Lernkarten

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Erstellt / Aktualisiert 05.06.2022 / 06.06.2022
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LTV - Loan to Value

ratio bewteen credit amount to the market value from a real estate. The ratio indicates how much credit one receives in terms of the value of a property.

(credit amount / market value) x 100 = LTV

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Revaluation gains

benefit from value methods through low interest rates, per example with DCF or net income value.

According to IFRS (international financial reporting standards) Real estate companies have to balance their portfolio with DCF or net income value. Furthermore, they have to estimate their real estate portfolio every year. in a economic environment with low interest rates, the value of their real estate will increase - therefore revaluation gains. 

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Ponzi- Scheme 

in German "Schneeballsystem". older Investors receive their returns through the new cash from newer investors.  

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efficient Market

In an efficient market, the price of a company is equal to his value.

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cost of equity and Model CAPM

Kapitalkosten. discount rate, with which companies have to discount their future cashflow. If interest rates goes up, growing companies loose more money compared to companies with constant future cashflow and companies with decreasing future cashflow. 

Model CAPM: Calcuation Cost of equity
risk free interest rate + (Beta * Market Risk Premium)
yield T-Bond + (correlation of individual stock price and relevant share price index * excess return of shares over government bond)

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Net Earning Value

Net Earning Value = current Net Income / cost of equity 
(-> ewig stetige Rendite)

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Net Asset Value 

Net Asset Value corresponds to the shareholder's equity.

 

 

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price of the company

=MC

Number of shares x share prices