Financieel management en investeringsanalyse (4015151ENR)
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Samenvatting Financieel management en investeringsanalyse - WPO's
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Course
Financieel management en investeringsanalyse (4015151ENR)
Institution
Vrije Universiteit Brussel (VUB)
Deze samenvatting werd geschreven door 2 studenten (garantie op volledigheid) en is gebaseerd op alle oefeningen slides, les nota's, belangrijke tips van de prof m.b.t de leerstof en het examen. Wie deze samenvatting, in combinatie met die van 'Financieel management en investeringsanalyse - HOC' st...
Financieel management en investeringsanalyse (4015151ENR)
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H1: Fundamenteel waarderingsprincipe
1 Algemeen waarderingsprincipe via de DCF (discounted cash flow) methode
“The value of an asset is the price you are willing to pay for it, given your expectations of the future cashflows
and your required expected return”
➢ De waarde van een activa is de prijs dat je bereid bent te betalen.
Dit hangt af van twee factoren:
- Inschatting van de toekomstige cashflows
- Wat is de required expected return? Het verwachte rendement? Wat wil je daarop verdienen?
1.1 Simple - one period case
𝑝𝑟𝑜𝑓𝑖𝑡
𝑟𝑒𝑡𝑢𝑟𝑛 =
𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡
𝐶𝐹1 + 𝑃1 − 𝑃0
𝑟=
𝑃0
r = Rendement
Teller: Winst -> bestaat uit twee delen: cashflow van het jaar
en het verschil tussen de verkoop (P1) en aankoopprijs (P0)
Noemer: hoeveel je ervoor betaald hebt
𝐶𝐹1 + 𝑃1
𝑃0 =
1+𝑟
P0 = Prijs dat je bereidt bent te betalen voor dat activa
Teller: verwachtte toekomstige CF’s
Noemer: vereist/verwacht rendement (required expected return) verdisconteerd aan uw verwacht rendement
1
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