Cryptography and Politics

In: Computers and Technology

Submitted By deepb
Words 418
Pages 2
NI = Net Income
NOPAT = Net Operating Profit after Tax
FCFF = Free Cashflow to Firm
ΔWCR = Working Capital Requirement
PPE=Fixed Assets (?) (PPE= Property Plant and Equipment)
Investment-> Fixed Assets
AT = Asset Turnover
TA = Total Assets
S = Sales
A = Assets
E=Equity
FCFF=NOPAT+DA+ΔWCR-Investment
WCR = AR+Investment-AP
Watch out! ΔWCR = -ΔWCR(math)
ROA = Return on Assets
WACC = Weighted average Cost of Capital
CAPEX = Capital Expenditure (further??)
???DuPont analysis: ROE = Net Margin*AT*(Asset/Equity)
Accounts Recievables

DE=Total Debt/Equity
ROE = NI/Equity
TA=TCL+E (true?) or TA=TL+E???
L+E-E=TL
L+E=E+TCL+LTD
TCL=AP+STD
TL=TCL+LTD???
AT = S/TA
ROE = NI/A (theoretically not correct, but widely used)
DSO = AR/(Sales/365) = AR/Sales*365

Calculate FCFF (example test part 2)

| 2011 | 2012 | 2013 | 2014 | NOPAT | 2480 | 2561 | 2631 | | DA | 4385 | 5044 | 5800 | | WCR | -1000 | 1532 | -823 | 2026 | ΔWCR | -2532 | 2355 | -2849 | | Investments | -6927 | -7676 | -8826 | | FCFF | -2594 | 2284 | -3244 | |

Compare ROA and WACC and Discuss (example test part 3)

| 2011 | 2012 | 2013 | 2014 | ROA | 9.2% | 8.2% | 7.4% | 6.5% | WACC | 11% | 11% | 11% | 11% |
Third?!???
Company is losing profitability
Company is destroying value

Discuss Why ROE is changing (example test part 4)

| 2011 | 2012 | 2013 | 2014 | ROE | 13.3% | 12% | 12% | 9.5% | Net Margin | 15.3% | 13.9% | 12.5% | 11% | AT | 0.6 | 0.59 | 0.59 | 0.59 | A/E | 1.46 | 1.46 | 1.64 | 1.46 |

In 2012 ROE decreases because of net margin
In…...

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