《公司理财第6讲Lecture5股票定价(III)(资本成本以后再讲)》-公开课件.pptVIP

CM,HUST Lecture 5 股票价值评估 (III) * Yixia Wang * CM,HUST 内容提要 自由现金流贴现法 EVA 对应章节：第17章 * Yixia Wang * CM,HUST * Yixia Wang * CM,HUST Earnings and FCF Based on earnings, this firm seems to be paying out more than it taks in. HOwever, these results are misleading because earnings do not reveal the amount the firm has available for distribution to shareholders and debt holders. The real measure is Free Cash Flow. Free Cash Flow (FCF) signals a company’s ability to pay debt, pay distributions, buy back stock and facilitate the growth of business-all important undertakings from an investor’s prespective. * Yixia Wang * CM,HUST Free Cash Flow Valuation 自由现金流（Free Cash Flow）：经营活动现金流量减去维持公司现有生产能力所需的资本支出额后，公司能够产生的额外现金流量。这部分现金流量是在不影响企业持续发展的前提下，可供分配给企业资本供应者的最大现金额。 Free cash flow to the firm (FCFF)（公司整体自由现金流）: the cash flow available to the company’s supplier of capital （含股东和债权人）after all operating expenses (including taxes) have been paid and the operating investments have been made. Free cash flow to equity (FCFE)（权益自由现金流）: the cash flow available to the company’s common equity holders after all operating expenses , interests and principle payments have been paid and the operating investments have been made. * Yixia Wang * CM,HUST Why Free Cash Flow is Important？ In the absence of decent free cash flow, companies are unable to sustain earnings growth. An insufficient FCF for earnings growth can force a company to boost its debt levels. A company wihout sufficient FCF may not have the liquidility to stay in business. * Yixia Wang * CM,HUST Calculation of FCFF (from Net income) FCFF=Net income available to common shareholders Plus: net noncash charges Plus: interest expenses ×(1-tax rate) Less: Investment in fixed assets Less: investment in working capital FCFF=NI+NCC+Int(1-tax rate)-FCInv-WCinv ＝净利润＋非现金的支出＋税后的利息支付 －固定资产投资－净营运资金的投资 * Yixia Wang * CM,HUST Calculation of FCFF (fr