Corporate Valuation . AskSia Library Q2 CONVERGENCE CV RATIONALE 3 marks A classmate always uses the Gordon continuing-value formula with RONIC = 15% forever. Explain why the course's default is the convergence formula CVt = NOPLATt+1/W ACC, and what assumption it encodes. Q3 GROWTH & VALUE 2 marks Aurora Ltd grows revenue 8% p. a. but earns ROIC = 7% against W ACC = 9%. Is its growth creating or destroying value? Justify in one line. Q4 RELATIVE VS DCF 3 marks Give two strengths and two weaknesses of multiple-based valuation relative to DCF, and state why the two methods should roughly agree. 05 MARKET EFFICIENCY 3 marks Under semi-strong efficiency, can fundamental analysis earn abnormal returns on a listed firm? Why is fundamental valuation still essential for a private firm? FINM3005/6005 . Corporate Valuation . AskSia Library Q1-Q5 Worked solutions - concept items 1 Q1. Enterprise DCF discounts FCF (cash to all investors) at WACC, and assumes a stable target capital structure so leverage is implicit - ideal for normal firms. Switch to APV (unlevered FCF + ITS valued separately) when leverage is high/variable (LBOs, infrastructure, tax-loss firms); switch to equity DCF (ke ) for financials, where capital structure is embedded in the cash flow. Q1. 企业 DCF 把 FCF(流向全体投资者的现金)按WACC 折现,并假设稳定目标资本结构,使杠杆隐含其中 -- 适用 于正常企业。当杠杆高/可变时(LBO、基础设施、税损企业)切换到APV(无杠杆 FCF+单独估值的利息税盾 ITS); 为金融机构切换到股权 DCF(),因其资本结构内嵌于现金流中。 2 Q2. The convergence form encodes RONIC = W ACC after the horizon - new investment earns exactly its cost, so growth adds no value beyond the explicit period. This is the default because competition fades excess returns; assuming RONIC = 15% forever asserts a permanent moat, which is rarely defensible. Use Gordon/KVD only with a strong competitive-advantage argument. Q2. 收敛形式编码了视野之后的 RONIC= W ACC -- 新投资恰好赚得其成本,所以在显式期之外增长不增添价值。这 之所以是默认,是因为竞争会消磨超额回报;假设永远持续即断言一条永久护城河,而这鲜有可辩护性。只有在有强有 力的竞争优势论据时才用 Gordon/KVD。 Q3. Destroying value: ROIC = 7% < W ACC = 9%, so each dollar reinvested to grow earns below its cost - faster growth makes it worse, not better. Q3. 摧毁价值:,所以为增长而再投资的每一美元都赚得低于其成本 -- 增长越快越糟,而非越好。 4 Q4. Strengths: fast, fewer assumptions, intuitive, reflect current market mood. Weaknesses: easily misused (bad peers/multiples), inherit market mis-pricing, cannot support sensitivity/scenario analysis. They should agree because every multiple is an implied DCF - both embed growth, risk (WACC), ROIC and leverage; sharp divergence flags an input disagreement to investigate. Q4. 优点:快速、假设更少、直观、反映当前市场情绪。缺点:易被误用(坏的同业/倍数)、继承市场错误定价、无法 支持敏感性/情景分析。它们之所以应当一致,是因为每个倍数都是一个隐含的 DCF -- 两者都内嵌增长、风险 (WACC)、ROIC 与杠杆;显著分歧标示出一处需要调查的输入不一致。 5 Q5. No - semi-strong efficiency means prices already reflect all public info, so fundamental analysis cannot earn abnormal returns on a listed firm. But a private firm / division has no market price, so a fundamental DCF is the only way to estimate value - valuation always pays off there (and for M&A targets). Q5. 不能 -- 半强式有效意味着价格已反映所有公开信息,所以对一家上市企业,基本面分析无法赚取超额收益。但一家 私营企业/事业部没有市场价格,因此基本面 DCF 是估计其价值的唯一途径 -- 估值在那里始终有回报(对M&A 标的 亦然)。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q6-Q7 - PRACTICE BANK (CONT. ) Reorganise - ROIC, and the growth identity 重组 → ROIC,以及增长恒等式 Q6-Q7: rebuild NOPLAT & invested capital then judge value creation; tie g = reinvestment x ROIC Q6-Q7: 重建 NOPLAT 与投入资本,再判断价值创造;用 g = 再投资率 x ROIC 闭环 06 Reorganise - NOPLAT, IC, ROIC Q6 重组 → NOPLAT、IC、ROIC

