Lecture multinational financial management chapter 3 ngo thi ngoc huyen
Slide Financial Management - Chapter 3 pps
... Net FA Total Assets 2003E 85, 632 878,000 1,716,480 2,680,112 1,197,160 38 0,120 817,040 3, 497,152 2002 7,282 632 ,160 1,287 ,36 0 1,926,802 1,202,950 2 63, 160 939 ,790 2,866,592 3- 2 Balance sheet: Liabilities ... $2 53. 6 / $3, 497 = 7 .3% ROE = Net income / Total common equity = $2 53. 6 / $1,952 = 13. 0% 3- 2 1 Appraising profitability with the return on assets and return on equity ROA ROE 20 03 2002 2001 7 .3% -5 .6% ... 524,160 636 ,808 489,600 1,650,568 7 23, 432 460,000 32 ,592 492,592 2,866,592 3- 3 Income statement Sales COGS Other expenses EBITDA Depr & Amort EBIT Interest Exp EBT Taxes Net income 2003E 7, 035 ,600...
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Bài Giải Môn Tài Chính Quốc Tế Của Cô Ngô Thị Ngọc Huyền
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Land Use Change: Science, Policy and Management - Chapter 3 pot
... Mapping Change in Land Use at a Regional Scale 45 3. 2.1 Why Understanding Land Use Change Is Important .46 3. 2.2 Types of Land Use Change .46 3. 2 .3 Changes in Land Use in the Lower ... 50 3. 3.2.2 Approach 50 3. 3.2 .3 Analysis 50 3. 3 .3 Mapping the Relationships between Areas of High Conservation Value and Land Managers’ Values and Practices 53 3 .3. 3.1 Context ... 550 – 00 50 50 –4 00 40 35 0 – 00 30 250 – 00 20 150 – 00 10 50 0– – 0.0124 435 33 0.0124 435 33 – 0.024887066 0.024887066 – 0. 037 330 598 0. 037 330 598 – 0.049774 131 0.049774 131 – 0.062217664 0.062217664...
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Global Warming, Natural Hazards, and Emergency Management - Chapter 3 pot
... valuable natural resources 55 © 2009 by Taylor & Francis Group, LLC Global Warming, Natural Hazards, and Emergency Management Figure 3. 3 Bown Brook, NJ, September 18, 1999 Darrell Potter Jr ... climate change and reduce their future losses from natural disasters 59 © 2009 by Taylor & Francis Group, LLC Global Warming, Natural Hazards, and Emergency Management Figure 3. 7 Biloxi, MI, ... and reduced the state and local share to 25 percent The amendment 63 © 2009 by Taylor & Francis Group, LLC Global Warming, Natural Hazards, and Emergency Management Figure 3. 10 Cape Girardeau,...
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Slide Financial Management - Chapter 1 pps
... & Co 35.5 51. 7 McDonald’s 63 .1 61. 7 Merck 18 .3 58 .1 3M 52.9 47.0 Sears, Roebuck 10 .5 7.8 1- 6 Alternative Forms of Business Organization Sole proprietorship Partnership Corporation 1- 7 Sole proprietorships ... price 1- 1 4 Factors that affect stock price Projected cash flows to shareholders Timing of the cash flow stream Riskiness of the cash flows 1- 1 5 Basic Valuation Model Value CF CF = + (1 + k) (1 + ... Manager Financial Accounting Capital Budgeting Director Tax Department 1- 4 Financial Management Issues of the New Millennium The effect of changing technology The globalization of business 1- 5 Percentage...
