1、Assets = Liabilities + Stockholders EquityAssets = (Current + Fixed) AssetsNet Working Capital= Current Assets Current LiabilitiesRevenues - Expenses = IncomeSales or Revenues(-) Cost of goods sold(=) Gross profit 毛利(-) Administrative/marketing costs 行政管理/营销成本, Depreciation 折旧(=) Operating Profit 营业
2、利润(-) Interests, Taxes(=) Net income 净收益(-) Dividends to preferred stocks(=) Earning available to common shareholdersCash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to StockholdersCash Flow From Assets = Operating Cash Flow 营运现金流量 Net Capital Spending 净资本支出 Changes in NWC 净营运资本的变化O
3、CF (I/S)营运现金流= EBIT 息税前利润 + depreciation taxes = $547NCS 净资本支出 ( B/S and I/S) = ending net fixed assets beginning net fixed assets + depreciation = $130Changes in NWC (B/S) = ending NWC beginning NWC = $330CFFA = 547 130 330 = $87CF to Creditors (B/S and I/S) = interest paid net new borrowing = $24C
4、F to Stockholders (B/S and I/S) = dividends paid net new equity raised = $63CFFA = 24 + 63 = $87Current Ratio 流动比率= CA / CL 2,256 / 1,995 = 1.13 timesQuick Ratio 速动比率 = (CA Inventory) / CL (2,256 301) / 1,995 = .98 timesCash Ratio 现金比率= Cash / CL 696 / 1,995 = .35 timesNWC to Total Assets = NWC / TA
5、 (2,256 1,995) / 5,394 = .05Interval Measure 区间测量= CA / average daily operating costs 2,256 / (2,006 + 1,740)/365) = 219.8 daysTotal Debt Ratio 资产负债率 = (TA TE) / TA (5,394 2,556) / 5,394 = 52.61%Debt/Equity 资本负债率 = TD / TE (5,394 2,556) / 2,556 = 1.11 timesEquity Multiplier 权益乘数= TA / TE = 1 + D/E1
6、+ 1.11 = 2.11Long-term debt ratio 长期债务率 = LTD / (LTD + TE)843 / (843 + 2,556) = 24.80%Times Interest Earned息保障倍 = EBIT 息税前利润 Earnings Before Interest and Tax / Interest 1,138 / 7 = 162.57 timesCash Coverage 现金涵盖比率= (EBIT + Depreciation) / Interest(1,138 + 116) / 7 = 179.14 timesInventory Turnover 存货
7、周转 = Cost of Goods Sold / Inventory2,006 / 301 = 6.66 timesDays Sales in Inventory 销售库存的天数= 365 / Inventory Turnover365 / 6.66 = 55 daysReceivables Turnover 应收帐款周转率 = Sales / Accounts Receivable 5,000 / 956 = 5.23 timesDays Sales in Receivables = 365 / Receivables Turnover 365 / 5.23 = 70 daysTotal
8、Asset Turnover = Sales / Total Assets5,000 / 5,394 = .93It is not unusual for TAT 1, especially if a firm has a large amount of fixed assetsNWC Turnover = Sales / NWC 5,000 / (2,256 1,995) = 19.16 timesFixed Asset Turnover = Sales / NFA 5,000 / 3,138 = 1.59 timesProfit Margin 利润率 = Net Income / Sale
9、s 689 / 5,000 = 13.78%Return on Assets 资产收益率(ROA) = Net Income / Total Assets 689 / 5,394 = 12.77%Return on Equity 股本回报率 (ROE) = Net Income / Total Equity 689 / 2,556 = 26.96%PE Ratio 市盈率= Price per share 每股价格/ Earnings per share 每股收益 87.65 / 3.61 = 24.28 timesMarket-to-book ratio 市价与账面值比率 =market v
10、alue per share / book value per share 每股市价/每股账面价值 87.65 / (2,556 / 190.9) = 6.55 timesROE = PM * TAT * EMFuture Values FV = PV(1 + r)t PV = FV / (1 + r)tFV = future valuePV = present valuer = period interest rate, expressed as a decimal（用小数表示）t = number of periodsPerpetuity 永续年金: PV = C / rAnnuities
11、 年金: PVt)1(rCFtGrowing Annuity 增长年金 tggPV)1(永久 rCAPR 年度成本百分率 EAR Effective Annual Rate 此处均为年利率，有时候给了年利率要换成月、季利1mAPR1E率、天利率！自己体会！ ttr)(1FVr)(1-C ValueBondBond Value = PV of coupons 息票+ PV of par 票面价值Bond Value = PV of annuity 年金+ PV of lump sum 总金额Current Yield 现价息率= annual coupon / priceYield to mat
12、urity = current yield + capital gains yield 资本利得收益率(1 + R) = (1 + r)(1 + h), whereR = nominal rater = real rateh = expected inflation rateApproximation 近似法 R = r + hg-RD)1(DP10required return where D1/P0 is the dividend yield 股息率 and g gPD P010is the capital gains yield 资本利得收益率average accounting ret
13、urn AAR = Average Net Income/Average Book Valuethe cost of equityER见 ppt14 的 9gPDE01Risk-free rate, RfMarket risk premium 市场风险溢价, E(RM) RfSystematic risk of asset 系统性风险的资产, BetawE = E/V = percent financed with equitywD = D/V = percent financed with debtE = market value of equity = # of outstanding shares times price per shareD = market value of debt = # of outstanding bonds times bond priceV = market value of the firm = D + E100%= D/V + E/VWACC = wERE + wDRD(1-TC)after-tax cost of debt RD(1-TC)(fMEfE RR
