5 Calculating FCFF from Net Income change in noncash working capital e.g., depreciation expenses a.k.a., capex 5... The model assumes that 1 FCFF grows at a constant rate g forever,
Trang 1FCF to the Firm(FCFF) Models
Valuation: 중앙대학교 경영학부 박창헌 교수
Trang 21
FCFF Approach to Valuation
1
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FCFE Approach to Valuation
2
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Free Cash Flow to the Firm (FCFF): Concept
3
Source: Damodaran (p.380)
Trang 54
Free Cash Flow to the Firm (FCFF): Concept
4
Source: Damodaran (p.381)
Trang 65
Calculating FCFF from Net Income
(change in noncash working capital)
(e.g., depreciation expenses)
(a.k.a., capex)
5
Trang 76
Calculating FCFF : Noncash Charges
6
Trang 87
Calculating FCFF: Fixed Capital Investment
7
Trang 98
Calculating FCFF: Fixed Capital Investment
8
Trang 10Calculating FCFF: Fixed Capital Investment
Or, FCInv = ending net PP&E – beginning net PP&E + depreciation = $3,500 - $2,950 + $300 = $850
9
Trang 11Calculating FCFF: Fixed Capital Investment
10
Trang 12Calculating FCFF: Fixed Capital Investment
11
Trang 13Calculating FCFF: Working Capital Investment
12
Trang 14Calculating FCFF: Interest Expense
13
Trang 15Calculating FCFF Using the S/CF
14
Trang 16Calculating FCFF Using the S/CF
15
Trang 1716
Calculating FCFF from EBIT
16
Trang 1817
Calculating FCFF from EBIT
17
Trang 1918
Calculating FCFF from EBITDA
18
Trang 2019
Calculating FCFF from CFO
19
Trang 2120
20
Trang 2221
21
Trang 2322
Calculating FCFF and FCFE (recap)
22
Trang 2423
Calculating FCFF and FCFE: Example
Trang 2524
Calculating FCFF and FCFE: Example
24
Trang 2625
Calculating FCFF and FCFE: Example
25
Trang 2726
Calculating FCFF and FCFE: Example
26
Trang 2827
Calculating FCFF and FCFE: Example
Trang 2928
Calculating FCFF and FCFE: Example
28
Trang 3029
Calculating FCFF and FCFE: Example
29
Trang 3130
Calculating FCFF and FCFE: Example
30
Trang 3231
Free Cash Flows :Uses and Sources
31
Trang 3332
EBITDA Is a Poor Proxy for FCFF
32
Trang 3534
FCFF : Comparison to Other Measures
34
Source: Damodaran (p.382)
Trang 3736
Estimating Growth in FCFF
36
Source: Damodaran (p.382)
Trang 3837
Firms The FCFF Model Best Suited for
37
Source: Damodaran (p.386)
Trang 3938
Problems with the FCFF Model
38
Source: Damodaran (p.387)
Trang 4039
Single-Stage FCFF Model
39
The single-stage FCFF model is useful for stable firms in mature
industries The model assumes that
(1) FCFF grows at a constant rate (g) forever, and
(2) the growth rate is less than the weighted average cost of
capital (WACC)
Trang 4140
Single-Stage FCFF Model
40
Trang 4241
Single-Stage FCFF Model
41
Trang 43Example (1): Single-Stage FCFF Model
42
Trang 4443 43
Example (1): Single-Stage FCFF Model
Trang 4544 44
Example (2): Single-Stage FCFF Model
Source: Damodaran (pp 384-385)
Trang 4645 45
Example (2): Single-Stage FCFF Model
Trang 4746 46
Example (2): Single-Stage FCFF Model
Trang 4847 47
Example (2): Single-Stage FCFF Model
Trang 4948
Two-Stage FCFF Model
Trang 5049
Example: Two-stage FCFF model
49
Trang 5150
Example: Two-stage FCFF model
50
Trang 5251
Example: Two-stage FCFF model
51
Trang 5352
Example: Two-stage FCFF model
52
Trang 5453