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Slide Financial Management - Chapter 2 pptx
... time 2- 2 Balance Sheet: Assets Cash A/R Inventories Total CA Gross FA Less: Dep Net FA Total Assets 20 02 7 ,28 2 6 32, 160 1 ,28 7,360 1, 926 ,8 02 1 ,20 2,950 26 3,160 939,790 2, 866,5 92 2001 57,600 351 ,20 0 ... 20 02 100,000 -$ 1.6 02 $0.11 $2. 25 $40,000 20 01 100,000 $0.88 $0 .22 $8.50 $40,000 2- 6 Statement of Retained Earnings (20 02) Balance of retained $20 3,768 earnings, 12/ 31/01 Add: Net income, 20 02 ... income 20 02 6,034,000 5, 528 ,000 519,988 (13,988) 116,960 (130,948) 136,0 12 (26 6,960) (106,784) (160,176) 20 01 3,4 32, 000 2, 864,000 358,6 72 209, 328 18,900 190, 428 43, 828 146,600 58,640 87,960 2- 5 Other...
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Slide Financial Management - Chapter 4 potx
... x%) / 12 .4% = 6.0% + x% 6 .4% = x% PEH says that one-year securities will yield 6 .4% , one year from now 4- 2 4 Three-year security, two years from now 6.5% = [2(6.2%) + 3(x%) / 32.5% = 12 .4% + 3(x%) ... decreases 4- 1 9 Illustrating the relationship between corporate and Treasury yield curves Interest Rate (%) 15 BB-Rated 10 AAA-Rated Treasury 6.0% Yield Curve 5.9% 5.2% Years to Maturity 10 15 20 4- 2 0 ... 6.0% 6.2% 6 .4% 6.5% 6.5% If PEH holds, what does the market expect will be the interest rate on one-year securities, one year from now? Three-year securities, two years from now? 4- 2 3 One-year forward...
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Slide Financial Management - Chapter 5 pdf
... for the security 5- 3 4 Illustrating the calculation of beta _ ki 20 15 10 Year kM 15% -5 12 ki 18% -1 0 16 -5 -5 -1 0 10 15 20 Regression line: ^ _ kM ^ ki = -2 .59 + 1.44 kM 5- 3 5 Comments on beta ... = -1 .0) Stock W Stock M Portfolio WM 25 25 25 15 15 15 0 -1 0 -1 0 -1 0 5- 2 6 Returns distribution for two perfectly positively correlated stocks (ρ = 1.0) Stock M’ Stock M Portfolio MM’ 25 25 25 ... 0.2 8.0% 35. 0% -1 0.0% 45. 0% 29.0% Boom 0.1 8.0% 50 .0% -2 0.0% 30.0% 43.0% 5- 6 Why is the T-bill return independent of the economy? Do T-bills promise a completely risk-free return? T-bills will...
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Slide Financial Management - Chapter 6 pot
... $1,000 - $302.11 = $69 7.89 6- 3 9 Constructing an amortization table: Repeat steps – until end of loan Year BEG BAL PMT INT PRIN END BAL $302 $69 8 $1,000 $402 $100 69 8 402 70 332 366 366 402 37 366 ... 10 N INPUTS I/YR 100 PV PMT FV -2 73.55 6- 1 6 What is the PV of this uneven cash flow stream? 100 300 300 -5 0 10% 90.91 247.93 225.39 -3 4.15 530.08 = PV 6- 1 7 Solving for PV: Uneven cash flow stream ... OUTPUT -1 I/YR PV PMT FV 3.8 6- 1 1 What is the difference between an ordinary annuity and an annuity due? Ordinary Annuity PMT PMT PMT i% PMT PMT Annuity Due i% PMT 6- 1 2 Solving for FV: 3-year...
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Slide Financial Management - Chapter 7 pps
... 7- 3 9 Bankruptcy Two main chapters of the Federal Bankruptcy Act: Chapter 11, Reorganization Chapter 7, Liquidation Typically, a company wants Chapter 11, while creditors may prefer Chapter 7- 4 0 ... which pay 7. 1 37% Could replace bonds paying $100 per year with bonds paying only $71 . 37 per year Investors should expect a call, and to earn the YTC of 7. 1 37% , rather than the YTM of 8% 7- 3 3 When ... FV -1 210 .71 7- 1 4 The price path of a bond VB What would happen to the value of this bond if its required rate of return remained at 10%, or at 13%, or at 7% until maturity? 1, 372 1,211 kd = 7% ...
