Cryptography And Politics Essay

418 words - 2 pages

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
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???
ROE = NI/A (theoretically not correct, but widely used)
DSO = AR/(Sales/365) = AR/Sales*365

...view middle of the document...

2% | 8.2% | 7.4% | 6.5% |
WACC | 11% | 11% | 11% | 11% |
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 2013 ROE stays the same even though net margin decreases, because A/E gets higher
in 2014 ROE drops, because both netmrg and a/e decreases
Key driver for ROE is net margin → hypothesis problem in cost of company, need vertical analysis of cost driver to see why costs are rising so fast

Cashflow (example test part 5)

Cashflow Statement

| 2012 | 2013 | 2014 |
NI | 2400 | 2478 | 2525 |
DA | 4386 | 5044 | 5800 |
ΔWCR | -2532 | 2355 | -2849 |
CF from Operations (all above added) | 4253 | 9876 | 5476 |
CF from investing activities | -7927 | -7676 | -8826 |
Dept(+/-) | 100 | 65 | 580 |
Equity | 499 | 0 | 3274 |
Dividend | 0 | -1828 | 0 |
CF from financing activities | 599 | -1763 | 3854 |
Net CF (sum of all CFs) | -2076 | 439 | 504 |
Cash at the beginning | 5000 | 2924 | 3362 |
Cash at the end | 2924 | 3362 | 3867 |

From book:
TCA=Inventories + Accounts Recievables + Marketable securities + Cash
Net Plant & Equipment = Gross P&E-Depreciation
Total Assets = TCA+ Net P&E + Intangible assets

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