Financiering 1 – Samenvatting
College 4
Bond terminology
→ Registered bond - a bond in which the Company's records show ownership and interest
and principal are paid directly to each owner
→ Bearer bonds - the bond holder must send in coupons to claim interest and must send a
certificate to claim the final payment of principal
→ Accrued interest - the amount of accumulated interest since the last coupon payment
→ Floating rate note (FRN) – bond with a floating interest rate
Bond terminology
→ Mortgage bonds - long-term secured debt often containing a claim against a specific
building or property
→ Asset-backed securities - the sale of cash flows derived directly from a specific set of
bundled assets
→ Sinking fund - a fund established to retired debt before maturity
→ Callable bond - a bond that may be repurchased by the firm before maturity at a specified
call price
Bond terminology
→ Restrictive covenants - limitations set by bondholders on the actions of the Corporation
→ Negative Pledge Clause - the processing of giving unsecured debentures equal protection
and when assets are mortgaged
→ Poison Put - A covenant allowing the bondholder to demand repayment in the event of a
hostile merger
→ Puttable bond – A provision that allows the bondholder to demand immediate payment.
This is the central feature in loan guarantees issued by the government.
Covenants
→ Debt ratios:
- Senior debt limits senior borrowing
- Junior debt limits senior & junior borrowing
→ Security:
- Negative pledge
→ Dividends
→ Event risk
→ CoCo (Contingent Convertible note)
Kernbegrippen =
→ Indenture = Leningsvoorwaarden voor obligaties
→ Secured debt = Vreemd vermogen met onderpand
→ Subordinated = Achtergesteld in de rangorde van terugbetaling
→ Security = Afgegeven zekerheid voor obligatiehouders
→ Secured debt = Vreemd vermogen met afgegeven zekerheden
→ Unsecured debt = Vreemd vermogen zonder afgegeven zekerheden
,→ Equipment trust certificate = Obligaties met eigendomsvoorbehoud activa
→ Seniority = Hoogte in de rangorde van terugbetaling
→ Mortgage bonds = Hypothecaire obligaties
→ Asset backed securities = Obligaties met recht op cash-flows van activa
→ Sinking fund = Aflossingsfonds
→ Call premium = Aflossingspremie
→ Call provision = Recht op vervroegde aflossing
→ Debt covenants = Leningsclausules
→ Convertible bond = Converteerbare obligatie
→ Conversion ratio = Conversieverhouding
→ Conversion price = Kostprijs per verkregen aandeel
→ Conversion value = Waarde van de te verkrijgen aandelen
→ Junior debt = Vreemd vermogen dat is achtergesteld
→ Senior debt = Vreemd vermogen met voorrang
→ Collateral = Onderpand voor leningen
→ Floating rate notes = Kortlopende obligaties met variabele interest
→ Zero-coupon bond = Nulprocentsobligatie
→ Poison put = Verplichte vervroegde aflossing bij een overname
→ Callable bond = Vervroegd aflosbare obligatie
→ Puttable bond = Obligatie met vervroegd aflossingsrecht voor beleggers
→ Contingent Convertible note = Obligatie die kan worden geconverteerd naar aandelen
College 5
Valuing common stocks
→ Expected Return: The percentage yield that an investor forecasts from a specific
investment over a set period of time. Sometimes called the market capitalization rate.
→ Capitalization Rate: Can be estimated using the perpetuity formula, given minor algebraic
manipulation.
→ Formula = Dividend Yield + Capital Appreciation
→ Dividend Discount Model: Computation of today’s stock price which states that share
value equals the present value of all expected future dividends.
→ Constant Growth DDM: A version of the dividend growth model in which dividends grow
at a constant rate (Gordon Growth Model).
Valuing common stocks
→ If a firm elects to pay a lower dividend, and reinvest the funds, the stock price may
increase because future dividends may be higher.
→ Payout Ratio - Fraction of earnings paid out as dividends
→ Plowback Ratio - Fraction of earnings retained by the firm.
