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Lernmaterialien für I&F an der TU München

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TESTE DEIN WISSEN
What are the methods to calculate free cashflow? (2)
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TESTE DEIN WISSEN
direct from earnings
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TESTE DEIN WISSEN
What is the market value of equity?
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TESTE DEIN WISSEN
Market value of equity = Market price per share x number of shares outstanding
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TESTE DEIN WISSEN
How do you calculate return on debt with the YTM method?
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TESTE DEIN WISSEN
rd = YTM - default probability(tabelle)*loss rate
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TESTE DEIN WISSEN
what is net debt
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TESTE DEIN WISSEN
debt-(cash+short term investments)
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TESTE DEIN WISSEN
Why would you combine asset ß (ßu) of different firms?
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TESTE DEIN WISSEN
reduce estimation error of the estimated ß for project
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TESTE DEIN WISSEN
How do you determine project feasibility with all equity comparable (PEET)
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TESTE DEIN WISSEN
just use CAPM. if your ri > than ri of comparable, do it
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TESTE DEIN WISSEN
Why should we use Net Debt in our project COC calculation?
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TESTE DEIN WISSEN
cash lowers asset risk, so subtract that to get more accurate risk evaluation
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TESTE DEIN WISSEN
why is pretax WACC (rU) helpful in a taxed world?
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TESTE DEIN WISSEN
pretax WACC(rU) used to evaluate all equity projects with the same risk as the companies assets
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TESTE DEIN WISSEN
what is WACC good for?
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TESTE DEIN WISSEN
evaluate projects with the same risk and capital mix as company assets.
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TESTE DEIN WISSEN
What is the interest tax shield? How is it calculated?
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TESTE DEIN WISSEN
reduction in taxes due to tax deductibility of interest payments. t-shield = tax * interest payment
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TESTE DEIN WISSEN
By what factors is the tax shield influenced?
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marginal tax rate debt outstanding interest rate on that debt risk of firm
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What is capital budget?
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TESTE DEIN WISSEN
investments that the company is planning to undertake
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Q:
What are the methods to calculate free cashflow? (2)
A:
direct from earnings
Q:
What is the market value of equity?
A:
Market value of equity = Market price per share x number of shares outstanding
Q:
How do you calculate return on debt with the YTM method?
A:
rd = YTM - default probability(tabelle)*loss rate
Q:
what is net debt
A:
debt-(cash+short term investments)
Q:
Why would you combine asset ß (ßu) of different firms?
A:
reduce estimation error of the estimated ß for project
Q:
How do you determine project feasibility with all equity comparable (PEET)
A:
just use CAPM. if your ri > than ri of comparable, do it
Q:
Why should we use Net Debt in our project COC calculation?
A:
cash lowers asset risk, so subtract that to get more accurate risk evaluation
Q:
why is pretax WACC (rU) helpful in a taxed world?
A:
pretax WACC(rU) used to evaluate all equity projects with the same risk as the companies assets
Q:
what is WACC good for?
A:
evaluate projects with the same risk and capital mix as company assets.
Q:
What is the interest tax shield? How is it calculated?
A:
reduction in taxes due to tax deductibility of interest payments. t-shield = tax * interest payment
Q:
By what factors is the tax shield influenced?
A:
marginal tax rate debt outstanding interest rate on that debt risk of firm
Q:
What is capital budget?
A:
investments that the company is planning to undertake

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