Lecture a :
Key financial Statements
Accrals
earnings-cash
· =
stack isuance-stack
·
Book valur
of Equity (t) BVE(t) = -
DIV + NICE) +
buyback + OCI
NI stach based comp.
Operating Da A
·
CF = + + L
changes in NWC CI NI + OCI
- =
+ interest expenses
-
interest paid
+ tax expenses
-
tax paid ANWC = 1 Inventarest s Receivable -
I
Payable
Lecture 3 :
Profitability
NI
ROE = RNOA + (FLEV *
spread) =
Equity
au.
W
NOPAT NOPAT sales
&
RNOA = =
1
=
NOPM * NOAT
au . NOA sales aw NOA net Debt
financial Everage
.
* (FLEVI =
av.
Equity
* NOPAT EBIT
(operating income 1 tax on
quating profit
-
=
income 1-tax expense-tax shield NNO
EBIT
(operating
= =
ou .
[
= EBIT
(operating income 1 tax expense (manop expenses au.
Equity
-
-
·
.
liabilities
* NOA
queating ancts-operating Spread RNOA-cost
of debt
=
* =
=
Total A-nangA-Total +
manop = RNOA-NNEP
NNE
Equity + NNO RNOA-on
= =
ou NNO
sales-coos
Gron profit margin
·
=
sale
Key financial Statements
Accrals
earnings-cash
· =
stack isuance-stack
·
Book valur
of Equity (t) BVE(t) = -
DIV + NICE) +
buyback + OCI
NI stach based comp.
Operating Da A
·
CF = + + L
changes in NWC CI NI + OCI
- =
+ interest expenses
-
interest paid
+ tax expenses
-
tax paid ANWC = 1 Inventarest s Receivable -
I
Payable
Lecture 3 :
Profitability
NI
ROE = RNOA + (FLEV *
spread) =
Equity
au.
W
NOPAT NOPAT sales
&
RNOA = =
1
=
NOPM * NOAT
au . NOA sales aw NOA net Debt
financial Everage
.
* (FLEVI =
av.
Equity
* NOPAT EBIT
(operating income 1 tax on
quating profit
-
=
income 1-tax expense-tax shield NNO
EBIT
(operating
= =
ou .
[
= EBIT
(operating income 1 tax expense (manop expenses au.
Equity
-
-
·
.
liabilities
* NOA
queating ancts-operating Spread RNOA-cost
of debt
=
* =
=
Total A-nangA-Total +
manop = RNOA-NNEP
NNE
Equity + NNO RNOA-on
= =
ou NNO
sales-coos
Gron profit margin
·
=
sale
