Flashcards in Valuation Deck (36)
O que é WACC e como calcula?
É o Custo Ponderado Médio de Capital (Weighted Averaged Cost of Capital).
WACC = Ke * (E/E+D) + Kd*(D/E+D)*(1 - Tax Rate)
O que é tax shield?
É o benefício fiscal de poder deduzir os encargos financeiros no cálculo do imposto de renda
O que é um ativo livre de risco? O que significa a diferença Rm - Rf?
The risk-free rate represents the interest an investor would expect from an absolutely risk-free investment over a specified period of time.
É o retorno de um ativo de risco zero, ou melhor, risco mínimo, e no Brasil costumamos utilizar o Tesouro Selic ou CDI. Sendo a aplicação de menor risco no país e tendo a rentabilidade atrelada à taxa básica de juros da economia.
Significa o prêmio pelo risco de mercado, indica o quanto o mercado paga a mais em relação aos ativos considerados livre de risco.
How do you get to Beta in the Cost of Equity calculation?
You look up the Beta for each Comparable Company (usually on Bloomberg), un-lever each one, take the median of the set and then lever it based on your company’s capital structure. Then you use this Levered Beta in the Cost of Equity calculation.
The formulas for un-levering and re-levering Beta are below:
Un-Levered Beta = Levered Beta / (1 + ((1 - Tax Rate) x (Total Debt/Equity)))
Levered Beta = Un-Levered Beta x (1 + ((1 - Tax Rate) x (Total Debt/Equity)))
Why do you have to un-lever and re-lever Beta?
Keep in mind our “apples-to-apples” theme. When you look up the Betas on Bloomberg (or from whatever source you’re using) they will be levered to reflect the
debt already assumed by each company.
But each company’s capital structure is different and we want to look at how “risky” a company is regardless of what % debt or equity it has.
To get that, we need to un-lever Beta each time.
But at the end of the calculation, we need to re-lever it because we want the Beta used in the Cost of Equity calculation to reflect the true risk of our company, taking into account its capital structure this time.
O que é e como calcula o FCFF?
FCFF = NOPAT + Depreciação – Investimento (CAPEX) (+/-) Δ CAG
FCFF = LL + JUROS (1-t) + Depreciação - capex + WC
NOPAT = EBIT * (1 – t)
Como calcula o FCFE?
É descontado o pagamento da dívida. FCFE = net income + depreciacao - capex (+/-) WC (+/-) saldo da divida
FCFE indica a capacidade da empresa de gerar valor aos seus investidores
Transformação do Fluxo de caixa para o acionista no fluxo de caixa da firma?
FCFE = FCFF + Net Borrowing – Interest Expense (1 – t)
Como calcula o Enterprise Value (EV)?
Enterprise Value = Equity Value + Debt + Preferred Stock + Minority Interest - Cash
In the purchase of a company, an acquirer would have to assume the acquired company’s debt, along with the company’s cash. Acquiring the debt increases the cost to buy the company, but acquiring the cash reduces the cost of acquiring the company.
Why do we add Preferred Stock to get to Enterprise Value?
Preferred Stock pays out a fixed dividend, and preferred stock holders also have a higher claim to a company’s assets than equity investors do. As a result, it is seen as more similar to debt than common stock.
What’s the difference between Equity Value and Shareholders’ Equity?
Equity Value is the market value and Shareholders’ Equity is the book value. Equity Value can never be negative because shares outstanding and share prices can never be negative, whereas Shareholders’ Equity could be any value. For healthy companies,
Equity Value usually far exceeds Shareholders’ Equity.
Why can’t you use Equity Value / EBITDA as a multiple rather than Enterprise Value / EBITDA?
EBITDA is available to all investors in the company – rather than just equity holders. Similarly, Enterprise Value is also available to all shareholders so it makes sense to pair them together.
Equity Value / EBITDA, however, is comparing apples to oranges because Equity Value does not reflect the company’s entire capital structure – only the part available to equity investors.
Como projetar contas a receber, contas a pagar e estoque?
PMR: Contas a Receber/ Receita * 360
PMP: Contas a Pagar/ Cogs *360
Como projetar depreciação e CAPEX?
Could a company have a negative Enterprise Value? What would that mean?
Yes. It means that the company has an extremely large cash balance, or an extremely low market capitalization (or both). You see it with:
1. Companies on the brink of bankruptcy.
2. Financial institutions, such as banks, that have large cash balances.
Authorized shares x Outstanding shares x Floating shares.
Authorized shares have the company's management's approval but have not, yet, been issued to the trading market.
Outstanding shares include those held by shareholders and company insiders.
Floating shares indicate the number of shares available for trading.
The floating stock is a measure that excludes closely-held shares. Closely-held shares are stock shares that are held by company insiders or controlling investors.
Portanto, não são consideradas em circulação as seguintes ações:
- Ações detidas pelo acionista controlador e por pessoas vinculadas a ele
- Ações detidas por administradores da companhia
- Ações em tesouraria
What are Fully Diluted Shares and why it is calculated?
