financialplanningandforecasting(英文版)-全文預(yù)覽
【正文】 sales requires only $100 of assets. Base Stock } 4 27 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. How would excess capacity affect the forecasted ratios? 1. Sales wouldn’t change but assets would be lower, so turnovers would be better. 2. Less new debt, hence lower interest, so higher profits, EPS, ROE (when financing feedbacks considered). 3. Debt ratio, TIE would improve. 4 24 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. How much free cash flow was generated in 2023? FCF = NOPAT – Net inv. in oper. cap. = EBIT (1 – T) – Net inv. in oper. cap. = $125 () – $225 = $75 – $225 = $150. 4 20 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. 2023 2nd Pass Balance Sheet (Claims) 1st Pass 2nd Pass AFN AP/accruals $ 125 $ 125 Notes payable 100 + 190 Total CL $ 225 $ 315 LT debt 100 + 189 Common stk. 500 500 Ret. earnings 246 246 Total claims $1,069 $1,250 4 16 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. * From ine statement. 2023 2023 Forecast Basis AP/accruals $ 100 $ 125 Notes payable 100 100 Total CL $ 200 $ 225 LT debt 100 100 Common stk. 500 500 200 +46* 246 Total claims $1,000 $1,071 2023 Balance Sheet (Claims) 4 12 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Assumptions about How AFN Will Be Raised ?The payout ratio will remain at 30 percent (d = 30%。 2023 by Harcourt, Inc. All rights reserved. NWC Industry Condition BEP % % Poor Profit margin % % ” ROE % % ” DSO days days ” Inv. turnover ” F. A. turnover ” T. A. turnover ” Debt/assets % % Good TIE Poor Current ratio ” Payout ratio % % O. K. Key Ratios 4 5 Copyright 169。4 1 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. 2023 Ine Statement (Millions of $) Sales $2, Less: Var. costs (60%) 1, Fixed costs EBIT $ Interest EBT $ Taxes (40%) Net ine $
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