Cours 1-5 Flashcards
Operating cash flow =
operating receipts - operating payments
Free cash flow =
operating cash flow - investment cash flow (-corp tax)
investment cash flow =
capital expenditure - fixed asset disposals
net increase in debt (=increase in cash balance)=
FCF - financing cash flows
EBITDA=
(earnings before interests, taxes, depreciation and amortization)= \+ sales \+ Production for inventories - Purchase of inputs \+ ∆ input inventories - Other external costs - Wages - Diverse taxes
Operating capital =
fixed assets + operating working capital
Operating working capital =
+ Inventories (raw material, input goods, finished and unfinished
products)
+ Operating credit (accounts receivable, prepaids paid to suppliers,
fiscal & social credit)
- Operating debt (accounts payable, prepaids received from customers,
fiscal & social debt )
Invested capital =
equity + net debt
Net debt =
+ Financial Debt long-term (> 1 year)
+ Financial Debt short term (< 1 year)
- Investment marketable securities
- Cash and other liquidity
FV(C)=
$C*(1+r)^T
PV(C)=
$C/(1+r)^T
PV(perpetuity)=
C/r
PV(grow perp)=
C/r-g
PV(perp, 1st CF today)=
C+C/r
PV(grow perp, 1st CF today)=
C+ C*(1+g)/(r-g)
PV(annuity)=
(1/r)*[1 - 1/(1+r)^T]
PV(growing annuity)=
[C/(r-g)*[1 - (1+g)^T/(1+r)^T]
Creal(inflation)=
Cnomi/(1+i)^T
NPV =
C0 + C1/(1+r) + C2/(1+r)² …. + CT/(1+r)^T
Payback period =
periode which elapses until the inital outlay has been recouped
IRR = disount rate such that :
C0 + C1/1+IRR + C2/(1+IRR)²… = 0
PI =
PV/C0=NPV/C0 +1
