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【正文】 olders ? Compute present value of cash flows ? Discount the cash flows at the firm’s weighted average cost of capital (WACC) ? The present value of future cash flows is referred to as: ? Value of the firm’s invested capital, or ? Value of “operating assets” or “Total Enterprise Value” (TEV) MBA1 Finance The Valuation Process, continued ?Value of all the firm’s assets (or value of “the firm”) = Vfirm = TEV + the value of uninvested capital ? Uninvested capital includes: ? assets not required (“redundant assets”) ? “excess” cash (not needed for daytoday operations) ?Value of the firm’s equity = Vequity = Vfirm Vdebt where Vdebt is value of fixed obligations (primarily debt) MBA1 Finance Total Enterprise Value (TEV) ? For most firms, the most significant item of uninvested capital is cash Vfirm = Vequity + Vdebt = TEV + cash TEV = Vequity + Vdebt cash TEV = Vequity + Net debt where Net debt is debt cash (note: this assumes all cash is “excess”) MBA1 Finance Measuring Cash Flows ? Free Cash Flow to the Firm (FCFF) ? represents cash flows to which all stakeholders make claim FCFF = EBIT ? (1 tax rate) + Depreciation and amortization (non cash items) Capital Expenditures Increase in Working Capital ? What is working capital? Noncash current assets noninterest bearing current liabilities (. A/P accrued liab.) MBA1 Finance Working Capital vs. Permanent Financing Shortterm assets Short term liabilities Permanent Capital Longterm assets Permanent Capital Operating assets Working capital Permanent capital may include “current” items such as bank loans if debt is likely to remain on the books Key: Treat items as either working capital permanent capital but not both Uninvested capital MBA1 Finance FCFF vs. Accounting Cash Flows Ine Statement, Hudson’s Bay ($millions, FYE Jan 1999) Sales $7,075 Cost of Goods Sold $6,719 EBITDA $ 356 Depreciation $ 169 EBIT $ 187 Interest Expense $ 97 Ine Taxes $ 50 Net Ine $ 40 Dividends $ 53 Cash Flow Statement, Hudson’s Bay, ($millions, FYE Jan 1999) Cash flow from operations Net Ine $ 40 Noncash expenses $ 169 Changes in WC ($116) Cash provided (used) by investments Additions to P,P E ($719) Cash provided (used) by financing Additions (reductions) to debt $ 259 Additions (reductions) to equity $ 356 Dividends ($ 53) Overall Net
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