TECHNIQUES OF FINANCIAL ANALYSIS, 10th Edition by ERICH A. HELFERT
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© Modernsoft Inc., 1999
All rights reserved
READMEREADME
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Chapter 1: The Business System - An Overview Income Statement
Key Assumptions Balance Sheet Cash Flow 12 The Business System
Volume (units) 1,000 NewFixed costs 2,000 investmentVariable costs - % sales 70% 1,230Depreciation - % fixed assets 5% Depreciation
25% effect Dis-investmentCurrent liabilities - % costs 15% 400 Investment 250Capital expenditures 750 baseDis-investment 250 8,900
10% Work cap. change Investment change Cap. ExpendituresTax rate 40% 480 580 750Dividend payout 60%Debt/equity ratio - targeted 60%Debt as % of capitalization 37%
Price VolumeIncome Statement Period 1 12 Costs 1,000Sales 12,000 (fixed & variable)Costs 10,400 10,800Depreciation 400Operating profit (EBIT) 1,200Interest 343Profit before taxes 857Taxes 343 Operating profit InterestNet income 514 Dividends after taxes (tax adjusted)Dividends 309 309 720 206Retained earnings 206
Retainedearnings
Balance Sheet Base Period Period 1 206Current assets 2,500 3,000Fixed assets 8,000 8,100 Shareholders'Assets 10,500 11,100 equity Long-term debt
5,925 3,555Current liabilities 1,600 1,620 Change in stock Funds surplus Change in debtLong-term debt 3,300 3,555 119 (deficit) 255Shareholders' equity 5,600 5,925 -191Liabilities and equity 10,500 11,100 Funding
potentialWorking capital 900 1,380 389Capitalization 8,900 9,480
Cash Flow StatementOperating Activities:Net income 514Depreciation 400Change in working capital -480Cash provided by operating activites 434
Investing Activities:Capital expenditures -750Dis-investments 250Cash (used in) investing activities -500
Financing Activities:Debt proceeds (repayments) 255Dividends paid -309Stock proceeds (repurchase) 119Cash from financing activites 66
Change in cash 0
© Modernsoft Inc., 1999All rights reserved
Operations: Price (per unit)
Investment: Current assets - % sales
Financing: Interest rate
-1,000 -500 0 500 1,000 1,500
-750
250
-480
914
255
119
-309
Cash Flow
Income (cash basis)
Uses Sources
Working capital
Capital expenditures
Dis-investments
Proceeds from debt
Proceeds from stock
Dividends
OperatingInvesting Financing
Investment
Financing
Operations
Chapter 3: System View of Key Ratios and their Elements
Key Assumptions Income Statement / Balance Sheet Ratios Chart Cash Flow Statement
Key Assumptions EBITOperations: margin
Price (per unit) 12 10.0% OperatingVolume (units) 1,000 Operating decisions profit marginFixed costs 2,000 Income tax 6.0%Variable costs - % sales 70% rate
Investment: 40.0% Return onCurrent assets - % sales 25% investmentCurrent liabilities - % sales 15% 7.74%Capital expenditures 750 Working capitalDis-investment 250 turnoverDepreciation % fixed assets 5% 10.0 Capital
Financing: Investment decisions turnoverInterest rate 10% Fixed asset 1.3 Tax rate 40% turnoverDividend payout 60% 1.5 Return on equityDebt/equity ratio - targeted 60% (ROE)Debt as percent of capitalization 37% 8.88%
Long-term Debt proceedsIncome Statement Period 1 debt 188Sales 12,000 3,488 Leverage Net leverageCosts 10,400 Financing decisions proportions contributionDepreciation 400 Payout/ 60.0% 1.14%Operating profit (EBIT) 1,200 retention Stock proceeds Interest rateInterest 339 40.0% 6 after taxProfit before taxes 861 Equity Ret. earnings 5.84%Taxes 344 5,813 207 "Spread"Net income 516 1.90%Dividends 310Retained earnings 207
Balance Sheet Base Period Period 1 Note: For purposes of illustration, all calculations in the chart aboveCurrent assets 2,500 3,000 (except for interest expense/rate) are based on year end balances.Fixed assets 8,000 8,100Assets 10,500 11,100 In practice, using average balance might be more appropriate.
