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【正文】 ty holders. ? If the firm increases its debt ratio, both the debt and the equity will bee more risky. The debtholders and equityholders require a higher return to pensate for the increased risk. Fundamentals of Corporate Finance 34 Valuing entire businesses ?Just think of the business as a very large project ?Forecast the business’s operating cash flows (aftertax profits plus depreciation), and subtract the future investments in plant and equipment and in working capital. The resulting free cash flows can then be discounted back to the present at the weightedaverage cost of capital Fundamentals of Corporate Finance 35 * FCF and PV * ?Free Cash Flows (FCF) should be the theoretical basis for all PV calculations. ?FCF is a more accurate measurement of PV than either Div or EPS. ?The market price does not always reflect the PV of FCF. ?When valuing a business for purchase, always use FCF. Fundamentals of Corporate Finance 36 Valuing entire businesses ?The cash flows from a pany may stretch far into the future. Financial managers therefore typically produce detailed cash flows only up to some horizon date and then estimate the remaining value of the business at the horizon Fundamentals of Corporate Finance 37 Capital Budgeting ?Valuing a Business or Project HHHHrPVrFC FrFC FrFC FPV)1()1(...)1()1( 2211?????????PV (free cash flows) PV (horizon value) Fundamentals of Corporate Finance 38 Exercise ?Examine the following bookvalue balance sheet for University Products, Inc. What is the capital structure of the firm on the basis of market values? The preferred stock currently sells for $15 per share and the mon stock for $20 per share. There are 1 million mon shares outstanding. Fundamentals of Corporate Finance 39 Exercise Fundamentals of Corporate Finance 40 Solution ?The total market value of the bonds is: ? PV = [$8 ? annuity factor(9%, 10 years)] + ($10/) = $ million ?There are: $2 million/$20 = 100,000 shares of preferred stock. ? The total market value of the preferred stock is $15*100,000= million. ?There are: $ million/$ = 1 million shares of mon stock. ? The total market value of the mon stock is $20*1=$20 million. Fundamentals of Corporate Finance 41 Solution Security Market Value Percent Bonds $ million % Preferred Stock $ million % Common Stock $ million % Total $ million % Capital structure: Fundamentals of Corporate Finance 42 Web Resources ~adamodar Click to access web sites Inter connection required
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