为什么默认用“收敛型 CV”，而不是永远用 Gordon 且假设高 RONIC？

• 收敛型默认编码：显式期后 $RONIC=WACC$，竞争消磨超额回报；永久高 RONIC 需要非常强的竞争优势论证。[10]Source: asksia-bible-finm3005-bilingual.pdf这些是 AskSia 自编的、关于虚构公司、采用全新整数的问题。它们并非真实的考试/辅导题,也未使用 Coles 案例或示 例报告中的任何数据。标准估值流程是经典通用的;每一个数字都经过手工核验。 01-05 Concept short-answers Q1-Q5 概念简答 Q1 METHOD CHOICE 3 marks Why does the course use enterprise DCF rather than equity DCF or APV as the default? When would you switch to each alternative? FINM3005/6005 . Corporate Valuation . AskSia Library Q2 CONVERGENCE CV RATIONALE 3 marks A classmate always uses the Gordon continuing-value formula with RONIC = 15% forever. Explain why the course's default is the convergence formula CVt = NOPLATt+1/W ACC, and what assumption it encodes. Q3 GROWTH & VALUE 2 marks Aurora Ltd grows revenue 8% p. a. but earns ROIC = 7% against W ACC = 9%. Is its growth creating or destroying value? Justify in one line. Q4 RELATIVE VS DCF 3 marks Give two strengths and two weaknesses of multiple-based valuation relative to DCF, and state why the two methods should roughly agree. 05 MARKET EFFICIENCY 3 marks Under semi-strong efficiency, can fundamental analysis earn abnormal returns on a listed firm? Why is fundamental valuation still essential for a private firm? FINM3005/6005 . Corporate Valuation . AskSia Library Q1-Q5 Worked solutions - concept items 1 Q1. Enterprise DCF discounts FCF (cash to all investors) at WACC, and assumes a stable target capital structure so leverage is implicit - ideal for normal firms. Switch to APV (unlevered FCF + ITS valued separately) when leverage is high/variable (LBOs, infrastructure, tax-loss firms); switch to equity DCF (ke ) for financials, where capital structure is embedded in the cash flow. Q1. 企业 DCF 把 FCF(流向全体投资者的现金)按WACC 折现,并假设稳定目标资本结构,使杠杆隐含其中 -- 适用 于正常企业。当杠杆高/可变时(LBO、基础设施、税损企业)切换到APV(无杠杆 FCF+单独估值的利息税盾 ITS); 为金融机构切换到股权 DCF(),因其资本结构内嵌于现金流中。 2 Q2. The convergence form encodes RONIC = W ACC after the horizon - new investment earns exactly its cost, so growth adds no value beyond the explicit period. This is the default because competition fades excess returns; assuming RONIC = 15% forever asserts a permanent moat, which is rarely defensible. Use Gordon/KVD only with a strong competitive-advantage argument. Q2. 收敛形式编码了视野之后的 RONIC= W ACC -- 新投资恰好赚得其成本,所以在显式期之外增长不增添价值。这 之所以是默认,是因为竞争会消磨超额回报;假设永远持续即断言一条永久护城河,而这鲜有可辩护性。只有在有强有 力的竞争优势论据时才用 Gordon/KVD。 Q3. Destroying value: ROIC = 7% < W ACC = 9%, so each dollar reinvested to grow earns below its cost - faster growth makes it worse, not better. Q3. 摧毁价值:,所以为增长而再投资的每一美元都赚得低于其成本 -- 增长越快越糟,而非越好。 4 Q4. Strengths: fast, fewer assumptions, intuitive, reflect current market mood. Weaknesses: easily misused (bad peers/multiples), inherit market mis-pricing, cannot support sensitivity/scenario analysis. They should agree because every multiple is an implied DCF - both embed growth, risk (WACC), ROIC and leverage; sharp divergence flags an input disagreement to investigate. Q4. 优点:快速、假设更少、直观、反映当前市场情绪。缺点:易被误用(坏的同业/倍数)、继承市场错误定价、无法 支持敏感性/情景分析。它们之所以应当一致,是因为每个倍数都是一个隐含的 DCF -- 两者都内嵌增长、风险 (WACC)、ROIC 与杠杆;显著分歧标示出一处需要调查的输入不一致。 5 Q5. No - semi-strong efficiency means prices already reflect all public info, so fundamental analysis cannot earn abnormal returns on a listed firm. But a private firm / division has no market price, so a fundamental DCF is the only way to estimate value - valuation always pays off there (and for M&A targets). Q5. 不能 -- 半强式有效意味着价格已反映所有公开信息,所以对一家上市企业,基本面分析无法赚取超额收益。但一家 私营企业/事业部没有市场价格,因此基本面 DCF 是估计其价值的唯一途径 -- 估值在那里始终有回报(对M&A 标的 亦然)。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q6-Q7 - PRACTICE BANK (CONT. ) Reorganise - ROIC, and the growth identity 重组 → ROIC,以及增长恒等式 Q6-Q7: rebuild NOPLAT & invested capital then judge value creation; tie g = reinvestment x ROIC Q6-Q7: 重建 NOPLAT 与投入资本,再判断价值创造;用 g = 再投资率 x ROIC 闭环 06 Reorganise - NOPLAT, IC, ROIC Q6 重组 → NOPLAT、IC、ROIC

一句话判断增长创造/毁灭价值

• 看 $ROIC$（或 $RONIC$）与 $WACC$：小于则增长毁灭价值，大于则增长创造价值。[10]Source: asksia-bible-finm3005-bilingual.pdf这些是 AskSia 自编的、关于虚构公司、采用全新整数的问题。它们并非真实的考试/辅导题,也未使用 Coles 案例或示 例报告中的任何数据。标准估值流程是经典通用的;每一个数字都经过手工核验。 01-05 Concept short-answers Q1-Q5 概念简答 Q1 METHOD CHOICE 3 marks Why does the course use enterprise DCF rather than equity DCF or APV as the default? When would you switch to each alternative? FINM3005/6005 . Corporate Valuation . AskSia Library Q2 CONVERGENCE CV RATIONALE 3 marks A classmate always uses the Gordon continuing-value formula with RONIC = 15% forever. Explain why the course's default is the convergence formula CVt = NOPLATt+1/W ACC, and what assumption it encodes. Q3 GROWTH & VALUE 2 marks Aurora Ltd grows revenue 8% p. a. but earns ROIC = 7% against W ACC = 9%. Is its growth creating or destroying value? Justify in one line. Q4 RELATIVE VS DCF 3 marks Give two strengths and two weaknesses of multiple-based valuation relative to DCF, and state why the two methods should roughly agree. 