Corporate Finance: Lecture Note Packet 1 The Objective and Investment Analysis

... from 16 to 20 in the 19 70s to between and 11 in 19 98 The smaller boards are less unwieldy and more effective than the larger boards There are fewer insiders on the board In contrast to the or ... maximizing the price of the common stock The Objective in Decision Making In traditional corporate finance, the objective in decision making is to maximize the value of the firm A narrower objective ... 3,000 2,500 2,000 1, 500 1, 000 500 19 88 19 89 Revenue 19 90 19 91 1992 Operating Earnings 22 Kodak Says Drug Unit Is Not for Sale (NY Times, 8/93) An article in the NY Times in August of 19 93 suggested...

Valuation: Lecture Note Packet 1 Intrinsic Valuation

... The essence of intrinsic value    In intrinsic valuation, you value an asset based upon its intrinsic characteristics For cash flow generating assets, the intrinsic value will be ... growth and higher cash flows to compensate Aswath Damodaran DCF Choices: Equity Valuation versus Firm Valuation Firm Valuation: Value the entire business A sse ts E x is tin g In v e s tm e n ts ... Discounted Cash Flow Valuation: The Steps 13 Estimate the discount rate or rates to use in the valuation 1 3 Discount rate can be either a cost of equity (if doing equity valuation) or a cost...

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Chapter 1 - The role and environment of managerial finance

... Explain the goal of the firm, corporate governance, the role of ethics and the agency issue  Understand the financial institutions and markets and the role they play in managerial finance  Discuss ... 97 814 42 518 193/ Gitman et al / Principles of Managerial Finance / 6th edition Finance and Business  Strengths of the basic legal forms of business organisation Table 1. 1, page Copyright © 2 011 ... business and government – Managerial Finance: the duties of the financial manager in the business firm Copyright © 2 011 Pearson Australia (a division of Pearson Australia Group Pty Ltd) – 97 814 42 518 193/...

Tài liệu Corporate finance Part 2- Chapter 1 pdf

... (1) þ (2) 19 96 10 0,000 10 ,000 11 0,000 19 97 11 0,000 11 ,000 12 1,000 19 98 12 1,000 12 ,10 0 13 3 ,10 0 19 99 13 3 ,10 0 13 , 310 14 6, 410 2000 14 6, 410 14 ,6 41 1 61, 0 51 20 01 1 61, 0 51 16 ,10 5 17 7 ,15 6 2002 17 7 ,15 6 17 , 716 ... Exercises 1/ 10 0 /1. 05 ¼ ¼ 86.4; 10 0 /1. 1 ¼ ¼ 75 .1; 10 0 /1. 2 ¼ ¼ 57.9 C C C 2/¼ 75 .1; ¼ 62 .1; ¼ 38.6; 0.7 51; 0.6 21; 0.386 C C C ¼ 3/¼ 1, 276, ¼ 1, 611 , ¼ 2,488 Because the principal (C 1, 000) remains ... g1 n þ g2 1 1 þ g1 Þ n1 1 1þr þ Â 1 þ g2 Þ Â n1 1 þ rÞ r À g2 n 1 þ g1 Þ n1 Â 1 þ g2 Þ n2 Â 1 þ g3 Þ r À g3 þ n1 þn2 1 þ rÞ For example, if the ﬁrst year’s cash ﬂow is 10 .75, and it...

Tài liệu Corporate finance Part 3- Chapter 1 ppt

... Exercises 1/ P0 ¼ DIV1 = 1 þ kÞ þ DIV2 = 1 þ kÞ þ DIV3 = 1 þ kÞ þ P3 = 1 þ kÞ , where P3 ¼ DIV4 = ðk À gÞ ¼ Â 1: 04=ð0 :11 À 0:04Þ ¼ ¼ 32:6; P0 ¼ 1= 1 :11 Þ þ ð2 =1: 11 Þ þ ð3 þ 32:6Þ= C 1: 11 ¼ ¼ 37:3; P1 ... event of interest rate ﬂuctuations? Market interest rates A B C 1% 11 9.4 15 5.5 320.7 5% 10 0 10 0 10 0 10 % 81. 0 62.0 24.8 15 % 66.5 41. 5 6.5 Note that the longer the maturity of a bond, the greater ... ﬂows of 10 for 5, 10 and 20 years: Present value of a cash flow of 10 for years 10 years 20 years To perpetuity At 15 % 33.5 50.2 62.6 66.7 At 10 % 37.9 61. 4 85 .1 100 At 5% 43.3 77.2 12 4.6 200...

