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카테고리 없음

[가치평가] 3 financial statements in valuation

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<순서>

  1. Revenue to EBITDA
  2. AR, Inventory, AP
  3. PP&E
  4. Capital Structure
  5. Finish Income Statement
  6. Balance Sheet
  7. Cash Flow Statement

 

<구성>

1. Assumption

[Income statement]

1) Revenue Growth (% Change)

2) Cost of Goods Sold (% of Revenue)

3) Fixed Cost (Salary, Rent)

4) Depreciation & Amortization (% of PP&E Open Bal)

5) Interest (% of Debt Open Bal)

6) Tax Rate (% of Earnings Before Tax)

 

[Balance sheet]

1) Accounts Receivable (Days) = AR/Revenue*365

2) Inventory (Days) = Inventory/Cost of Goods Sold*365

3) Accounts Payable (Days) = Accounts Payable/Cost of Goods Sold*365

4) Capital Expenditures

5) Debt Issuance (Repayment)

6) Equity Issued (Repaid)

 

2. Income Statement

1) Revenue -> Revenue Growth (% Change) in Assumption

2) Cost of Goods Sold-> Cost of Goods Sold (% of Revenue) in Assumption

3) Fixed Cost (Salary, Rent)-> Fixed Cost (Salary, Rent) in Assumption

4) Depreciation & Amortization-> Depreciation Schedule

5) Interest-> Debt & Interest Schedule

6) Taxes-> % of Earnings Before Tax using Tax Rate in Assumption

 

3. Balance Sheet

1) Cash -> Closing Cash Balance in CF statement

2) Accounts Receivable-> Accounts Receivable (Days)/365*Revenue

3) Inventory-> Inventory (Days)/365*Cost of Goods Sold (COGS)

4) Property & Equipment-> PP&E Closing in Depreciation Schedule

5) Accounts Payable-> Accounts Payable (Days)*Cost of Goods Sold (COGS)

6) Debt-> Debt Closing in Debt & Interest Schedule

7) Equity Capital-> Previous Equity Capital + Equity Issued (Repaid) in assumption

8) Retained Earning(RE)-> Previous RE + Net Earning in Income statement

 

4. Cash Flow Statement

1) Cash from Operations

1-1) Net Earnings

1-2) Plus: Depreciation & Amortization

1-3) Less: Changes in Working Capital

2) Cash from Investing

2-1) Investments in Property & Equipment

3) Cash from Financing

3-1) Issuance (repayment) of debt

3-2) Issuance (repayment) of equity

4) Net Increase (decrease) in Cash = 1)-2)+3)

5) Opening Cash Balance = From Previous Closing Cash Balance

6) Closing Cash Balance = 4) + 5)

 

5. Supporting schedule

1) Working Capital Schedule

1-1) Accounts Receivable -> Balance Sheet

1-2) Inventory -> Balance Sheet

1-3) Accounts Payable -> Balance Sheet

1-4) Net Working Capital (NWC)-> 1-1)+1-2)-1-3)

1-5) Change in NWC -> Current 1-4) - Previous 1-4)

 

2) Depreciation Schedule

1-1) PP&E Opening -> From Previous PP&E Closing

1-2) Plus Capex-> From Capital Expenditures in Assumption

1-3) Less Depreciation -> PP&E Opening * Depreciation Rate in Assumption

1-4) PP&E Closing -> 1-1) + 1-2) - 1-3)

 

3) Debt & Interest Schedule

1-1) Debt Opening -> From Previous Debt Closing

1-2) Issuance (repayment) -> Debt Issuance (Repayment) in Assumption

1-3) Debt Closing -> 1-1) + 1-2)

1-4) Interest Expense -> Debt Opening * Interest in Assumption

 

6. Chart & Graph

1) Earnings

1-1) Revenue

1-2) Gross Profit

1-3) Earning Before Tax

 

2) Cash Flows

2-1) Operating Cash Flow

2-2) Investing Cash Flow

2-3) Financing Cash Flow