𝐴𝑠𝑠𝑒𝑡𝑠 = 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 + 𝐸𝑞𝑢𝑖𝑡𝑦
Enterprise value of a firm is the total value of its underlying business operations:
𝐸𝑛𝑡𝑒𝑟𝑝𝑟𝑖𝑠𝑒 𝑣𝑎𝑙𝑢𝑒 = 𝑀𝑎𝑟𝑘𝑒𝑡 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑒𝑞𝑢𝑖𝑡𝑦 + 𝐷𝑒𝑏𝑡 − 𝐶𝑎𝑠ℎ
Net working capital: bedrag dat op korte termijn beschikbaar is voor het bedrijf om de boel
draaiende te houden
Total sales (+)
Sales expenses (-)
= Gross profit
Operating expenses (-)
= Operating income
Other income (+)
Other expenses (-)
= EBIT
Interest expense (-)
Interest income (+)
= Pretax income
Taxes (-)
= Net income
Operating expenses:
▪ Selling, general and administrative expenses
▪ RD expenses
▪ Depreciation and amortization (soort afschrijving)
Statement of cashflows
= change in beschikbare cashhoeveelheid over één jaar tijd. (het gaat dus over depreciation van
dit jaar, accounts receivable van dit jaar, …)
Operation activity
▪ Depreciation (+): weer optellen want geen echte uitgave (Depreciation enkel om af te
trekken van je winst (operating expenses). Verhoogt de cashhoeveelheid
▪ Accounts receivable (-): aftrekken want dit geld hebben we nog niet (enkel opgeteld in je
income statement). Verlaagt de cashhoeveelheid
▪ Accounts payable (+): geld nog niet echt uitgegeven (is nog in kas). Verhoogt de
cashoeveelheid
▪ Inventories (-): verlaagt de cashhoeveelheid (want hebt inventaris aangekocht)
Investment activity
▪ Capital expenditures (-): aankoop nieuwe eigendommen, … . verlaagt de
cashhoeveelheid die beschikbaar is
▪ Acquisitions and other investing activity (-): aftrekken want je hebt investeringen
gedaan en dit verlaagt de beschikbare hoeveelheid cash
3
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