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(3.1)
PV of perpetuity =
(3.2)
1 1 r r(1 + r)t
] ]
(3.3)
Future value of annuity of $1 per year = present value of annuity of $1 per year (1 + r)t 1 1 r r(1 + r)t (1 + r)t 1 = r = 1 + nominal interest rate 1 + inflation rate
(1 + r)t
(3.4)
(3.5)
discount factor)
(4.1)
Rate of return =
(4.2)
Expected return
DIV1 + P1 P0 P0
(5.1)
P0 =
(5.2)
(5.3)
r=
(5.4)
P0 =
(5.5)
(6.1)
(6.2)
(6.3)
Profitability index =
(6.4)
Incremental cash flow cash flow = cash flow with project without project
(7.1)
Total cash flow = cash flow from investment in plant and equipment + cash flow from investment in working capital + cash flow from operations
(7.2)
tax rate
(7.3)
(7.4)
tax rate
(7.5)
fixed costs including depreciation Break-even level of revenues = additional profit from each additional dollar of sales
(8.1)
DOL =
(8.2)
DOL = 1 +
(8.3)
Percentage return =
(9.1)
Dividend yield =
(9.2)
(9.3)
(9.4)
Variance =
(9.5)
(9.6)
(9.7)
(9.8)
Portfolio rate fraction of portfolio = of return in first asset + fraction of portfolio in second asset
( (
(9.9)
)
(10.1)
(10.2)
Value of business =
value of portfolio of all the firms (11.1) debt and equity securities (11.2)
(11.3)
Investors required return on business investors required return on = (company cost of capital) portfolio
(11.4)
(11.5)
rassets = =
(11.6)
D V
rdebt +
) (
E V
requity
)
(11.7)
WACC =
[ [
D V
(1 Tc)rdebt +
](
E V
requity
) ) (
E V requity
(11.8)
WACC =
D V
(1 Tc)rdebt +
] (
P V
rpreferred +
(11.9)
rpreferred =
(11.10)
(15.1)
PV tax shields =
(15.2)
(15.3)
Overall market value if all-equity PV tax PV costs of = + value financed shield financial distress
(15.4)
ROA =
net income + interest sales net income + interest = assets assets sales asset profit turnover margin
(17.1)
ROE =
assets sales net income + interest equity assets sales leverage asset profit ratio turnover margin
(18.1)
(18.2)
(18.2)
return on equity
(18.4)
Cash conversion cycle = (inventory period + receivables period) accounts payable period
(19.1)
Inventory period =
(19.2)
(19.3)
(19.4)
Inventory period =
(19.5)
Receivables period =
(19.6)
Payables period =
(19.7)
(19.8)
(20.1)
annual cash outflows cost per sale of securities interest rate (20.2)
(21.1)
PV(REV COST) (1 p)
PV(COST)
(21.2)
(26.1)
(26.2)