Formula AF

Chapter 4 – Analisis Laporan Keuangan (Ratio)

Accounts receivable
DSO = Sales/36 5

Profit Total Assets Equity

Du Pont Equation = Margin  Turnover  Multiplier

Chapter 6 – Forecasting & AFN

AFN
AFN = (A*/S0)∆S - (L*/S0)∆S - MS1(1 - d)

Total liabilities = Accounts + Long-term + Common + Retained .

and equity Payable debt stock earnings

Operating Capital
Net Operating Working Capital + Net Fixed Assets

Full Capacity Sales

Actual sales
% of capacity at which
fixed assets were operated

Chapter 5 – P, FV, Amortization & Perpetuity

Future Value
FVn = PV(1 + i)n

Present Value
FV n
PV = (1+ i)n
EAR (Effective Annual Rate)
m
1+i Nom
( m
−1. 0 . )
Future Value - PMT

( 1+ I )N −I
PMT
I ( )
Present Value - PMT

PMT ( 1−
( 1+ I )N
I )
Chapter 8 – Risk & Return
Expected return
n

∑
¿
r= ¿ Pi r i . ¿
i=1

Standard Deviation
n

σ=
√ ∑ i=1
¿
¿ (r i - r i )2 Pi . ¿

Coefficient of variation (CV)

 σ
¿
CV = r .

SML Equation
ri = rrf + (rm - rrf)bi.

Beta Portfolio
n

bp =
∑i=1
¿ wi b i ¿
.

Chapter 9 – Bonds
Bond’s Value
N

VB =
∑ t=1
¿
INT
+
M
(1 + r d )t (1 + r d )N
¿

Current yield

Annual coupon interest payment

Current Yield = .
Current price of the bond

Capital gains yield

Expected Change in bond's price

Capital gains yield = .
Beginning -of-year price

Total expected return

Expected = ¿ Expected + ¿ Expected capital .¿

Total Return current yield gains yield

Bond’s Value – Semi Annual

 2N

VB =
∑
t=1
¿
INT/2
(1 + r d /2)t
+
M
(1 + r d /2)2N
.¿

Effective Rate
m
r Nom 0 . 10 2
EAR = ( 1+
m ) -1= ( 1+
2 ) - 1 = 10 .25 % .