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Cac Cong Thuc Tai Chinh Ke Toan
Cac Cong Thuc Tai Chinh Ke Toan
FV ca 1 $
FV(n,r) PV
Tnh PV
= (1+r)n/365
2. Mc sinh li v ri ro
Cng thc tnh mc sinh li tng i: (Pt - Pt-1 ) + Dt Rt =
=
Pt-1
Rbq =
Mc sinh li nm Rn = (1+Rm)12/m - 1 Mc sinh li thc t v mc sinh li danh ngha R=r+h Mc sinh li bnh qun R = R1 + R2 + R3 +....+ Rt t
Ri ro
Var (R) =
Sinh li d kin ca 1 chng khon E (R) = p1R1 + p2R2 +.. .. .. + ptRt Sinh li d kin ca 1 danh mc
Ri ro d kin ca 1 danh mc
b. H s vn lu ng rng Vn lu ng rng = Tng TSL - Tng n ngn hn. c. H s kh nng thanh ton nhanh (th Axt). Kh nng thanh ton nhanh = (Tng TSL - Tn kho) Tng n ngn hn
d. H s lu chuyn tin t: LCTT = Li nhun rng (hay l) + Khu hao. e. H s tin t: H s tin t = (Tin mt + Chng khon kh mi) N ngn hn
Doanh s bn chu hng nm/360 ngy b. Thanh ton trung bnh: Thanh ton trung bnh = Khon phi tr Doanh s bn chu trong nm/360 ngy
c. H s hng lu kho: Hng lu kho = Gi tr hng bn (gi mua) Gi tr hng lu kho trung bnh
d. H s lun chuyn hng ho (vng quay hng tn kho): Vng quay hng tn kho = Doanh thu thun Tn kho
H s thu nhp tr li nh k:
H s thu nhp tr li nh k H s trang tri a. H s trang tri chung: Trang tri chung =
EBIT Chi ph tr li
b. H s thanh ton li tri phiu: Thanh ton li tri phiu = EBIT Tng tri tc hng nm
Kh nng sinh li: a. H s tng li nhun: Tng li nhun = Doanh s bn - Tr gi hng bn Doanh s bn
b. H s li nhun hot ng: Li nhun hot ng c. Mc li rng: Mc li rng = Li nhun rng Doanh s = EBIT Doanh thu
g. Li nhun trn u t (ROI): ROI = = Li nhun rng Tng ti sn x Doanh s thc Tng ti sn
h. Li nhun mi c phiu (EPS): EPS = Li nhun rng - Tng c tc u i Tng c phiu thng
i. EPS gim bt: Li nhun rng (khng phi tr li TP chuyn i) = Tng tri phiu chuyn i / Gi chuyn i k. Gi trn li nhun (P/E): EPS gim bt P/E = Th gi EPS
T l ny phn nh mi tng quan gia n di hn v vn c phn. N c s dng nh gi mc tin cy ca cng ty. Cc cng ty c thu nhp ph thuc vo chu k kinh t thng c h s D/E thp. e. H s N di hn trn Tng ti sn: g. T s n: T s n = Tng n Tng ngun vn
* nh gi thu nhp: a. H s chi tr c tc: H s chi tr c tc = C tc b. H s li tc hin thi: Li tc hin thi = C tc Th gi c phiu
4. nh gi c phiu
M hnh chit khu c tc
k g
P0 =
DIV 1 k g
T s gi/li nhun: P/E - Trailing P/E = (Gi th trng ca mt c phiu)/ EPS ca 12 thng trc)
trailing P/E =
-
P0 (D0 / E0 ) (1 + g ) (1 b )(1 + g ) . = = E0 kg kg
leading P/E =
(D1 / E1 ) = (1 b ) P0 = E1 kg kg
PEG = (P/E)/(GEPS)
(1+ g)n (T l chi tr c tc)(1+ g) 1n (1+ ke,hg ) (T lchi trc tcn )(1+ g)n (1+ gn ) + PEG = g(ke,hg g) g(ke,st gn )(1+ ke,hg )n
c lng g
g=
x
TNST Doanh thu
x
Ti sn
x
VCSH
E(Ri ) = Rf + [E(RM ) - Rf ] i
Nu cng ty pht hnh c c phiu ln tri phiu th k cn c xc nh theo phng php chi ph vn bnh qun gia quyn (WACC) nh sau:
k=
ke
E D + kd (1 t) D+ E D+ E
(1 + r )
t =1
Li
Mnh gi (1 + r ) n
Nu 1 nm tr li 2 ln:
PV = PV(Li) + PV(Mnh gi) =
t =1
Li 1+ r 2
Mnh gi n 1+ r 2
2)
P V = P V ( M n h g i ) =
M n h g i (1 + r ) n
3)
PV =
4. Consols
PV =
P=
t =1
(1 + r ) (1 + r )
w
t 1
(1 + r ) (1 + r )
w
n 1
Ngy tr coupon sp ti
S ngy t thi im chuyn nhng TP n ngy tr coupon sp ti H s giai on (w) = S ngy trong 2 k tr coupon Dng tin d tnh Gi tr hin ti ti thi im t = (1+i)t-1 + w
Par
Discount
Coupon Rate = Current Yield = YTM Coupon Rate < Current Yield < YTM Coupon Rate > Current Yield > YTM
Premium Thi gian o hn bnh qun
t PV (C )
t t =1
PV
% Thay i gi =
1+ y
n 1 C t + n . VN n dy . t . n (1 + y ) (1 + y )t t =1 (1 + y ) dP ( 0 ) = P (0) P (0)
dP ( 0 ) / dy P (0) = 1 Du = - Modified duration (1 + y )
Thi hn hon tr trung bnh iu chnh = Thi hn hon tr trung bnh ca Macaulay / (1+y)
i vi Coupon
MD =
C n M y C n 1 (1 + y ) + (1 + y )n +1 y2
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li
2 1 P = 2 2 y (1 + y )
(t + t )
2 t =1
CF t t (1 + y )
d 2 P 1 n t ( t + 1) C n ( n + 1) M 1 = + 2 t+2 d y P t = 1 (1 + y ) (1 + y ) n + 2 P
% thay i gi = 1/2 ( li) x thay i li sut
6. Qun l danh mc u t
Tnh ngi ri ro
Mi tng quan gia mc ngi ri ro, li sut c tnh (doanh li) vi mc ri ro:
U = E ( r ) 0,5 A 2
Phn loi cc nh u t:
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