Free Cash Flow Valuation презентация

Июль 26, 2021

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Финансы
Free Cash Flow Valuation

Содержание

2. FREE CASH FLOW
3. FCFF VS. FCFE APPROACHES TO EQUITY VALUATION
4. FCFF VS. FCFE APPROACHES TO EQUITY VALUATION
5. SINGLE-STAGE FREE CASH FLOW MODELS
6. EXAMPLE: SINGLE-STAGE FCFF MODEL
7. EXAMPLE: SINGLE-STAGE FCFF MODEL
8. EXAMPLE: SINGLE-STAGE FCFF MODEL Equity value = $120.5 million – $30 million = $90.5 million Equity
9. USING NET INCOME TO DETERMINE FCFF
10. OTHER NONCASH ADJUSTMENTS
11. USING EBIT AND EBITDA TO DETERMINE FCFF
12. USING CASH FLOW FROM OPERATIONS TO DETERMINE FCFF
13. CALCULATING FCFE FROM FCFF, NET INCOME, AND CFO FCFE from net income (NI) and FCFF: FCFF
14. FCFE AND FCFF ON A USES-OF-FCF-BASIS
15. EXAMPLE: CALCULATING FCFF
16. EXAMPLE: CALCULATING FCFF FROM NET INCOME
17. EXAMPLE: CALCULATING FCFF FROM EBIT AND EBITDA
18. EXAMPLE: CALCULATING FCFF FROM CFO
19. EXAMPLE: CALCULATING FCFE FROM FCFF, NET INCOME, AND CFO
20. EXAMPLE: CALCULATING FCFE AND FCFF ON A USES BASIS
21. FORECASTING FCFF AND FCFE
22. EXAMPLE: FORECASTING FCFF AND FCFE
23. EXAMPLE: FORECASTING FCFF AND FCFE
24. EXAMPLE: FORECASTING FCFF
25. EXAMPLE: FORECASTING FCFE
26. ISSUES IN FCF ANALYSIS
27. SIMPLE TWO-STAGE FCF MODELS
28. EXAMPLE: SIMPLE TWO-STAGE FCFE MODEL
29. EXAMPLE: SIMPLE TWO-STAGE FCFE MODEL
30. EXAMPLE: SIMPLE TWO-STAGE FCFE MODEL
31. EXAMPLE: SIMPLE TWO-STAGE FCFE MODEL
32. DECLINING GROWTH TWO-STAGE FCFE MODEL
33. EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL
34. EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL
35. EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL
36. EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL
37. EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL
38. EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL
39. EXAMPLE: THREE-STAGE FCF MODELS
40. EXAMPLE: THREE-STAGE FCF MODELS
41. EXAMPLE: THREE-STAGE FCF MODELS Note : The above formula shows the present value of perpetual stream
42. EXAMPLE: THREE-STAGE FCF MODELS
43. SUMMARY
44. SUMMARY
45. SUMMARY
47. Скачать презентацию

Слайд 2

FREE CASH FLOW

Слайд 3

FCFF VS. FCFE APPROACHES TO EQUITY VALUATION

Слайд 4

FCFF VS. FCFE APPROACHES TO EQUITY VALUATION

Слайд 5

SINGLE-STAGE FREE CASH FLOW MODELS

Слайд 6

EXAMPLE: SINGLE-STAGE FCFF MODEL

Слайд 7

EXAMPLE: SINGLE-STAGE FCFF MODEL

Слайд 8

EXAMPLE: SINGLE-STAGE FCFF MODEL

Equity value = $120.5 million – $30 million

= $90.5 million

Equity value per share = $90.5 million/2.9 million = $31.21

Слайд 9

USING NET INCOME TO DETERMINE FCFF

Слайд 10

OTHER NONCASH ADJUSTMENTS

Слайд 11

USING EBIT AND EBITDA TO DETERMINE FCFF

Слайд 12

USING CASH FLOW FROM OPERATIONS TO DETERMINE FCFF

Слайд 13

CALCULATING FCFE FROM FCFF, NET INCOME, AND CFO
FCFE from net income

(NI) and FCFF:
FCFF = NI + NCC + Int(1-Tax rate) – FCInv – WCInv
FCFE = NI = NCC – FCInv – WCInv + Net borrowing
FCFE from CFO and FCFF:
FCFF = CFO + Int(1-Tax rate)- FCInv
FCFE = CFO – FCInv + Net borrowing

Слайд 14

FCFE AND FCFF ON A USES-OF-FCF-BASIS

Слайд 15

EXAMPLE: CALCULATING FCFF

Слайд 16

EXAMPLE: CALCULATING FCFF FROM NET INCOME

Слайд 17

EXAMPLE: CALCULATING FCFF FROM EBIT AND EBITDA

Слайд 18

EXAMPLE: CALCULATING FCFF FROM CFO

Слайд 19

EXAMPLE: CALCULATING FCFE FROM FCFF, NET INCOME, AND CFO

Слайд 20

EXAMPLE: CALCULATING FCFE AND FCFF ON A USES BASIS

Слайд 21

FORECASTING FCFF AND FCFE

Слайд 22

EXAMPLE: FORECASTING FCFF AND FCFE

Слайд 23

EXAMPLE: FORECASTING FCFF AND FCFE

Слайд 24

EXAMPLE: FORECASTING FCFF

Слайд 25

EXAMPLE: FORECASTING FCFE

Слайд 26

ISSUES IN FCF ANALYSIS

Слайд 27

SIMPLE TWO-STAGE FCF MODELS

Слайд 28

EXAMPLE: SIMPLE TWO-STAGE FCFE MODEL

Слайд 29

EXAMPLE: SIMPLE TWO-STAGE FCFE MODEL

Слайд 30

EXAMPLE: SIMPLE TWO-STAGE FCFE MODEL

Слайд 31

EXAMPLE: SIMPLE TWO-STAGE FCFE MODEL

Слайд 32

DECLINING GROWTH TWO-STAGE FCFE MODEL

Слайд 33

EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL

Слайд 34

EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL

Слайд 35

EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL

Слайд 36

EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL

Слайд 37

EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL

Слайд 38

EXAMPLE: DECLINING GROWTH TWO-STAGE FCFE MODEL

Слайд 39

EXAMPLE: THREE-STAGE FCF MODELS

Слайд 40

EXAMPLE: THREE-STAGE FCF MODELS

Слайд 41

EXAMPLE: THREE-STAGE FCF MODELS
Note : The above formula shows the present

value of perpetual stream at t = 0

Слайд 42

EXAMPLE: THREE-STAGE FCF MODELS

Слайд 43

SUMMARY

Слайд 44

SUMMARY

Слайд 45

SUMMARY