Current liabilities 1,600 1,800Long-term debt 3,300 3,488Shareholders' equity 5,600 5,813Liabilities and equity 10,500 11,100
Working capital 900 1,200Capitalization 8,900 9,300
Cash Flow Statement
Operating Activities:Net income 516Depreciation 400Change in working capital -300Cash provided by operating activites 616
Investing Activities:Capital expenditures -750Dis-investments 250Cash (used in) investing activities -500
Financing Activities:Debt proceeds (repayments) 188Dividends paid -310Stock proceeds (retirements) 6Cash from financing activites -116
Change in cash 0© Modernsoft Inc., 1999All rights reserved
Chapter 4: Projection of Financial Requirements - Cash Budgets
Key Assumptions Accounts Receivable Pro forma income statements
Cash Budget by Month Inventory Analysis Pro forma balance sheets
Collection Pattern - Sales Accrued Liabilities
KEY ASSUMPTIONS Aug Sep (e) Oct Nov Dec Jan Current sales and forecast 1,925,000 2,050,000 2,175,000 2,300,000 2,450,000 2,625,000
Current purchases and forecast 750,000 675,000 650,000 650,000 650,000 650,000 Terms: net (days) 45 45 45 45
63 60 50 50 40 40 31 30 20 31
Materials usage 825,000 825,000 825,000 825,000 Wages and salaries (paid as incurred) 215,000 215,000 215,000 215,000 Other manufacturing expenses (paid as incurred) 420,000 420,000 420,000 420,000 Depreciation 43,000 43,000 43,000 43,000 Cost of goods sold as percent of sales 70.0% 70.0% 70.0% 70.0% Selling and administrative expenses % sales 15.0% 15.0% 14.0% 14.0% Payments on note payable 750,000 Interest due 300,000 Dividends payable 25,000 25,000 Income taxes due 375,000 Income tax rate 50.0% 50.0% 50.0% 50.0%
XYZ COMPANY Cash Budget by Month Six Months Ended March 31, 2002 ($000's)
Oct Nov Dec Jan Cash receipts:
Collections 2,608 2,092 2,983 2,400
Cash disbursements: Payments for purchases 1.50 months lag 713 663 650 650 Wages 215 215 215 215 Other expenses 420 420 420 420 Selling and administrative expense 326 345 343 368 Note repayments - 750 - - Interest payments - - - 300 Dividend payments 25 - - 25 Tax payments - - - 375
Total disbursements 1,699 2,393 1,628 2,353
Net cash receipts (disbursements) 910 (301) 1,355 48
Cumulative cash flow 910 609 1,964 2,012
Collection Pattern - Sales ($000's) Month of sale
Timing of collections Days Aug Sep Oct Nov Dec Jan Oct. 1-10 60 642 - - Oct. 11-20 60 642 - - Oct. 21-31 50 642 683 - Nov. 1-10 50 - 683 - - Nov. 11-20 50 - 683 - -
Collection period (days):Date change effective (e.g. 31 = 31st of month )
Nov. 21-30 50 - - 725 - Dec. 1-10 50 - 725 - - Dec. 11-20 40 - 725 767 - Dec. 21-31 40 - - 767 - Jan. 1-10 40 - 767 - - Jan. 11-20 40 - - 817 - Jan. 21-31 40 - - 817 - Feb. 1-10 40 - 817 - Feb. 11-20 40 - - 875 Feb. 21-28 40 - - 875 Mar. 1-10 40 - 875 Mar. 11-20 40 - - Mar. 21-31 40 - -
Accounts Receivable ($000's) % $000's
