Formules:
Hoofdstuk 2
Ct
Present Value = PV = t
(1+r )
Discount Factor = 1/(1+r )t
Net Present Value (NPV) = - Investment + PV = −C 0+ C1 /(1+ r)t
profit
Rate of return = investment
C1 C2 C3 Ct
Discounted Cash Flow (DCF) = 1 + 2
+ 3
+ ¿…. + t
(1+r ) (1+r ) (1+ r) (1+r )
Cash Flow
Return on Perpetuities = Present Value
1 1
PV of Perpetuity = c × r × (1+r )t
Present Value of t-year Annuity = C × r − r ( 1+r )t ( 1 1
)
(
Annuity factor ($1) = r −
1 1
r ( 1+r )t )
Future Value of Annuity = ¿ = ¿ ¿
C1
PV of growning Perpetuities =
r−g
1
PV of growing Annuity = C × r −g ¿
Annual Percentage Rate = APR = ¿
Lening jaarlijks terugbetalen = C /¿
Bij het sparen voor je pensioen = C = Totaal bedrag / (1 + r) ^t
Keuze tussen machine = PV of Costs/¿
,Hoofdstuk 6
(Net) Working Capital = Short term assets – short term liabilities
1+ nominal discount rate
Real Discount Rate = 1+inflation rate
−1 (gebruiken bij NPV als r)
Total Cash Flow = cash flow from capital investment + operating cash flow +
cash flow from changes in working capital
Operating Cash Flow = revenues – expenses – taxes
Additional Investment in Working Capital = increase in inventory + increase in
accounts receivable – increase in accounts payable
Annual Tax Shield = investering x depreciation % x tax %
NPV of investment if undertaken at date t = net future value
¿¿
at date t
present value of cash flows
Equivalent annual cost (annuity) =
annuity factor
Hoofdstuk 9.1
Expected return = (r) = rf +β (rm-rf)
β= Beta
rf = risicovrije rente
rm-rf = market risk premium
Firm value = PV (AB) = PV (A) + PV (B)
VV EV
WACC = rd × TV + ℜ × TV
After Tax WACC = ¿
, Hoofdstuk 14
Internally generated cash = Retained earnings – depreciation
Hoofdstuk 15
Rights (claims):
Current market value = aantal huidige aandelen x huidige koers
Total shares = in bezit + extra aandelen
Amount of new funds = (extra aandelen x offer price)
New share price = amount of new funds / total shares
Opportunity value =new share price – offer price
Value of one issue = opportunity value (shares/extra aandelen)
Hoofdstuk 16
¿1
PV aan de hand van dividend = r−g
Hoofdstuk 19
After-tax interest = r D (1−T c )D
Expected equity income = C − r(1−T c )D
expected equity income
Expected equity return rE
equity val ue
Een bedrijf of project waarderen = 0.93
.124 or 12.4%
FCF1 FCF2 7.5 FCFH PVH
PV 1
2
... H
(1 r ) (1 r ) (1 r ) (1 r ) H
PV (Free cash flow) PV (Horizon Value)
Hoofdstuk 2
Ct
Present Value = PV = t
(1+r )
Discount Factor = 1/(1+r )t
Net Present Value (NPV) = - Investment + PV = −C 0+ C1 /(1+ r)t
profit
Rate of return = investment
C1 C2 C3 Ct
Discounted Cash Flow (DCF) = 1 + 2
+ 3
+ ¿…. + t
(1+r ) (1+r ) (1+ r) (1+r )
Cash Flow
Return on Perpetuities = Present Value
1 1
PV of Perpetuity = c × r × (1+r )t
Present Value of t-year Annuity = C × r − r ( 1+r )t ( 1 1
)
(
Annuity factor ($1) = r −
1 1
r ( 1+r )t )
Future Value of Annuity = ¿ = ¿ ¿
C1
PV of growning Perpetuities =
r−g
1
PV of growing Annuity = C × r −g ¿
Annual Percentage Rate = APR = ¿
Lening jaarlijks terugbetalen = C /¿
Bij het sparen voor je pensioen = C = Totaal bedrag / (1 + r) ^t
Keuze tussen machine = PV of Costs/¿
,Hoofdstuk 6
(Net) Working Capital = Short term assets – short term liabilities
1+ nominal discount rate
Real Discount Rate = 1+inflation rate
−1 (gebruiken bij NPV als r)
Total Cash Flow = cash flow from capital investment + operating cash flow +
cash flow from changes in working capital
Operating Cash Flow = revenues – expenses – taxes
Additional Investment in Working Capital = increase in inventory + increase in
accounts receivable – increase in accounts payable
Annual Tax Shield = investering x depreciation % x tax %
NPV of investment if undertaken at date t = net future value
¿¿
at date t
present value of cash flows
Equivalent annual cost (annuity) =
annuity factor
Hoofdstuk 9.1
Expected return = (r) = rf +β (rm-rf)
β= Beta
rf = risicovrije rente
rm-rf = market risk premium
Firm value = PV (AB) = PV (A) + PV (B)
VV EV
WACC = rd × TV + ℜ × TV
After Tax WACC = ¿
, Hoofdstuk 14
Internally generated cash = Retained earnings – depreciation
Hoofdstuk 15
Rights (claims):
Current market value = aantal huidige aandelen x huidige koers
Total shares = in bezit + extra aandelen
Amount of new funds = (extra aandelen x offer price)
New share price = amount of new funds / total shares
Opportunity value =new share price – offer price
Value of one issue = opportunity value (shares/extra aandelen)
Hoofdstuk 16
¿1
PV aan de hand van dividend = r−g
Hoofdstuk 19
After-tax interest = r D (1−T c )D
Expected equity income = C − r(1−T c )D
expected equity income
Expected equity return rE
equity val ue
Een bedrijf of project waarderen = 0.93
.124 or 12.4%
FCF1 FCF2 7.5 FCFH PVH
PV 1
2
... H
(1 r ) (1 r ) (1 r ) (1 r ) H
PV (Free cash flow) PV (Horizon Value)