05 MARKET EFFICIENCY 3 marks Under semi-strong efficiency, can fundamental analysis earn abnormal returns on a listed firm? Why is fundamental valuation still essential for a private firm? FINM3005/6005 . Corporate Valuation . AskSia Library Q1-Q5 Worked solutions - concept items 1 Q1. Enterprise DCF discounts FCF (cash to all investors) at WACC, and assumes a stable target capital structure so leverage is implicit - ideal for normal firms. Switch to APV (unlevered FCF + ITS valued separately) when leverage is high/variable (LBOs, infrastructure, tax-loss firms); switch to equity DCF (ke ) for financials, where capital structure is embedded in the cash flow. Q1. 企业 DCF 把 FCF(流向全体投资者的现金)按WACC 折现,并假设稳定目标资本结构,使杠杆隐含其中 -- 适用 于正常企业。当杠杆高/可变时(LBO、基础设施、税损企业)切换到APV(无杠杆 FCF+单独估值的利息税盾 ITS); 为金融机构切换到股权 DCF(),因其资本结构内嵌于现金流中。 2 Q2. The convergence form encodes RONIC = W ACC after the horizon - new investment earns exactly its cost, so growth adds no value beyond the explicit period. This is the default because competition fades excess returns; assuming RONIC = 15% forever asserts a permanent moat, which is rarely defensible. Use Gordon/KVD only with a strong competitive-advantage argument. Q2. 收敛形式编码了视野之后的 RONIC= W ACC -- 新投资恰好赚得其成本,所以在显式期之外增长不增添价值。这 之所以是默认,是因为竞争会消磨超额回报;假设永远持续即断言一条永久护城河,而这鲜有可辩护性。只有在有强有 力的竞争优势论据时才用 Gordon/KVD。 Q3. Destroying value: ROIC = 7% < W ACC = 9%, so each dollar reinvested to grow earns below its cost - faster growth makes it worse, not better. Q3. 摧毁价值:,所以为增长而再投资的每一美元都赚得低于其成本 -- 增长越快越糟,而非越好。 4 Q4. Strengths: fast, fewer assumptions, intuitive, reflect current market mood. Weaknesses: easily misused (bad peers/multiples), inherit market mis-pricing, cannot support sensitivity/scenario analysis. They should agree because every multiple is an implied DCF - both embed growth, risk (WACC), ROIC and leverage; sharp divergence flags an input disagreement to investigate. Q4. 优点:快速、假设更少、直观、反映当前市场情绪。缺点:易被误用(坏的同业/倍数)、继承市场错误定价、无法 支持敏感性/情景分析。它们之所以应当一致,是因为每个倍数都是一个隐含的 DCF -- 两者都内嵌增长、风险 (WACC)、ROIC 与杠杆;显著分歧标示出一处需要调查的输入不一致。 5 Q5. No - semi-strong efficiency means prices already reflect all public info, so fundamental analysis cannot earn abnormal returns on a listed firm. But a private firm / division has no market price, so a fundamental DCF is the only way to estimate value - valuation always pays off there (and for M&A targets). Q5. 不能 -- 半强式有效意味着价格已反映所有公开信息,所以对一家上市企业,基本面分析无法赚取超额收益。但一家 私营企业/事业部没有市场价格,因此基本面 DCF 是估计其价值的唯一途径 -- 估值在那里始终有回报(对M&A 标的 亦然)。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q6-Q7 - PRACTICE BANK (CONT. ) Reorganise - ROIC, and the growth identity 重组 → ROIC,以及增长恒等式 Q6-Q7: rebuild NOPLAT & invested capital then judge value creation; tie g = reinvestment x ROIC Q6-Q7: 重建 NOPLAT 与投入资本,再判断价值创造;用 g = 再投资率 x ROIC 闭环 06 Reorganise - NOPLAT, IC, ROIC Q6 重组 → NOPLAT、IC、ROIC[20]Source: asksia-cheatsheet-finm3005.pdfAskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 flip - for side 2 . growth, multiples, M&A & the call SIDE 1/2 CAPM . Beta VALUE . The mindset . DCF (FCFF/FCFE) . 6-step enterprise DCF . Terminal value . EV-equity bridge . NOPLAT . ROIC . WACC . REVISION SHEET . ALL TOPICS Compiled by AskSia . mapped to the FINM3005/6005 syllabus . asksia. ai/cheatsheet/anu- finm3005 W3 W2 FINM3005 / 6005 Corporate Valuation AUSTRALIAN NATIONAL UNIVERSITY . RSFAS . APPLIED VALUATION EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 Growth . multiples . M&A . the call SIDE 2/2 Recommendation JUDGE . Value of growth . RONIC vs WACC . Multiples (P/E, EV/EBITDA, EV/Sales, P/B) . Football field . Sum-of-the-parts . M&A . 12 . Value of Growth W6 Growth is funded by reinvestment, and only pays if the new capital earns above the hurdle. GROWTH IDENTITY g = reinvestment rate x ROIC IR = g * ROIC FCF = NOPLAT(1 - g/ROIC) The same identity ties the value-driver formula on side 1 to the terminal value. Growth creates value only when RONIC > WACC. RONIC = return on new invested capital. If RONIC < WACC, faster growth destroys value - top-line growth is never the goal in itself; the return on the investment is. Capacity expansion can dilute returns (capital base grows, pricing pressure). Apply the NPV rule to each project - and do your own numbers; don't trust "management says it's NPV-positive. " ORGANIC VS INORGANIC

