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1、Asets = Libiles + StockhlerEquitAsset =（Current Fed) AsssNe Working Capital= Curren Assesurrent LiabitsRvenue Epnses= IomeSles orRevenues(-)Cost of god ol(=) Gos prft毛利(-）Admnitrtieaketingcosts行政管理/营销成本, eprecation折旧（=） eratng Pofi营业利润（-） Interests， Taxes(=) et nome净收益(-) Dividendsto preferrdstocs(=
2、）Earningaal tocommon harehorsCsh Fl Fr Asets (CFFA) Cas Fow to Crdior + Cah Fow toStockosCash low Fom sses = Opating Cahlo营运钞票流量 Net apital Sding净资本支出 Chnes in WC净营运资本旳变化OC (I/)营运钞票流= EBT息税前利润+ dprcaton taes = 47NC净资本支出( an I/S) = ening nt fixed asets binning nt fied sets+epreciin = $130Caes n NW （B
3、/)= ndigW begnning NW $330CFFA = 57 130 30=$7F to Creditr （/Sad /S）= interes pid nt new orrwing= $24CF tokolds (B/S and /S) =dvidends paid net new equity raied = $63CFFA 24 + 63 = $87urren Rto流动比率 CA/ CL 2,256 1，95 = 1.13imsQuck Rati 速动比率 (CAInventory) (,256 301） / 1,995 = . tiesash Rtio钞票比率= sh / C
4、L 96/1,9935timesNWC Total Asset = N /TA （2,256 1，95）/ 5，39= 05nteralMeasre区间测量= CA / aver da operating ts 2,256 / (,06 + 1,74)/35） = 1.8 dayoaeb Rat资产负债率= (TA TE) /TA (5,39 ,556) /5,34 = 52.61%Debqut资本负债率 = T T （5,9 2,55） / 2,56 = 1.11 mesEquityMutie权益乘数= TA E = 1 + D/E1 + .1= 2.11Long-tm eb ratio长期
5、债务率 = LD/ (LD T）843 / （83 ,) =4.80%Times neest rned息保障倍 = BIT息税前利润 arngs efore nterest ad Tx / Interes 1,138 / 7 = 16.tiesCash Coveag钞票涵盖比率（EBI + Dereation) / nterest(，138 + 116） / 7 = 1791 timnetory Tunoe存货周转 = Cs Good S/ Ivenor2,006 / 301 =6. timsays Salesin Inventory 销售库存旳天数 365 / Iventoy Turnove
6、r365 / 6.66 55 daysReceivabes Tunover应收帐款周转率= les/ Acounts Rcivabl 5,00 / 6 5.2mesDaysSales i Receivables = 365 /Receivabls urnovr 35/ .23 70 dayToal Ae Tunove = Saesotalses5,00 / 5,39=.93It s nt uusual o TT 1, espciy if im haslarge amount of fx asetsNC Trnoer = al / NWC,000 (2,2 1,995)= 19.16 tieFx
7、ed Asset Trov = Sales / FA ,000 / ，1 159 tmesProfit Magin利润率= Ne Icome / Sals 8 5,000=13.78%Rtuonssets资产收益率(ROA) Net Incm / Tt Asst 89 / 5，39 = 12.77%turn on quty股本回报率（RO） = Ne Incm / Total Euty 8 / 2,556 2.96%PE atio市盈率=Price pr shr每股价格/ Earnngs peshar每股收益 876 3.61= 248 timesMarkettookrato市价与账面值比率m
8、arket valu esha / bok alu r hare每股市价/每股账面价值 8765 / (2,556/190.9） = 6.55 timsRE P TAT * MFutue al V = PV(1+ r)t PV = F /(1 + r)tV=fure alueP= prsent vaer perd intrtrate, expresd as a dimal(用小数表达）numbeof priodsPerpetuity永续年金: V C / rAnnuties年金： Growing Anit增长年金永久 APR年度成本百分率 AR Effctive nnual te 此处均为年利
9、率,有时候给了年利率要换成月、季利率、天利率!！自己体会!！ond Value PV o copon息票 PVof p票面价值ondVlue= PV of nnuy年金+Vof up s总金额Currtied现价息率= nnal opon/ prieieldtoaturiy =urrnt yild + caita gains yield资本利得收益率（1 R) = (1 r)（1 + h), whereR =noinal rater = ral rth = xpectd ifloratApproximatin近似法 R r + hreuird reurnhere D1/Psthe divien
10、d yied股息率and is th apta gis yield资本利得收益率avrage auin etr AR= Average Net InoAveage BooVale the st of qity见ppt4旳ike rt，Rfri preium市场风险溢价， E（RM) RfSytematic rsof ast系统性风险旳资产, bBetwE =EV pecent finaced with equityD =DV= pernt financed with et = market vluef eqity = #ofouttang shaes is pice ersareD mrktvalue of ebt=#of outstandibndstmes bond riceV = market vlue f the firm + 100%= V E/WACC = R wDRD(1)fr-tx co f debt RD(-T)
