FV Future Value

PV Present Value
r Rate
n Period (years)

PVA Present Value of Annuity

PMT Annuity Payments
r Rate
n Period (years)

CF Perpetual Annual Cash Flow

PV Present Value
r Rate

CF1 Next years anticipated CF

PV Present Value
r discount rate
g anticipated perpetual annual growth rate CF

PV
PMT
r
n
FV

NPV Net present value

-Co Initial Cash outflow today
Ct anticipated net cash inflox in one year
r Discount rate
Revenues
Net income
Assets
Equity

Profit margin
Asset Turnover
Financial leverage
ROE
 Break Even
Fixed Costs
Gross Margin

Age of inventory
Age of receivables
Age of payables
Revenue
End of year receivables
account payables
Inventory
Purchases/COS

Current Ratio
Quick Ratio
Cash
Accounts receivables
Inventory
Liabilities

Debt-to-assets
Debt-to-Equity
Long-term-debt-to-capital
Interest-beaaring debt
Non-interest-bearing
Equity

Interest coverage
Debt service
EBIT
Dep & Amort
Interest expenses
principal repayment
tax rate

Revenues NET SALES

Net Income NET EARNINGS
Assets
 Liability
Equity STOCKHOLDERS? EQUITY
Gross Profit GROSS PROFIT
EBIT EBIT
Operating Expenses
Tax rate
LONG TERM DEBT + CURRENT INSTAL
Long term debt
Net propery and equipment Net propery and equipment
Inventory
Cost of Sales
Avg cost of sales
Accounts receivable
Accounts payable
Current Assets
Current liabilities
Cash
Interest expenses
Depreciation & Amort
NET EARNINGS
Provision for income taxe
EBITDA

ROE

Gross Margin

EBIT Margin

Operating Expense Ratio

ROIC

Fixed Asset Turnover

Age of inventory

Age of receivables

Age of payable

Current Ratio

Quick Ratio

Debt to Assets

Debt to Equity

Long term debt to capital

Intreest Coverage

Debt Service Coverage

 $524.32 $ 445.00 $ 1,070.00
$ (400.00) ($390.35) ($555.72)
7% 14% 14%
4 1 5

($350.75)
$53.00
11%
12

14.2857142857143 1,429
110
7.7

$ 100
$ 2,000
8%
3%

($50.00)
$ 4.00
8%
1000

$ 80,909.09 NPV $365,138.99 $ 65,138.99

$ 80,000 PI -1.22 Profitability index
$ 1,000 C0 $ (300,000)
10% r 0.1
C1 $ 100,000
C2 $ 150,000
C3 $ 200,000

IRR 21% Internal rate of Return

C0 $ (300,000)
 C1 $ 100,000
C2 $ 150,000
C3 $ 200,000

2011 2010
67,997 66,176
3,338 2,661
13,479 13,900
3,338 2,661

4.91% 4.02%
5.04 4.76
4.04 5.22
100.00% 100.00%
277.777777777778
50
0.18

89.31
80.45
72.81
490
108
75
92
376

1.46
0.68
5.62
26.1
36.63
46.94

67.1 liabilities/assets
203.90 liabilities/equity
0.6162
122
33
76

2.80
1.46
57900
12600
20700
17900
0.35

2011 2010
67,997 66,176 249320 290940
3,338 2,661
40,125 40,877
 21,236 21,484
18,889 19,393
23,304 22,412
5,839 4,803
17,465 17,609
35% 35%
11,884 11,822
25,060 25550
10,625 10,188 17470 20640
44,693 43,764 164160 172770
122 120
1085 964 29670 31870
4717 4863 14000 16000
13,479 13,900
10,122 10,363
545 1,421
566 821
1,616 1,707
3,338 2,661
1,935 1,362
7,455 6,551

3,338 2,661
18,889 19,393
17.67% 13.72%
23,304 22,412
67,997 66,176
34.3% 33.9%
5,839 4,803
67,997 66,176
8.6% 7.3%
17,465 17,609
67,997 66,176
25.7% 26.6%
3795.35 3121.95
30,773 31,215
12.3% 10.0%
67,997 66,176
25,060 25,550
2.7 2.6
10,625 10,188 17,470 20,640
122 120 450 473
86.77 84.97 38.84 43.60
1,085 964 29,670 31,870
186 181 683 797
5.8 5.3 43.4 40.0
4,717 4,863 14,000 16,000
122 120 450 473
38.5 40.6 31.1 33.8
13,479 13,900
10,122 10,363
1.3 1.3
1,630 2,385
10,122 10,363
0.2 0.2
21,236 21,484
40,125 40,877
52.9% 52.6%
21,236 21,484
18,889 19,393
112.4% 110.8%
11,884 11,822
30,773 31,215
38.6% 37.9%
5,839 4,803
566 821
10.32 5.85
7,455 6,510
2,169 2,390
3.44 2.72
Price of Bond ($94.34)
Coupon rate 10.6
Yield of Maturity 10.6
Period 12 years
 Y1 Y2 New
Inventory Days
Receivable days 44.63 39.03 34.53 4.50
Payable Days 31 33.8 40.00 -6.20
Working Capital gap 13.63 5.23

