Tài liệu Corporate finance Part 3- Chapter 2 pdf

... or 25 .0 0.0 15.0 40.17Spain5 25 –48.0 20 .0–48.0 20 –48.0 35.0France 506 26 .0 25 .0 35.43Italy 12. 5 12. 5 or 27 .0 12. 5 40 .25 Netherlands 25 .0 0.0730.0 34.5UK 40.0 40.0 20 .0 30.0USA 38.6 20 .0 ... 127 127 127 127 À Interest expense 0 15 35 60¼ Pre-tax profit 127 1 12 92 67À Corporate income tax 44 39 32 23¼ Net profit 83 73 60 44Income tax:On dividends/capital gains (31%) 26 23 19 14On ... 6%discount rate) is 22 %. In other words, the tax rate on equity held by shareholders is13Â 50% þ 2 3Â 22 % ¼ 31%.Now let us assume that the company has operating proﬁt of 127 and a cost ofequity...

Tài liệu Corporate finance Part 1- Chapter 2 ppt

... (C¼m): 20 01 20 02 2003Sales 25 6 326 422 Raw materials used 78 104 143Personnel cost 1 02 139 190Operating income 41 52 59Net income 23 27 30Shareholders’ equity 119 129 1 52 Net bank borrowings 42 ... microeconomics. Chapter 9 Margin analysis: Structure1613 For year 20 05, the ﬁrstratio is 20 05 salesAverage 20 05 headcount,Average 20 05 headcountbeing equal to Average of 20 04 year-end and 20 05year-end ... Sons, 20 02. T. O’glove, Quality of Earnings, Free Press, 1998.H. Schilit, Financial Shenanigans: How to Detect Accounting Gimmicks and Fraud in FinancialReports, 2nd edn, McGraw-Hill Trade, 20 02. For...

Tài liệu Corporate finance Part 3- Chapter 1 ppt

... issue: 27 March 20 02 Settlement date: 27 March 20 02 Maturity: 5 yearsAnnual coupon: 6% – i.e., C¼60 per bond payable in one instalmenton March 27 of each year, with the first paymenton 27 March ... for 5, 10 and 20 years:Present value of a cash flow of 10 for 5 years 10 years 20 years To perpetuityAt 15% 33.5 50 .2 62. 6 66.7At 10% 37.9 61.4 85.1 100At 5% 43.3 77 .2 124 .6 20 0We see that ... Finance, 17(1), 26 –35, Winter 20 05.R. Smith, I. Walter, Global Banking, 2nd edn, Oxford University Press, 20 03.B. Tuckman, Fixed Income Securities, 2nd edn, John Wiley & Sons, 20 03.J. Van...

Tài liệu Corporate finance Part 4- Chapter 2 pptx

... Association of Corporate Treasurers:www.treasurers.orgGeneral:J. Graham, C. Harvey, The theory and practice of corporate finance: Evidence from the field, Journalof Financial Economics, 60 (2 3), 179–185, ... 179–185, June 20 01.M. Dolfe, European Cash Management: A Guide to Best Practice, John Wiley & Sons, 1999.R. Cooper, Corporate Treasury and Cash Management, Palgrave Macmillan, 20 03.T. Opler, ... Stulz, R. Williamson, The determinants and implications of corporate cashholdings, Journal of Financial Economics, 52, 3–46, 1999.955 Chapter 46 Managing cash flowsSUMMARY@downloadBIBLIOGRAPHYCLASSIFYING...

Tài liệu Corporate finance Part 4- Chapter 1 pdf

... 10.1Other retail 11 —Media 11 .2 10 .2 Food and beverage 11.5 10.5Luxury 12 10 .2 Utilities 12. 1 —Pharmaceuticals 12. 2 10.9Transportation 12. 8 11.4Cosmetic 14.1 12. 4All sectors 9.3 —Source: ... will leave to join rival849 Chapter 41 Choice of corporate structure1 Leveraged BuyOuts.1998 20 04 20 02 20 04 – transactionsabove C¼100m(%) (%)France 12. 3 21 .0Germany 9.9 16.3UK 19.5 ... (EBIT) (B) 780EBIT multiple (A=B) 12. 2ÂThe 20 04 pre-tax operating income (EBIT) multiple is 12. 2 times. Applied toFralia’s 20 04 operating income of C¼462m, Analogous’ multiple would valueFralia’s...

