Copiar e Editar

Valuation

Descrição

Mapa Mental sobre Valuation, criado por alex.walker em 02-06-2014.
alex.walker
Mapa Mental por alex.walker, atualizado more than 1 year ago
alex.walker
Criado por alex.walker mais de 11 anos atrás
22
1
0

Resumo de Recurso

Valuation
  1. Financial Management Decisions
    1. Main Objective - Maximising wealth for owners
      1. Determining value and managing funds
        1. Value Creation
          1. Investment Decisions
            1. Capital Allocation
            2. Financing Decisions
              1. Capital Structure
                1. Debt vs. Equity
                  1. Working Capital
                2. Shareholders Reward
                  1. Dividend Decisions
                3. Creating Value
                  1. Buy assets which generate more cash they they cost
                    1. Sell bonds/stocks/other financial instruments that raise more cash than they cost
                    2. Implications of using Cash Flows
                      1. Timing
                        1. £1 today is worth more than £1 received next year
                        2. Risk
                          1. Amount/Timings of cash flows are not known with certainty
                        3. Present Value
                          1. PV = FVt ÷ (1+r)
                            1. FV = Future Value
                              1. Future Value of multi-period case = PV (1+r)^t
                              2. r = Investment Discount Rate
                                1. Interest rate used to calculate present value of future cash flows
                              3. Value today of a future cash flow
                                1. Reflects time value of money, riskiness of the asset and inflation
                                  1. Market Value of Asset = PV of all future Cash flows
                                    1. NPV
                                      1. PV of cash flows from asset or investment
                                        1. Companies seek to undertake investment when NPV>0
                                        2. PV of common shares
                                          1. Shares have no maturity
                                        3. Bonds
                                          1. Legally binding debt agreement
                                            1. Specifies size and timing of cash flow payments
                                              1. Coupon payments made at coupon rate, annually or semi-annually over life of bond
                                                1. Bond matures -> principal is paid
                                                2. Coupon rate
                                                  1. If coupon rate = market interest rate, bond sells at face value
                                                    1. If coupon rate < market interest rate, bond sells at a discount
                                                      1. If coupon rate > market interest rate, bond sells at a premium
                                                      2. Types of Bonds
                                                        1. Treasury
                                                          1. Zero coupon
                                                            1. Floating rate, inflation linked
                                                              1. Perpetual bonds
                                                                1. Convertible Bonds
                                                                  1. Callable/puttable bonds
                                                                  2. Yield to Maturity
                                                                    1. Annualised discount rate for a bond
                                                                      1. Discount which market is prepared to purchase a bond's future cash flows
                                                                      2. IRR of the bond

                                                                    Quer criar seus próprios Mapas Mentais gratuitos com a GoConqr? Saiba mais.

                                                                    Semelhante

                                                                    Asset Valuation
                                                                    Ricardo Araújo
                                                                    Explore a Biblioteca