Example: Two-stage FCFF model
53
Trang 5554
Dealing with Operating Leases
54
Source: Damodaran (pp 387-389)
Trang 5655
Dealing with Operating Leases
55
Trang 5756
Dealing with Operating Leases
56
Trang 5857
Dealing with Operating Leases
57
Trang 5958
Dealing with Operating Leases
58
Trang 6059
Dealing with Operating Leases
59
Trang 6160
Three-Stage FCFF: Dealing with R&D Capitalization
60
Source: Damodaran (pp 390-391)
Trang 6261
Three-Stage FCFF: Dealing with R&D Capitalization
61
Trang 6362
Three-Stage FCFF: Dealing with R&D Capitalization
62
Trang 6564
Three-Stage FCFF: Dealing with R&D Capitalization
64
Trang 6665
Three-Stage FCFF Model: Samsung Electronic
65
Source: 이채원
Trang 6766
Three-Stage FCFF Model: Samsung Electronic
66
Trang 6867
Three-Stage FCFF Model: Samsung Electronic
67
Trang 6968
Three-Stage FCFF Model: Samsung Electronic
68
Trang 7069
Three-Stage FCFF Model: Samsung Electronic
69
Trang 7170
Three-Stage FCFF Model: Samsung Electronic
70
Trang 7271
Three-Stage FCFF Model: Samsung Electronic
71
Trang 7372
Three-Stage FCFF Model: Samsung Electronic
72
Trang 7473
Three-Stage FCFF Model: Samsung Electronic
73
Trang 7574
Three-Stage FCFF Model: Samsung Electronic
74
Trang 7675
Three-Stage FCFF Model: Samsung Electronic
75
Trang 7776
Three-Stage FCFF Model: Samsung Electronic
76
Trang 7877
Three-Stage FCFF Model: Samsung Electronic
77
Trang 7978
Three-Stage FCFF Model: Samsung Electronic
78
Trang 8079
Three-Stage FCFF Model: Samsung Electronic
79
Trang 8180
Three-Stage FCFF Model: Samsung Electronic
80
Trang 8281
Three-Stage FCFF Model: Samsung Electronic
81
Trang 8382
Three-Stage FCFF Model: Samsung Electronic
82
Trang 8483
Three-Stage FCFF Model: Samsung Electronic
83
Trang 8584
Three-Stage FCFF Model: Samsung Electronic
84
Trang 8685
Three-Stage FCFF Model: Samsung Electronic
85
Trang 8786
Three-Stage FCFF Model: Samsung Electronic
86
Trang 8887
Three-Stage FCFF Model: Samsung Electronic
87
Trang 9089
Three-Stage FCFF Model: Samsung Electronic
89
Trang 9190
Three-Stage FCFF Model: Samsung Electronic
90
Trang 9291
Three-Stage FCFF Model: Samsung Electronic
91
Trang 9392
Three-Stage FCFF Model: Samsung Electronic
92
Trang 9493
Three-Stage FCFF Model: Samsung Electronic
93
Trang 9594
Three-Stage FCFF Model: Samsung Electronic
94
Trang 9695
Three-Stage FCFF Model: Samsung Electronic
95
Trang 9796
Three-Stage FCFF Model: Samsung Electronic
96
Trang 9897
Three-Stage FCFF Model: Samsung Electronic
97
Trang 9998
Three-Stage FCFF Model: Samsung Electronic
98
Trang 10099
Three-Stage FCFF Model: Samsung Electronic
99
Trang 101100
Three-Stage FCFF Model: Samsung Electronic
100
Trang 102101
Three-Stage FCFF Model: Samsung Electronic
101
Trang 103102
Three-Stage FCFF Model: Samsung Electronic
102
Trang 104103
Will Equity Value Be the Same under Firm and Equity Valuation?
Source: Damodaran (pp 396-397)
Trang 105104
Will Equity Value Be the Same under Firm and Equity Valuation?
104
Trang 106105
Will Equity Value Be the Same under Firm and Equity Valuation?
105
Trang 107106
Will Equity Value Be the Same under Firm and Equity Valuation?
106
Trang 108107
Conclusion
107
Source: Damodaran (p 419)
Trang 109108
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