Samenvatting Uitgebreid formuleblad investeren en beleggen (Finance 1)
92 views 2 purchases
Course
Investeren en beleggen (323078B6)
Institution
Tilburg University (UVT)
Book
Corporate Finance, Global Edition
Heel uitgebreid formuleblad voor het vak investeren en beleggen (Finance 1)
Formules van de hoorcolleges (inclusief uitbreidingscolleges en gastcolleges) en van hoofdstukken 1 tot en met 13 van het boek (Corporate Finance, Berk en Demarzo)
Aantal pagina's: 7
Schatting opbrengsten (EBIT, forecasting earnings, capital budgetting)
EBIT =revenues−costs−depreciation=( sales−COGS )− ( SGA + R∧D )−depreciation
COGS = cost of goods sold / SGA = selling, general and administrative expenses
Unlevered net income¿ EBIT . ( 1−τ C )=( revenues−costs−depreciation ) .(1−τ c )
Free cash flow (FCF) , net working capital, capital expenditures
FCF=unlevered net income+depreciation−capital expenditures−∆ NWC
Net working capital=NWC=netto werk kapitaal :geld dat onmiddellijk beschikbaar is=current assets−curren
Unlevered=zonder naar rente te kijken
Capital expenditures=werkelijke cash outflows bij aankoop van een productiemiddel
1
PV ( FC F t ) =FCF .
( 1+ r )t
Theoretische marktprijs (TMP, marktwaarde)
, T
couponbedrag 1
TMP =
%YtM
x 1−
1+YtM ( ( ) + Face Value
( 1+YtM ) )T
Effective annual rate (EAR), annual percentage rate (APR), eenvoudige interest
APR k
EAR= 1+ ( k
−1 ) 1
EAR = daadwerkelijke waarde van interest verdiend (omrekenen naar maanden: ( 1+r ) 12 −1)
APR = nominale waarde van interest verdiend (omrekenen naar maanden: r/12
Incremental earnings forecast, unlevered net income
sales
- cost of goods sold
= Gross profit
- SGA expenses
- R&D
- Depreciation
= EBIT
- Tax
= Unlevered net income
Unlevered net income=EBIT x( 1−τ c )=(Revenues – Costs – Depreciation) x (1−τ c )
Ratio’s
Market capitalization = cost per share x number of shares
Market-to-book ratio = market capitalization / total book value
Book debt-equity ratio = debt / book value equity
Market debt-equity ratio = debt / market capitalization
Enterprise value = market capitalization + debt – cash
1-periode investeerder
Di v 1 + p1
p0 =
1+ r E
Di v 1 + p1 Di v 1 P1−P0
r E= −1= +
p0 p0 P0
= dividend yield + capital gain rate
2-periode investeerder
Di v 1 Di v 2 + P2
NPV =−P0 + +
1+ r E ( 1+r E )2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lisaholling1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.76. You're not tied to anything after your purchase.
