0
CHAPTER 15
FIRM VALUATION: COST OF CAPITAL AND APV APPROACHES
In t he last two chapters, we examined two approaches to valuing t he equit y in t he
firm - the dividend discount model and the FCFE valuation model. This chapter develops
another approach t
Chapter 08 - Return On Invested Capital and Profitability Analysis
Chapter 8
Return On Invested Capital And
Profitability Analysis
Question 8. The asset turnover of Company X is 3. The profit margin of Company Y is
0.5%. Since both companies are in the sa
Chapter 09 - Prospective Analysis
Chapter 9
Prospective Analysis
2. Prior to the forecasting process, financial statements can be recast to better portray
economic reality. Adjustments might include elimination of transitory items or
reallocating them to
VISUAL SOUND SERVICE SCORECARD
YTD February, 2014
Distribution List: Karen Bogosian
Mark Procopio
Pat Singkamanand
Definitions of Financial Terms:
VISUAL SOUND SERVICE SCORECARD
Full-Year 2013 Actuals
DESCRIPTION
NET SALES
NET SALES SEASONALITY (% of Tota
Chapter 4: Discounted Cash Flow Valuation
4.1 Valuation: The One-Period Case
4.2 The Multiple-Period Case
a.
Future Value and Compounding
b.
The Power of Compounding & Compounding Periods
c.
Present Value and Discounting
What is a Firm Worth?
d.
Finding t
Printed on: 10/25/2016, 15:56:20
*DRAFT*
Charles River Group, Inc
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
One Month Ended December 31,
2008
Net revenue:
Sales revenue
Sales return
Other revenue
Total net revenue
$
83,680
(680)
1,000
84,000
100.0
Chapter 4: Discounted Cash Flow Valuation
4.1 Valuation: The One-Period Case
4.2 The Multiple-Period Case
a.
Future Value and Compounding
b.
The Power of Compounding & Compounding Periods
c.
Present Value and Discounting
What is a Firm Worth?
d.
Finding t
FIN 332: Valuations - McKinsey & Company; 5th Edition
Measuring & Managing the Value of Companies
Publisher: John Wiley & Sons, Inc.
1.
Why Maximize Value? The Value Manager.
2.
Fundamental Principles of Value Creation
a.
Do fundamentals Really Drive the
Charle
IS_CD_12MTH
C
Jan
Actuals
REVENUE
Direct Revenue
Reimbursed OOP Expenses
TOTAL NET REVENUE
Feb
Actuals
Mar
Actuals
Q1
Actuals
Apr
Actuals
May
Actuals
Jun
Actuals
11,423,512
15,452,478
21,739,616
48,615,606
13,891,598
15,360,187
24,816,412
4,264,217
Charles River Group, Inc. And Subsidiaries
Net Working Capital - Summary
December 31, 2009
Back to Comparative BS
MTD Net Working Capital
CRL net working capital decreased by $2.1M (-3%) primarily due to the net effect of a $16.2M decrease in current asse
Chapter 7
Cash Flow Analysis
Exercise 7-2 (40 minutes)
a. SFAS 95 requires that the SCF classify cash receipts and payments by
operating, financing, and investing activities.
(1) Operating activities encompass all the earning-related activities of the
ent
Chapter 04 - Analyzing Investing Activities
Chapter 4
Analyzing Investing Activities
Exercise 4-8 (25 minutes)
a. A cost should be capitalized (that is, treated as an asset) when it is expected
that the asset will produce benefits in future periods. The i
1
CHAPTER 17
FUNDAMENTAL PRINCIPLE S O F RELATIVE V ALUATION
In discounted cash flow valuation, the objective is to find the value of assets, given
t heir cash flow, growt h and risk characteristics. In relative valuation, t he o bjective is to
value a ss
1
CHAPTER 18
EARNINGS MULTIPLES
Earnings multiples remain t he most commonly used measures o f relative value. In
t his c hapter , we begin w it h a detailed e xaminatio n o f t he price earnings ratio and t hen
move on to consider variants of the multipl
1
CHAPTER 19
BOOK VALU E MULTIPLES
The relationship between price and boo k value has always attracted t he attention
o f investors. Stocks selling fo r well belo w t he boo k value o f equit y have generally been
considered good candidates for undervalue
1
CHAPTER 20
REVENUE MULTIPLE S AND S ECTOR-SPECIFIC MULTIPLES
While earnings and book value multiples are intuitively appealing and widely used,
analyst s in recent years have increasingly turned to alternative multiples to value
companies. Fo r new econ
INVESTMENT
VALUATION: SECOND
EDITION
1
CHAPTER 1
INTRODUCTION TO VALUATION
Every asset, financial as well as real, has a value. The key to successfully investing
in and managing these assets lies in understanding not only what the value is but also the
so
INVESTMENT
VALUATION: SECOND
EDITION
0
CHAPTER 2
APPROACHES TO VALUATION
Analyst s use a wide range o f models to value assets in practice, ranging fro m t he
s imple t o t he sophisticated. These models o ften make ver y d ifferent assumptions about
pric
CHAPTER 7
All models of risk and return in finance are built around a rate that investors can
make on riskless investments and the risk premium or premiums that investors should
charge for investing in the average risk investment. In the capital asset pri
1
CHAPTER 8
ESTIMATING RISK PARAMETERS AND COSTS OF FINANCING
In the last chapter, we laid the groundwork for estimating the costs o f equit y and
capital for firms by looking at how best to estimate a riskless rate that operates as a base
for a ll costs,
Chapter 01 Overview of Financial Statement Analysis
Chapter 1
Overview of
Financial Statement Analysis
QUESTIONS
1. Business analysis is the evaluation of a companys prospects and risks for
business decisions. Applicable business decisions include, among
Chapter 02 - Financial Reporting and Analysis
Chapter 2
Financial Reporting and
Analysis
Exercise 2-5 (10 minutes)
a.
b.
c.
d.
e.
f.
g.
Form 10-K (Annual Report)
Regulation 14-A (Proxy statement)
Regulation 14-A (Proxy statement)
Regulation 14-A (Proxy st
Chapter 03 - Analyzing Financing Activities
Chapter 3
Analyzing Financing Activities
Exercise 3-2 (20 minutes)
a. The economic effects of a long -term capital lease on the lessee are similar to
that of an equipment purchase using installment debt. Such a
40 30
1.
A Turning your head and looking over
your shoulder
B
C
2
A
B
Avoid looking at any one thing for more than a few seconds.
C
3
A
B
C the distance you can see ahead is reduced at night
4
A