...Chapter 1 * Cash flow from assets (CFA) = OCF – NCS – ΔNWC * OCF= Operational cash flow = EBIT + Dep – taxes = EBIT (1 – T) + Dep * NCS= Net Capital Spending NFAEnd – NFABeg + Dep * NWC= Net Operating Working Capital = NOWCEnd - NOWCBeg * Free Cash Flow (FCF) = (Revenues – Costs) (1- Tc) – Cap. Expenditures – ΔNWC + (Dep) (Tc) Chapter 4 * Financial Planning has three important uses: 1. Forecast the amount of external financing that will be required 2. Evaluate the impact that changes in the operations plan have on the value of the firm 3. Set appropriate targets for compensation plans * The following steps are used to develop a financial forecast: 1. Forecast sales 2. Project the assets needed to support sales 3. Project internally generated funds 4. Project outside funds needed 5. Decide how to raise funds 6. See effects of plan on ratios and stock price * Parts of financial planning model: * Inputs * The planning model * Outputs * Key Ratios: * Profit Margin: NI/ Sales * ROE: NI / Common equity * DSO: AR/ (Annual Sales / 365) * Avg. time it takes to collect rev after sale has been made * Inventory Turnover: Sales/ Inventory * Fixed Asset Turnover: Sales/ NFA (Net Fixed Assets= Fixed assets- acc. Depre.) * Debt/ Assetss: TD (Total Debt) / TA (Total Assets) * TIE: EBIT/ Interest Expense * Current Ratio: CA...
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...FORMULAS Expected return of a stock portfolio - E[rp]: (3 stocks) E[rp] = X1 ( E(r1) + X2 ( E(r2) + X3 ( E(r3) Portfolio variance ((P)2 : (3 stocks) ((P)2 = X12 ( (12 + X1( X2((12 + X1( X3((13 + + X2( X1((21 + X22 ( (22 + X2( X3((23 + + X3( X1((31 + X3( X2((32 + X32 ( (32 where: X1 , X2 och X3 is respective stocks amount of the total value of the portfolio. (12 , (22 and (32 is respective stocks variance (12 = (21 is the covariance between stock 1 and stock 2 (13 = (31 is the covariance协方差 between stock 1 and stock 3 (23 = (32 is the covariance between stock 2 and stock 3 CAPM: E(rj) = rf + (j ( [E(rm) -rf] where: E(rj) is the expected return of stock j E(rm) is the expected return of the market portfolio rf is the risk-free interest rate (j is the beta-value of stock j (j = Cov (rj,rm)/var(rm) = (jm ( [pic] Stock j:s contribution to the risk of the portfolio (j = [pic] MODIGLIANI & MILLER M&M Prop I. Without corporate taxes: VL = VU M&M Prop II. Without corporate taxes: rS = rU + (rU - rB) ( [pic] M&M Prop I. With corporate taxes: VL = VU + TC (B M&M Prop II. With corporate taxes: rS = rU + (rU - rB) ( [pic] ((1-TC) rWACC = [pic]rB ((1-TC) + [pic]( rS VL = [pic] where: VU = Value of the all equity financed firm (Unlevered firm) VL = Value of the Levered firm B = Value of the debt (bond value) S = Value of the equity (Stock value) TC = Corporate tax...
