Formules Corporate Finance EBE Jaar 2 VU

Formuleblad


Present Value/ Net Present Value:

CF 1 CF 2 CF 3 CF n
PV = + + +…+
(1+r ) (1+ r)2 (1+r )3 (1+ r)n

CF
PV = (Perpetuity)
r−g

N PV =PV ( benefits ) −PV ( costs)


NWC:

NWC = Current assets – Current liabilities
NWC = Cash + inventory + Receivables - Payables

FCF/ FCF to equity (FCFE)

FCF=Revenues−Costs−Investments−Taxes

FCF=EBIT ( 1−τ )−Capex−Change NWC+ Depreciation

FCFE=FCF−interest∗( 1−τ )+ N et B orrowing(¿ New Borrowing−Debt Repayment )

FCFE=Net Income + Depreciation−Capex−∆ NWC+ Net Borrowing

CAPM :

r i=r f + β i ∙(r M −r f )
D
β E =β A + ( β A −β D ) =business risk + financial risk
E
D E
β A= βD+ β
D+ E D+ E E


MM I:
E D
r wacc = ∙ rE + ∙r
E +D E+ D D

E D
r wacc =r a = ∙r E + ∙ r (1−τ C )
E+ D E+ D D

V lev =V u =V assets=D+ E

MM II:
D
r E=r U + ( r −r )
E U D

D E
r u =r D ∙ +r E ∙
D+ E D+ E