Tài liệu Corporate finance Part 1- Chapter 1 ppt

... analysisExercises1/Boomwichers NVPeriod 20 05 20 06 20 07 20 08 20 09 20 10Operating inflows 165 20 0 24 0 28 0 320 360Operating outflows 165 175 180 185 180 190Operating cash flows 0 25 60 95 140 170Investments 20 0 0 0 0 0 ... concepts in ﬁnancial analysis 24 20 05 20 06 20 07 20 08 20 09Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0 .2 0.1Profits are tax-free. Sales will be C¼12m per month. A month’s ... navia landBy nature 28 % 7% 87% 7% 51% 10% 25 % 97% 24 % 34% 29 % 3%By function 56% 86% 13% 80% 49% 90% 55% 0% 73% 66% 68% 84%Other16% 7% 0% 13% 0% 0% 20 % 3% 3% 0% 3% 13%Source: 20 03 annual reports...

Tài liệu Corporate finance Part 2- Chapter 1 pdf

... 17,716 194,8 72 2003 194,8 72 19,487 21 4,359 20 04 21 4,359 21 ,436 23 5,795 20 05 23 5,795 23 ,579 25 9,374 29 1 Chapter 16 The time value of money and net present valueIf we keep doingthis until 20 05, weobtain ... ¼ (1)þ (2) 1996 100,000 10,000 110,0001997 110,000 11,000 121 ,0001998 121 ,000 12, 100 133,1001999 133,100 13,310 146,410 20 00 146,410 14,641 161,051 20 01 161,051 16,105 177,156 20 02 177,156 ... frequent.Exercises1/100/1.053¼ C¼86.4; 100/1.13¼ C¼75.1; 100/1 .2 3¼ C¼57.9. 2/ C¼75.1; C¼ 62. 1; C¼38.6; 0.751; 0. 621 ; 0.386.3/C¼1 ,27 6, C¼1,611, C¼ 2, 488. Because the principal (C¼1,000) remains...

Tài liệu Corporate finance Part 2- Chapter 2 pdf

... Jan- 02 Feb- 02 Mar- 02 Apr- 02 May- 02 Jun- 02 Jul- 02 Fiat 24 .8 25 .6 25 .3 18.5 17.1 17.9 17.8 17.3 14.8 16 13.1 12. 9 12. 9Italian index 1650 1611 1509 125 6 13 42 1400 1433 1437 1 426 1503 14 62 1371 128 5 2/ A ... the Fiat share: 12. 9 /24 .8 À 1 ¼À48%. Returns on the Italian index:1 ,28 5/1,650 À 1 ¼ 22 %. Fiat risk  ¼ 10 .25 %. Index risk  ¼ 6.55%;  ¼ 0. 82; 53% ¼ (0. 82 Â 6.55%)/10 .25 %. 2/ Add more risk-free ... thediscounting rate, the security’s value then becomes:100 Â 1 :20 1:13þ 120 Â 1 :20 1:13 2 þ150 Â 1 :20 1:133þ190 Â 1 :20 1:134þ 2, 000 Â 1 :20 1:135¼ 1,786The security’s value increases for reasons...

Tài liệu Corporate Finance handbook Chapter 2 docx

... trade finance and documentation,consult: Curmi, G. (20 01): International Trade Finance and Documentation,in Reuvid, J. (ed): A Handbook of World Trade, Kogan Page, London. 62 Debt Finance 2. 2Asset-based ... structured business finance provides is highly attractive to the corporate finance teaminvolved in arranging the overall deal. Structured business finance can provide a source of finance for the ... Structured business finance isbuilt upon the lender’s knowledge of, and confidence in, a particularbusiness. Timescales will, therefore, have to take into account the 42 Debt Finance that prefers...

Tài liệu Corporate Finance handbook Chapter 3 ppt

... 44 51 72 4 5 6 99 137 131 1 2 4Refinancing bank debt 6 7 5 – 1 – 11 39 3 – 1 –Total expansion 548 539 561 46 49 50 2, 122 1,156 822 33 19 22 MBO 190 25 5 21 8 16 23 20 3 ,29 7 4 ,28 2 2, 129 52 69 56MBI ... 10 175 128 111 3 2 3Other early stage 25 6 159 126 22 14 11 528 21 9 177 8 4 5Total early stage 409 26 0 24 1 35 23 21 703 347 28 8 11 6 8Expansion 498 481 484 42 43 43 2, 0 12 980 688 32 16 18Secondary ... 20 3 ,29 7 4 ,28 2 2, 129 52 69 56MBI 35 55 1 02 3 5 9 24 9 384 536 4 6 14Total MBO/MBI 22 5 310 320 19 28 29 3,546 4,666 2, 665 56 75 70Total 1,1 82 1,109 1, 122 100 100 100 6,371 6,169 3,775 100 100...

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