# FINANCIAL MANAGEMENT FORMULA SHEET Value = NOWC ...

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10 Νοε 2013 (πριν από 4 χρόνια και 6 μήνες)

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FINANCIAL MANAGEMENT FORMULA SHEET

V
alue

=

)
(
...
)
(
)
(
WACC
1
FCF
WACC
1
FCF
WACC
1
FCF
2
2
1

)
PV(FVIF
i)
PV(1

FV
n
i,
n
n

)
FV(PVIF
i)
FV(1
i)
(1
1
FV
PV
n
i,
n
-
n
n
0

)
(FVIFA
PMT
i
1
i)
(1
PMT
FVA
n
i,
n
n

i)
(1
)
(FVIFA
PMT
i)
(1
FVA
n
i,
n
n

)
(PVIFA
PMT
i
i)
(1
1
PMT
PVA
n
i,
-n
0

i)
(1
)
(PVIFA
PMT
PVA
n
i,
0
0

n
1
t
t
i
t
n
1
t
t
t
PVIF
CF
i
1
1
CF
PV
,

n
1
t
t
i
t
n
1
t
t
t
FVIF
CF
i
1
CF
FV
,

NOWC = OCA

OCL NOWC = C + AR + IN

AP

ACRU

NOPAT = EBIT (1
-
T)

F
CF =
NOPAT

+
Depreciation

Gross investment in operating capital

MVA =
Market value of stock + market value of debt

total ca
pital

EVA = EBIT(1
-
T)

NOWC*WACC = (Operating capital)(ROIC

WACC)

n
1
i
i
2
p
pi
p
P
r
r
ˆ
=
B
A
AB
A
A
2
B
2
A
2
A
2
A
w
1
w
2
w
1
w

)
(
)
(

N
d
d
N
d
N
d
N
1
t
t
d
B
r
1
M
r
r
1
1
INT
r
1
M
r
1
INT
V
)
(
)
(
)
(
)
(

N
2
d
N
2
1
t
t
d
B
2
r
1
M
2
r
1
2
INT
V
)
(
)
(

N
d
N
1
t
t
d
B
)
r
(1
price
Call
)
r
(1
INT
V

1
t
t
s
t
0
)
r
(1
D
P
ˆ

g
r
g)
(1
D
g
r
D
P
s
0
s
1
0

ˆ

ps
ps
ps
r
D
V

N
s
s
1
N
N
s
N
2
s
2
1
s
1
0
r
1
g
r
D
r
1
D
.

.

.
r
1
D
r
1
D
P

ˆ

cov cos
cov
s
Unre ered tatstartofyear
Payback Yearbeforefullre ery
Cashflowduringyear
 

CA
CR
CL

Sales
Inventoryturnoverratio
Inventories

CA Inventories
QR
CL

/365
AR
DSO
Sales

Pr arg
NI
ofitM in
Sales

Sales
Totalassetturnoverratio
TA

A
D
1
A
D
E
D
/
/
/

/
/
1/
D E
D A
D E

Pr
/
icepershare
P E
Earningpershare

NI Sales
ROA x
Sales TA

NI
ROE
CE

MRP
LP
DRP
IP
r
r

*

IP
r
r
r
RF
bill
T

*

n
I
I
I
IP
n
2
1
n

...

1
m
i
1
EAR
m
nom

n
m
nom
n
m
i
1
PV
FV

i
PMT
PV

NOPAT
ROIC
Operatingcapital

n
1
i
i
i
r
P
r
ˆ

i
2
n
1
i
i
P
r
r
)
ˆ
(

1
n
r
r
n
1
t
2
Avg
t

)
(

r
CV
ˆ

n
1
i
i
i
P
r
w
r
ˆ
ˆ
=
B
A
A
A
r
w
1
r
w
ˆ
)
(
ˆ

i
B
n
1
t
Bi
A
Ai
P
r
r
r
r
AB
Cov
)
ˆ
)(
ˆ
(
)
(

B
A
AB
AB
Cov

n
1
i
i
i
P
w

iM
M
i
2
M
M
i
i
r
r
Cov
b

)
,
(

p
M
RF
M
RF
p
r
r
r
r

ˆ
ˆ

ps
ps
ps
V
D
r

( )
i RF M RF i RF M i
r r r r r RP
 
    

Firm
M
RF
s
)
(RP

r

r

g
P
D
r
0
1
S

ˆ

1
0
ˆ
(1 )
e
D
r g
P F
 

WACC = w
d
r
d
(1
-
T) + w
ps
r
ps

+ w
ce
*r
s

t
0
t
t 1
(1 r )
n
CF
NPV CF

 

inf
(1 )
n
FV lows
PVoutflows
MIRR

EBIT
BEP
TA

NI
ROA
TA

NI Sales TA
ROE x x
Sales TA CE

1
CGS
Sales
GPM

NWC = CA

CL TA = CA + NFA