August sales 100.0% 1,925 September sales 100.0% 2,050
Sept. 30, 2001 3,975 60 days
October sales 0.0% - November sales 33.3% 767 December sales 100.0% 2,450
Dec. 31, 2001 3,217 40 days
January sales 0.0% - February sales 33.3% 917 March sales 100.0% 2,850
March 31, 2002 3,767 40 days
Inventory Analysis ($000's)
12/31/2001 3/31/2002 Raw materials: Beginning balance (ending 9/30/01) 3 month average 2,725 2,725 6 month average Purchases 650 per mo. 1,950 3,900 650
4,675 6,625 Withdrawals 825 per mo. 2,475 4,950 825 Ending balance 2,200 1,675
Finished goods: Beginning balance (ending 9/30/01) 3 month average 6,420 6,420 6 month average Materials 825 per mo. 2,475 4,950 825 Wages 215 per mo. 645 1,290 215 Other expenses 420 per mo. 1,260 2,520 420 Depreciation 43 per mo. 129 258 43
10,929 15,438 Cost of goods sold reported 4,848 10,605 Ending balance 6,082 4,833
Accrued Liabilities ($000's)
12/31/2001 3/31/2002
Beginning balance (ending 9/30/01) 2,875 2,875 Accrued interest 75 150 Accrued taxes (income statement) 494 1,171
3,444 4,196 Interest payment - 300 Tax payment - 375 Balance shown 3,444 3,521
XYZ COMPANY Pro Forma Income Statements ($000's)
3 months ended 6 months ended 12/31/2001 3/31/2002
Sales 6,925 15,150 Cost of goods sold 4,848 10,605 Gross margin 2,078 4,545 Selling and administrative 1,014 2,054 Interest 75 150 Assume annual interest of Profit before taxes 988 2,341 Income taxes 494 1,171 Net income 494 1,171 Net income: 1/1/02 - 3/31/02
XYZ COMPANY Pro Forma Balance Sheets ($000's)
9/30/01 (e) 12/31/2001 3/31/2002 Cash 740 2,704 4,035 Accounts receivable 3,975 3,217 3,767 Raw materials 2,725 2,200 1,675 Finished goods 6,420 6,082 4,833 Plant and equipment (net) 7,210 7,081 6,952 Other assets 1,730 1,730 1,730
Total assets 22,800 23,013 22,991
Accounts payable 1,050 975 975 45 Notes payable 4,120 3,370 2,620 Accrued liability 2,875 3,444 3,521 Long-term debt 5,250 5,250 5,250 Preferred stock 1,750 1,750 1,750 Common stock 5,000 5,000 5,000 Retained earnings 2,755 3,224 3,876
Total liabilities 22,800 23,013 22,991
Collections calculation:
Lag Sales Sales 000's Collectx Change Date 10 Aug. 1-10 641,667 641.7 20 Aug. 11-20 641,667 641.7 30 Aug. 21-31 641,667 641.7 40 Sep. 1-10 683,333 683.3 60.0 50 Sep. 11-20 683,333 683.3 60.0 60 Sep. 21-30 683,333 683.3 60.0 70 10 Oct. 1-10 725,000 725.0 50.0 31 10 80 20 Oct. 11-20 725,000 725.0 50.0 31 20 90 40 Oct. 21-31 725,000 725.0 50.0 31 31 100 50 Nov. 1-10 766,667 766.7 50.0 30 10 110 60 Nov. 11-20 766,667 766.7 50.0 30 20 120 70 Nov. 21-30 766,667 766.7 50.0 30 31 130 80 Dec. 1-10 816,667 816.7 40.0 20 10 140 100 Dec. 11-20 816,667 816.7 40.0 20 20 150 110 Dec. 21-31 816,667 816.7 40.0 20 31 160 120 Jan. 1-10 875,000 875.0 40.0 31 10 170 130 Jan. 11-20 875,000 875.0 40.0 31 20 180 140 Jan. 21-31 875,000 875.0 40.0 31 31 190 150 Feb. 1-10 916,667 916.7 40.0 28 10 200 160 Feb. 11-20 916,667 916.7 40.0 28 20 210 170 Feb. 21-28 916,667 916.7 40.0 28 31 220 180 Mar. 1-10 950,000 950.0 40.0 31 10 230 190 Mar. 11-20 950,000 950.0 40.0 31 20 240 200 Mar. 21-31 950,000 950.0 40.0 31 31 250 250 260 260 270 270 280 280 290
