1+2
consumption investment
~ cash flow
C
co
O
=
cto -It borrow -
lend
a CE =
+
p- borrow (1 tr) lend x(1 r/ +
O
c Co = +
r Camax Comax*(1 +r/ =
value interestrate
present net present
value
xV tot NDV PV I PV arofetoetual
Paroforest
= = =
-
⑤G ⑰G
Co + + NPV c + =
r
Residad
is
Linear Depreciation =
Paxoff
(RR r,ifNPV 0
=
=
x
=
- = 8
M1+/RRIt
discounted
1 + r* naming
are
harket Capitalisation :
Shores & Price =
Market Value of Equity
Market Capitalisation
Market to Book Ratio
Fotatue of Equity
Debt to EquityEdDeb
ex
Enterprise Value =
Market Value of Equity + Debt -Cash
Current Assets Current Liabilities
Net Working Capital - -
Current Assets
Current Ratio - - -
Current Liabilities
Quick Ratio assets
Inventory -
Current Liabilities
, 3
r, if r re rn horizontal
↑ =
=
= -
~upward slope
if r<r<rn equal haturity to max. Coupon min. Y
equal Coupon the max. Maturity max. Y
downward slope
~
if rn>rz)Un equal haturity to max. Coupon the max. Y
equal Coupon the max. Maturity to min. Y
300
if v c-
= 0 =
Face Value
if r<cP>FaceValue Apremium if rsc P<FaceValue Ediscount
I
Maturity Change Sensitivity
return on new investment
~
if ronixr valueincrease if ronic Valuedecrease
rate
↓foreward
xfy =
tryi
credit spread =
V-exp. risk free r #Paxofdifference between risky and risk free options
Price
EEEdividendFaceto
-
↑
mini
it stormextende it constants rt
-
p -dent gordon groth
#
payout ratio
-
EDSe-earnings
per share
↑=
retention ration return
-
EPSc =EPSnx(N + g) dividend=kxEPSt
ForwardEEEEEE
trailing E =
g xM1 g) +
D
D)mod= x
consumption investment
~ cash flow
C
co
O
=
cto -It borrow -
lend
a CE =
+
p- borrow (1 tr) lend x(1 r/ +
O
c Co = +
r Camax Comax*(1 +r/ =
value interestrate
present net present
value
xV tot NDV PV I PV arofetoetual
Paroforest
= = =
-
⑤G ⑰G
Co + + NPV c + =
r
Residad
is
Linear Depreciation =
Paxoff
(RR r,ifNPV 0
=
=
x
=
- = 8
M1+/RRIt
discounted
1 + r* naming
are
harket Capitalisation :
Shores & Price =
Market Value of Equity
Market Capitalisation
Market to Book Ratio
Fotatue of Equity
Debt to EquityEdDeb
ex
Enterprise Value =
Market Value of Equity + Debt -Cash
Current Assets Current Liabilities
Net Working Capital - -
Current Assets
Current Ratio - - -
Current Liabilities
Quick Ratio assets
Inventory -
Current Liabilities
, 3
r, if r re rn horizontal
↑ =
=
= -
~upward slope
if r<r<rn equal haturity to max. Coupon min. Y
equal Coupon the max. Maturity max. Y
downward slope
~
if rn>rz)Un equal haturity to max. Coupon the max. Y
equal Coupon the max. Maturity to min. Y
300
if v c-
= 0 =
Face Value
if r<cP>FaceValue Apremium if rsc P<FaceValue Ediscount
I
Maturity Change Sensitivity
return on new investment
~
if ronixr valueincrease if ronic Valuedecrease
rate
↓foreward
xfy =
tryi
credit spread =
V-exp. risk free r #Paxofdifference between risky and risk free options
Price
EEEdividendFaceto
-
↑
mini
it stormextende it constants rt
-
p -dent gordon groth
#
payout ratio
-
EDSe-earnings
per share
↑=
retention ration return
-
EPSc =EPSnx(N + g) dividend=kxEPSt
ForwardEEEEEE
trailing E =
g xM1 g) +
D
D)mod= x