倍数与 DCF 为什么应该“差不多”？

• 因为倍数本质是“隐含 DCF”，都嵌入增长、风险（$WACC$）、$ROIC$、杠杆；分歧提示你要回头查输入/可比公司选择。[10]Source: asksia-bible-finm3005-bilingual.pdf这些是 AskSia 自编的、关于虚构公司、采用全新整数的问题。它们并非真实的考试/辅导题,也未使用 Coles 案例或示 例报告中的任何数据。标准估值流程是经典通用的;每一个数字都经过手工核验。 01-05 Concept short-answers Q1-Q5 概念简答 Q1 METHOD CHOICE 3 marks Why does the course use enterprise DCF rather than equity DCF or APV as the default? When would you switch to each alternative? FINM3005/6005 . Corporate Valuation . AskSia Library Q2 CONVERGENCE CV RATIONALE 3 marks A classmate always uses the Gordon continuing-value formula with RONIC = 15% forever. Explain why the course's default is the convergence formula CVt = NOPLATt+1/W ACC, and what assumption it encodes. Q3 GROWTH & VALUE 2 marks Aurora Ltd grows revenue 8% p. a. but earns ROIC = 7% against W ACC = 9%. Is its growth creating or destroying value? Justify in one line. Q4 RELATIVE VS DCF 3 marks Give two strengths and two weaknesses of multiple-based valuation relative to DCF, and state why the two methods should roughly agree. 05 MARKET EFFICIENCY 3 marks Under semi-strong efficiency, can fundamental analysis earn abnormal returns on a listed firm? Why is fundamental valuation still essential for a private firm? FINM3005/6005 . Corporate Valuation . AskSia Library Q1-Q5 Worked solutions - concept items 1 Q1. Enterprise DCF discounts FCF (cash to all investors) at WACC, and assumes a stable target capital structure so leverage is implicit - ideal for normal firms. Switch to APV (unlevered FCF + ITS valued separately) when leverage is high/variable (LBOs, infrastructure, tax-loss firms); switch to equity DCF (ke ) for financials, where capital structure is embedded in the cash flow. Q1. 企业 DCF 把 FCF(流向全体投资者的现金)按WACC 折现,并假设稳定目标资本结构,使杠杆隐含其中 -- 适用 于正常企业。当杠杆高/可变时(LBO、基础设施、税损企业)切换到APV(无杠杆 FCF+单独估值的利息税盾 ITS); 为金融机构切换到股权 DCF(),因其资本结构内嵌于现金流中。 2 Q2. The convergence form encodes RONIC = W ACC after the horizon - new investment earns exactly its cost, so growth adds no value beyond the explicit period. This is the default because competition fades excess returns; assuming RONIC = 15% forever asserts a permanent moat, which is rarely defensible. Use Gordon/KVD only with a strong competitive-advantage argument. Q2. 收敛形式编码了视野之后的 RONIC= W ACC -- 新投资恰好赚得其成本,所以在显式期之外增长不增添价值。这 之所以是默认,是因为竞争会消磨超额回报;假设永远持续即断言一条永久护城河,而这鲜有可辩护性。只有在有强有 力的竞争优势论据时才用 Gordon/KVD。 Q3. Destroying value: ROIC = 7% < W ACC = 9%, so each dollar reinvested to grow earns below its cost - faster growth makes it worse, not better. Q3. 摧毁价值:,所以为增长而再投资的每一美元都赚得低于其成本 -- 增长越快越糟,而非越好。 4 Q4. Strengths: fast, fewer assumptions, intuitive, reflect current market mood. Weaknesses: easily misused (bad peers/multiples), inherit market mis-pricing, cannot support sensitivity/scenario analysis. They should agree because every multiple is an implied DCF - both embed growth, risk (WACC), ROIC and leverage; sharp divergence flags an input disagreement to investigate. Q4. 优点:快速、假设更少、直观、反映当前市场情绪。缺点:易被误用(坏的同业/倍数)、继承市场错误定价、无法 支持敏感性/情景分析。它们之所以应当一致,是因为每个倍数都是一个隐含的 DCF -- 两者都内嵌增长、风险 (WACC)、ROIC 与杠杆;显著分歧标示出一处需要调查的输入不一致。 5 Q5. No - semi-strong efficiency means prices already reflect all public info, so fundamental analysis cannot earn abnormal returns on a listed firm. But a private firm / division has no market price, so a fundamental DCF is the only way to estimate value - valuation always pays off there (and for M&A targets). Q5. 不能 -- 半强式有效意味着价格已反映所有公开信息,所以对一家上市企业,基本面分析无法赚取超额收益。但一家 私营企业/事业部没有市场价格,因此基本面 DCF 是估计其价值的唯一途径 -- 估值在那里始终有回报(对M&A 标的 亦然)。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q6-Q7 - PRACTICE BANK (CONT. ) Reorganise - ROIC, and the growth identity 重组 → ROIC,以及增长恒等式 Q6-Q7: rebuild NOPLAT & invested capital then judge value creation; tie g = reinvestment x ROIC Q6-Q7: 重建 NOPLAT 与投入资本,再判断价值创造;用 g = 再投资率 x ROIC 闭环 06 Reorganise - NOPLAT, IC, ROIC Q6 重组 → NOPLAT、IC、ROIC[23]Source: asksia-cheatsheet-finm3005.pdf15 . Comps & the W7 . Football Field TRIANGULATE NET EV (FOR EV MULTIPLES) net EV = E + D - excess cash - other non-op Trading comps = current market multiples of listed peers. Transaction comps = multiples paid in past M&A deals - they embed a control premium, so they sit higher. THE FOOTBALL FIELD Plot the value range from each method as horizontal bars - DCF, EV/EBITDA, P/E, EV/Sales, transaction comps, 52-week range - to visually triangulate where fair value sits. The composite (W10) reconciles them into one target. Strengths of multiples: fast, intuitive, fewer assumptions, reflect current mood. Weaknesses: bad peers/multiples mislead; inherit market mispricing; can't support scenario/sensitivity (no explicit risk model). Use them to cross-check DCF, not replace it. 16 . Sum-of-the-Parts W8 For multi-business firms, a single forecast & single WACC is wrong. Value each segment separately and sum to total EV. DCF where segment statements can be built; multiples where disclosure is thin. Segment WACC: each segment gets its own - estimate from listed single-business peers (unlever their betas > relever at the segment's target leverage). This is the payoff of the comparable-beta machinery from W5. Challenges: allocating corporate overhead, intercompany eliminations, thin segment data (often only assets, revenue, operating profit, depreciation & capex), and the conglomerate discount - diversified firms trade at ~90-95% of the sum of standalone values. 16b · Relative vs DCF W7 . WHEN WHICH They are two views of the same fundamentals. A DCF builds value bottom-up from explicit cash flows & risk; a multiple reads value off the market's current pricing of peers. Lead with the DCF (it supports scenario & sensitivity), then use multiples to sanity-check the answer and reveal what the market is implying. When they diverge, ask: are my peers truly comparable? Is the market mispricing the sector? Is my terminal-value assumption too aggressive? The reconciliation is the analyst's judgement - and it is the work the marks reward. Multiples can't run scenarios; the DCF can, so let it lead and use comps as the reality check. 16c . Multiples ~ Implied DCF BRIDGE W7 . THE Because every multiple's driver formula is a re- arranged DCF, a high P/E or EV/EBITDA is not automatically "expensive" - it can simply price in higher growth or ROIC. Always ask what fundamentals justify the gap to peers before calling a stock cheap or dear. Even a DCF often "backs into" a multiple, and a DCF terminal value is frequently itself an exit multiple - the two are inseparable. Use the right peer group (same industry and similar growth/profitability/risk), not a broad sector average, and adjust for any unavoidable differences that remain. 17 . M&A Valuation W9 Synergy = value of the whole above the simple sum of standalone parts. -