10 20
Collection all preceding periods; fill in gaps 30 in sequencing (10-40) 40
50
Lag Diff Lag Calc Lag 1 Lag 2 Lag 3 Lag 4 60 10 10 10 10 - - - 70 20 10 20 20 - - - 80 40 20 30 30 40 - - 90 50 10 50 50 - - - 100 60 10 60 60 - - - 110 70 10 70 70 - - - 120 80 10 80 80 - - - 130 100 20 90 90 100 - - 140 110 10 110 110 - - - 150 120 10 120 120 - - - 160 130 10 130 130 - - - 170 140 10 140 140 - - - 180 150 10 150 150 - - - 190
160 10 160 160 - - - 200
170 10 170 170 - - - 210
180 10 180 180 - - - 220
190 10 190 190 - - - 230
200 10 200 200 - - - 240
Payment of purchases - 30 60 90 120 150 180 July (e) Aug Sep (e) Oct Nov Dec Jan Feb
750,000 750,000 675,000 650,000 650,000 650,000 650,000 650,000
- - 45 45 45 45 45
payment 712,500 662,500 650,000 650,000 650,000
1 2 3 4 5 vlookup Terms: - 1 2 3 Month lag
15 0.5000 0.5000 30 1.0000 45 0.5000 0.5000 15 60 1.0000 90 1
Pro forma income statements
Pro forma balance sheets
Feb Mar 2,750,000 2,850,000
650,000 650,000 45 45
40 40 28 31
825,000 825,000 215,000 215,000 420,000 420,000 43,000 43,000
70.0% 70.0%12.0% 12.0%
750,000
50.0% 50.0%
Feb Mar Total
2,567 2,708 15,358
650 650 3,975 215 215 1,290 420 420 2,520 330 342 2,054 750 - 1,500 - - 300 - - 50 - - 375 2,365 1,627 12,064
202 1,081 3,295
2,213 3,295
Feb Totals: 15,358
2,608
2,092
2,983
2,400
- - 2,567 - - 917 2,708 917
6 month average per mo.
per mo.
6 month average per mo. per mo. per mo. per mo.
Assume annual interest of 300
Net income: 1/1/02 - 3/31/02 677
days
© Modernsoft Inc., 1999All rights reserved
Change? Collect
60 60 60 Aug Sep Oct Nov Dec Jan Feb
- 60 Oct. 1-10 642 - - - 60 Oct. 11-20 642 - - 1 50 Oct. 21-31 642 683 - - 50 Nov. 1-10 - 683 - - - 50 Nov. 11-20 - 683 - - 1 50 Nov. 21-30 - - 725 - - 50 Dec. 1-10 - 725 - - 1 40 Dec. 11-20 - 725 767 - - 40 Dec. 21-31 - - 767 - - 40 Jan. 1-10 - 767 - - - 40 Jan. 11-20 - - 817 - 1 40 Jan. 21-31 - - 817 - - 40 Feb. 1-10 - 817 - - - 40 Feb. 11-20 - - 875 - 1 40 Feb. 21-28 - - 875 - - 40 Mar. 1-10 - 875 - - 40 Mar. 11-20 - - 917 1 40 Mar. 21-31 - - 917
10 20 30 40 50 60 70 80 90 Sales: 642 642 642 683 683 683 725 725 725
Aug. 1-10 Aug. 11-20 Aug. 21-31 Sep. 1-10 Sep. 11-20 Sep. 21-30 Oct. 1-10 Oct. 11-20 Oct. 21-31 Aug. 1-10
Aug. 11-20
Aug. 21-31
Sep. 1-10
Sep. 11-20
Sep. 21-30
Oct. 1-10 641.7 - - - - - - - - Oct. 11-20 - 641.7 - - - - - - - Oct. 21-31 - - 641.7 683.3 - - - - - Nov. 1-10 - - - - 683.3 - - - - Nov. 11-20 - - - - - 683.3 - - - Nov. 21-30 - - - - - - 725.0 - - Dec. 1-10 - - - - - - - 725.0 - Dec. 11-20 - - - - - - - - 725.0 Dec. 21-31 - - - - - - - - - Jan. 1-10 - - - - - - - - - Jan. 11-20 - - - - - - - - - Jan. 21-31 - - - - - - - - - Feb. 1-10 - - - - - - - - -