→ Payout Ratio + Plowback Ratio = 1
Growth can be derived from applying the return on equity to the percentage of earnings
plowed back into operations.
→ G (sustainable growth rate) = return on equity x plowback ratio
,BMA en PVGO
→ Income stock (rendementsaandeel) → gehele winst wordt uitgekeerd als dividend dan
geldt: dividend = winst per aandeel (EPS)
→ Wiskundig geldt dan voor income stock: P0 = EPS/ R R = EPS / P0 (dit is de Earnings-Price
Ratio)
→ Growth stock (groeiaandeel) → winstinhouding naast dividenduitkering: P0 = (EPS/ R) +
PVGO waarbij PVGO = Present Value of Growth Opportunities = waardetoename a.g.v.
winstinhouding Hoe komt deze waardetoename tot stand? Door rendement op de
herinvestering van ingehouden winsten! Herschrijven leidt tot PVGO = P0 - (EPS1 / R)
→ Goede tip: vergelijk de marktwaarde van een onderneming met groei, met de
marktwaarde van dezelfde onderneming in een situatie zonder groei → verschil is PVGO!
→ PVGO = NPV / ( R – G) (mits R> G)
Kernbegrippen =
→ Market-to-book-Value Ratio = Verhouding markt- en boekwaarde
→ Earnings per share = Winst per aandeel
→ Earnings-price ratio = Verhouding winst/koers
→ Dividend yield = Dividendrendement
→ Cost of equity capital = Kostenvoet van het eigen vermogen
→ Pay-out ratio = Winstuitkeringspercentage
→ Plowback ratio = Winstinhoudingsquote
→ Return on equity (ROE) = Rentabiliteit op het eigen vermogen
→ Growth rate = Groeivoet
→ PVGO = PV van Growth Opportunities (groeikansen)
→ Growth stocks = Groei-aandelen
→ Income stocks = Rendementsaandelen
→ Common stock = Gewone aandelen
→ Preferred Stock = Preferente aandelen
College 6
Voorraadmanagement
→ Components of Inventory
Raw materials
Work in process
Finished goods Goal = Minimize amount of cash tied up in inventor
→ Tools used to minimize inventory
→ Just-in-time
Lean manufacturing
→ As the firm increases its order size, the number of orders falls and therefore the order
costs decline. However, an increase in order size also increases the average amount in
inventory, so that the carrying cost of inventory rises. The trick is to strike a balance
between these two costs.
Economic Order Quantity = √2 x annual sales x cost per order carrying cost
Voorraad management
, → Het “houden” van voorraad betekent:
1. Carrying cost = De kosten om de vlottende activa op peil te houden, inclusief
opportuniteitskosten (cost of storage + cost of capital)
2. Order cost = de bestelkosten samenhangend met ordergroote (handling en
bezorging)
→ Doel is om cashgebruik in voorraden te minimaliseren (kapitaalbeslag)
→ Spanningsveld tussen beiden (trade-off) oplossen door EOQ
Credit management
→ Terms of Sale -Credit, discount, and payment terms offered on a sale.
→ Example-5/10 net 30
5 -percent discount for early payment
10-number of days that the discount is available net
30 -number of days before payment is due
Credit analysis
→ Numerical Credit Scoring categories▪
The customer’s character
The customer’s capacity to pay
The customer’s capital
The collateral provided by the customer
The condition of the customer’s business
→ Procedure to determine the likelihood a customer will pay its bills.
→ Credit agencies, such as Dun & Bradstreet provide reports on the credit worthiness of a
potential customer.
→ Financial ratios can be calculated to help determine a customer’s ability to pay its bills.
Credit agreements
Open account
Promissory note
Commercial draft
Sight draft
Time draft
Trade acceptance
Banker’s acceptance
Irrevocable letter of credit
Conditional sale
Collection policy
→ Collection Policy -Procedures to collect and monitor receivables.
→ Aging Schedule -Classification of accounts receivable by time outstanding.
De som van de Inventory period en de accounts receivable period is evenveel dagen als de
operating cycle.
