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Amount invested

n

k = k i Pi

Pi = Probability ,

ki = Rate of return

i =1

2) Clear Data : CST EXE AC

3) Insert return before : -22 ALFHA Nj 0.1 MAR SHIFT 1 EXE

x

;

DT

= Variance =

(k

n

i =1

)P

2

Calculator 1) Insert return before : -22 ALFHA Nj 0.1 MAR SHIFT 2 EXE

x n

;

DT

CV

4) Coefficient of variation

Risk / Return =

/ x

,

DT

insert Mkt. before : 25.7 ALFHA CFj 40 MAR SHIFT 9 EXE

,

DT

r

6) Correlation ( r ) Calculator

( -1 < r < 1 )

wi ki

, Risk on a portfolio

i =1

(k

n

i =1

pi

k p

Required return = Risk-free return + Premium for risk

Required return on stock i = Risk-free rate of return + (Market risk premium)(Stock i s beta)

Chapter 9 Bonds and Their Valuation

1) PV =

CF1

CF2

(1+ k) (1+ k)

1

+ .....+

CFn

(1+ k)n

2) Clear Data :

SHIFT AC EXE AC

2) Yield to maturity (YTM) or kd = 10 n -887 PV 90 PMT 1000 FV COMP i% EXE

Chapter 10 Stock and Their Valuation

1) Stock Value

D1

D2

D3

D

+

+

+

.

.

.

+

(1+ ks )1 (1+ ks )2 (1+ ks )3

(1+ ks )

D (1 + g )

D1

D1

P0 = 0

=

+ g

3) k s =

ks g

ks g

P0

2) If g is constant, then

3) k s

4)

P0 =

= PV of Dividends

V ps =

ps

ps

k ps =

or

D ps

V ps

kS

ps

ps

Pn

)P

2

4)

ks = k s

= kRF + RP = D1 / P0 + expected g

6) g = (Retention rate)(ROE) = (1.0 Payout rate)(ROE) = b(ROE)

Chapter 13 The Basics of Capital Budgeting : Evaluating Cash Flows

1) Payback period = Year before full recovery + Unrecovered cost at start of year

Cash flow during year

2) Net Present Value (NPV) : Sum of PVs of inflows and Outflows = PV inflow PV outflow

NPV

t=0

Calculator

CF t

(1 + k )t

NPV =

or

t =1

IRR =

CF t

IRR

(1 +

t=0

Calculator

CFt

CF0

(1 + k )t

)t

= 0

: PV costs =

TV

(1 + MIRR ) n

FVn = PV (1 + i )

1)

2)

FV

or

PV

= PV 1 + Nom

m

FV

(1 + i )n

= FV

1+ i

mn

or

= 1 + Nom

m

mn

1 .0

1) Net Proceeds from sales (NP) = MV + Tax

= MV + Tax rate ( MV-BV)

2) Net operating working capital (NOWC)

; MV = Market value

; BV = Book value

do not pay interest

do not pay interest

3) Operating capital = (Net operating working capital) (Net plant and equipment)

4) NOPAT = Net operating profit after taxes = EBIT(1-Tax rate)

5) Operating cash flow (OCF) = NOPAT + Depreciation = EBIT(1-Tax) + Depreciation

= (Sales CGS Operating Expense depreciation)(1-Tax) + Depreciation

= (Sales CGS Operating Expense)(1-Tax) + (Depreciation x Tax)

6) Free cash flow (FCF) = Operating cash flow - Gross investment in operating capital

= NOPAT Net investment in operating capital

7) Free cash flow (FCF) = EBIT(1-Tax) + Depreciation + NWC + CAPEX

8) EBIT = Sales CGS Operating Expense depreciation

= Sales Variable Cost Fixed Cost

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