Financial Markets – Fall, 2019 – Oct 17, 2019

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Presentation transcript:

Financial Markets – Fall, 2019 – Oct 17, 2019

Valuation of securities in the real world Cash Flow

Balance Sheet and the “Value of the Firm” Liabilities Assets This is the “Value of the Firm” Net Worth

Net Income Plus Interest Expense and Taxes E B I T Earnings Before: Interest Expense Taxes Net Income Plus Interest Expense and Taxes

EBIT plus Depreciation & Amortization E B I T D A EBIT with Adjustments: Depreciation Amortization EBIT plus Depreciation & Amortization

The Concept of “Free Cash Flow” EBITDA Minus Necessary CAP-EX (necessary capital expenditures)

The End

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