6）考前最省命的复习安排（你照做就行）

第1轮（把“引擎”练到肌肉记忆）

• 每题都强制写五拍式：Set up → Compute → Bridge → Sanity-check → Recommend。[6]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library — — — Required gap between intrinsic value & price before acting on a Buy/Sell. Margin of safety — — — i How to use this glossary in revision 复习时如何使用这份术语表 The terms run in teaching order - the same spine the exam walks on a fresh company. Two passes: EN-meaning (cover the right column), then meaning-EN (cover the term). The ideas to over-learn (tested almost verbatim): ROIC > W ACC - growth creates value, the EV-equity bridge, convergence vs Gordon CV, unlever/relever beta, multiple consistency, and accretion # value creation. 这些术语按教学顺序排列 -- 与考试在一家全新公司上所走的主干相同。两遍:EN→含义(遮住右列),然后含义→EN (遮住术语)。应过度学习的观念(几乎逐字被考):ROIC >WACC→增长创造价值、EV→股权桥接、收敛型 vs Gordon CV、去杠杆/再加杠杆贝塔、倍数一致性,以及增厚 ≠价值创造。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q1-Q5 CHAPTER . PRACTICE BANK & WORKED SOLUTIONS MIRRORS THE 60% FINAL + ASSIGNMENT Drill the valuation spine, exam-style 按考试风格,操练估值主干 Sixteen fresh problems - concept short-answers + full computational valuations, each worked through the five-beat answer shape 十六道全新题目 -- 概念简答+完整计算估值,每题都走通五拍式答题结构 The one-line takeaway. The FINM3005/6005 final is a spine of full valuation problems (DCF, WACC, reorg, growth, multiples, M&A, sensitivity) plus concept short-answers. This bank gives one fresh problem per recurring exam move, each worked through the five beats: set up - compute - bridge - sanity-check - recommend. Cover the solution, do it on paper, then check. 一句话要点。FINM3005/6005 期末考试的主干是一系列完整的估值问题(DCF、WACC、重组、增长、倍数、M&A、敏感 性)外加概念简答。本题库为每一种反复出现的考试套路提供一道全新问题,每道都贯穿五个节拍:设定→计算→桥接→ 合理性检验→给出建议。先遮住解答,在纸上做一遍,再核对。 ★ The five-beat answer shape - use it every time 五拍式答题结构 -- 每次都要用 (1) Set up - method, horizon, value drivers, cost-of-capital inputs, flag fragile assumptions. (2) Compute - FCFF, WACC from CAPM with unlever/relever, explicit PVs, continuing value. (3) Bridge - ops -+ + non-op -+ EV -+ - net debt / minority / options -> equity -+ + shares. (4) Sanity-check - is ROIC > W ACC? is CV a plausible share? cross-check vs multiples; sensitivity. (5) Recommend - Buy/Hold/Sell over 1-3 yrs + what changes the call. (1) 设定 -- 方法、视野、价值驱动因素、资本成本输入,标出脆弱假设。(2)计算 -- FCFF、用带去杠杆/再加杠杆的 CAPM 得 WACC、显式各期现值、持续价值。(3)桥接 -- 经营 →+非经营性→EV →- 净负债/少数股东权益/期权 → 股权→÷股数。(4)合理性检验 -- 是否?CV占比是否可信?与倍数交叉验证;敏感性。(5)给出建议 -- 以 1-3 年视野给出买入/持有/卖出+什么会改变这一判断。 ! Fresh stems - the exam STYLE, not the exam 全新题干 -- 考试风格,而非考试本身 These are AskSia-authored problems on invented companies with fresh round numbers. They are not real exam/tutorial questions and use no figures from the Coles case or the Example Report. The standard valuation procedure is canonical; every number is checked by hand.[7]Source: asksia-bible-finm3005-bilingual.pdfWhat it means at the exam A solution, not the answer No single correct number - defensible assumptions win Model-building integrity Internal consistency, sanity checks, a clear story Sit as a junior analyst Audience = professional investors; end on a clear call Always sanity- check ROIC vs WACC, CV as a share of value, triangulate FINM3005/6005 . Corporate Valuation . AskSia Library ★ The exam format - applied valuation, NOT spreadsheet recall 考试形式 -- 应用型估值,而非电子表格的死记硬背 One closed-book written paper. You will not open the KGW model. You will be given a company sketch, accounts, peer multiples and cost-of-capital inputs and asked to set up assumptions, build the cash flows, bridge to a per-share value and recommend. The same skeleton - PV(FCF) at the WACC -+ EV -> equity - per share - powers nearly every problem, alongside short concept items (why enterprise DCF, the convergence-CV rationale, ROIC vs WACC, market efficiency). Walk a full valuation on a fresh company and you have walked the exam. 一场闭卷笔试。你不能翻开 KGW 模型。但你将拿到 一份公司概况、账目、同业倍数与资本成本输入,并 被要求设定假设、构建现金流、桥接到每股价值并给 出建议。同一套骨架一 -按 WACC 折现的 PV(FCF) → EV→股权→每股 -- 驱动着几乎每一道问题, 外加一些概念简答(为何用企业 DCF、收敛型 CV的 理据、ROIC 对 WACC、市场有效性)。走一遍对一家 全新公司的完整估值,你就走过了整场考试。 ✓ The quiz redemption rule - and what it dictates 测验补偿规则 -- 以及它所决定的事 The Week-5 quiz is optional and redeemable: if you don't take it, or your exam % beats your quiz %, the 5% simply rolls into the final exam. Net effect - the exam is effectively ≥60% and the universal backstop, while nothing backstops the exam. The dominant move is to over-invest in exam-style reasoning: drill the DCF engine, write the EV-equity bridge every time, and end every problem with a recommendation. 第5 周测验是可选且可抵扣的:若你不参加,或你的 考试百分比超过测验百分比,那5% 就直接并入期末 考试。净效果是 -- 考试实际上占比≥60% 且是普遍 的兜底,而没有任何东西为考试兜底。占优的做法是 过度投入于考试式推理:反复操练 DCF 引擎,每次都 写出 EV→股权桥接,并在每道题末尾给出建议。 