Feb. 11-20 - - - - - - - - -
Feb. 21-28 - - - - - - - - -
Mar. 1-10 - - - - - - - - -
Mar. 11-20 - - - - - - - - -
Mar. 21-31 - - - - - - - - -
210 Mar
650,000 Purchases 45 Terms 650,000
100 110 120 130 140 150 160 170 180 190 767 767 767 817 817 817 875 875 875 917 Nov. 1-10 Nov. 11-20 Nov. 21-30 Dec. 1-10 Dec. 11-20 Dec. 21-31 Jan. 1-10 Jan. 11-20 Jan. 21-31 Feb. 1-10
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 766.7 - - - - - - - - - - 766.7 - - - - - - - - - - 766.7 - - - - - - - - - - 816.7 - - - - - - - - - - 816.7 - - - - - - - - - - 816.7 - - - -
- - - - - - 875.0 - - -
- - - - - - - 875.0 - -
- - - - - - - - 875.0 -
- - - - - - - - - 916.7
- - - - - - - - - -
200 210 220 230 240 917 917 950 950 950 Feb. 11-20 Feb. 21-28 Mar. 1-10 Mar. 11-20 Mar. 21-31
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - -
- - - - -
- - - - -
- - - - -
916.7 - - - -
Chapter 5: Break-Even Analysis Key Assumptions Profit and Losses as a Function of Volume Changes
Operating Break-Even Chart
Key Assumptions Contribution per unit
Revenue 750
Variable costs 250
Contribution 500
Fixed costs 200
Break-even volume 400
Profits and losses as a function of volume changes of 25.0%
Profits and Losses as a Function of Volume Changes of 25.0%
Volume Increase Profits Increase 400 - 500 25.0% 50,000 625 25.0% 112,500 125% 781 25.0% 190,625 69% 977 25.0% 288,281 51% 1,221 25.0% 410,352 42%
Volume Decrease Losses Decrease 400 25.0% - 300 25.0% 50,000 225 25.0% 87,500 75% 169 25.0% 115,625 32% 127 25.0% 136,719 18% 95 25.0% 152,539 12%
0 100 200 300 400 500 600 700 800 900 1000 1100 1200
-
100
200
300
400
500
600
700
800
900
1,000
200
Operating Break-Even Chart
Total revenue
Variable costs
Fixed costs
Volume
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Profit and Losses as a Function of Volume Changes Operating Break-Even Chart
© Modernsoft Inc., 1999
All rights reserved
0 100 200 300 400 500 600 700 800 900 1000 1100 1200
-
100
200
300
400
500
600
700
800
900
1,000
200
Operating Break-Even Chart
Total revenue
Variable costs
Fixed costs
Volume
$ T
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an
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Volume Revenue Variable Fixed0 - 200 200
100 75 225 200 200 150 250 200 300 225 275 200 400 300 300 200 500 375 325 200 600 450 350 200 700 525 375 200 800 600 400 200 900 675 425 200
1000 750 450 200 1100 825 475 200 1200 900 500 200
Chapter 5: Basic Financial Growth Model
Key Assumptions
Net assets (capitalization) 500.0 Results Sustainable Growth Equation Debt as percent of capitalization 50.0% Income Statement The Business System - Overview Gross return on net assets 10.0% Balance Sheet Cash Flow (graph) Interest rate (before tax) 6.0% Cash Flow Statement Tax rate 33.3%
Dividend payout 0.0%
