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Note: SGR stands for sustainable growth rate (the maximum growth level a company can self-fund without additional equity issues). This SGR can be found by either of the
following two equations: SGR = RxROE/(1-RxROE) or SGR = ROICxFLx(1-d)/(1-ROICxFLx(1-d)), where ROIC=EBITx(1-T)/IK, FL = (Eb+Db)/Eb and d=1-(NI-Divs)/(EBIT(1-T))
EBIT
Dep
CAPex
-Inc WK
$
$
$
$
FCF
Rdx(1-T)
Re
Rwacc
EC
Em
gimp
Ps
7,000,200
1,997,000
(2,511,000)
(352,000)
6,134,200
1.56% $ 18.64
6.00% $ 173.00
5.57%
$
9,307,000
$ 173,000,000
1.61%
39.41
ROE
R
g*
25%
7.994%
2.04%
NI
DIV
R
$
$
EC
Em
$ 9,307,000
$ 187,655,228
Ps
8.37
7.70
7.994%
42.75
That said (that Shareholders, not managers, own the rights to the
Excess Cash), there is also a value-conservation rationale to divesting
Excess Cash when good corporate opportunities are hard to come by
If IKi (invested capital on ith year) is larger than needed (as when
Excess Cash is there), the right side term of IKi x Rwacc (a.k.a. capital
charge) will make the value in between brackets smaller!!!
Fundamental
Valuation
Valuation
shortcuts
Liabs+Equity
TB
ETFB
TB
ETFB
TB