College 4
Bond terminology
→ Registered bond - a bond in which the Company's records show ownership and interest
and principal are paid directly to each owner
→ Bearer bonds - the bond holder must send in coupons to claim interest and must send a
certificate to claim the final payment of principal
→ Accrued interest - the amount of accumulated interest since the last coupon payment
→ Floating rate note (FRN) – bond with a floating interest rate
Bond terminology
→ Mortgage bonds - long-term secured debt often containing a claim against a specific
building or property
→ Asset-backed securities - the sale of cash flows derived directly from a specific set of
bundled assets
→ Sinking fund - a fund established to retired debt before maturity
→ Callable bond - a bond that may be repurchased by the firm before maturity at a specified
call price
Bond terminology
→ Restrictive covenants - limitations set by bondholders on the actions of the Corporation
→ Negative Pledge Clause - the processing of giving unsecured debentures equal protection
and when assets are mortgaged
→ Poison Put - A covenant allowing the bondholder to demand repayment in the event of a
hostile merger
→ Puttable bond – A provision that allows the bondholder to demand immediate payment.
This is the central feature in loan guarantees issued by the government.
Covenants
→ Debt ratios:
- Senior debt limits senior borrowing
- Junior debt limits senior & junior borrowing
→ Security:
- Negative pledge
→ Dividends
→ Event risk
→ CoCo (Contingent Convertible note)
Kernbegrippen =
→ Indenture = Leningsvoorwaarden voor obligaties
→ Secured debt = Vreemd vermogen met onderpand
→ Subordinated = Achtergesteld in de rangorde van terugbetaling
→ Security = Afgegeven zekerheid voor obligatiehouders
→ Secured debt = Vreemd vermogen met afgegeven zekerheden
→ Unsecured debt = Vreemd vermogen zonder afgegeven zekerheden
,→ Equipment trust certificate = Obligaties met eigendomsvoorbehoud activa
→ Seniority = Hoogte in de rangorde van terugbetaling
→ Mortgage bonds = Hypothecaire obligaties
→ Asset backed securities = Obligaties met recht op cash-flows van activa
→ Sinking fund = Aflossingsfonds
→ Call premium = Aflossingspremie
→ Call provision = Recht op vervroegde aflossing
→ Debt covenants = Leningsclausules
→ Convertible bond = Converteerbare obligatie
→ Conversion ratio = Conversieverhouding
→ Conversion price = Kostprijs per verkregen aandeel
→ Conversion value = Waarde van de te verkrijgen aandelen
→ Junior debt = Vreemd vermogen dat is achtergesteld
→ Senior debt = Vreemd vermogen met voorrang
→ Collateral = Onderpand voor leningen
→ Floating rate notes = Kortlopende obligaties met variabele interest
→ Zero-coupon bond = Nulprocentsobligatie
→ Poison put = Verplichte vervroegde aflossing bij een overname
→ Callable bond = Vervroegd aflosbare obligatie
→ Puttable bond = Obligatie met vervroegd aflossingsrecht voor beleggers
→ Contingent Convertible note = Obligatie die kan worden geconverteerd naar aandelen
College 5
Valuing common stocks
→ Expected Return: The percentage yield that an investor forecasts from a specific
investment over a set period of time. Sometimes called the market capitalization rate.
→ Capitalization Rate: Can be estimated using the perpetuity formula, given minor algebraic
manipulation.
→ Formula = Dividend Yield + Capital Appreciation
→ Dividend Discount Model: Computation of today’s stock price which states that share
value equals the present value of all expected future dividends.
→ Constant Growth DDM: A version of the dividend growth model in which dividends grow
at a constant rate (Gordon Growth Model).
Valuing common stocks
→ If a firm elects to pay a lower dividend, and reinvest the funds, the stock price may
increase because future dividends may be higher.
→ Payout Ratio - Fraction of earnings paid out as dividends
→ Plowback Ratio - Fraction of earnings retained by the firm.
