formula

Question 1

cap employed

Answer 1

fixed assets-goodwill+working capital

Question 2

working capital

Answer 2

current assets-current liabilities

Question 3

nopat

Answer 3

(ebitda-maintenance capex)*(1-t)

Question 4

ROCE

Answer 4

nopat/cap employed

Question 5

wacc

Answer 5

[cost of debt(debt/equity+debt) +
cost of equity (equity/equity+debt)]
*(1-t)

Question 6

cost of equity

Answer 6

risk free+beta*market premium

Question 7

market premium

Answer 7

market rate of return of this aaset-stock risk free rate

Question 8

cost of debt

Answer 8

interest expense * (1-t)

Question 9

how to do the dcf

Answer 9

1. make a table with all years and add ebitda, maint capex or D&A, financial costs and taxes -> weiter als letztes jahr
   !!! capex und tax als minus eintragen!!!
   —> residual value=fcf letztes jahr/wacc-g
2. get the sim for each year = FCF
   3.calculate discount factor for predicted each year
   (1/1+wacc)^t
   4.discounted free cashflow = fcfdiscnt.
   -> wieder ein jahr weiter, residual valuediscnt factor letztes jahr
3. in percentage: residual/summe aller discounted CF inkl. zusätzlichem
4. value=sim all discnt CF
5. total value = value + cash-provision
6. market cap = nr shares* price
7. upside= total value/market cap -1
8. margin of safety= (total value-market cap)/total value

Question 10

earnings power value

Answer 10

1. ebit
2. +/- financial costs
3. -taxes = (ebit+fin costs)*effekt. tax rate
4. CF post taxes= ebit+ financial costs-taxes
5. +d&a =maintenance capex
   7.-maint capex
6. adj fcf = cf post taxes + d&a- maintenance capex
7. value= adj fcf * multiple
   !!!! multiple = 1/wacc!!!
   10 total value = value+ cash+non core-provisions-minorities
   11.TP= total value/nr of shares
8. current price
9. upside downside = TP/current price

Question 11

3.effective rate

Answer 11

-average ebit von fixen jahren/average taxes von fixen jahren