CFA_SS12_Free Cash Flow ValuationFree Cash Flow = NOPLAT + Dep – FCInv – WCInv(NOPLAT = Net Operating Profit – Adjusted Tax = EBITA - taxes) Real Growth is 3% per year. Real revenues in year 0 are 1,000. Ratio of EBITDA to revenues is 40%. Ratio of networking capital to ...
基于收付实现制的角度,先计算公司净现金流Net Cash Flow = 现金收入 Cash Revenues -现金支出Cash Operating Expense(有税但不含利息),再算满足生产经营必要开支后的自由现金流,即减去长期资产的投入Fixed Capital Investment和日常短期经营的投入Working Capital Investment得到公司自由现金流FCFF,再把属于债权人的现金扣...
Analysts who use DCF models have to choose from at least four approaches: free cash flow (FCF) to firm valuation, equity cash flow valuation, capital cash flow (CCF) valuation, and adjusted present value (APV). This chapter provides an overview of these approaches. This chapter has the ...
Int表示支付给债主的利息(财务费用=利息支出-利息收入+汇兑损失-汇兑收益,通常就用用来近似代替利息费用了),既然给公司估值,计算的是FCF to firm,支付的利息必须加回(interest expense on debt should not be deducted in arriving at free cash flow),但是,并不是加回全部金额,而是税后的金额,即Int(1-t),也...
CFA_SS12_Free Cash Flow Valuation 下载积分: 1000 内容提示: Free Cash Flow = NOPLAT + Dep – FCInv – WCInv(NOPLAT = Net Operating Profit – Adjusted Tax = EBITA - taxes) Real Growth is 3% per year. Real revenues in year 0 are 1,000. Ratio of EBITDA to revenues is 40%. Ratio ...
Lifetime of net PPE is four years. ¨¨¨Inflation is 40% in year 1 and 20% per year thereafterInflation is 40% in year 1 and 20% per year thereafterInflation is 40% in year 1 and 20% per year...
If we have to work with free cash flow to equity (FCFE) which is expected to grow at rate g, we need to use the cost of equity (ke) in the denominator: Equity Value =FCFE1 ke− g In real life more complex valuation models project cash flows by using more precise period on perio...
CFA_SS12_Free Cash Flow Valuation Free Cash Flow = NOPLAT + Dep – FCInv – WCInv(NOPLAT = Net Operating Profit – Adjusted Tax = EBITA - taxes) Real Growth is 3% per year. Real revenues in year 0 are 1,000. Ratio of EBITDA to revenues is 40%. Ratio of networking capital to ...
This approach is sometimes called the “add-back” method. The most common non-cash charge would be depreciation, but there are others. Non-cash gains would need to be subtracted from net income. FCFF from Cash Flow from Operations
Chapter three explores the Free Cash Flow (FCF) approach to firm valuation, outlining the procedure for determining firm value using FCF and the discounted cash flow (DCF) method. This chapter also details the process of calculating the additional funds needed (AFN) and the use of pro forma ...