Capital structure:
Debt as percent of capitalization 50.0%
Debt to equity ratio 100.0%
Debt 250.0 ROS Equity 250.0 20.0% Net assets (capitalization) 500.0 Debt to equity x
ROC 100.0% Sustainable Sales / assetsProfitability (after taxes): 10.0% x growth rate 40.0% Gross return on net assets 10.0% x + = = x Amount of profit 50.0 Retention rate 6.0% 16.0% Financial leverage Interest rate (before tax) 6.0% 100.0% x 200.0% Tax rate 33.3% Retention rate x Interest rate (tax-adjusted) 4.0% 100.0% Retention rate Amount of interest (tax-adjusted) 10.0 100.0% Profit after interest 40.0
Disposition of profit:
Dividend payout 0.0% The Business System Dividends paid - Reinvestment of profit 40.0
105Financing: Additional debt 40.0 Funding potential 80.0 25 #REF!
Cash flow implications: 500 Amount of aftertax profit 40.0 Work cap. change Investment change Cap. Expenditures Depreciation effect 25.0 80 Cash flow from operations 65.0 Dividends paid - Cash flow available for reinvestment 65.0 Additional debt 40.0 Total investment potential 105.0
Results: Net return on net assets 8.0% Return on equity 16.0% Growth in equity 16.0%
Income Statement Period 1Sales 200Costs 100Depreciation 25Operating profit 75 0 50 10Interest 15Income before taxes 60Taxes 20Net income 40 40Dividends 0Retained earnings 40
Balance Sheet Period 0 Period 1 290 290Current assets Change in stock Funds surplus Change in debtFixed assets 0 (deficit) 40Assets 500 580 0
Current liabilitiesLong-term debt 250 290 80Shareholders' equity 250 290Liabilities and equity 500 580
Working capitalCapitalization 500 580
Cash Flow StatementOperating Activities:Net income 40Depreciation 25Change in working capitalCash provided by operating activites 65
Investing Activities:Capital expenditures -105Dis-investmentsCash (used in) investing activities -105
Financing Activities:Debt proceeds (repayments) 40Dividends paid 0Stock proceeds (repurchase) 0Cash from financing activites 40
Increase (decrease) in cash 0Beginning cash 0Ending cash 0
( ROC - i )
Investment
Financing
Operations
-120 -100 -80 -60 -40 -20 0 20 40 60 80
-105
65
40
0
0
Cash FlowUses Sources
OperatingInvesting Financing
Cash flow from operations
Investment potential
Debt
Stock
Dividends
Sustainable Growth Equation
New investment
Investment base
Depreciation effect
Dis-investment
Price Volume
Costs(fixed & variable)
Dividends Operating profitafter taxes
Interest (tax-adjusted)
Retained earnings
Shareholders' equity
Long-term debt
Funding potential
Chapter 5: Financial Growth Model - Impact of Different Policies
Policy assumption inputs Capital structure Financing (next year)
Profitablity (after taxes) Cash flow implications
Disposition of profit Results
POLICY ASSUMPTION INPUTS: Case I Case II Case III Case IV Case V Case VI Case VII
Net assets (capitalization) 500.0 500.0 500.0 500.0 500.0 500.0 500.0
