Formulas

Question 1

Residual Income (RI)

Answer 1

= NI - (r * CE(t-1))

Question 2

Residual Income Model

Answer 2

P = CE + ((ROE-r)*CE)/(1+r)^t

Question 3

Dividend Discount Model (DDM)

Answer 3

P = CE + ((ROE-r)*CE)/(r-g)

Question 4

ROE

Answer 4

= NI / E

Question 5

ROE

Answer 5

= RNOA + Spread + (NFO/Equity)

Question 6

NFO

Answer 6

= Debt + Preferred Stock + Minority interest - Financial Assets

Question 7

NOI margin

Answer 7

= NOI / Revenue

Question 8

NOI (Net Operating Income)

Answer 8

= NI - Net Financial Expense

Question 9

NOA (Net Operating Assets)

Answer 9

= Total Equity + NFO

Question 10

RNOA

Answer 10

= NOI / NOA

Question 11

Spread

Answer 11

= RNOA - NBC

Question 12

NBC

Answer 12

= -Net Financial Expense / Financial Liabilities

Question 13

Leverage

Answer 13

NFO / Equity

Question 14

Leverage Impact

Answer 14

Leverage * Spread

Question 15

GM

Answer 15

= 1 - COGS/Sales

Question 16

Investment needed (Capital and Sales)

Answer 16

= Sales / Sales-to-capital ratio

Question 17

Accruals Method FCF to entity

Answer 17

NOI - Increase in NOA = Clean surplus plug

Question 18

Expected earnings

Answer 18

= CE(t-1) * r

Question 19

Calculate CE

Answer 19

= CE(t-1) + NI - Dividend

Question 20

Constant growth RIM

Answer 20

P = B(t) + ((ROE(t+1) - r)*B(t))/(r-g)

Question 21

Growth Earnings

Answer 21

E(t)/E(t-1) - 1

Question 22

E(t)/E(t-1) - 1 (herschrijven)

Answer 22

Retention rate * ROE(t) + ((ROE(t) - ROE(t-1)) / ROE(t-1)

Question 23

Dividend payout

Answer 23

= 1 - Retention Rate

Question 24

DIV

Answer 24

= dividend payout * E(t)

Question 25

Retention Rate

Answer 25

= growth E / ROE(t)

Question 26

Retention Rate (value created)

Answer 26

= growth E / Cost of Equity capital

Question 27

RI (other formula)

Answer 27

= NI - (Expected) Earnings

Question 28

Implied value CE (2019 t/m 2022)

Answer 28

=CE 2019 + RI 2020/(1+r)^1 + RI 2021 (1+r)^2 + RI 2022 /((r-g)(1+r)^2

Question 29

PE ratio fixed growth

Answer 29

= P/NI = 1/(r-g) * (1-(g/RoE))

Question 30

Sales (GM/COGS)

Answer 30

= (1/(1-GM)) * COGS

Question 31

FCF using cash flow statement (O)

Answer 31

Net cash from operating activities less net cash used in investing activities

Question 32

FCF using cash flow statement (F)

Answer 32

Net cash from financing activities plus net transactions with shareholders

Question 33

Investment flows

Answer 33

R&D + Capex - Depreciation and Amortization

Question 34

P/E ratio (short)

Answer 34

Market value - Div / NI(E)