Tài liệu Corporate finance Part 4- Chapter 1 pdf

... Chemicals 10 .3 9.8 Aerospace and defence 10 .3 Industry services 10 .5 9.4 Electronics 10 .8 10 .3 Food retail 10 .9 10 .1 Other retail 11 — Media 11 .2 10 .2 Food and beverage 11 .5 10 .5 Luxury 12 10 .2 Utilities ... 3,000 3,075 3 ,16 1 3,259 3,355 3, 415 3,472 3,492 Operating margin after 35% tax 6.0% 6.7% 7.4% 8 .1% 9.0% 9.9% 10 .7% 11 .8% ROCE after 35% tax 10 .0% 11 .4% 12 .9% 14 .4% 16 .0% 17 .7% 19 .6% 21. 7% The least ... 2007e 14 2,825 15 0,472 15 3 ,10 7 11 .4% 5.4% 1. 8% 3.0% 5.0% 6.0% 6.5% 6.0% 5.0% EBIT 29,828 29,882 29,096 28,864 29 ,14 7 29,666 30,660 30, 712 31, 208 EBIT margin 20.9% 19 .9% 19 .0% 18 .3% 17 .6% 16 .9% 16 .4%...

Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 1 potx

... Brealey−Meyers: Principles of Corporate Finance, Seventh Edition Front Matter x © The McGraw−Hill Companies, 2003 Preface PREFACE same time we have rewritten Chapter 14 as a free- Of course, ... Educational Version of Other examples of expanded coverage include be- Market Insight In total there are now over a thou- havioral finance (Chapter 13 ) and new international sand end -of- chapter questions ... University of Baltimore Peter Berman University of New Haven Jean Canil University of Adelaide Robert Everett Johns Hopkins University Brealey−Meyers: Principles of Corporate Finance, Seventh Edition...

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Unit 1 THE BEGINNING AND DEVELOPMENT OF ESP

... WHAT IS ESP? I/ THE ORIGIN OF ESP ESP came into being because of main reasons: 1- THE DEMAND OF THE POST- WORLD WAR  enormous and unprecedented expansion of scientific, technical and economic ... motivation to learn and the effectiveness of learning  ESP COURSES RELEVANT TO NEEDS & INTERESTS II /THE DEVELOPMENT OF ESP ESP IN THE WORLD HAS DEVELOPED THROUGH PHASES 1- The concept of special language: ... scale; The Origin of ESP (cont.)  domination of technology and commerce  the role of English;  mass of people learn English, not for pleasure, but because English is the key to help them earn...

Comparing the cultural and linguistic analysis of the English word “meal” and words relating to it in contrast with Vietnamese equivalents.

... of word meal in English and words relating to it (in contrast with Vietnamese equivalents) - Definition of word meal - Field of word meal in English and in Vietnamese equivalents - Cultural and ... with the notion of meal are called field of word meal In our opinion, field of word meal is all the words relating to it mainly including eating and drinking They are parts of the word meal and ... _ Compare the cultural and linguistic analysis of the English word meal and words relating to it in contrast with Vietnamese equivalents Scope of the study Because of space and time, the graduation...

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Báo cáo khoa học: "A GENERATIVE GRAMMAR APPROACH FOR THE MORPHOLOGIC AND MORPHOSYNTACTIC ANALYSIS OF ITALIAN" ppt

... Emilia I the first is the suffix itself the second is the stem of the suffix (the access key to the table) the third is the ending class of the suffix the fourth is the syntactic class of the suffix ... syntax They are recognized by means of a context-free grammar, the first is the stem of the alteration (the access key in the tablc l the second is the ending class of the alteration the third is the ... performed: I the analysis can be performed completely the lemma can neither be altered nor affixed (this is the case for example of prepositions and conjunctions) only the longest analysis of the...

