Firm Value, Free Cash Flow and Financing Decisions
| Author | : John P. Evans |
| Publisher | : |
| Total Pages | : 37 |
| Release | : 2000 |
| Genre | : Cash flow |
| ISBN | : 9781863429023 |
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Firm Value Free Cash Flow And Financing Decisions PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Firm Value Free Cash Flow And Financing Decisions PDF full book. Access full book title Firm Value Free Cash Flow And Financing Decisions.
Lessons in Corporate Finance
| Author | : Paul Asquith |
| Publisher | : John Wiley & Sons |
| Total Pages | : 499 |
| Release | : 2016-03-28 |
| Genre | : Business & Economics |
| ISBN | : 1119207436 |
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A discussion-based learning approach to corporate finance fundamentals Lessons in Corporate Finance explains the fundamentals of the field in an intuitive way, using a unique Socratic question and answer approach. Written by award-winning professors at M.I.T. and Tufts, this book draws on years of research and teaching to deliver a truly interactive learning experience. Each case study is designed to facilitate class discussion, based on a series of increasingly detailed questions and answers that reinforce conceptual insights with numerical examples. Complete coverage of all areas of corporate finance includes capital structure and financing needs along with project and company valuation, with specific guidance on vital topics such as ratios and pro formas, dividends, debt maturity, asymmetric information, and more. Corporate finance is a complex field composed of a broad variety of sub-disciplines, each involving a specific skill set and nuanced body of knowledge. This text is designed to give you an intuitive understanding of the fundamentals to provide a solid foundation for more advanced study. Identify sources of funding and corporate capital structure Learn how managers increase the firm's value to shareholders Understand the tools and analysis methods used for allocation Explore the five methods of valuation with free cash flow to firm and equity Navigating the intricate operations of corporate finance requires a deep and instinctual understanding of the broad concepts and practical methods used every day. Interactive, discussion-based learning forces you to go beyond memorization and actually apply what you know, simultaneously developing your knowledge, skills, and instincts. Lessons in Corporate Finance provides a unique opportunity to go beyond traditional textbook study and gain skills that are useful in the field.
The free cash flow approach
| Author | : Ralph Johann |
| Publisher | : GRIN Verlag |
| Total Pages | : 28 |
| Release | : 2008-09-09 |
| Genre | : Business & Economics |
| ISBN | : 3640158725 |
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Seminar paper from the year 2005 in the subject Business economics - General, grade: 1.3, California State University, Fullerton, course: Theory of Corporate Finance, language: English, abstract: This paper will deal with the procedure and implementations of firm/stock valuation using FCF approach and WACC – the weighted average cost of capital. On the road, the different approaches and methods of firm valuation, the various inputs of WACC and the final procedure finding the fair market value of the firm using Pro Forma Financial Statements, will be discussed. In this valuation method the two main parts contributing to the final value of the firm are Free Cash Flows (FCF) and the weighted average cost of capital. It is then used the time value of money concept along with some educated guesses about the long term sales growth rate and the long term WACC to apply common capital budgeting rules of project evaluation. Besides that, the paper will shortly discuss the influence of capital structure on a firm’s value. It will come out that there is a difference in value whether the company is leveraged and uses debt or not. When it comes to the different inputs of the WACC, a main focus will be on the required rate of return for shareholders. Finding the ‘right’ beta and an appropriate estimate for the market risk premium are the main issues of that part. Therefore, the CAPM model and its specific determinants will be analyzed. Thereafter, the nature of pro forma financial statements and the different parts of them will be defined. It will be described how the ‘free cash flows’ are determined and how that leads to the actual valuation procedure. Finally, the paper will focus on the terminal value as probably the most important and affecting part of the calculated firm value and its nature as a perpetuity in an investing perspective. The conclusion will finally deal with a critical assessment of the firm valuation process with the FCF method.
Valuation + DCF Model Download
| Author | : McKinsey & Company Inc. |
| Publisher | : John Wiley & Sons |
| Total Pages | : 852 |
| Release | : 2015-08-17 |
| Genre | : Business & Economics |
| ISBN | : 1118873688 |
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McKinsey & Company's #1 best-selling guide to corporate valuation, now in its sixth edition Valuation is the single best guide of its kind, helping financial professionals worldwide excel at measuring, managing, and maximizing shareholder and company value. This new sixth edition provides insights on the strategic advantages of value-based management, complete detailed instruction, and nuances managers should know about valuation and valuation techniques as applied to different industries, emerging markets, and other special situations. The accompanying DCF model download allows you to complete computations automatically for error-free analysis and valuation of real companies. The model ensures that all important measures, such as return on investment capital and free cash flow are calculated correctly, so you can focus on the company's performance rather than computational errors. Valuation lies at the crossroads of corporate strategy and finance. In today's economy, it has become an essential role—and one that requires excellence at all points. This guide shows you everything you need to know, and gives you the understanding you need to be effective. Estimate the value of business strategies to drive better decision making Understand which business units a corporate parent is best positioned to own Assess major transactions, including acquisitions, divestitures, and restructurings Design a capital structure that supports strategy and minimizes risk As the valuation function becomes ever more central to long- and short-term strategy, analysts and managers need an authoritative reference to turn to for answers to challenging situations. Valuation stands ahead of the field for its reputation, quality, and prestige, putting the solutions you need right at your fingertips.
