Shareholdervalue Flashcards

1
Q

Schrittreihenfolge um Shareholdervalue zu ermitteln?

A
  1. i(EK), WACC ermitteln
  2. EBIT, FCF ermitteln
  3. FCF Abzinsen mit WACC
  4. nicht betriebsnotwendiges Vermögen addieren
  5. FK abziehen
    = Shareholdervalue
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2
Q

Wie errechnet man i(EK), den EK Zins?

A

Risikoloser Zins + ß x (Risikozins-Risikoloserzins) = i(EK)

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3
Q

Wie errechnet man den WACC?

A

EK/GK x i(EK) + FK/GK x i(FK) x (1-S)= WACC

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4
Q

Wie errechnet man den FCF?

A
EBIT
- Steuer
= NOPAT
\+ Abschreibung
- Investitionen
= FreeCashFlow
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5
Q

Formel für Abzinsen von FCF?

A

FCF/ 1+Wacc^n+ FCF/Wacc/ 1+Wacc^-n = Barwert

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6
Q

Schritte zum Errechnen des SHV?

A
  1. i(EK), Wacc berechnen
  2. EBIT
  3. Ebit- Steuern= NOPAT+ABS-INVEST =FCF
  4. FCF abzinsen
  5. Anlagevermögen draufrechnen, FK abziehen= SHV
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7
Q

Equity

A

FCF - Zinsen x (1-Steuern) = Flow to Equity

abzinsen mit EK zins

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