Business Analysis and Valuation Formulars
Business Analysis and Valuation
Business Analysis and Valuation
Fichier Détails
| Cartes-fiches | 29 |
|---|---|
| Langue | English |
| Catégorie | Gestion d'entreprise |
| Niveau | Université |
| Crée / Actualisé | 11.12.2012 / 14.07.2016 |
| Lien de web |
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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
Net interest expense after Tax (NIEAT)
Net interest expense after Tax (NIEAT)
= (Interest expense – Interest Income) * (1- Tax Rate)
Net (operating) assets (NOA)
Net (operating) assets (NOA) = OWC + NLTA
Operating Working Capital
Operating Working Capital =
Current Assets
- Cash, Cash equivalents and marketable securities
- (Current liabilities – interest bearing current liabilities)
Net Long Term Assets (NLTA)
Net Long Term Assets (NLTA) =
Total long term assets
- non-interest bearing long term liabilities (def. Taxes, pens)
Net Financial Leverage
Net Financial Leverage = Net Debt / Equity
Net Debt
Net Debt =
Total interest bearing liabilities
- cash and marketable securities
Spread
Spread = (Operating ROA – Effective interest rate after tax)
Spread
Spread = (Operating ROA – Effective interest rate after tax)
Effective interest rate after tax
Effective interest rate after tax = NIEAT / Net Debt
In EXAM:
Operating Profitability – Interest Payment = Spread
Shareholders' equity
Shareholders´ equity = NOA – ND
Net capital
Net Capital = ND + Shareholders´ equity
Operating Working Capital (2)
Operating Working Capital=
Current Assets – Cash and marketable securities
-(Current Liabilities – Current debt and current portion of non-current debt)
Net non-current assets
Net non-current assets=
Total non-current assets
-non- interest bearing non-current liabilities
Days receivable
Receivables / (sales / 365)
Inventory turnover
Cost of sales / Payables
FCF to equity and debt holders
FCF to equity and debt holders = NOPAT – NOA
FCF to equity holders
FCF to equity holders = NI – NOA + ND
Corporate Valuation, estimating the worth of
company
one of its operating units
ownership shares
Basic steps in fundamental valuation
1. Forecasting future values of some financial attributes:
distributable or free cash flows
accounting earnings
balance sheet book values
2. Determining the risk associated with the attribute’s forecasted future value.
3. Determining the discounted present value of the expected future values of the
value-relevant attribute
the discount rate reflects the risk inherent in the value attribute of
interest
Amortization years
Assets average over 2 years / depreciation in this year
Market to book ratio
Price / BVE per share
1 + (ROE - r) / (r - g)
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