Valuation Approaches and Metrics
| Author | : Aswath Damodaran |
| Publisher | : Now Publishers Inc |
| Total Pages | : 102 |
| Release | : 2005 |
| Genre | : Business & Economics |
| ISBN | : 1601980140 |
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Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
Corporate Valuation Using the Free Cash Flow Method Applied to Coca-Cola
| Author | : Carl McGowan |
| Publisher | : Business Expert Press |
| Total Pages | : 61 |
| Release | : 2014-10-15 |
| Genre | : Business & Economics |
| ISBN | : 1631570307 |
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The value of a corporation is the discounted present value of future cash flows provided by the company to the shareholders. The valuation process requires that the corporate financial decision maker determine the future free cash flow to equity, the short-term growth rate, the long-term growth rate, and the required rate of return based on market beta. This book provides a template for demonstrating corporate valuation using a real company—Coca-Cola. The data used in this book comes from the financial statements of Coca-Cola available on EDGAR. Other data are from SBBI, Yahoo! Finance, the U.S. Bureau of Economic Analysis, Stocks, Bonds, Bills, and Infla-tion, Market Results for 1926–2010, 2011 Yearbook, Classic Edition, Morningstar, and US Department of the Treasury.
Capital Investment & Financing
| Author | : Chris f Agar |
| Publisher | : Elsevier |
| Total Pages | : 444 |
| Release | : 2005-05-06 |
| Genre | : Business & Economics |
| ISBN | : 0080476384 |
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The requirement to maximise value for shareholders is at the core of any corporate investment or financing decision. The intrinsic value of proposed investments should be assessed before deciding how much capital to allocate; the benefits and risks associated with each available source of finance should be considered when capital is being raised; and capital, and any associated financial risks, should be managed in a way that continues to maximise value. At every stage, an analysis should be carried out to ensure the decision is optimal for shareholders and other capital providers.This book provides practical guidance on the application of financial evaluation techniques and methods (mainly covered in Appendices), as well as comprehensive coverage of traditional corporate finance topics, discussed in the context of capital investment, raising and management and financial risk management (using derivatives). Models, formulae and other quantitative techniques are illustrated in over 100 examples (using only basic mathematics). Topics discussed include the following:* business appraisal using financial ratios* corporate valuation (mainly discounted cash flow and real options)*investment appraisal techniques* acquisition structuring and evaluation* the nature of loans and loan agreements* features and pricing of bonds (straight and convertible)* leasing (including leveraged leasing)* equity raising (Initial Public Offerings)* long and short term capital management* basic pricing of derivatives (forwards, futures, options, swaps)* interest rate and currency risk management using derivativesCapital Investment & Financing provides a comprehensive, in-depth coverage of concepts, methods and techniques involved when evaluating acquisitions and other investments, assessing financing opportunities, and managing capital. The core chapters provide practical guidance on key corporate finance topics; the Appendices contain more quantitative material, focusing on pricing techniques. Examples are used throughout, and an integrated case study (fictional) in the final Appendix uses many of the techniques discussed. *Discusses all key areas of corporate investing and financing, focusing on key financial issues *Concise, thorough and technical, it enables to reader to acquire knowledge effectively *Can be used in everyday analysis and decision making
Finance for Strategic Decision-Making
| Author | : M. P. Narayanan |
| Publisher | : John Wiley & Sons |
| Total Pages | : 323 |
| Release | : 2004-04-26 |
| Genre | : Business & Economics |
| ISBN | : 0787974196 |
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Finance for Strategic Decision Making demystifies and clarifies for non-financial executives the basics of financial analysis. It shows how they can make important financial decisions that can critically enhance their institution’s ability to respond to competitive challenges, undertake new projects, overcome financial setbacks, and most importantly, create shareholder value. Written by M. P. Narayanan and Vikram K. Nanda—two of the country’s leading authorities on financial strategy—this book offers a practical guide for using financial analysis to enhance strategicdecision making. The book includes a coherent framework that outlines practical and intellectually sound guidance for executives who must make strategic decisions. Finance for Strategic Decision Making Explains the role of finance in corporate strategy Offers guidance on resource allocation decisions Explores how to determine the right balance of debt and equity capital to maximize firm value Demonstrates how to use payout policy as a strategic tool Clarifies if a merger, acquisition, or divestiture is in the best interest of an organization Shows how to manage risk Reveals how to measure value created and the effectiveness of upper level management
Investment Valuation
| Author | : Aswath Damodaran |
| Publisher | : John Wiley & Sons |
| Total Pages | : 1014 |
| Release | : 2002-01-31 |
| Genre | : Business & Economics |
| ISBN | : 9780471414902 |
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Valuation is a topic that is extensively covered in business degree programs throughout the country. Damodaran's revisions to "Investment Valuation" are an addition to the needs of these programs.
Capital Structure and Corporate Financing Decisions
| Author | : H. Kent Baker |
| Publisher | : John Wiley & Sons |
| Total Pages | : 516 |
| Release | : 2011-05-03 |
| Genre | : Business & Economics |
| ISBN | : 0470569522 |
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A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
