Business Analysis and Valuation Formulars
Business Analysis and Valuation
Business Analysis and Valuation
Kartei Details
| Karten | 29 |
|---|---|
| Sprache | English |
| Kategorie | BWL |
| Stufe | Universität |
| Erstellt / Aktualisiert | 11.12.2012 / 14.07.2016 |
| Lizenzierung | Kein Urheberrechtsschutz (CC0) |
| Weblink |
https://card2brain.ch/box/business_analysis_and_valuation_formulars
|
| Einbinden |
<iframe src="https://card2brain.ch/box/business_analysis_and_valuation_formulars/embed" width="780" height="150" scrolling="no" frameborder="0"></iframe>
|
Equity_value
BVE0 = (NI1 - (re*BVE0))/(1+re) + (NI2 - (re * BVE1))/(re -g)/(1+re)^2
Asset_Value
Asset_Value = NOA0 + (NOPAT1 - (WACC*NOA0))/(1+WACC)
WACC
WACC = Vd / (Vd + Ve) * rd(1-T) + Ve / (Vd + Ve) * re
ROE (Return on Equity)
ROE = Net Income / Equity =
(1) Net Income / Sales * (2) Sales / Assets * (3) (1 + Debt / Equity)
(1) Return on Sales
(2) Asset turnover
(3) Leverage
Limitations to ROE
-ROA numerator only includes net income available to equity holders
-Assets and net income are not split between operating and financing components
-Financial leverage ratio fails to recognize the cash and short term investments are, in essence, negative debt Can be used to pay down debt on a company´s balance sheet almost immediately
ROE advanced approach
ROE = Operating ROA + Spread * Net financial leverage
Operating ROA
Operating ROA = NOPAT / Net Assets
NOPAT
NOPAT = Net income + Net interest expense after tax
