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ACST252: Finance and Financial Reporting

Formula Sheet
V = PV of coupon payments + PV of face value

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1− 𝐹𝐹𝐹𝐹
(1+𝑟𝑟)𝑡𝑡
= 𝐶𝐶 � � + (1+𝑟𝑟)𝑡𝑡
𝑟𝑟

D
P0 =
r

Dt = D0 × (1 + g)t

D0 × (1 + g)
P0 =
r−g

D1
P0 =
r−g

Current assets
Current ratio =
Current liabilities

Current assets − Inventory


Quick ratio =
Current liabilities − Bank overdraft

Note: if the company has Biological Assets in its Current Assets, this figure should also be subtracted
in the numerator of the Quick Ratio.

Equity multiplier = (Total assets) / (Total equity)

Debt/Equity ratio = (Net interest-bearing debt) / Equity

Asset turnover = (Total assets) / Sales

Net profit after tax margin = NPAT / Sales


ROA = (Net profit after tax) / (Total assets)

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ROE = (Net profit after tax) / Equity
Net profit Sales Assets
ROE = × ×
Sales Assets Equity

= Profit margin × Total asset turnover × Equity multiplier

= ROA × Equity multiplier.

SGR =
(ROE × R )
(1 − ROE × R )
average net profit
ARR =
average book value

PV of inflows
PVI =
Initial cost

NPV of inflows
NPVI =
Initial cost

(1 + R) = (1 + r) × (1 + h)

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Var(R) = × [(𝑅𝑅1 − 𝑅𝑅�)2 + ⋯ + (𝑅𝑅𝑇𝑇 − 𝑅𝑅�)2 ]
(T − 1)

𝑛𝑛

E�R p � = � 𝑊𝑊𝑗𝑗 E�R j �


𝑗𝑗=1

E(Ri )−Rf
Reward/Risk ratio =
βi

𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶: E(R i ) = R f + [E(R M ) − R f ] × βi

βi = 𝐶𝐶𝐶𝐶𝐶𝐶(𝑅𝑅𝑖𝑖 , 𝑅𝑅𝑀𝑀 )⁄𝜎𝜎𝑀𝑀2

ρ(iM) = 𝐶𝐶𝐶𝐶𝐶𝐶(𝑅𝑅𝑖𝑖 , 𝑅𝑅𝑀𝑀 )⁄(𝜎𝜎𝑖𝑖 × 𝜎𝜎𝑀𝑀 )

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E(RM )−Rf
CML: E�R p � = R f + × σp
σM

SML: E(R i ) = R f + [E(R M ) − R f ] × βi

Variance= 𝜎𝜎𝐴𝐴 2 𝑊𝑊𝐴𝐴2 + 𝜎𝜎𝐵𝐵2 𝑊𝑊𝐵𝐵2 + 2𝑊𝑊𝐴𝐴 𝑊𝑊𝐵𝐵 𝐶𝐶𝐶𝐶𝐶𝐶𝐴𝐴𝐴𝐴

Variance= 𝜎𝜎𝐴𝐴 2 𝑊𝑊𝐴𝐴2 + 𝜎𝜎𝐵𝐵2 𝑊𝑊𝐵𝐵2 + 2𝜌𝜌𝐴𝐴𝐴𝐴 𝑊𝑊𝐴𝐴 𝑊𝑊𝐵𝐵 𝜎𝜎𝐴𝐴 𝜎𝜎𝐵𝐵

Inventory
Days Inventory = × (Days in year)
COGS

Trade Receivables
Days accounts receivable = × (Days in year)
Sales
Trade Payables
Days accounts payable = × (Days in year)
COGS

Operating cycle = Inventory period + Accounts receivable period

Cash cycle = Operating cycle − Accounts payable period

𝐷𝐷1
𝑅𝑅𝐸𝐸 = + 𝑔𝑔
𝑃𝑃0

R 𝐸𝐸 = R f + βE × [R 𝑀𝑀 − R f ]

D
RP =
𝑃𝑃0

E 𝐷𝐷
WACC = � � × 𝑅𝑅𝐸𝐸 + ( ) × 𝑅𝑅𝐷𝐷 × (1 − 𝑇𝑇𝐶𝐶 )
V 𝑉𝑉

𝐸𝐸 𝐷𝐷
𝑓𝑓𝐴𝐴 = × 𝑓𝑓𝐸𝐸 + × 𝑓𝑓𝐷𝐷
𝑉𝑉 𝑉𝑉

Project cost(ingoring flotation costs)


True cost of project =
(1 − 𝑓𝑓𝐴𝐴 )

t
Franking Credit = Dividend × × (% franked)
1−t

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𝐷𝐷
𝑅𝑅𝐸𝐸 = 𝑅𝑅𝐴𝐴 + (𝑅𝑅𝐴𝐴 − 𝑅𝑅𝐷𝐷 ) × � � × (1 − 𝑡𝑡)
𝐸𝐸

𝐷𝐷
𝛽𝛽𝐸𝐸 = 𝛽𝛽𝐴𝐴 (1 + × (1 − 𝑡𝑡))
𝐸𝐸

𝑉𝑉𝐿𝐿 = 𝑉𝑉𝑈𝑈 + 𝑇𝑇𝐶𝐶 𝐷𝐷

𝐷𝐷
𝑅𝑅𝐸𝐸 = 𝑅𝑅𝑈𝑈 + (𝑅𝑅𝑈𝑈 − 𝑅𝑅𝐷𝐷 ) × � � × (1 − 𝑇𝑇𝑐𝑐 )
𝐸𝐸

EPS = (NPAT – Preference Dividends) / (Number of Shares on Issue)

𝐶𝐶𝑡𝑡 = 0 𝑖𝑖𝑖𝑖 (𝑆𝑆𝑡𝑡 − 𝐸𝐸) ≤ 0

𝐶𝐶𝑡𝑡 = 𝑆𝑆𝑡𝑡 − 𝐸𝐸 𝑖𝑖𝑖𝑖 (𝑆𝑆𝑡𝑡 − 𝐸𝐸) > 0

𝑡𝑡
𝐶𝐶0 = 𝑆𝑆0 × 𝑁𝑁(𝑑𝑑1 ) − 𝐸𝐸/�1 + 𝑅𝑅𝑓𝑓 � × 𝑁𝑁(𝑑𝑑2 )

• 𝐶𝐶0 = 𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜 𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣𝑣


• 𝑆𝑆0 = 𝑠𝑠ℎ𝑎𝑎𝑎𝑎𝑎𝑎 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝
• 𝑁𝑁(𝑑𝑑1 ) = 𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝 𝑡𝑡ℎ𝑒𝑒 𝑠𝑠ℎ𝑎𝑎𝑎𝑎𝑎𝑎 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝 𝑖𝑖𝑖𝑖 𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟
𝑡𝑡
• 𝐸𝐸 ⁄�1 + 𝑅𝑅𝑓𝑓 � = 𝑃𝑃𝑃𝑃 𝑜𝑜𝑜𝑜 𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝
• 𝑁𝑁(𝑑𝑑2 ) = 𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝 𝑡𝑡ℎ𝑒𝑒 𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝 𝑖𝑖𝑖𝑖 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝

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�ln(𝑆𝑆0 ⁄𝐸𝐸 ) + (𝑅𝑅𝑓𝑓 + × 𝜎𝜎 2 ) × 𝑡𝑡�
𝑑𝑑1 = 2
𝜎𝜎 × √𝑡𝑡

𝑑𝑑2 = 𝑑𝑑1 − 𝜎𝜎 × √𝑡𝑡

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