Ratios and calculations financial analysis Flashcards

1
Q

Net working capital

A

(Current assets - excess cash) - (current liabilities - current debt)

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2
Q

Net non-current op. assets

A

non-cur. op. assets(incl. Deffered tax assets and derivatives) - non-cur., non-interest-bearing op. liabilities.(incl. Deferred tax liabilities and derivatives)

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3
Q

NIPAT

A

investment and interest income * (1-TR)

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4
Q

Interest expense after tax

A

interest expense * (1-TR)

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5
Q

NOPAT

A

P/L + Interest after tax - NIPAT

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6
Q

Financial leverage gain

A

(ROI - (interest exp after tax/debt)) * debt/equity

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7
Q

ROE (general)

A

Profit or loss / equity

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8
Q

ROA (return on assets)

A

profit or loss / total assets

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9
Q

Equity multiplier

A

total assets / equity

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10
Q

Profit margin

A

profit or loss / revenue

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11
Q

Asset turnover

A

revenue / assets

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12
Q

ROI (alterntative dupont)

A

NOPAT / net operating assets * w1 + NIPAT / non-operating investments *w2 = return on net op. assets *w1 + return on non operating investments * w2

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13
Q

NOPAT margin

A

NOPAT / revenue

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14
Q

Operating asset turnover(NOA turnover)

A

revenue / net operating assets

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15
Q

Return on net op. assets

A

NOPAT / net operating assets = NOPAT margin * NOA turnover

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16
Q

Return on non op. inv.

A

NIPAT / non operating investments

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17
Q

Receivables turnover

A

Revenue / Accounts receivable

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18
Q

Inventories or payables turnover

A

Cost of sales or materials / inventories or payables

19
Q

Days’ receivables/payables/inventories

A

operating days in a year / turnover ratio

20
Q

ROE (alternative dupont)

A

ROI + (ROI - (interest exp after tax/debt)) * debt/equity = ROI + spread * leverage

21
Q

ROE (traditional dupont)

A

net profit margin * asset turnover * equitymultiplier

= net profit margin * asset turnover * assets/equity

22
Q

FCFDE

A

P/L + interest expense after tax - Δ invested capital

23
Q

Block 1 and 2 DCF value

A

Vdcf = SOM(t=1>T) (FCFE)/(1+r)^t

23
Q

FCFE

A

FCFDE - interest expense after tax + Δ debt

FCF from operations - interest expense after tax + NIPAT - ΔNOI + ΔDebt
=
P/L - Δ Invested capital + Δ debt

23
Block 1 and 2 value AP
Vap = BV0 + SOM(t=1>T) (p/l - r * BVt-1)/(1+r)^t
24
Block 1 and 2 value APG
Vapg = p/lt1/r + 1/r*SOM(t=2>T) (ΔP/L - r*Δequityt-1)/(1+r)^(t-1)
25
TV DCF scenario 1
BVET/(1+r)^T
26
TV DCF scenario 2
TV = FCFET/(r*(1+r)^T)
27
TV DCF scenario 3
((1+g)*FCFET)/((r-g)*(1+r)^T)
28
TV AP scenario 1
TV = 0
28
TV AP scenario 2
TV = APT/(r*(1+r)^T)
29
TV AP scenario 3
TV = ((1+g)*APT)/((r-g)*(1+r)^T)
30
TV APG scenario 1
(-1 * APT) / (r* (1+r)^T)
31
TV APG scenario 2
0
32
TV APG scenario 3
(g*APT)/(r*(r-g)*(1+r)^(T-1))
33
beta of equity
βE = (1+((1-T)*D-NOI)/E*βNOA + NOI/E*βNOI - ((1-t)*D/E * βD
34
CAPM
r = rf + β * ERP
35
Cash conversion cycle
Days' Inventories + Days' Receivables - Days' Payables (time from paying supplier until receiving money from customer)
36
sustainable growth rate
ROE * (1 - payout ratio)
37
Financial leverage
Debt/equity
38
Financial spread
Return on business assets - effective interest rate after tax = ROI - (interest after tax / debt) (as in the class formula
39
return on business assets when using alternative dupont
(NIPAT + NOPAT) / ( net working capital + net non current operating assets + investment assets)
40
MV tax shield - shortcut
MV TS = t * BV Debt
41
MV tax shield - actual
(sum of discounted products of tax rates and interest expenses for projection years)+ TV = (t*(1+g)*IT)/((r-g)*(1+r)^T)