Fully diluted shares are the total number of common shares of a company that will be outstanding and available to trade on the open market after all possible sources of conversion, such as convertible bonds and employee stock options, are exercised,
This number of shares is needed for a company’s earnings per share (EPS) calculations because applying fully diluted shares increases the share basis in the calculation while reducing the dollars earned per share of common stock.
Como calcula o Basic EPS e o Fully Dilluted EPS? O
EPS (for a company with preferred and common stock) = (net income - preferred dividends) ÷ average outstanding common shares
Fully Dilluted EPS = (net income - preferred dividends) ÷ average outstanding common shares + Convertible securities
Let’s say a company has 100 shares outstanding, at a share price of $10 each. It also has 10 options outstanding at an exercise price of $5 each – what is its fully diluted equity value?
Its basic equity value is $1,000 (100 * $10 = $1,000). To calculate the dilutive effect of the options, first you note that the options are all “in-the-money” – their exercise price is less than the current share price.
When these options are exercised, there will be 10 new shares created – so the share count is now 110 rather than 100.
However, that doesn’t tell the whole story. In order to exercise the options, we had to “pay” the company $5 for each option (the exercise price).
***As a result, it now has $50 in additional cash, which it now uses to buy back 5 of the new shares we created.
So the fully diluted share count is 105, and the fully diluted equity value is $1,050.
**Treasury Stock Method - Assumes that the proceeds a company receives from an in-the-money option exercise are used towards repurchasing common shares in the market
O que seria Terminal Value e quais são os métodos usados para calculá-los?
Terminal value (TV) determines a company's value into perpetuity beyond a set forecast period—usually five years.
There are two commonly used methods to calculate terminal value—perpetual growth (Gordon Growth Model) and exit multiple. The former assumes that a business will continue to generate cash flows at a constant rate forever while the latter assumes that a business will be sold for a multiple of some market metric.
Investment professionals prefer the exit multiple approach while academics favor the perpetual growth model.
Em que contexto se supõe que uma empresa pode oferecer perspectiva de crescimento constante? Qual seria taxa de crescimento apropriada?
Quando uma empresa já possui sua capacidade instalada devidamente ocupada, e o crescimento se dá em consonância com a perspectiva de crescimento das empresas maduras nas economias mais desenvolvidas.
Naturalmente, a taxa de crescimento deverá ser pequena.
Normally you use the country’s long-term GDP growth rate, the rate of inflation, or something similarly conservative. For companies in mature economies, a long-term growth rate over 5% would be quite aggressive since most developed economies are growing at less than 5% per year.
Gordon Growth Model
The Gordon Growth Model (GGM) is used to determine the intrinsic value of a stock based on a future series of dividends that grow at a constant rate.
P = D1 / (K – G)
P = D0 (1 + G) / (K – G)
P= Preço do papel ou Valor Teórico da Ação. É o preço justo da ação baseado em seu valor intrínseco.
G = É a taxa de crescimento dos dividendos.
D1 = É o dividendo antecipado do primeiro período, ou o dividendo por ação pago nos próximos 12 meses. Esse D1 é derivado do Do, ou em outras palavras do dividendo passado.
K = É a Taxa do Custo do Capital Próprio.
Obs: Valor do Crescimento tem que ser menor que a taxa de retorno.
The exit multiple assumes that the market multiple basis is a fair method of valuing a business. The value of the business is obtained by multiplying financial metrics such as EBITDA or EBIT by a factor that is common to comparable companies that were recently acquired.
The multiple obtained is then multiplied by the projected EBIT or EBITDA in year N (final year of projection period) to give the future value at the end of year N. The future value (also known as terminal value) is then discounted by a factor equal to the number of years in the projection period.
The value obtained is then added to the present value of the free cash flows to obtain the implied enterprise value.
O que consiste na análise de múltiplos?
Os múltiplos são indicadores extraídos de informações financeiras e de mercado das empresas que podem ser utilizados como parâmetro para a avaliação relativa entre empresas semelhantes.
Quais são os principais múltiplos?
- Dividend Yield
Internal Rate of Return / Taxa Interna de Retorno
A TIR é a taxa de desconto que zera o valor presente líquido dos fluxos de caixa de um projeto, ou seja, faz com que todas as entradas igualem todas as saídas de caixa do empreendimento.
What are some examples of Technology and Retail multiples?
- Technology (Internet): EV / Unique Visitors, EV / Pageviews.
Technology and Energy should be straightforward – you’re looking at traffic rather than revenue or profit.
- Retail / Airlines: EV / EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization & Rent)
For Retail / Airlines, you often remove Rent because it is a major expense and one that
varies significantly between different types of companies.
Precedent Transactions Analysis?
Transactions approach (also called “precedents”), where you compare the company to other companies that have recently sold/been acquired in that industry.
The process begins by looking for other transactions that have happened in (ideally) recent history and are in the same industry, type of company (public, private, etc.), Financial metrics (revenue, EBITDA, net income), geography, company size (revenue, employees, locations), etc .