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Colleges aantekeningen ondernemingsfinanciering tot h23 en vermogensmarkten.
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Colleges aantekeningen ondernemingsfinanciering en vermogensmarkten.
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Ondernemingsfinanciering en vermogensmarkten.Week 1
NPV en market value
• Investment project in een firm
• Project value
- = de huidige markt waarde of toegevoegde clashflows voor het bedrijf maar dit is alleen
verkrijgbaar na het betalen van the investment outlat I0
• Net present value
• NPV is gelijk aan de stijging van de firm market value
Project discount rate (rp)
• Refelceteert the risk ingebed in de project cash flows
• Waargenomen bij de kapitaalmarkt(aandelenmarkt vb)
• Alleen systematisch risico is relevant (CAPM)
- Word gemeten door beta-coefficient
• De project risk niet perse gelijk aan de bestaande projecten van firms daarom:
H12 vorig jaar
1
,Expected cash flows and all-equity fiction(alsof je alleen maar alleen eigen vermogen heb-> feit dat
er vv is komt pas in disconteringsvoet terug)
• Waarom bepalen wel expected clash flow met gebruik van deze all equity fiction
- Diepliggende vraag erachter-> vind je dat een onderneming dat die beoordeeld moet
worden op zijn presentaties of op z’n financierings beslissingen -> veel vinden het 1e
daarom dingen als interest kosten niet meenemen -> dan krijg je all-equity fiction
H 14
Capital structuur(het kiezen tussen deel ev en vv) in een perfecte markt
In deze cursus gebruiken we adjusted balance sheet -> dan condenseer je balance sheet
Heel veel dingen
samengenomen. Dan vervolgens dit->
sommige posten van rechts naar
links -> word onderverdeeld in financieringskapitaal en werkzaam vermogen
Case: start up nieuw bedrijf
2
,Fundamentele vraag
Case details
Npv
3
, All-equity financing
• Since its NPV is positive, this is an interesting investment project
• But it can only be executed after the initial funding is provided for
• Suppose the MT resorts to all-equity financing, what amount can it raise from a share issue?
- We call this unlevered equity = equity in a firm with no debt
- The unlevered equity cash flows are equal to that of the firm
- Assuming that the capital markets are competitive, outside investors are willing to pay
up to 1000 in return for 100% of the equity, since
PV equity cash flows = 1150/1.15 = 100
Unlevered equity returns
The unlevered equity value and returns are summarized belo
Expected unlevered equity return = 1 2 40% + 1 2 −10% = 15%
Levered equity alternative -> onderneming met ook vreemd vermogen
• Suppose the MT considers the following alternative financing package
- Borrow 500 (debt)
- Issue equity for the remainder (levered equity = equity in a firm that also has debt
outstanding)
• Even the lowest cash flow outcome is large enough to repay the debt with interest, so the
debt is entirely risk-free ->
- The MT can borrow at the risk-free rate in competitive capital markets (i.e. at 5%)
- And the total debt payment is 500(1.05) = 525 (= interest + repayment)
• Note that the company’s cash flow will now be divided between the debt and equity
providers:
- Vreemd vermogen heft prioriteits claim, krijgen eerst betaald
- (Levered) Equityholders hebben rechtop het restant: ook wel de residual claimholders
Law of One Price • The cash flows of both debt and levered equity sum to the firm’s cash flow
• By the Law of One Price, the combined debt and equity package value must be equal to 1000
• So the levered equity value is equal to 500
4
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