Ratios and calculations financial analysis Flashcards
Net working capital
(Current assets - excess cash) - (current liabilities - current debt)
Net non-current op. assets
non-cur. op. assets(incl. Deffered tax assets and derivatives) - non-cur., non-interest-bearing op. liabilities.(incl. Deferred tax liabilities and derivatives)
NIPAT
investment and interest income * (1-TR)
Interest expense after tax
interest expense * (1-TR)
NOPAT
P/L + Interest after tax - NIPAT
Financial leverage gain
(ROI - (interest exp after tax/debt)) * debt/equity
ROE (general)
Profit or loss / equity
ROA (return on assets)
profit or loss / total assets
Equity multiplier
total assets / equity
Profit margin
profit or loss / revenue
Asset turnover
revenue / assets
ROI (alterntative dupont)
NOPAT / net operating assets * w1 + NIPAT / non-operating investments *w2 = return on net op. assets *w1 + return on non operating investments * w2
NOPAT margin
NOPAT / revenue
Operating asset turnover(NOA turnover)
revenue / net operating assets
Return on net op. assets
NOPAT / net operating assets = NOPAT margin * NOA turnover
Return on non op. inv.
NIPAT / non operating investments
Receivables turnover
Revenue / Accounts receivable
Inventories or payables turnover
Cost of sales or materials / inventories or payables
Days’ receivables/payables/inventories
operating days in a year / turnover ratio
ROE (alternative dupont)
ROI + (ROI - (interest exp after tax/debt)) * debt/equity = ROI + spread * leverage
ROE (traditional dupont)
net profit margin * asset turnover * equitymultiplier
= net profit margin * asset turnover * assets/equity
FCFDE
P/L + interest expense after tax - Δ invested capital
Block 1 and 2 DCF value
Vdcf = SOM(t=1>T) (FCFE)/(1+r)^t
FCFE
FCFDE - interest expense after tax + Δ debt
FCF from operations - interest expense after tax + NIPAT - ΔNOI + ΔDebt
=
P/L - Δ Invested capital + Δ debt