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Corporate Finance formula

N
u
Time Value of
m Continuous
Money Formula Annual Compounding Compounded (m) Times per Year
b Compounding
For:
e
r

e
nm
Future Value of a ⎛ i ⎞
1
Lump Sum. ( FVIFi,n ) F V = P V ( 1 + i )n FV = PV ⎜1 + ⎟ FV = PV( )in
⎝ m⎠

e
- nm
Present Value of a -n ⎛ i ⎞ -in
2
Lump Sum. ( PVIFi,n ) PV = FV ( 1 + i ) PV = FV ⎜1 + ⎟ PV = FV( )
⎝ m⎠

Future Value of an ⎡ ( 1 + i )n - 1 ⎤ ⎡ (1 + (i / m) )nm − 1⎤

3 Ordinary Annuity ( FVA = PMT ⎢ ⎥ FVA = PMT ⎢ ⎥
FVIFAi,n ) ⎣ i ⎦ ⎣ i/m ⎦

Future Value Annuity

4 FV Annuity Due = FVA*(1+ i ) FV Annuity Due = FVA*(1+ ieffective )
Due

Present Value of an ⎡1 - ( 1 + i )- n ⎤ ⎡1 - ( 1 + (i / m) )- nm ⎤
5 Ordinary Annuity. ( PVA = PMT ⎢ ⎥ PVA = PMT ⎢ ⎥
PVIFAi,n ) ⎣ i ⎦ ⎣ i/m ⎦

Present Value
6 PV Annuity Due = PVA*(1+ i ) PV Annuity Due = PVA*(1+ ieffective )
Annuity Due
PMT PMT
7
Present Value of a
PVperpetuity = PVperpetuity =
Perpetuity. i [(1 + i )1/ m − 1]
Continuous growing
8 PV=PMT /(i-g)

e
perpetuity

EAR = -1
m
Effective Annual Rate ⎛ i ⎞ i
9
given the APR. EAR = APR EAR = ⎜ 1 + ⎟ - 1
⎝ m⎠

10 Bond price PV = PV (coupons) + PV (face value)

11 Rate of return

12 Current yield

13 Real and nominal rate of return

14 Expected return
15 Dividend Yield

16
Model

Estimating Expected Rates of

19 Return with Constant Growth
Dividend
20 Growth rate g = ROE X plowback ratio

21 Return on Equity

Present Value of Growth

22
Opportunity
23 P/E ratio P/E = P0/ EPS

25 NPV(A+B) NPV (A+B) = NPV (A) + NPV (B)

26 Percentage return

27 Variance σ2

28 Standard deviation σ

30
Equity

34 N assets portfolio variance

35 Beta for one asset i : βi

36 General portfolio β

Portfolio β with only Debt and

37
Equity

38 CAPM model r = rf + β (rm – rf ) where rm is the market return and rf is the risk free rate

39 Risk premium ( r - rf ) r - rf = β (rm – rf ) where rm is the market return and rf is the risk free rate

i = the nominal or Annual Percentage Rate n = the number of periods

m = the number of compounding periods per year EAR = the Effective Annual Rate
ln = the natural logarithm, the logarithm to the base e e = the base of the natural logarithm ≈ 2.71828
PMT = the periodic payment or cash flow Perpetuity = an infinite annuity
g = continuous growth rate DIV=dividend
EPS= earns per share P0= current price
NPV= net present value R = return

= mean of x Rm market portfolio return

Rf risk free return ρ12 correlation between asset 1 and 2