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...Kursnotierung Direkt: Heimwährung / Fremdwährung Indirekt: Fremdwährung / Heimwährung Bidpreis: Ankaufs-/Geldkurs Askpreis: Verkaufspreis/Briefkurs Bid-/Ask Spread (%) = Crossrates Bid → Bid, Ask Ask → Ask Bid !"#!!"# !"# fairen Kurs). Erfolge werden mit einem Konto verrechnet. Initial Margin: Preis den Vertrag einzugehen Maintenance Margin: Untergrenze, wenn Guthaben darunter à Margin Call Währungsoption Bezugsverhältnis (Ratio) Ratio Optionen für 1 Einheit zum @Ausübungspreis (Strike) Briefkurs/Kaufpreis (Callprämie) Black und Scholes ! = !"#$%&'%(#, ! = !"#ü!"#$%&'()% ! = !"#$%&", ! − ! = !"#$%&'()"*$ ! = !"#$%&'(#). ! = !"#"$%|!"#$%& ! = ! ∗ ! !! − ! ∗ !!! !!! ∗ !(!! ) !! = (!" ! ! Paritätsbeziehungen !! − !! ! + !! !"#$ !"##$%$&'"() !"#$%&!""#$% !! − !! ! + !! !"#$%&'(")*'## International Fisher Effect Rendite im In- = Rendite im Ausland !! ! + !! ! = !! ! + !! ! Zinsparität !! − !! ! − !! = 1 + !! !! Währungsrisiken Accounting Exposure: Erfolg bei Umwandlung von Bilanz in Heimwährung Transaction Exposure: Einfluss der WK auf zukünftige vertragliche Verpflichtungen Operating Exposure: Einfluss der WK auf zukünftige Zahlungsstöme (operative Cashflows) Economic Exposure: Operating Exposure Transaction + IRP !!,! − !! !! !"#$%&'#ä!"#$ IFE ! !". PPP !! − !! !! !"#$%"&'()%*")ä!"#$%!& Terminverträge Fwd. Bid < Fwd. Ask à Prämie (addieren) Fwd. Bid > Fwd. Ask à Discount (subtrahieren) Swap Rate ( Annualisierte...
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...Formulae Final Examination Financial Accounting and Financial Statement Analysis l Equity Valuation and Analysis l Corporate Finance l Economics Table of Contents 1. Financial Accounting and Financial Statement Analysis 1.1 Generally Accepted Accounting Principles: Assets, Liabilities and 1 Shareholders’ Equities ......................................................................................... 1 1.1.1 1.2.1 1.3.1 1.3.2 1.3.3 Assets: Recognition, Valuation and Classification....................................... 1 Earning per Share ......................................................................................... 1 Profitability Analysis ..................................................................................... 2 Risk Analysis ................................................................................................ 5 Break-Even Analysis .................................................................................... 6 1.2 Financial Reporting and Financial Statement Analysis ...................................... 1 1.3 Analytical tools for Assessing Profitability and Risk......................................... 2 2. Equity Valuation and Analysis 2.1.1 2.1.2 2.1.3 7 2.1 Valuation Model of Common Stock .................................................................... 7 Dividend Discount Model............................................................................. 7 Free Cash Flow Model...
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...Final Exam Formula Sheet PVIFn,i =[ ] 0 1 (1 i ) -n n (1 i) FVIFn,i (1 i ) n 1⁄ [ ] 0 = ln 1 + ) ( 1 FVIFA n,i (1 i ) n 1 i 1 FVIFA - Duen,i (1 i ) n 1 (1 i ) i t (1 k t ) ft 1 (1 k t-1 ) t-1 −1 1 1 - (1 i ) -n i 1 PVIFA - Duen,i 1 - (1 i ) -n (1 i ) i -in PV FVe PVIFA n,i m i EIR 1 1 m = [1 + ( i j 1 2 +− )] 365⁄ 2 m 1 −1 NAB≠Principalforfront-end fees, discount interest and compensating balance. FV - Price 365 kn = kr + + kr Bond Equivalen t Yield or Price Term (1 + ) = (1 + )(1 + ) YTM = kr + INF + MRP + LRP + DRP C C FV Pbond (1 k1 ) (1 k 2 ) 2 $FVn (1 in ) n Pzero Pbond $C Holding Period Return P t 1 P Holding Period Return D0 (1 g) t D0 (1 g) D P 1 t (1 k) k-g k-g t 1 k Payout Ratio k-g D1 g P0 Po Price BVPS Book value per share COV(k i , k j ) σi σ j n ~ ~ ~ ~ COV( k1 , k 2 ) Σ Pri k1i E( k1 ) k 2i E( k 2 ) i 1 Pt Pt 1 C t Pt 1 Pt 1 D D t (1 k) k TP0 (1 g) TP1 k-g k-g Po EPS1 ρ ij Pt Pt 1 D t Pt 1 Pt 1 1 $FV 1 - (1 k d ) -n kd (1 k d ) n σ n Pr k i 1 i E(k) 2 i Final Exam...