Accounts receivable 30,620 31,110

Net sales 250,440 290,940
Days Year 365 365
COS 165000 173000
686.136986301 797.095890411 473.9726027

44.6266570835 39.0291812745 -2938.630137

Gross Profit 36,000
Sales 150,000
COSG 114000
Gross Margin 0.24

Proforma
Sales 204,000
COGS 154,428 75.7%
Gross Profit 49,572
Total Op Expenses 26,928 13.2%

Earnings before tax (EBT) 22,644

Taxes 7,925 35%
Net Earnings 14,719

Change in trained earnings 9,126 38% Dividend payout

Cash 9,200
Accounts receivable 17,326 31 days
Inventory 24,962 59 days
Fixes Assets 60,000
Total assets 111,488
Liabilities
Accounts payable 22,144 48 days
Long term debt 32,018
Total liabilities 54,163
Equity 57,326
Total liabilities & Equity 111,488

Beginning equity 48,200

Beginning inventory 11,000
Long term debt 33,961

Average daily Purchase 461

Diff Inventory 13,962

Diff on Long term debt 1,943

 148,000
Gross Margin 0.24 150,735 75.7% Gross Margin
(2,735)
19,536 13.2%

(22,271)
(7,795) 35%
(14,476)

(8,975) 38% Dividend payout

9,600
12,570 31 days
24,365.38 59 days
64,500
111,035
Current
Accounts payable 15,027 34 days
Long term debt
Total liabilities 15,027
Equity
Total liabilities & Equity 111,035

Beginning equity 48,200

Beginning inventory 11,000
Long term debt 34,544

Average daily Purchase 442

Diff Inventory 10,587
Ending Inventory 412.97
(0.02)
PVA 0
PMT 0 0
r 9.0% 4.50%
n 5 10

PV 643.927682
FV 1,000 1,000
r 9.00% 4.50%
n 5 10

Price of bound 643.927682

CF Perpetual Annual Cash Flow 2.00 2.10 2.21 2.32

PV Present Value 1.79 1.67 1.57 1.47
r Rate 12.0% 12.0% 12.0% 12.0%
Año? 1 2 3 4

PV 28.57142857
Div 2
r 0.12
g 0.05
 2.43 2.55 2.68
1.38 1.29 1.21 10.39
12.0% 12.0% 12.0%
5 6 7
Net present Value On period

NPV 1,953.49
-Co Inicial Cash outflow today 12,000
Ct Anticipated net cash inflow in 1 year 15,000
r discount rate 8%

Internal rate of Return IRR

IRR 21%
Guess 100
Initial investment (40,000)
Value 1 15,000
Value 2 20,000
Value 3 25,000

Modified Internal rate of Return MIRR

MIRR 15%
Finance rate 10%
Reinvest rate 13%
Initial investment (43,800)
Value1 14,600
Value2 22,600
Value3 22,600

Profitability index
single Multiple
Profitability index 1.27 1.22
PVN Net cash flow 45336.123749 8,948.16
Initia Investment 35,600 40,000
Net cash flow 10,700 10,700
Discount rate 10% 10%

Net present Value Multiple

NPV 8,948.16
-Co Inicial Cash outflow today (40,000)
r discount rate 10%
C1 Anticipated net cash inflow in 1 year 15,000
C2 20,000
C3 25,000

Equivalent Annual costs

Annual cost 13,934.53
Initial Investment (50,000)
Period 7
Annual maintenance 4,000
Discount rate 9%
Historical Returns

Geometric Return 41.42%

Initial Value 10
Final Value 20
Years 2

Range of returns 52.3% -29.3%

Mean return 12%
Standard deviation 20%

Current dividend yield

Dividends per share 0.82

Current share price 28.54
Current dividend yield 2.87%
Current P/E multiple 24.53
Share price one year ago 24.39
Market total return opy 16.61% ultima pregunta

Past 4 Quarter EPS 1.16

Stock total return (OPY) 20.38%
Common Equity 52
Common Shareholders 7.54 14.5%
Investment 52
After-Tax Profit 6

