Академический Документы
Профессиональный Документы
Культура Документы
Stockholders' Equity
Preferred Stock - - -
Treasury Stock - - -
389.74
Terminal value .
1.08 .06
7
Three Main Questions
What are the free cash flows?
How to estimate the terminal value?
How do you calculate the cost of capital?
Free Cash Flow I
Arturo likes to calculate FCF via:
+ Depreciation
+ Increase in Working Capital Requirements
+ Capital Expenditures
= EBITDA
From the Cash Flow Statement:
EBITDA Capital Expenditures + Sale of
Assets = Net Capital
+ Net Capital Expenditures
Expenditures
+ Change in Working Capital
- Cash Taxes Paid
- Cash Interest Paid
Operating Cash
+ Accounts Receivable
+ Inventories
- Accounts Payable
- Net Accruals
ROIC 20.00%
Year 0 1 2 3 4 5
ROIC 25.00%
Year 0 1 2 3 4 5
ROIC 10.00%
Year 0 1 2 3 4 5
ROIC 0.00%
Year 0 1 2 3 4 5
ROIC 5.00%
Year 0 1 2 3 4 5
NOPLATT 1
TVT
r
Estimating TV
Accounting Values
Terminal value = Book Value of Invested
Capital
Backward looking.
Easy to use.
Pitney Bowes Inc (PBI)
Balance Sheet
Assets
Accumulated Amortization - - -