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...Strictly from a mathematical viewpoint: What Equals 100%? What does it mean to give MORE than 100%? Ever wonder about those people who say they are giving more than 100%? We have all been in situations where someone wants you to give over 100%. How about achieving 101%? What equals 100% in life? Here's a little mathematical formula that might help you answer these Questions: If: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Is represented as: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2122 23 24 25 26 Then: H-A-R-D-W-O-R- K 8+1+18+4+23+15+18+11 = 98% and K-N-O-W-L-E-D-G-E 11+14+15+23+12+5+4+7+5 = 96% But, A-T-T-I-T-U-D-E 1+20+20+9+20+21+4+5 = 100% AND, look how far the love of God will take you L-O-V-E- O-F -G-O-D 12+15+22+5+15+6+7+15+4 = 101% Therefore, one can conclude with mathematical certainty that: While Hard work and Knowledge will get you close, and Attitude will get you there, it's the Love of God that will put you over the top! It's up to you if you'll share this with your friends & loved ones just the way I did....
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...be astronomical as long as the process is correctly developed. Cellonics is the future. Transmitting data over radio waves and then defragmenting is soon to be a method of the past, Cellonics offers technology with the ability to increase modem speed by up to 1000 times. The breakthrough came from the study of human cells, when stimulated these cells generated waveforms separated by periods of silence. The Cellonics technology has developed a procedure which mimics these signals in a way in which they can be applied to the communications industry. This sophisticated technology accepts slow analog input and distributes rapid pulse waveforms encoding digital information and broadcasting it over communication channels. NDS mathematical formulas are applied to the cells to stimulate responses; this is a non-linear system so the output can exceed normal capacities while the application remains straightforward. Cellonics is set to revolutionize the communication industry. Businesses or corporations which communicate remotely will be able to increase their speed, reliability and decrease their power consumption. All of these factors combine to offer a lower overhead operating cost and in return a higher profit margin. The face of telecommunications is changing, Cellonics is leading the charge. References: Hariharan, S. (2009) Cellonics Technical presentation under supervision of Dr. M. S....
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...DOK Question Stems DOK 1 • Can you recall______? • When did ____ happen? • Who was ____? • How can you recognize____? • What is____? • How can you find the meaning of____? • Can you recall____? • Can you select____? • How would you write___? • What might you include on a list about___? • Who discovered___? • What is the formula for___? • Can you identify___? • How would you describe___? DOK 2 • Can you explain how ____ affected ____? • How would you apply what you learned to develop ____? • How would you compare ____? Contrast_____? • How would you classify____? • How are____alike? Different? • How would you classify the type of____? • What can you say about____? • How would you summarize____? • How would you summarize___? • What steps are needed to edit___? • When would you use an outline to ___? • How would you estimate___? • How could you organize___? • What would you use to classify___? • What do you notice about___? DOK 3 • How is ____ related to ____? • What conclusions can you draw _____? • How would you adapt____to create a different____? • How would you test____? • Can you predict the outcome if____? • What is the best answer? Why? • What conclusion can be drawn from these three texts? • What is your interpretation of this text? Support your rationale. • How would you describe the sequence of____? • What facts would you select to support____? • Can you elaborate on the reason____? • What would happen if___? • Can...