→ Payout Ratio + Plowback Ratio = 1
Growth can be derived from applying the return on equity to the percentage of earnings
plowed back into operations.
→ G (sustainable growth rate) = return on equity x plowback ratio
,BMA en PVGO
→ Income stock (rendementsaandeel) → gehele winst wordt uitgekeerd als dividend dan
geldt: dividend = winst per aandeel (EPS)
→ Wiskundig geldt dan voor income stock: P0 = EPS/ R R = EPS / P0 (dit is de Earnings-Price
Ratio)
→ Growth stock (groeiaandeel) → winstinhouding naast dividenduitkering: P0 = (EPS/ R) +
PVGO waarbij PVGO = Present Value of Growth Opportunities = waardetoename a.g.v.
winstinhouding Hoe komt deze waardetoename tot stand? Door rendement op de
herinvestering van ingehouden winsten! Herschrijven leidt tot PVGO = P0 - (EPS1 / R)
→ Goede tip: vergelijk de marktwaarde van een onderneming met groei, met de
marktwaarde van dezelfde onderneming in een situatie zonder groei → verschil is PVGO!
→ PVGO = NPV / ( R – G) (mits R> G)
Kernbegrippen =
→ Market-to-book-Value Ratio = Verhouding markt- en boekwaarde
→ Earnings per share = Winst per aandeel
→ Earnings-price ratio = Verhouding winst/koers
→ Dividend yield = Dividendrendement
→ Cost of equity capital = Kostenvoet van het eigen vermogen
→ Pay-out ratio = Winstuitkeringspercentage
→ Plowback ratio = Winstinhoudingsquote
→ Return on equity (ROE) = Rentabiliteit op het eigen vermogen
→ Growth rate = Groeivoet
→ PVGO = PV van Growth Opportunities (groeikansen)
→ Growth stocks = Groei-aandelen
→ Income stocks = Rendementsaandelen
→ Common stock = Gewone aandelen
→ Preferred Stock = Preferente aandelen
College 6
Voorraadmanagement
→ Components of Inventory
Raw materials
Work in process
Finished goods Goal = Minimize amount of cash tied up in inventor
→ Tools used to minimize inventory
→ Just-in-time
Lean manufacturing
→ As the firm increases its order size, the number of orders falls and therefore the order
costs decline. However, an increase in order size also increases the average amount in
inventory, so that the carrying cost of inventory rises. The trick is to strike a balance
between these two costs.
Economic Order Quantity = √2 x annual sales x cost per order carrying cost
Voorraad management
, → Het “houden” van voorraad betekent:
1. Carrying cost = De kosten om de vlottende activa op peil te houden, inclusief
opportuniteitskosten (cost of storage + cost of capital)
2. Order cost = de bestelkosten samenhangend met ordergroote (handling en
bezorging)
→ Doel is om cashgebruik in voorraden te minimaliseren (kapitaalbeslag)
→ Spanningsveld tussen beiden (trade-off) oplossen door EOQ
Credit management
→ Terms of Sale -Credit, discount, and payment terms offered on a sale.
→ Example-5/10 net 30
5 -percent discount for early payment
10-number of days that the discount is available net
30 -number of days before payment is due
Credit analysis
→ Numerical Credit Scoring categories▪
The customer’s character
The customer’s capacity to pay
The customer’s capital
The collateral provided by the customer
The condition of the customer’s business
→ Procedure to determine the likelihood a customer will pay its bills.
→ Credit agencies, such as Dun & Bradstreet provide reports on the credit worthiness of a
potential customer.
→ Financial ratios can be calculated to help determine a customer’s ability to pay its bills.
Credit agreements
Open account
Promissory note
Commercial draft
Sight draft
Time draft
Trade acceptance
Banker’s acceptance
Irrevocable letter of credit
Conditional sale
Collection policy
→ Collection Policy -Procedures to collect and monitor receivables.
→ Aging Schedule -Classification of accounts receivable by time outstanding.
De som van de Inventory period en de accounts receivable period is evenveel dagen als de
operating cycle.
