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1、Asets= Libiliie + StockhdersqityAe (Currnt + ixed) AsstsNet Woring Citl= rretssets urr LiablitsRevenues - xpenses = InomeSals o Reenues（-) Cost o goods sol(=) ro prfit毛利（-) Aministrat/maketig osts行政管理营销成本,epeciation折旧（）Operatigrofit营业利润() Inees,Txe(=) Net income净收益（-) Diidndopeere ocks(=)rning avib
2、to common areholdesCash owro sets(C) = ashFlow o Crditrs Csh FowtoStockholdersash Fow romets =Oeatng Cash Flow营运钞票流量Net Capalpenig净资本支出 hges in NWC净营运资本旳变化O (I/S)营运钞票流= BIT息税前利润+eprecatin taxes =$57CS净资本支出(B/ anI/S) = endng ne ie asts beginnnge ixd ses + deprciai $130Chag in NWC(B) = nng NW bining N
3、C = $330CFFA 47 3 330 $87CF o redtors (S andI/S) = intrest aid nt new borrowing = $24CF to Stockholdrs （/S and I/S）dvends paid ne w equiy raised = $CFFA = 2 + 63 = $87urrent Rat 流动比率= CA L 2,256 / 1,95 1.3imesuik Raio速动比率（CA Ivoy）/CL （，256 301) / 1,95= .8 tmesCshatio 钞票比率=Cah C 696 / 1,995 = .35 tme
4、sNC to ota sts =NC /TA (2,26 ，95) / 5，39 =.0terv Ms区间测量 aeragedaily operating osts 2,25 / (,006 +1，4)/35) = 219.8 dayToa ebRao资产负债率 = (TAT) / TA (5，394 2，55) /5, 5./Equiy资本负债率 = TD / TE (5,94 2,556) / ，556 =1.1iesquityMltiplier权益乘数= A /TE=1 + DE +1.11=21Logterm deb raio长期债务率LTD (TD TE）84/（843 2，556)
5、= 24.0%TiesInters Earned息保障倍 = EIT息税前利润Earin Befre Iterest andTa/ Intrt 1,13 7 =62.57tiessh Cvere钞票涵盖比率= （EBI epriation) /Interest（1,8 11) = 79.14 timsventoy Turner存货周转 = CotofGd Sol nvntory2，0 / 01 6.66tieDays Sales in Invntory 销售库存旳天数= 65 Iventory uover36 66= dayscevaes Turnovr应收帐款周转率= Sales/ Acte
6、ceivale ,00 / 96 =5.2 tmesDaysales in Revales =365 / ceiales Turover 6 5.23 = 0 daysToal set urover Sales oal Ases5,00 /5，34= .93It is not ualfo TAT1，espially f firmhs alarg amuntof fixedasstsNWC Tunover Ss / NWC ,0 / (2,56 ,95) = 9.6tmesFixed Asset Turover =Sas FA 5, / 3，8 = 1.59 tiesPoit Margn利润率=
7、Net Incoe/ aes 689 / 5,000 3.78%Returnon Aets资产收益率(OA) =tInco / Totl Assets 89 ,39 = .77Rtrn n qy股本回报率(RE) =NeIome Toal Equiy 89 2，556 26.6%E Ratio市盈率=Prie per sare每股价格/ Ernings pr shar每股收益 87.5 / 3.61 = 248 mesMrketo-bookrat市价与账面值比率rketvalue perr booalue per shre每股市价每股账面价值 87.6 / （2,556 /909) =6.55
8、 mesROE = PM * TAT* EMFutuVluesFV = PV( r)t PV F / （1 + r)tFV =uturevalP= presn vuer = priodnterest rae， exrssed a decimal（用小数表达）t = mber of rodserpetuty永续年金： =C / rnuiies年金: owng Annuit增长年金永久 PR年度成本百分率 AR Effective nnua Rate 此处均为年利率，有时候给了年利率要换成月、季利率、天利率！!自己体会!！!！Bod Value P of ouons息票+ PV o pa票面价值B
9、ond al=PV ofannit年金+ PV of lum sum总金额CurrenYiel现价息率=annual copn/ pricee to uri currnyild + apial gains yid资本利得收益率(1 + R)= (1 + ）(1 + h), whee = inal rer = real rae = xpected inlaton ateAprimtin近似法 R= r + hrqiedreturnhere D/P0 i theivdend yeld股息率and g is heapita gans yeld资本利得收益率erae acountig retrn AR
10、 = Average Net InomeAerage Bookalue the cost ofequit见pt1旳9Ris-ree rate,RfMarktrkprmi市场风险溢价, E(R) Rystematic risko aset系统性风险旳资产, bBaw = E/V =peret faed wth qutyD /V = ercentfinancewihdebt = make valo euity= # ofouttndnsharestmes price pr sheD =maret alue odebt= o utstanding od imes bondpriceV marke alueof the firm = D+ E100%D/ + EVWAC= wERE+ wDR(1-TC)aftertax cost oft RD(TC)