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...Math Investigation of Painted Cubes Introduction I was given a brief to investigate the number of faces on a cube, which measured 20 small cubes by 20 small cubes by 20 small cubes (20 x 20 x 20). To do this, I had to imagine that there was a very large cube, which had had its outer surface painted red. When it was dry, the large cube was cut up into the smaller cubes, all 8000 of them. From there, I had to answer the question, 'How many of the small cubes will have no red faces, one red face, two red faces, and three faces? From this, I hope to find a formula to work out the number of different faces on a cube sized 'n x n x n'. Solving the Problem To solve this problem, I built different sized cubes: 2 x 2 x 2; 3 x 3 x 3; 4 x 4 x 4; 5 x 5 x 5; 6 x 6 x 6; 7 x 7 x 7; 8 x 8 x 8; 9 x 9 x 9, using multi-links. I started by building a cube sized '2 x 2 x 2'. As I looked at the cube, I noticed that all of the corners had three faces. I then went onto a '3 x 3 x 3' cube. As I observed the cube, I saw that the corners all had three faces, the edges had two, and the faces had one. I looked into this matter to see if this was true. As I went further into the investigation, I found this was true. This made it much easier for me to count the cubes, and be more systematic. Now I could carry on building the cubes, and be more confident about not missing any out. Whilst building the cubes, I also drew them and decided to color code the different faces...
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...WEEK 1 TUTORIAL 1.Stock Watcher for Mydin Zamri has created a basic stock watcher worksheet for Mydin that the uses to report on gains or losses from when the company purchased the stock and the last recorded date and price. Since Zamri is busy with other task, he has given you a snapshot of his spreadsheet (see Figure below) that you can use to recreate this spreadsheet for yourself. Here are some basic steps to follow: 1. Create a new workbook 2. Enter all the information provided in figure below. 3. Apply the Currency format to the respective columns 4. The data should be entered as a function. 5. Enter a formula for Gain/Loss (%) column 6. Format the percent in the Gain/Loss (%) column 2. Total ToyStory ToyStory, Inc is a regional pet toy supplier that tracks its businesses sales in a spreadsheet. The owner, Douglass Tatnall, has provided you with a skeleton worksheet, ToyStory_Data.xls (see below), with the totals for each quarter by sales region. Tatnall needs you to total each column and row, and then provide her with a clustered column chart of each region by quarter. Regional Sales Summary | | | | | | | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Northeast | $ 119,900.00 | $ 125,170.00 | $ 133,700.00 | $ 139,550.00 | South | $ 50,000.00 | $ 52,000.00 | $ 49,601.00 | $ 54,500.00 | Midwest | $ 34,800.00 | $ 32,200.00 | $ 47,900.00 | $ 45,900.00 | West | $ 56...
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...Assignment brief – QCF BTECAssignment front sheet | Qualification | Unit number and title | BTEC Level 3 Extended Diploma in Business | Unit 42: Spreadsheet Modelling | Learner name | Assessor name | Martyna Litvinaite | Irene McCourt Francesse Mooney | Date issued | Hand in deadline | Submitted on | 15/09/14 | Task 1 15/10/14 Task 2 12/12/14 Task 3 20/03/15 Task 4 29/05/15 | 15/10/1410/12/14 | | | Assignment title | GamerWorld | In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found. | Criteria reference | To achieve the criteria the evidence must show that the learner is able to: | | Task no. | | Evidence | P1 | * explain how spreadsheets can be used to solve complex problems | | 1 | | Pages1-2 | P2P3M1 | * develop a complex spreadsheet model to meet particular needs * use formulae, features and functions to process information * refine a complex spreadsheet model by changing rules and values | | 2 | | 2 Spreadsheets | P4P5P6P8M2M3 | * use appropriate tools to present data * customise the spreadsheet model to meet a given requirement * use automated features in the spreadsheet model to meet a given requirement * export the contents of the spreadsheet model to an alternative format * analyse and interpret data from a spreadsheet model * compare different automation methods...