i The five-step valuation answer shape - the rubric for every problem 五步式估值答题结构 -- 每道题的评分准绳 Every strong valuation answer moves through the same five beats. Author every solution this way: (1) Set up assumptions - method, horizon, value drivers, cost-of-capital inputs; flag the fragile ones. (2) Build / compute - forecast FCFF, build the WACC, discount, add the terminal value (default = convergence NOPLAT++1/W ACC). (3) Bridge to equity / per share - value of operations ++ + non-operating assets - EV - - net debt - minorities - equity -+ + shares. (4) Sanity-check / triangulate - ROIC > WACC? CV plausible? cross-check vs multiples. (5) Recommend - Buy / Hold / Sell on a 1-3-year horizon, with what would change the call. 每一份出色的估值答案都走过同样的五个节拍。每份解答都照此撰写:(1)设定假设 -- 方法、视野、价值驱动因素、资 本成本输入;标出脆弱者。(2)构建/计算 -- 预测 FCFF、构建 WACC、折现、加上终值(默认=收敛型)。(3)桥接到 股权/每股 -- 经营价值 →+非经营性资产 →EV→- 净负债 -少数股东权益→ 股权→÷股数。(4)合理性检验/ 三角验证 -- ROIC>WACC? CV 是否可信?与倍数交叉验证。(5)给出建议 -- 以1-3 年视野给出买入/持有/卖出, 并说明什么会改变这一判断。 FINM3005/6005 . Corporate Valuation . AskSia Library CONTENTS - CONTENTS Three parts, one pipeline 三个部分,一条流水线 Build the engine - build the model- cross-check & recommend 搭引擎→搭模型 → 交叉核验并给出建议 Ch Topic Core ideas Part I . The engine (Weeks 1-2)
• 强迫自己“画出那张 DCF 图/链条”，并默写核心等式。[8]Source: asksia-bible-finm3005-bilingual.pdfFINM3005/6005 . Corporate Valuation . AskSia Library Value = = ! The growth fallacy examiners bait 考官设下的增长谬误诱饵 "The company is growing fast, so it must be creating value. " Wrong. Growth only creates value if the capital funding it earns above the hurdle. High-ROIC firms should prioritise growth; low-ROIC firms should fix ROIC first. Always state the verdict as ROIC vs W ACC, never as the growth rate alone. “这家公司增长很快,所以它一定在创造价值。”错。增 长只有在为其供资的资本回报超过门槛时才创造价 值。高 ROIC 企业应优先增长;低 ROIC 企业应先修 复 ROIC。结论始终要表述为对的关系,绝不能单凭增 长率。 ★ Recap - W1 in five lines 回顾一 一第1周五行要点 ● 价值=未来现金流的现值;内在价值 ≠账面价值 ≠市场价值 。· DCF 是核心;两大驱动因素 -- 现金流与风险。● ,,。● 只有当 ROIC>WACC 时才创造价值;增长会沿着利差所指的方向放大 。· 更高 ROIC 的企业所需再投资更少 → 更多自由现金→更多价值(“价值公司 vs 规模公司”)。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . DCF IN ONE PICTURE DCF VALUATION - THE WHOLE ENGINE IN ONE PICTURE WEEK 2 . THE CORE Discount the cash flows, then bridge to value per share 折现现金流,再桥接到每股价值 the AHA-unit: PV(FCF) + PV(TV) = EV-> - net debt -> equity - per share “恍然大悟”单元:PV(FCF)+ PV(TV)= EV →-净负债→ 股权→ 每股 This single diagram is the spine of the course, the assignment and most of the exam. Left: each forecast free cash flow (and a terminal value) is dragged back to today by dividing by (1 + W ACC)t, and the present values are summed to enterprise value. Right: the EV++equity bridge subtracts net debt and minority interest, adds associates, to reach equity value; divide by shares for value per share. Learn this picture cold. 这张图就是整门课、作业以及大部分考试的主干。左侧:每一笔预测的自由现金流(以及一个终值)通过除以 被拉回今天, 再把各现值加总为企业价值。右侧:EV→股权桥接减去净负债与少数股东权益、加上联营企业,得到股权价值;除以股数得 到每股价值。把这张图烂熟于心。 1 Discount the cash flows FCF (nominal) PV = FCF / (1+WACC) ~+ terminal TV year Sum of PVs = Enterprise Value 2 Bridge to value per share -32 +14 -8[12]Source: asksia-bible-finm3005-bilingual.pdfEV - net debt - minority + assoc. Equity Equity Value / shares = $ per share The DCF in one picture. LEFT: forecast free cash flows for years 1. . 5 plus a terminal value are each discounted back at the WACC (divide by (1+WACC)^t) and summed to Enterprise Value. RIGHT: the EV-to-equity bridge subtracts net debt and minority interest, adds associates, to reach Equity Value; divide by shares for value per share. 一张图说尽 DCF。左侧:第1. 5 年的预测自由现金流加上一个终值,各自按 WACC 折现回来(除以(1+WACC)^t)并 加总得到企业价值。右侧:EV到股权的桥接减去净负债与少数股东权益、加上联营公司,得到股权价值;除以股数即 每股价值。 FINM3005/6005 . Corporate Valuation . AskSia Library THE DCF IN ONE EQUATION EV = T ∑ t=1 FCF. (1 + W ACC)t CVT + (1 + W ACC)T Two quantities, two halves of the picture: the explicit- horizon PVs (the discounted bars) and the continuing value (the amber bar), both discounted at the same WACC. The CV bar is large on purpose - it is usually the majority of EV. 两个量,构成图景的两半:明确预测期内的现值(折现后的 柱体)与持续价值(琥珀色柱体),二者都以同一个 WACC 折现。CV 柱体故意画得很大 -- 它通常是 EV 的大部分。 i Two enterprise values - do not confuse them 两个企业价值 -- 切勿混淆 In DCF, EV = value of operations + value of non- operating assets (what the business is worth). In multiples, net EV = equity + debt - excess cash (the acquisition cost of operations). They answer different questions; keep the labels straight. 在 DCF 中,EV = 经营价值+非经营性资产价值(业 务值多少钱)。在倍数中,net EV = 股权+债务 一超 额现金(收购该业务的成本)。两者回答不同的问题; 把标签分清楚。 ✓ Where the rest of the course plugs in 课程其余部分从何处接入 Everything else feeds this one diagram: W3 reorganises the accounts to get clean FCFF; W4 forecasts it; W5 builds the WACC that discounts it; W6 sets the growth in the terminal value; W7 cross- checks EV with multiples. Master the picture and every week is a sub-routine. 其他一切都汇入这一张图:W3 重组账目以得到干净的 FCFF;W4 预测它;W5 构建用以折现它的 WACC; W6 设定终值中的增长;W7 用倍数对 EV 做交叉验 证。掌握这张图,每一周都是一个子程序。 FINM3005/6005 . Corporate Valuation . AskSia Library W2 . FCFF /FCFE . SIX STEPS - FCFF, FCFE, AND THE 6-STEP ENTERPRISE DCF W2 . METHOD The cash to ALL investors - and the ladder that turns it into a share price

