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Catégorie :Category: nCreator TI-Nspire
Auteur Author: 2B9877U
Type : Classeur 3.0.1
Page(s) : 1
Taille Size: 3.01 Ko KB
Mis en ligne Uploaded: 06/04/2025 - 18:08:15
Uploadeur Uploader: 2B9877U (Profil)
Téléchargements Downloads: 1
Visibilité Visibility: Archive publique
Shortlink : http://ti-pla.net/a4565012
Type : Classeur 3.0.1
Page(s) : 1
Taille Size: 3.01 Ko KB
Mis en ligne Uploaded: 06/04/2025 - 18:08:15
Uploadeur Uploader: 2B9877U (Profil)
Téléchargements Downloads: 1
Visibilité Visibility: Archive publique
Shortlink : http://ti-pla.net/a4565012
Description
Fichier Nspire généré sur TI-Planet.org.
Compatible OS 3.0 et ultérieurs.
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FCF Levered FCF = Cash Flow from Operations Net Capex Debt Repayments. Unlevered FCF = EBIT(1-t) -Dep-Capex-Change in NWC Adjust it: add back stock based compensation and lease expense if taken off Also compare FCF before acquisition to post M&A on that year. Check Conversion : FCF/Net income : What % of net income converts to cash? If theres a large gap, investigate reasons (e.g., heavy working capital requirements not a lot of non cash exepenses,...). Capex Compare Capex to sales. If > 20% for several years, the company is capital intensive. This might reduce flexibility during downturns. Working Capital Movements does it costs or earns(positive) to grow? Over a long term is it working capital neutral? If it is earning check to make sure they can pay it all and AP are not pilling up. Are they generating cash as they grow even without being profitable? If unprofitable, need to grow to stay solvent. does growth at least generate positive cash flow from operations? Does growth require massive investments in receivables or inventory? A business that generates cash as it grows (negative working capital that remains stable) can be attractive, but if growth reverses, that can become a risk. Acquisitions ( Business Combinations , effect of changes in the scope of consolidation ) Check if the company uses M&A to grow vs. organic investments in factories, tech, etc. Check how much of the growth is organic vs inorganic, Large acquisition spend may inflate reported growth. 4. Valuation & Market Considerations Dividend Yield (Div/Price) If 10-year Treasuries yield ~4.3%, a 2% dividend might look less attractive to income-focused investors. IFRS vs. Adjusted Results Companies might publish underlying or adjusted EBITDA/earnings, excluding various items (e.g., restructuring costs, severance, Stock based compensation). Investigate if these exclusions are recurring and whether they mask ongoing costs. If a difference between IFRS and the results shown is high then artsy P/E Dont obsess over short-term P/E if its a true growth business; future compounding might justify a higher multiple, in future is maybe adiscount. DCF, stuff you have a visibility on are the inputs that have the least amount of impact on the value you get, most value is in things you have no idea of or factual way to prove like the rf (who knows what that will be) the TV growth rate, the risk premium. The tariffs can change the rf. The drivers are not the earnings rates in the next five years, but these others. Sell-side analysts often back-engineer DCF assumptions match a target price. Focus on fundamentals. Made with nCreator - tiplanet.org
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Compatible OS 3.0 et ultérieurs.
<<
FCF Levered FCF = Cash Flow from Operations Net Capex Debt Repayments. Unlevered FCF = EBIT(1-t) -Dep-Capex-Change in NWC Adjust it: add back stock based compensation and lease expense if taken off Also compare FCF before acquisition to post M&A on that year. Check Conversion : FCF/Net income : What % of net income converts to cash? If theres a large gap, investigate reasons (e.g., heavy working capital requirements not a lot of non cash exepenses,...). Capex Compare Capex to sales. If > 20% for several years, the company is capital intensive. This might reduce flexibility during downturns. Working Capital Movements does it costs or earns(positive) to grow? Over a long term is it working capital neutral? If it is earning check to make sure they can pay it all and AP are not pilling up. Are they generating cash as they grow even without being profitable? If unprofitable, need to grow to stay solvent. does growth at least generate positive cash flow from operations? Does growth require massive investments in receivables or inventory? A business that generates cash as it grows (negative working capital that remains stable) can be attractive, but if growth reverses, that can become a risk. Acquisitions ( Business Combinations , effect of changes in the scope of consolidation ) Check if the company uses M&A to grow vs. organic investments in factories, tech, etc. Check how much of the growth is organic vs inorganic, Large acquisition spend may inflate reported growth. 4. Valuation & Market Considerations Dividend Yield (Div/Price) If 10-year Treasuries yield ~4.3%, a 2% dividend might look less attractive to income-focused investors. IFRS vs. Adjusted Results Companies might publish underlying or adjusted EBITDA/earnings, excluding various items (e.g., restructuring costs, severance, Stock based compensation). Investigate if these exclusions are recurring and whether they mask ongoing costs. If a difference between IFRS and the results shown is high then artsy P/E Dont obsess over short-term P/E if its a true growth business; future compounding might justify a higher multiple, in future is maybe adiscount. DCF, stuff you have a visibility on are the inputs that have the least amount of impact on the value you get, most value is in things you have no idea of or factual way to prove like the rf (who knows what that will be) the TV growth rate, the risk premium. The tariffs can change the rf. The drivers are not the earnings rates in the next five years, but these others. Sell-side analysts often back-engineer DCF assumptions match a target price. Focus on fundamentals. Made with nCreator - tiplanet.org
>>