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Slide Financial Management - Chapter 8 potx
... ks - g ks - g ^ $2.00 (0.94) $1 .88 = = = $9 .89 0.13 - (-0 .06) 0.19 8- 2 1 Find expected annual dividend and capital gains yields Capital gains yield = g = -6 .00% Dividend yield = 13.00% - (-6 .00%) ... (12% - 7%)1.2 = 13% 8- 1 0 If D0 = $2 and g is a constant 6%, find the expected dividend stream for the next years, and their PVs g = 6% D0 = 2.00 2.12 2.247 2. 382 1 .87 61 1.7599 ks = 13% 1.6509 8- 1 1 ... converges to: D (1 + g) D1 P0 = = ks - g ks - g ^ 8- 7 Future dividends and their present values $ Dt = D0 ( + g ) t Dt PVD t = t (1 + k ) 0.25 P0 = ∑ PVDt Years (t) 8- 8 What happens if g > ks? If g...
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Slide Financial Management - Chapter 9 doc
... = kp – kp (1 – 0.7)(T) = 9% - 9% (0.3)(0.4) A-T kd = 10% - 10% (0.4) = 7 .92 % = 6.00% A-T Risk Premium on Preferred = 1 .92 % 9- 1 5 Component cost of equity WACC = wdkd(1-T) + wpkp + wcks ks is the ... = 14.2% 9- 1 9 If D0 = $4. 19, P0 = $50, and g = 5%, what’s the cost of common equity based upon the DCF approach? D1 = D0 (1+g) D1 = $4. 19 (1 + 05) D1 = $4. 399 5 ks = D1 / P0 + g = $4. 399 5 / $50 ... 9- 2 5 If issuing new common stock incurs a flotation cost of 15% of the proceeds, what is ke? D (1 + g) ke = +g P0 (1 - F) $4. 19( 1.05) = + 5.0% $50(1 - 0.15) $4. 399 5 = + 5.0% $42.50 = 15.4% 9- 2 6...
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Slide Financial Management - Chapter 10 pps
... positive 1 0-6 Calculating payback Project L CFt Cumulative PaybackL Project S CFt Cumulative PaybackS -1 00 -1 00 = = 2.4 60 -3 0 100 80 50 30 / 80 + 1.6 -1 00 -1 00 = = 10 -9 0 70 -3 0 + = 2.375 years 100 ... reinvested at the WACC 1 0-2 4 Calculating MIRR 10% -1 00.0 10. 0 60.0 80.0 66.0 12.1 10% 10% MIRR = 16.5% -1 00.0 PV outflows $100 = $158.1 (1 + MIRRL)3 158.1 TV inflows MIRRL = 16.5% 1 0-2 5 Why use MIRR ... payback period 1 0-8 Discounted payback period Uses discounted cash flows rather than raw CFs CFt PV of CFt Cumulative -1 00 -1 00 -1 00 Disc PaybackL = = + 10 9.09 -9 0.91 10% 60 49.59 -4 1.32 41.32...
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Slide Financial Management - Chapter 11 pdf
... Income (AT) + Deprn Expense Operating CF 200 -1 20 -7 9 1 79 80 200 200 200 -1 20 -1 20 -1 20 -1 08 -3 6 -1 7 -2 8 44 63 -1 1 18 25 -1 7 26 38 108 36 17 91 62 55 1 1-7 Terminal net cash flow Recovery of NOWC ... Operating CF 210 220 232 243 -1 26 -1 32 -1 39 -1 46 -7 9 -1 08 -3 6 -1 7 -2 0 57 80 -8 23 32 -1 2 34 48 79 108 36 17 82 96 70 65 1 1-1 8 Considering inflation: Project net CFs, NPV, and IRR -2 60 82.1 96.1 70.0 Terminal ... 1 1-1 4 Evaluating the project: Payback period -2 60 79.7 91.2 62.4 89.7 -8 9.1 -2 6.7 63.0 Cumulative: -2 60 -1 80.3 Payback = + 26.7 / 89.7 = 3.3 years 1 1-1 5 If this were a replacement rather than a...
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