1、EquityAssets = Liabilities + StockholdersAssets = (Current + Fixed) AssetsNet Working Capital= Current Assets- Current LiabilitiesRevenues - Expenses = IncomeSales or Revenues(-) Cost of goods sold(=) Gross profit 毛利 (-) Administrative/marketing costs 行 政管理 / 營銷成本 , Depreciation 折舊 (=) Operating Pro

2、fit 營業利潤 (-) Interests, Taxes(=) Net income 凈 收 益 (-) Dividends to preferred stocks(=) Earning available to common shareholdersCash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to StockholdersCash Flow From Assets = Operating Cash Flow 營運現金流量-Net Capital Spending 凈資本支出-Cha nges in NW

3、C凈營運資本的變化OCF (l/S營運現金流=EBIT息稅前利潤 + depreciation - taxes = $547NCS 凈資本支出(B/S and I/S) = en di ng net fixed assets - begi nning net fixed assets + depreciation = $130Cha nges in NWC (B/S) = en di ng NWC- begi nning NWC = $330CFFA = 547- 130- 330 = $87CF to Creditors (B/S and I/S) = interest paid- net

4、new borrowing = $24CF to Stockholders (B/S and I/S) = divide nds paid- n et new equity raised = $63CFFA = 24 + 63 = $87Current Ratio 流動比率 = CA / CL 2,256 / 1,995 = 1.13 timesQuick Ratio 速動比率=(CA - Inventory) / CL2,256- 301) / 1,995 = .98 timesCash Ratio 現金比率 = Cash / CL 696 / 1,995 = .35 timesNWC to

5、 Total Assets = NWC / TA (2,256- 1,995) / 5,394 = .05Interval Measure 區間測量 = CA / average daily operating costs 2,256 / (2,006 + 1,740)/365) =219.8 daysTotal Debt Ratio 資產負債率 =(TA - TE) / TA,394- 2,556) / 5,394 = 52.61%Debt/Equity 資本負債率 =TD / TE (5,394- 2,556) / 2,556 = 1.11 timesEquity Multiplier 權

6、益乘數 = TA / TE = 1 + D/E1 + 1.11 = 2.11Long-term debt ratio 長期債務率 = LTD / (LTD + TE)843 / (843 + 2,556) = 24.80%Times Interest Earned 利 息保障倍 數 = EBIT 息稅前利潤 Earnings Before Interest and Tax /Interest 1,138 / 7 = 162.57 timesCash Coverage 現金涵蓋比率=(EBIT + Depreciatio n) / I nterest(1,138 + 116) / 7 = 179

7、.14 timesInventory Turnover 存貨周轉 = Cost of Goods Sold / Inventory2,006 / 301 = 6.66 timesDays' Sales in Inven tor銷售庫存的天數 =365 / Inven tory Turnover365 / 6.66 = 55 daysReceivables Turnover 應收帳款周轉率 =Sales / Accou nts Receivable 5,000 / 956 = 5.23 timesDays' Sales in Receivables = 365 / Receiva

8、bles Turnover365 / 5.23 = 70 daysTotal Asset Turno ver = Sales / Total Assets5,000 / 5,394 = .93It is not unusual for TAT < 1, especially if a firm has a large amount of fixed assetsNWC Turnover = Sales / NWC 5,000 / (2,256- 1,995) = 19.16 timesFixed Asset Turnover = Sales / NFA 5,000 / 3,138 = 1

9、.59 timesProfit Margin 利潤率=Net In come / Sales 689 / 5,000 = 13.78%Retur n on Assets 資產收益率(ROA) = Net In come / Total Assets 689 / 5,394 = 12.77% Retur n on Equity 股本回報率 (ROE) = Net In come / Total Equity 689 / 2,556 = 26.96% PE Ratio市盈率=Price per share 每股價格 / Earnings per share 每股收益 87.65 / 3.61 ti

10、mesMarket-to-book ratio 市價與賬面值比率 =market value per share / book value per share 價 / 每股賬面價值87.65 / (2,556 / 190.9) = 6.55 timesROE = PM * TAT * EM=24.28每股市Future ValuesFV = PV(1 + r)tFV = future valuePV = FV / (1 + r)tPV = prese nt valuer = period interest rate, expressed as a decimal (用小數表示) t = nu

11、mber of periodsPerpetuity 永續年金:PV = C / rAnnuities 年金：PVFVGrowing Annuity 增長年金PVt(1 g)(1 r)永久 PVEAR 1mAPRm1此處均為年利率，有時候給了年利率要換成月、季利率、APR年度成本百分率EAR Effective Annual Rate天利率！ ！ ！ 自己體會！ ！ ！ ！Bo nd Value1 -C1(1 ArFV(1 r)Bond Value = PV of coupons 息票 + PV of par 票面價值Bond Value = PV of annuity 年金 + PV of l

12、ump sum 總金額Curre nt Yield 現價息率=ann ual coup on / priceYield to maturity = curre nt yield + capital gains yield 資本利得收益率(1 + R) = (1 + r)(1 + h), whereR = nominal rater = real rateh = expected in flati on rateApproximation 近似法 R = r + hPD0(i g)0R- gD R- grequired return RD/1g)Dg)gwhere D1/P0 is the di

13、vide nd yield 股息率 and gis the capital gains yield 資本利得收益率average acco unting retur nAAR = Average Net In come/Average Book ValueRe the cost of equityRed1g 見 ppt14 的 9RERfE(E(RM)Rf )Risk-free rate, RfMarket risk premium 市場風險溢價,E(RM) - RfSystematic risk of asset 系統性風險的資產 , Beta wE = E/V = percent financed with equity wD = D/V = percent financed with debtE = market value of equity = # of outst