Finanzas: esclava de la contabilidad

cash
other current assets
ppe
non op assets
ASSETS
spontaneous liabilities
debt
equity (2,400 x $1)
otros datos
price x share (end)
calculos
ebitda
market cap (end)
p/e (ttm)
p/b (end)
roe (beg)
ic (beg)
noplat=ebit x (1-tax)
roic
kd
ks
K (end)
EV
FCFnG=noplat + depre - capex.m
EPV firm
EPV equity=EPV firm - debt + non op
per share
book
price
EPV.equity (iv)
c5: -(d2-a2)
c6: (d6-a6)
c15: c1+c2+c8-b8*(1-tax rate)
c16: c7+c8
d1: a1+c14

B/S - beg
300
1,100
2,500
300
4,200
200
1,300
2,700

a1
a2
a3
a4
a5
a6
a7
a8

1.27

f1

1,390
3,184
6.4
1.0
18.3%
3,700
579
15.6%
10.0%
23.9%
19.3%
3,590
779
4,034
3,184

f2
f3
f4
f5
f6
f7
f8
f9
f10
f11
f12
f13
f14
f15
f16

sales
-cogs
-depre
gross income
-manag options
-sga
op income=ebit
-interest
pretax income
-taxes (35%)
net income

I/S
10,000
(8,000)
(500)
1,500
(10)
(600)
890
(130)
760
(266)
494

b1
b2
b3
b4
b5
b6
b7
b8
b9
b10
b11

net income
+depre
+manag options
cash provided by ops
-inc current assets
+inc sp liabs
cash from operations
cash from investing activities=capex.m
-debt repayment
issuance of common stock (200x$1.85)
-buybacks (100*$1.90)
-dividends
cash from financing activities
total cash flow->

C/F
494
500
10
1,004
(100)
10
914
(300)
(150)
370
(190)
(200)
(170)
444

c1
c2
c3
c4
c5
c6
c7
c8
c9
c10
c11
c12
c13
c14

779
614

c15
c16

FCFnG
FCF

1.27
1.27
1.27
d3: a3+b3-c8
d4: 4a
d7: a7+c9
d8: d5-d6-d7
e1: a8

e2: b11
e3: c10
e4: -b5
e5: c11
e6: c12

f2: b7-b3
f4: f3/b11
f5: f3/d8
f6: b11/a8
f7: a1+a2+a3-a6

cash
other current assets
ppe
non op assets
ASSETS
spontaneous liabilities
debt
equity (2,500 x $1)

starting equity
+net income
+share issuance
+manag options
-buybacks
-dividends
ending equity

Ks
book
price
EPV.equity (iv)

B/S - end
744
1,200
2,300
300
4,544
210
1,150
3,184

C/E
$
2,700
494
370
10
(190)
(200)
3,184

d1
d2
d3
d4
d5
d6
d7
d8

e1
e2
e3
e4
e5
e6

# sh
2,400
200
-100
2,500

roic>k
roic=k
roic<k
P=B=iv
17.6%
18.9%
20.3%
23.9%
1.27
1.27
1.27
1.27
1.27
1.27
1.27
1.27
1.79
1.65
1.53
1.27
g da valor
g no valor g destr. valno intang
mdo efic.
nav = book

f9: f8/f7
f12: ((d7/(d7+d8))*f10*(1-tax rate)+ ((d8/(d7+d8))*f11
f13: f3+d7-d1
f15: f14/f12
f16: f15-d7+d4