Beruflich Dokumente
Kultur Dokumente
00% Switzerland 1.1 1.56% 4.00% Germany/France/UK 18.4 26.10% 4.00% Italy/Spain 6.4 9.08% 5.50% Asia 5.8 8.23% 9.00% Rest of W. Europe 13 18.44% 4.00% Eastern Europe 4 5.67% 8.00% Total 70.5 100.00% 5.26%
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Enter length of extraordinary growth period = Do you want to enter cost of equity directly? If yes, enter the cost of equity = If no, enter the inputs to the cost of equity Beta of the stock = Riskfree rate= Risk Premium= Earnings Inputs Do you want to use the historical growth rate? If yes, enter EPS from five years ago = Do you have an outside estimate of growth ? If yes, enter the estimated growth:
(Yes or No) (in currency) (Yes or No) (in percent) Yes (Yes or No)
Do you want to calculate the growth rate from fundamentals? If yes, enter the following inputs: Net Income Currently = Book Value of Debt = Book Value of Equity = Tax Rate on Income= $4,291.00 $12,906.00 $21,423.00 31.00%
(in currency) (in currency) (in currency) (in currency) (in percent)
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ROA = Retention =
15.85% 63.98%
60.24% 12.91%
Do you want to change any of these inputs for the high growth period? Yes If yes, specify the values for these inputs (Please enter all variables) ROA = Retention = 15.85% 63.98% D/E = Interest Rate= 60.24% 4.25% (in percent) (in percent)
23.63%
Specify weights to be assigned to each of these growth rates: Historical Growth Rate = Outside Prediction of Growth = Fundamental Estimate of Growth = Enter growth rate in stable growth period? Beta Will the beta to change in the stable period? If yes, enter the beta for stable period = No 1 (Yes or No) 0.00% 0.00% 100.00% 4.00% (in percent) (in percent) (in percent) (in percent)
Capital Spending, Depreciation & Working Capital Do you want all these items to grow at the same rate as earningsYes ? If not, enter the growth rates for each of the following items: Capital SpendingDepreciation High Growth
20%
(Yes or No)
Do you want to keep the current fraction of working capital to revenues? Yes (Yes or No) Specify working capital as a percent of revenues:40% (in percent) (Yes or No)
Do you want to use the current debt ratio as your desired mix? Yes If no, enter the following inputs for financing mix, Desired debt financing proportion - Capital Spending Desired debt financing proportion - Working Capital (in percent) (in percent)
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Capital spending and Depreciation during Stable Growth Is capital spending to be offset by depreciation in stable period? No If no, enter capital expenditures as % of depreciation in stable growth 150% (Yes or No) (in percent)
Before reviewing the output, check to see if any warnings appear on the next page.
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Warnings
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Proportion of Debt: Capital Spending (DR)= Proportion of Debt: Working Capital (DR)= Current Earnings per share= (Capital Spending - Depreciation)*(1-DR) Change in Working Capital * (1-DR) Current FCFE Growth Rate in Earnings per share Growth Rate Historical Growth = Outside Estimates = Fundamental Growth = Weighted Average 9.48% 9.35% 15.12% 15.12%
Growth Rate in capital spending, depreciation and working capital High Growth Stable Growth Growth rate in capital spending = 15.12% Growth rate in depreciation = Growth rate in revenues = 15.12% 15.12% 4.00% 4.00% 4.00% 9.30% 2 $139.81 $33.39 $18.38 $88.04 $74.83 (in percent) 3 $160.95 $38.43 $21.16 $101.35 $79.41 4 $185.28 $44.24 $24.36 $116.68 $84.28
Working Capital as percent of revenues = 1 Earnings $121.45 - (CapEx-Depreciation)*(1-DR)$29.00 -Chg. Working Capital*(1-DR) $15.97 Free Cashflow to Equity Present Value $76.48 $70.51
The FCFE for the high growth phase are shown below (upto 6 years)
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Growth Rate in Stable Phase = FCFE in Stable Phase = Cost of Equity in Stable Phase = Price at the end of growth phase =
Present Value of FCFE in high growth phase = Present Value of Terminal Price = Value of the stock =
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Model
to stockholders.
gh growth period.
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0.112068966 0.8510512
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erminal Year
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