Tax Rate 35%

Debt rating of A 35%
Long term bond yield 2%
Spread (long term vs A film) 2%
After Tax cost debt 2.60%

Share price last year 30

Share price current 28.5
Preferred dividends 2.25
Current preferred yield 7.89%

Common Shares Current Price 30.97

Share dividend next year 1.66
Perpetuity share 4.7%
After tax Cost of equity 10.06%

Long term gov bond yield 2.00%

Estimated market risk premium 5.00%
Beta 1%
CAPM 8.15% 7.75 (0.40)

Value Weights debt 42%

Preferred shares
Common equity 58%
Cost of debt 3%
Cost of preferred shares 5%
Cost of common equity 9%
WACC 6.3160%
Capital 10%
Debt 6%
Debt value 1.20
Equity value 1.00
Equity return 14.80%

Capital 10%
Debt 6%
Tax 35%
Debt value 1.20
Equity value 1.00
Equity return 13.12%

Debt 10.5
Interest rate 7%
Corporate rate 30%
Interest tax shield 3.15

Dividend payout ratio 28%

Net income 1.11
ROE 15.3%
g 84.7%
Value of the firm 1 -1.957671957672
Next years dividend 310,800.0
Retention rate 72%
Growth rate 11.02%
Value of the firm 2 Igual al Value 1
 Earning per Share
EPS 2.65 next year
Projection 15.7 times
Price per share 41.605

DF Interest 40,000
DF Common shares 6,000
EF Common shares 10,000
Tax rate 35%
DF EPS 6.50
EF EPS 6.50
EBIT 100,000.0 100000

(EBIT-40000)(1-.35)/6000 =
(EBIT-40000)/6000 =
(EBIT-40000)*10000/6000 =
1.66EBIT-66666.67 =
.66EBIT =
EBIT =

Cash flow ratio 2.04 2.06

EBIT 538,000
Dep & Amor 66,700
Interest payments 180,000
Principal repayment 72,200
Tax rate 35%
EBITDA 604,700
Before tax debt repayment 117,000

Multiplier 4.5
EBIT 4.66
Interest expenses 2.41
Dep expenses 1.12
Tax rate 35%
EBITDA 5.78
LOAN 26.01 multiplier x ebitda

Beta 1.2
Debt to equity ratio 0.4
Tax rate 35%
Revised beta 1.512

Equity (Market value) 1,365.50 1,550.20

Debt (market value) - 420.00
Assets (Market Value) 1,365.50 1,970.20
Equity /Assets 1.000 0.787
Debt / Assets - 0.213
Cost of equity (Ke) 17.59% 18.32%
After tax cost of Debt 5.95% 6.75%

WACC 17.59% 15.65%

WACC Final 17.59% 15.96%
240.19 312.35
0.24% 0.31%

Debt 70% 52%

Equity 30% 48%
Beta 1.31 1.32
Tax rate 35% 40%
Unlevered Beta 0.52 0.80
Levered Beta 0.89
(EBIT-0)(1-.35)/10000
(EBIT)/10000
EBIT
EBIT
66,666.67
99,999.96

Variacion…
1,567.00 1,580.40
840.00 1,260.00
2,407.00 2,840.40
0.651 0.556
0.349 0.444
20.90% 23.50%
7.27% 8.25%
45.40%
31.70%
15.79% 16.27%
16.731% 16.40% 18.24
388.57 0.13
0.39% 0.13%
 Assets 550,000
Liabilities 250,000
Property 80,000
Property (Market Value) 125,000
Inventory 60,000
Adjustments -
Hidden value of property 45,000
Boook value of equity 300,000
Value of Equity 285,000
Value of Equity 285,000

Cost of Capital 11% Kc

FCFF Free cash flows to the firm 8,500
FCFF Free cash flows to the firm 10,500
FCFF Free cash flows to the firm 13,500
Growth rate 8%
Period 3
TV3 486,000.00 391000

Debt to Equity (D/E) ratio 0.8

Debt to Equity (D/E) target 1.5
Beta 1.8
Tax rate 25%

BL 1.5
BU 1.125
BL* 2.39

EBIT 2
Tax rate 30%
Debt 2.5
Common equity 3
Cost of capital 8%
NOPAT 1.4
EVA 0.96
Price per Share 12
Total Shares 20
PV of potencial synergies 50
Highest bid price 14.5
 3830 25
5300 29
8560 20
4400 23
5350 23
5488 STD Dev 2.966
Average 1.7222079
-0.430552

190000
53200
136800

Liabilities + Equity = Assets

Days AP =