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Capital Structure

Descrição

Mapa Mental sobre Capital Structure, 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
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Resumo de Recurso

Capital Structure
  1. Incremental Cash Flows
    1. Include
      1. Cash Flows
        1. Opportunity Costs
          1. Erosion/Synergy
          2. Ignore
            1. Sunk Costs
              1. Allocated costs
                1. Financing costs
              2. Capital Budgeting
                1. Complications
                  1. Inflation
                    1. Taxation
                      1. Mutually exclusive investments
                    2. Taxation
                      1. Companies pay corporation tax after profits
                        1. Taxable income is not the same as cash flows
                          1. Amount and timing will affect NPV
                          2. Companies can claim depreciation charge against income
                          3. Depreciation vs. Capital Allowance
                            1. Depreciation
                              1. Disallowed for tax
                              2. Capital Allowance
                                1. HMRC grants capital allowance before arriving at taxable profit
                              3. Equivalent Annual Cost
                                1. 2 mutually exclusive investments
                                  1. Transform each investment's cash flows into annuity payments with same PV
                                  2. PV = EAC x Ar^T
                                    1. Ar^t = annuity of £1 for T periods
                                  3. Cash Flows
                                    1. Cash flows from operations
                                      1. Revenues & Expenses
                                        1. Derived from profit/income
                                        2. Cash flows from investments
                                          1. Net capital investment
                                            1. Net working capital
                                          2. Sensitivity and Scenario Analysis
                                            1. Sensitivity Analysis
                                              1. Sensitivity of NPV to changes in underlying assumptions
                                                1. BOP Analysis
                                                  1. Best, Optimistic, Pessimistic
                                                2. Scenario Analysis
                                                  1. Each scenario involves a confluence of factors
                                                    1. Market share and price may decline due to negative market dynamics

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