Figure12:Real Valuation Approach Today Year 1 Year 2 Year 3 Year 4 RealFCF 106 138 141 144 RealContinuing Value 2,472 Total Annual Real Cash Flow 106 138 141 2,616 Present Value Factor (9%) 0.9174 0.8417 0.7722 0.7084 PV of Annual Real Cash Flow 97 116 109 1.853 Real Firm Value 2,...
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...
Real Valuation Approach Today Year 1 Year 2 Year 3 Year 4 Real FCF 106 138 141 144 Real Continuing Value 2,472 Total Annual Real Cash Flow 106 138 141 2,616 Present Value Factor (9%) 0.9174 0.8417 0.7722 0.7084 PV of Annual Real Cash Flow 97 116 109 1.853 Real Firm Value 2,175 Fi...
The following situations can help an analyst decide which valuation approach is more appropriate: If the company has a consistent capital structure, then FCFE can be used in the valuation. If the company is highly leveraged and negative Free Cash Flows to Equity, then FCFF may be more appropria...
Consequently, cash flows are obtained by deducting net capital expenditure and incremental working capital investment from net-operating profits after taxes (NOPAT). Since companies are portfolios of projects, the DCF approach is widely used in valuation of firms as well....
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 ...
Free cash flow valuation is an approach to business valuation in which the business value equals the present value of its free cash flow.
文档热度: 文档分类: 金融/证券--金融资料 Free Cash Flow = NOPLAT + Dep Free Cash Flow = NOPLAT + Dep Free Cash Flow = NOPLAT + Dep ––– FCInv FCInv FCInv ––– WCInv WCInv WCInv(((NOPLAT = Net Operatin...
Attention: FCF can grow despite falling sales and profits, through manipulation of WC or non-cash charges i.e. Depreiation, cut in CapEx, or earning more from non-core business activities Real World Examples: Reference: Free Cash Flow: How to Interpret It and Use It In a Valuation http...