第2轮（专抓最丢分的陷阱）

• $FCFF$ vs $FCFE$ 折现率配对。[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开[16]Source: asksia-cheatsheet-finm3005.pdfFINM3005 / 6005 Corporate Valuation AUSTRALIAN NATIONAL UNIVERSITY . RSFAS . APPLIED VALUATION EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 Whole-course revision . all topics 0 · Exam Blueprint READ FIRST * One spine runs the whole course: value = the cash a business throws off, discounted for risk . You estimate intrinsic value, then sanity-check it against what the market pays. This is applied valuation - you are a junior analyst; there is no single right number, only a defensible one. Side 1 = the DCF engine (cash flow -> discount rate -> enterprise -> equity). Side 2 = growth, multiples, M&A & the analyst call. Assessment: final exam 60% + group valuation assignment 35% + optional redeemable quiz 5%. Most-tested reflexes: build FCFF from NOPLAT; pick & compute a terminal value; walk the EV-> equity bridge; compute WACC with CAPM & relevered beta; read whether growth creates value (RONIC vs WACC); cross- check DCF with a multiple. --- SIA - Two-line discipline: match the cash flow to its discount rate (FCFF ++WACC, FCFE++Re - never cross them), and always state whether ROIC>WACC before you reward any growth. Markers reward the consistent chain, not the headline number. 1 . The Valuation Mindset W1 Intrinsic value = PV of a company's future cash flows; two broad drivers - cash flow and risk (the discount rate). Keep three "values" distinct: · Fair / intrinsic - what we estimate (PV of cash flows) Value vs price: short-run sentiment moves price; long- run, price tracks value & its drivers (ROIC x growth). FOUR APPROACHES 1. * DCF - PV of free cash flow at a risk-adjusted rate. The course core. 2. Relative / multiples - price off comparable companies 3. Contingent-claim - option pricing (real options); inputs hard 4. Asset-based - liquidation / replacement cost DCF SPINE Value = Σ FCFt : (1+R)+ 1b . The Value-Driver Identity WHOLE COURSE With constant g, WACC and NOPLAT (key value-driver formula): Value = NOPLAT1(1 - g/ROIC) + (WACC - g) = IC x (ROIC - WACC) + (WACC - g)
• WACC 权重用 market value；beta 必须去杠杆再按自己公司目标杠杆加杠杆。[17]Source: asksia-bible-finm3005-bilingual.pdf! Relever to YOUR firm, not the peer's leverage 向你自己的公司重新加杠杆,而非同业的杠杆 The whole point of unlevering is to recover the shared business risk; you then relever to Glacier's own target D/E. Skipping the unlever step and averaging raw equity betas mixes in the peers' financial risk - a common, costly error. 去杠杆的全部用意,是为了还原共享的业务风险;随后你再加杠杆到 Glacier 自己的目标 D/E。跳过去杠杆这步、直接 对原始股权贝塔取平均,会把同业的财务风险混进来 -- 一个常见且代价高昂的错误。 FINM3005/6005 . Corporate Valuation . AskSia Library PRACTICE Q9 . DCF PRACTICE BANK (CONT. ) The centrepiece - a full enterprise DCF 重头戏 -- 一个完整的企业 DCF Q9: FCFF- discount at WACC -> continuing value - EV- bridge to equity - per share - recommend Q9: FCFF→以 WACC 折现→ 持续价值 → EV→ 桥接到股权→每股→ 给出建议 09 Full enterprise DCF, end to end Q9 端到端的完整企业 DCF Q9 ENTERPRISE DCF 10 marks . CENTREPIECE Value Harbour Ltd per share and issue a recommendation. Use the inputs below; round PVs sensibly and show the EV++equity bridge. Harbour Ltd - enterprise DCF inputs Explicit FCFF, years 1-5 ($m) 40, 44, 48, 52, 56 WACC 10% Terminal-year (yr 6) NOPLAT $66m Long-run growth g 2% Continuing-value method convergence (default) Excess cash (non-operating) $30m Net debt (market value) $180m Minority interest[24]Source: asksia-cheatsheet-finm3005.pdf7c . Forecasting the Lines W4 . KGW LOGIC · Revenue - pricexvolume, industryxmarket share, or inflation+real growth; sanity-check against industry capacity Three statements must tie out; under enterprise DCF the capital structure is implicit (constant WACC at target leverage). Overlay Porter's five forces & the competitive fade - don't extrapolate blindly. When funds fall short, plug with balancing debt or excess cash, but check it doesn't break target leverage. 8 . Cost of Capital . WACC W5 The required return of all capital providers = the hurdle / discount rate. Under enterprise DCF that is WACC. WACC (MARKET-VALUE WEIGHTS) WACC = (E/V) . Re + (D/V) . Rd(1-T) V = D + E Principles: consistent with FCFF (covers all providers, same currency, nominal); use a stable target capital structure ; flag the vulnerable inputs for sensitivity. For an all-equity firm WACC = ku = Re. Use market, not book, weights. COST OF DEBT (RD) Rd = YTM of a long-term option-free bond or Rd = Rf + default spread Spread from the credit rating or, absent one, the interest coverage ratio (EBIT/interest). YTM slightly overstates expected return. 9 . Cost of Equity . CAPM W5 CAPM · Rf - long-term (=10-yr) government bond, to match equity duration · MRP = Rm - Rf - historical = 6% in Australia ; implied = 8% post-COVID (forward-looking) · ß - the only firm-specific input; slope of stock returns regressed on market returns Assignment beta: 104 weekly or 60 monthly returns, rolling. Diagnose outliers & stability. BLOOMBERG ADJ. BETA @_adj = 0. 33 + 0. 67. @_raw 9b · Unlever / Relever Beta W5 . PEERS
• CV 占比高时必须做对 $WACC$ 与 $g$ 的敏感性解释。[11]Source: asksia-bible-finm3005-bilingual.pdf3@/alue per share $ A tornado chart ranks what moves the valuation. Each bar swings value from a low to a high input, centred on the base case. WACC and terminal growth g dominate (widest bars at the top); operating assumptions matter less. Test the big levers first -- the answer is most sensitive to the discount rate and the long-run growth rate. 龙卷风图对什么撼动估值做排序。每根条形把价值从一个低输入摆动到一个高输入,以基准情形为中心。WACC 与终值 增长 g 占主导(最宽的条形位于顶部);经营性假设影响较小。先检验大杠杆 -- 答案对折现率与长期增长率最为敏 感。 Q15-016 SOTP & holdings consistency Q15-Q16 SOTP 与持股一致性 Q15 SUM-OF - THE - PARTS 3 marks . concept Orion Ltd has a fast-growing software arm and a slow, capital-heavy logistics arm. Why is a single company- wide WACC inappropriate, and how do you value Orion? Q16 HOLDINGS / MULTIPLE CONSISTENCY 3 marks . concept Pinnacle Ltd's EV includes the market value of a 10% passive stake in another firm, but that stake's income is NOT in Pinnacle's operating EBITA. Its EV/EBITA looks high. What is the bias and the fix? FINM3005/6005 . Corporate Valuation . AskSia Library Q15-Q16 Worked solutions - SOTP & consistency 1 Q15. The two arms differ in growth and risk, so one blended WACC over- discounts the software arm and under-discounts logistics. Value each segment separately - its own WACC from listed single-business peers (unlever - relever at the segment's target leverage), DCF where statements can be built, multiples where data is thin - then sum the segment EVs (+ a negative corporate-centre line, + excess cash, - debt). Flag the conglomerate discount (~90-95% of the standalone sum) when comparing to market cap. Q15. 两项业务在增长与风险上各异,所以单一混合 WACC 会对软件业务折现过度、对物流折现不足。分别为每个板块估 值 -- 从上市单一业务同业取其自身的 WACC(去杠杆→按板块目标杠杆再加杠杆),能搭建报表处用 DCF,数据稀 薄处用倍数 -- 然后加总各板块 EV(+一条负值的公司总部科目,+超额现金,一债务)。在与市值比较时标出集团折 价(约为独立加总的90-95%)。 2 Q16. This is the Case 1 bias: a non-operating investment sits in the numerator (net EV) with no matching operating income in the denominator - the multiple is biased up. Fix: exclude the stake's value from net EV so numerator and denominator both cover the same operations. (The mirror is Case 2: a minority interest excluded from the numerator while its operations sit in consolidated income biases the multiple down - add it back. ) Q16. 这是 Case 1 偏差:一项非经营性投资位于分子(net EV)中,分母里却没有与之匹配的经营收益→倍数被向上偏 置。修正:从 net EV 中剔除该持股的价值,使分子与分母都覆盖同一组经营业务。(镜像情形是 Case 2:一项少数股 东权益被排除在分子之外,而其经营业务却进入合并收益,使倍数被向下偏置→把它加回。) Across all sixteen: state the method, run the five beats, and always end on ROIC vs WACC and a Buy/Hold/Sell tethered to intrinsic value. That skeleton earns the marks even when the arithmetic wobbles. 贯穿全部十六题:陈述方法、走完五个节拍,并始终以 ROIC 对 WACC 以及一个锚定于内在价值的买入/持有/卖出收 尾。即便算术有些晃动,这套骨架也能赚到分数。 FINM3005/6005 . THE PATTERN BEHIND EVERY VALUATION QUESTION FINM3005/6005 . Corporate Valuation . AskSia Library REORG . IC / FCF / ROIC INVESTED CAPITAL, FCF AND ROIC WEEK 3 . CENTREPIECE The denominator, the cash, and the metric that judges the business 分母、现金,以及评判这门生意的指标 IC = operating WC + net PP&E + intangibles + leases . FCF = NOPLAT + non-cash - AIC . ROIC = NOPLAT/IC IC = 经营营运资本+ 净 PP&E+ 无形资产 +租赁 · FCF = NOPLAT+ 非现金 - △IC · ROIC = NOPLAT/IC 3. 2 Invested capital 3. 2 投入资本 The capital the providers have tied up in operations - the denominator of ROIC. Build it bottom-up; exclude non-operating assets. 提供者投入在经营中的资本 -- ROIC 的分母。自下而上构 建;排除非经营资产。 INVESTED CAPITAL[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开

