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12 Cards in this Set
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- Back
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EBIT tree
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Rev
-Costs = EBITDA -Depreciation/Amortization= EBIT -Interest= EBT -Taxes= Net Income |
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Net Income > LCF
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LCF = Net Income + Net Cash Charges - Capital Expenditures
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FCFF (2)
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FCFF = EBIT(1-TC) + NCC + ΔWC – CapEx
FCFF = Net Inc + NCC + ΔWC +INT(1-TC) – CapEx FCFF = CFO +INT(1-TC) – CapEx |
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FCFE (3)
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FCFE = FCFF – INT(1-TC) + Net borrowing
FCFE = Net Inc + NCC + ΔWC – CapEx + Net borrowing FCFE = CFO – CapEx + Net borrowing |
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Cash flow statement (3)
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ΔCash = CFO + CFI +CFF
Cash flow provided by operating CF used for investing CF used for financing |
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CFO (3)
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CFO = NI + NCC + DWC
Net Income + Non Cash Charges + Delta Working Capital |
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NCC (2)
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Depreciation + Amortization
Deferred tax |
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DWC (5)
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A/R
Inventory Other Current Assets A/P Taxes Payable |
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CFF (4)
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Net proceeds from bank loans
Net proceeds from issuing long-term debt Net proceeds from sale of common stock Common stock dividends |
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CFI (1)
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Purchase of fixed assets
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Best valuation method
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-APV if debt level is constant
-WACC/FTE when debt ratio is constant |
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Price/EPS
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P = EPS/Rs
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