Formulas Flashcards
Residual Income (RI)
= NI - (r * CE(t-1))
Residual Income Model
P = CE + ((ROE-r)*CE)/(1+r)^t
Dividend Discount Model (DDM)
P = CE + ((ROE-r)*CE)/(r-g)
ROE
= NI / E
ROE
= RNOA + Spread + (NFO/Equity)
NFO
= Debt + Preferred Stock + Minority interest - Financial Assets
NOI margin
= NOI / Revenue
NOI (Net Operating Income)
= NI - Net Financial Expense
NOA (Net Operating Assets)
= Total Equity + NFO
RNOA
= NOI / NOA
Spread
= RNOA - NBC
NBC
= -Net Financial Expense / Financial Liabilities
Leverage
NFO / Equity
Leverage Impact
Leverage * Spread
GM
= 1 - COGS/Sales
Investment needed (Capital and Sales)
= Sales / Sales-to-capital ratio
Accruals Method FCF to entity
NOI - Increase in NOA = Clean surplus plug
Expected earnings
= CE(t-1) * r
Calculate CE
= CE(t-1) + NI - Dividend
Constant growth RIM
P = B(t) + ((ROE(t+1) - r)*B(t))/(r-g)
Growth Earnings
E(t)/E(t-1) - 1
E(t)/E(t-1) - 1 (herschrijven)
Retention rate * ROE(t) + ((ROE(t) - ROE(t-1)) / ROE(t-1)
Dividend payout
= 1 - Retention Rate
DIV
= dividend payout * E(t)
Retention Rate
= growth E / ROE(t)
Retention Rate (value created)
= growth E / Cost of Equity capital
RI (other formula)
= NI - (Expected) Earnings
Implied value CE (2019 t/m 2022)
=CE 2019 + RI 2020/(1+r)^1 + RI 2021 (1+r)^2 + RI 2022 /((r-g)(1+r)^2
PE ratio fixed growth
= P/NI = 1/(r-g) * (1-(g/RoE))
Sales (GM/COGS)
= (1/(1-GM)) * COGS
FCF using cash flow statement (O)
Net cash from operating activities less net cash used in investing activities
FCF using cash flow statement (F)
Net cash from financing activities plus net transactions with shareholders
Investment flows
R&D + Capex - Depreciation and Amortization
P/E ratio (short)
Market value - Div / NI(E)