第3轮（冲刺：把“推荐结论”写得像研报）

• 结论必须锚定“内在价值 vs 市价”，给出 Buy/Hold/Sell，并写“或有条件（contingencies）”。[13]Source: asksia-bible-finm3005-bilingual.pdf2. 8 Step 4-5 - per share, sanity, call 2. 8 第4-5 步––每股、合理性检验、判断 VALUE PER SHARE Equity value $700m Value per share shares 200m ✓ Sanity-check & triangulate (step 4) 合理性检验与三角验证(第4步) · Is value created? ROIC ~ 12% > WACC 9% - yes, growth helps. . CV share of EV: 760/973 ~ 78% - high but normal for a long-life firm; because it leans on the terminal assumptions, sensitivity-test g and WACC. . Cross-check: EV $1,013m on terminal EBITA $175m ~ 5. 8x - compare to peers' EV/EBITA (W7 football field). ● 是否创造价值?ROIC ~ 12% >WACC 9%––––是 的,增长有帮助。● CV 占 EV 的比例 :-- 偏高但对 长寿命企业属正常;因为它倚重终值假设,须对 g 与 WACC 做敏感性检验 。· 交叉验证:EV $1,013m 对应 终值 EBITA $175m ~ 5. 8x -- 与同业的 EV/EBITA 比较(W7 估值区间图)。 ★ Step 5 - the recommendation 第5步 -- 投资建议 Intrinsic value $3. 50/share vs a market price of, say, $3. 05 -+ ~15% upside - BUY on a 1-3-year horizon. State what would change the call: a terminal-g cut to 2% or a WACC of 10% would erase most of the upside (run the sensitivity). Note short-term sentiment caveats. 内在价值 $3. 50/股 对比市场价格(比如说) $3. 05→ 约15% 上行空间→在1-3年视野下买入。说明什么 会改变这一判断:终值 g 下调至 2% 或 WACC 取 10% 都会抹去大部分上行空间(做敏感性分析)。注意 短期情绪方面的告诫。 FINM3005/6005 . Corporate Valuation . AskSia Library = = $3. 50 i Mid-year convention (a refinement) 年中折现惯例(一种精细化处理) Cash accrues through the year, not at year-end, so the year-end discounting above slightly under-values operations. Scale the value of operations up by a mid- year factor (1 + W ACC)0. 5 ~ 1. 044 (plus an adjustment for months since the last report, (1 + W ACC)(6+n)/12). Use the latest debt report as the bridge baseline. 现金是贯穿全年累积的,而非在年末一次性发生,因 此上面那种年末折现会略微低估经营价值。用年中折 现因子把经营价值上调(再加上对自上次报告以来月 数的调整,)。以最新的债务报告作为桥接基准。 ! Three DCF traps that cost the most marks 最丢分的三个 DCF 陷阱 ● 折现率不匹配 -- FCFF 配 WACC,FCFE 配;切勿交叉。● 名义 vs 实际 -- 若 FCFF 是名义的(通常如此), WACC 与终值 g 也必须是名义的;不要把实际增长率混进名义折现率 。· 重复计算 -- 利息已在 WACC 中,因此不能 再从 FCFF 中扣减;非经营性资产在桥接中加回,因此其收益不能留在 NOPLAT 里。让经营性、非经营性与融资性项目 各自只出现在恰好一个地方。 FINM3005/6005 . Corporate Valuation . AskSia Library REORG . THE RE - CUT - REORGANISING THE FINANCIAL STATEMENTS WEEK 3 . FOUNDATION Reported accounts mix three things - valuation needs them split 报表把三类东西混在一起 -- 估值需要把它们拆开[18]Source: asksia-cheatsheet-finm3005.pdf21 . Market Efficiency W10 . CONTEXT · Weak - prices reflect past trades => technical analysis can't beat it Valuation still pays for private firms, divisions & mispriced names. 21b . The Investment W10 . LAND IT Call A clear Buy / Sell / Hold over a 1-3 yr horizon, anchored on your intrinsic value as the expected price. State it up front, make it conditional where appropriate (the contingencies), and back it with: short-term outlook (momentum, sentiment), a business-model/strategy view, and a peer comparison (P/E, EV/EBITA). Tie the call to the number - a recommendation untethered from intrinsic value scores poorly, and don't confuse short- term price momentum with fundamental value. 22 . Exam Traps DON'T LOSE MARKS . FCFF>WACC vs FCFE> Re - never cross the cash flow with the wrong rate WACC weights = market, not book --- SIA > Half the marks are "show the chain": NOPLAT - ROIC vs WACC - FCFF + CV - EV + bridge - per share, then cross-check with a multiple. Method marks survive even when a number slips - always write the working, and state your assumptions. Formula Belt SIDE 2 | g = IR x ROIC . grow value iff RONIC>WACC P/E driver: payout(1+g)/ (Re-g) EV/EBIT: (1+g)(1-T)(1-g/ROIC)/(WACC-g) net EV = E + D - excess cash - non-op M&A: V_AB = V_A+V_B+AV . NPV = synergy-premium ER = P_Β/P_Α · TRS = %ΔΕ + %Δ (Ρ/Ε) + div yld asksia. ai/cheatsheet/ anu-finm3005 . side 2/2 AskSia CHEATSHEET SERIES Revision aid . check the official unit outline for assessment . @ 2026 good luck. value it, then defend it. MATTERS A B REVISION SHEET . ALL TOPICS W10

7）你回我 2 个信息，我就能把它变成“你个人的 Final 冲刺清单”

你 Final 的具体日期是哪天？（我好按剩余天数排到每天练哪条链。）

你最怕哪 3 块（选 3 个字母就行）：

• A DCF（FCFF+CV+桥接）
• B WACC/CAPM/beta 去杠杆再加杠杆
• C 重组：NOPLAT/IC/ROIC/FCFF
• D 终值：convergence vs Gordon，如何辩护假设
• E 倍数/football field/一致性（net EV、持股/少数股东）
• F SOTP / M&A / recommendation 写作

（可选）如果你愿意，我可以把你“最弱的三块 + 最常踩坑”记住，以后你每次来复习我就先带你过这三块。