Formular:

Asset = Liabilities + equity

Asset = Short A + Long A
Equity = Assets – Liabilities

Note:
Net revenue
Cost of goods sold (COGS): giá vốn hàng bán
Cross Profit
Operating expense
EBIT (Earning before tax
Return on sale = EAT/ net revenue
ROS = NPM (net profit margin)
Equity = Total asset – total debt
I = (Loan interest rate * total dept)
Business cycle:
Buy product (Inventory turnover in days) Lower is better ->
sell product (Receivable Turn over in days) lower is better ->
collect.
 Inventory turnover (higher the better)
 Receivable turnover (Higher the better)

Income statement
Balance sheet
Important:
- Liquidity ratio:
o Current ratio (Quick, cash)
o Debt ratio = Debt/ Total asset
o Coverage = EBIT / I
- Asset management ratio:
Buy product (Inventory turnover in days) Lower is better ->
sell product (Receivable Turn over in days) lower is better ->
collect.
- Profitability:
o ROS/NPM
o ROA
o ROE (DuPont equation)
Note (ROE tăng nhờ đòn bẩy tài chính rủi ro hơn)
Simple interest (Lãi đơn) (Rút tiền lãi ra)
FV= PV * (1 + r*n)
Compounding interest (Lãi kép) (Gộp lãi vào gôc)
FV = PV * (1+r) ^n
Nominal formula:
R’ = (1 + r/m) ^m -1
R’ effective revenue
R: nominal interest rate
M: number of compounding periods per year
  FV=PV*(1+r/m) ^m
Interest = PV * (1+r/m) ^m – 1
FV of a single amount

Types of cashflow
Ordinary annuity -> at the end -> recover
Annuity due -> at the beginning -> investment
Uneven cashflow (mixed cashflow)
Future Value
*Ordinary annuity
C∗(1+r )n−1
r

*Annuity due
C∗( 1+ r )∗(1+r )n−1
r

Today value
With 1 period
FV
PV =
(1+r )n

With nhiều period

FV
PV =
( 1+ r 1 )∗( 1+r 2 )

Ordinary annuity
−n
C∗1−( 1+r )
r
Annuity Due:
−n
C∗( 1+ r )∗1−(1+r )
r

Bài tập:
3*:
Equity = Total asset – total debt 120
I (Loan interest rate * total dept) =160 * 10% = 16
EBT * 0.8 = 24
ROE = 24/120 * 100% = 20%

Ex1:
IR = 10%
FV= 100 *(1 + 0,1*3) = 130
Ex2:
IR= 10%
PV = 100
N= 3
FV= 100*(1 + 10%) ^3 = 133,1
Example 3:
a) M = 1
R’=(1+ r/m)^m -1
= (1+ 12%/1)^1 -1
=0.12 = 12%
b) M = 4
r’ = 0.1255 = 12.55%
c) M = 12
r’ = 0.1268 = 12.68%
d) m = 365
r’ = 0.1274 = 12.74%

Example 4: Future value

a) Ordinary annuity
100∗( 1+10 % )5−1
=610.51
10 %

b) Annuity due
100∗( 1+10 % )∗( 1+10 % )5−1
=¿671.56
10 %

Example 5: Today value

a. To receive 100 million at the end of year 3
FV 100
PV = n
= 3
=75.131
(1+r ) (1+10 %)
b.
FV 100
PV = = =84.947
( 1+ r 1 )∗( 1+r 2 ) ( 1+0.08 )∗( 1+0.09 )

EXAMPLE 6
 a.
N=1: PV= 92.592
N =2: PV= 342. 9355
N=3: PV= 238. 149
Total = 673,33

b. The cashflow occurs at the beginning of each year.

400 300
100+ + =7 27.77
( 1+ 0.08 ) (1+ 0.08)3
2

Example 7:
a. Ordinary annuity lease payments
−20
100∗1−( 1+ 0.1 )
=851.356
0.1
b. Annuity due lease payments
−20
1−( 1+0.1 )
100∗(1+0.1) =936.492
0.1

Example 8:

R: 10%
100∗( 1+0.1 )∗( 1+ 0.1 )7−1
FVn = 0.1
=1043,58881

Simple interest
1043,58881∗¿