Test bank Finance Management chapter 11 cash flow estimation and risk analysis

... the analysis, while sunk costs should not be included 27 Incremental cash flows Answer: d Diff: M 28 Incremental cash flows Answer: d Diff: M 29 Cash flow estimation Answer: b Diff: M 30 Cash flow ... incremental cash flows, and therefore, relevant cash flows e None of the statements above is an example of an incremental cash flow Chapter 11 - Page Incremental cash flows 28 Answer: d Diff: ... Corporate risk Answer: b Diff: E 13 Risk analysis Answer: e Diff: E 14 Risk analysis Answer: c Diff: E Statement a is false Stand-alone risk is measured by standard deviation Therefore, since Y’s standard...

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Tài liệu Corporate Finance handbook Chapter 1 ppt

... KPMG Corporate Finance 11 3 11 5 Part Five: Mergers and Acquisitions 5 .1 Buying a Business David Houghton, TMG Corporate Finance 5.2 Thinking of Selling Your Business? Tony Sharp, KPMG Corporate Finance ... 225 13 7 14 5 15 3 16 3 18 1 18 7 19 7 203 215 235 245 Contents ix 6.4 HR Issues Arising from Acquisitions Judy Brown 6.5 Effective Environmental Due Diligence William Butterworth, RPS Group Plc 2 51 Part ... business service ROYAL SUN ALLIANCE 1P COL ADVERT TENON 1P COL ADVERT THE CORPORATE FINANCE HANDBOOK Third Edition LEE CROWDER 1P COL ADVERT THE CORPORATE FINANCE HANDBOOK Third Edition Publisher’s...

Tài liệu Corporate finance Part 1- Chapter 1 ppt

... and equivalents 3,6 41 3,4 51 7,095 5,247 4 ,12 4 þ þ À À 1, 311 1, 465 1, 702 1, 690 2,050 1, 837 2,805 3,935 3,589 1, 4 71 5,268 1, 9 61 1,038 6 ,18 1 1, 811 ¼ NET DEBT 1, 785 1, 254 2,375 À 510 À2,830 ¼ INVESTED ... 532 1, 122 3 ,16 0 70 22 2,886 2, 319 Decrease in net debt can be broken down as follows : 19 99 2000 20 01 2002 2003 1, 032 1, 2 21 586 13 5 756 3,240 5, 514 59 1, 885 1, 333 1, 752 1, 628 1, 559 914 15 0 ... payables 1, 455 1, 662 215 5, 713 3,036 2,360 262 4,509 2 ,17 3 2,347 4 91 7,223 4,093 3,292 555 5,279 1, 003 1, 624 625 5 ,19 1 3,040 2 ,13 0 203 4,978 475 1, 156 326 3,205 2,544 1, 3 61 68 3,6 61 473 1, 039 30...

Tài liệu Corporate finance Part 1- Chapter 2 ppt

... 13.8 12. 8 9.0 10.0 12. 1 11.7 11.0 Personal care 11.1 11.4 11,7 11.6 12. 1 11.7 12. 2 12. 9 14.1 14.4 14.9 Pharmaceuticals 20 .0 19.1 21 .2 21.3 22 .5 23 .9 25 .0 24 .6 25 .6 26 .5 27 .2 Software 22 .5 25 .6 21 .5 ... 10.0 11.7 11.5 11.8 10 .2 9.7 11.0 11.5 10.6 Luxury goods 24 .0 22 .6 20 .4 21 .7 21 .1 17.3 19.1 21 .9 22 .4 23 .6 24 .5 Media 12. 6 13.6 16 .2 16.1 17.0 16.4 16.9 20 .1 21 .9 23 .0 23 .6 Metals and mining ... 23 .6 26 .6 26 .5 27 .5 29 .0 30.6 30.3 29 .3 32. 0 32. 5 Software 27 .6 28 .7 24 .5 19.7 17.5 20 .9 23 .7 26 .1 27 .6 27 .4 28 .0 9.5 9.0 8.6 10.0 9.4 8 .2 7.6 7.6 7.4 7.6 7.7 Telecom operators and ISPs 39 .2 34.3...

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