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Equities > Equities > Flashcards

Equities Flashcards

1
Q

Effective tax rate

A

1-((1-tax corp)(1-tax div))

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2
Q

Current Ratio

A

Current assets/ current liabilities

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3
Q

Dividend yield

A

D0/P0 = r-g/1+g

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4
Q

Value through P/CF ratio

A

V= FCFF*(1+g)/r-g

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5
Q

Profit margin

A

NI/ sales

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6
Q

Justified P/S ratio

A

(E0/S0)*(1-b)(1+g) / r-g

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7
Q

P/S ratio

A

MV equity/ Total sales

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8
Q

Justified P/B

A

ROE-g / r-g

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9
Q

P/B ratio

A

MV equity / BV equity

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10
Q

SH equity

A

Total assets - Total liabilities

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11
Q

Leading P/E

A

1-b / r-g

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12
Q

Trailing P/E

A

(1-b)(1+g) / r- g

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13
Q

FCFF from EBIT

A

(EBIT*(1-tax)) + dep - FCinv- WCinv

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14
Q

2-stage FCFF model

A

€FCFF_t/ (1+WACC)^t + FCFF_n+t/ (WACC- g) * 1/ (1+WACC)^n

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15
Q

FCFF from EBITDA

A

(EBITDA(1-tax)) + (deptax)- FCinv-WCinv

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16
Q

FCFF from CFO

A

CFO + int(1-tax) - FCinv

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17
Q

FCFE frim CFO

A

CFO - FCInv + net borrowing

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18
Q

FCFE

A

FCFF - int(1-tax) + net borrowing

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19
Q

FCinv

A
  1. Capital expenditures - proceeds sales long term assets
  2. (Ending net PP&E - begin) + depr
  3. Net purchase fixed (increase between years)
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20
Q

FCinv

A
  1. Capital expenditures - proceeds sales long term assets
  2. (Ending net PP&E - begin) + depr
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21
Q

FCFF from NI

A

NI+ NCC + int(1-tax) - FCInv- WCinv

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22
Q

Equity value

A

FCFE*(1+g) / r-g

23
Q

Constant growth FCFF model

A

Firm V = FCFF(1+g) / WACC - g

24
Q

Firm value using FCFF

A

V = € FCFF_t / (1+WACC)^t

25
Q

Equity charge

A

Equity capital * cost of equity capital

26
Q

Capital charge

A

Total cost of capital (equity + debt)

27
Q

Residual income (3)

A

(ROIC - capital charge) * begin capital
= NI - equity charge
= B0+ (ROE-r/r-g)*B0

28
Q

Economic Value Added

A

EVA = NOPAT - (cost of capital*Total capital)

29
Q

Market Value Added

A

MVA = MV conpany - accounting BV Total capital

30
Q

PV cash flow

A

€ CF_t/ (1+r)^t

31
Q

FCFF

A

CF from operations - capital expenditures

32
Q

FCFE

A

FcFF - payments to debtholders

33
Q

Gordon Growth Model

A

V= D0(1+g) / r- g

34
Q

Value per share (PVGO)

A

V = E1/r + PVGO

35
Q

2 stage DDM

A

V = (SOM ((D0(1+g)^t )/(1+r)^t) ) + D0(1+gs^n)(1+gl) / (1+r)^n * (r-gl)

36
Q

H-model

A

D0(1+gl) / r-gl + D0t/2(gs-gl) / r- gl

37
Q

Enterprise value

A

MV common+pref + MV debt- cash - short term investments

38
Q

WACC

A

(Were)+(Wdrd*(1-tax))

39
Q

ROE

A

NI/ SH equity
= NI/sales * sales/Total assets * Total assets/sh equity

40
Q

Sustainable growth rate

A

b*ROE

41
Q

Retention rate

A

b= 1- dividend pay out rate

42
Q

Dividend pay out rate

A

NI-D/NI

43
Q

Excess earnings method (EEM)

A

EEM = working capital + fixed assets + intangibles

44
Q

Discount lack of control

A

DLOC = 1- (1/control premium)

45
Q

Total discount

A

= 1-((1-DLOC)*(1-DLOM)

46
Q

Return equity building up

A

Rf+ equity risk premium + size premium

47
Q

Capitalized cash flow method

A

CCM = FCFE_1/ (r-g)

48
Q

Value firm EEM

A

V= work capital + fixed assets + intagibles

49
Q

Intangibles

A

= RI(1+g) / (r-g)

50
Q

Working capital

A

WC= account receivable + increase inventory- accounts payable- increase other liabilities

51
Q

Net borrowing

A

Increase in notes payable + increase long term debt

52
Q

Expanded CAPM

A

= Rf+beta*equity premium+ small stock+ company specific

53
Q

Build up method

A

= Rf+ equity risk prem+ small stock prem + industry risk prem + company risk prem

Equities (1 decks)

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