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...Mathematical Writing by Donald E. Knuth, Tracy Larrabee, and Paul M. Roberts This report is based on a course of the same name given at Stanford University during autumn quarter, 1987. Here’s the catalog description: CS 209. Mathematical Writing—Issues of technical writing and the effective presentation of mathematics and computer science. Preparation of theses, papers, books, and “literate” computer programs. A term paper on a topic of your choice; this paper may be used for credit in another course. The first three lectures were a “minicourse” that summarized the basics. About two hundred people attended those three sessions, which were devoted primarily to a discussion of the points in §1 of this report. An exercise (§2) and a suggested solution (§3) were also part of the minicourse. The remaining 28 lectures covered these and other issues in depth. We saw many examples of “before” and “after” from manuscripts in progress. We learned how to avoid excessive subscripts and superscripts. We discussed the documentation of algorithms, computer programs, and user manuals. We considered the process of refereeing and editing. We studied how to make effective diagrams and tables, and how to find appropriate quotations to spice up a text. Some of the material duplicated some of what would be discussed in writing classes offered by the English department, but the vast majority of the lectures were devoted to issues that are specific to mathematics and/or computer science. Guest lectures by...
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...Unit 6 Advanced Spreadsheet Skills Assignment 6.1 This assignment covers the following grading criteria (P1, P2, P5, M1, and D1) The assessed tasks in this unit are based on the scenario below Scenario MNK is a local company who publish 10 different magazines/newspapers in a variety of languages specifically for the Bradford area. They have been approached by other cities interested in their work. MNK are therefore looking to expand their operation to at least one more large city. To achieve this they will need to apply for extra funding from their bank. To support the funding application, the company needs to analyse and review the sales data and costs for the last financial year, which is included in Appendix A. This will require the production of a working spreadsheet model which will enable the production of suitable reports and graphs of current and predicted sales and financial data. You have been approached by MNK to create this spreadsheet model. By using the MNK Sales Data provided, your spreadsheet will hopefully show that MNK is a well run business, capable of expansion. You need to carry out the tasks listed below. Successful completion of these tasks may enable you to achieve the following grading criteria: P1 - create a complex spreadsheet that is fit for purpose and check accuracy P2 - use formulae and functions to solve a complex problem P5 – use conversion facilities to export the contents of a spreadsheet to an alternative format ...
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...understanding of relationships between numerical, geometric, verbal, and symbolic form and arithmetic sequences in order to extend algebraic reasoning. Students will use words and symbols to describe the relationship between the terms in an arithmetic sequence and their positions in the sequence. After this assessment students should have the understanding of the relationships between numerical, geometric, verbal and arithmetic sequences in to extend algebraic reasoning. Learning Outcomes a. Students will be able to identify appropriate formulas for solving algebraic problems (knowledge). b. Students will use equations to solve problems (application). c. Students will formulate problem situations when given a simple equation and formulate an equation when given a problem situation (synthesis). Assessment Context Students will demonstrate different representations of data and generate formulas or expressions that represent the data. Students will be able to write a statement that represents the relationships of data...
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...EXERCISE C.1 You are a Sales Analyst for an export company called “Bicol Food Corporation.” As part of your work, you are tasked to prepare a Daily Shipment Summary Report based on the sales data faxed to you by the Sales Managers. To start preparing your report, do the following: 1. Type the company name in cell B2 using all caps. 2. Type the report name in cell B3 using all caps again. In this case, the report name should be “Daily Shipment Summary Report – Pili Cake.” Make the report name more obvious by changing the font to bold, font 16. 3. Type the report coverage in cell B4. The report you are preparing is for January 6, 2013. 4. Type the following headers from B7 to I7. Distributor Name Distributor Country Quantity Shipped Unit of Measure Unit Cost (Php) FC Unit Unit Price in FC Exchange Rate 5. Fix the column headers by highlighting/selecting cell B7:I7. Do not deselect cells unless mentioned below. * Under Home > Alignment, select “wrap text” to make all words fit in one box. Change also the cell alignment to “center.” * Change the font to bold. * Under Home > Font, click the border icon. Select the one that shows bottom border to insert a border after the headers. * Deselect the rows. 6. From B9 to B15, encode the following distributors: James Company Pte. Ltd. Lim Enterprises Hodge Wholesale Goods Alison Retail Dealer Tanaka Distributors Fang Lau Company Ah Kong Goods ...
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