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Chapter 13
D0 (1 g ) D0 (1 g )
D0 (1 g )
Vj
...
2
n
(1 k )
(1 k )
(1 k )
2
D1
V j Pj
kg
Pi
D1 / E1
E1
kg
E1
kg
Common Equity
Net Income
Sales
Total Assets
Sales
Total Assets Common Equity
Profit
Margin
Leverage
FCFE is:
+ Net Income
+ Depreciation Expense
- Capital Expenditures
- in Working Capital
- Principal Debt Repayments
+ New Debt issues
D
k g
p
D1
V j Pj
kg
Pj D1 1 k g
D1 Pj k g
Pi
D1 / E1
E1
kg
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