Debt as percent of capitalization 0.0% 50.0% 50.0%
Gross return on net assets 10.0% 10.0% 10.0%
Interest rate (before tax) 0.00% 6.00% 6.00%
Tax rate 33.3% 33.3% 33.3%
Dividend payout 0.0% 0.0% 50.0%
Depreciation effect 25.0 25.0 25.0
Capital structure: Case I Case II Case III Case IV Case V Case VI Case VII
Debt as percent of capitalization 0.0% 50.0% 50.0% 0.0% 0.0% 0.0% 0.0%
Debt to equity ratio 0.0% 100.0% 100.0% 0.0% 0.0% 0.0% 0.0%
Debt - 250.0 250.0 - - - -
Equity 500.0 250.0 250.0 500.0 500.0 500.0 500.0
Net assets (capitalization) 500.0 500.0 500.0 500.0 500.0 500.0 500.0
Profitability (after taxes):
Gross return on net assets 10.0% 10.0% 10.0% 0.0% 0.0% 0.0% 0.0%
Amount of profit 50.0 50.0 50.0 - - - -
Interest rate (before tax) 0.00% 6.00% 6.00% 0.00% 0.00% 0.00% 0.00%
Tax rate 33.3% 33.3% 33.3% 0.0% 0.0% 0.0% 0.0%
Interest rate (tax-adjusted) 0.00% 4.00% 4.00% 0.00% 0.00% 0.00% 0.00%
Amount of interest (tax-adjusted) - 10.0 10.0 - - - -
Profit after interest 50.0 40.0 40.0 - - - -
Disposition of profit:
Dividend payout 0.0% 0.0% 50.0% 0.0% 0.0% 0.0% 0.0%
Dividends paid - - 20.0 - - - -
Reinvestment of profit 50.0 40.0 20.0 - - - -
Financing:
Additional debt - 40.0 20.0 - - - -
Funding potential 50.0 80.0 40.0 - - - -
Cash flow implications:
Amount of aftertax profit 50.0 40.0 40.0 - - - -
Depreciation effect 25.0 25.0 25.0 - - - -
Cash flow from operations 75.0 65.0 65.0 - - - -
Dividends paid - - 20.0 - - - -
Cash flow available for reinvestment 75.0 65.0 45.0 - - - -
Additional debt - 40.0 20.0 - - - -
Total investment potential 75.0 105.0 65.0 - - - -
Results:
Net return on net assets 10.0% 8.0% 8.0% 0.0% 0.0% 0.0% 0.0%
Return on equity 10.0% 16.0% 16.0% 0.0% 0.0% 0.0% 0.0%
Growth in equity 10.0% 16.0% 8.0% 0.0% 0.0% 0.0% 0.0%
Policy assumption inputs Capital structure Financing (next year)
Profitablity (after taxes) Cash flow implications
Disposition of profit Results ($ thousands)
POLICY ASSUMPTION INPUTS: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Net assets (capitalization) 900.0
Debt as percent of capitalization 33.3% 43.0% 43.0% 50.0% 50.0% 50.0%
Gross return on net assets 8.0% 7.0% 8.0% 8.0% 9.0%
Interest rate (before tax) 6.00% 6.00% 6.00% 6.75% 6.75%
Tax rate 33.3% 33.3% 33.3% 33.3% 33.3%
Dividend payout 60.0% 50.0% 50.0% 50.0% 40.0%
Depreciation effect 40.0 46.0 50.0 65.0 72.0
($ thousands)
Capital structure: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Debt as percent of capitalization 33.3% 43.0% 43.0% 50.0% 50.0% 50.0%
Debt to equity ratio 50.0% 75.4% 75.4% 100.0% 100.0% 100.0%
Debt 300.0 470.7 492.5 688.9 728.5 787.5
Equity 600.0 624.0 652.9 688.9 728.5 787.5
Net assets (capitalization) 900.0 1,094.7 1,145.4 1,377.7 1,457.0 1,575.0
Profitability (after taxes): Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Gross return on net assets 8.0% 7.0% 8.0% 8.0% 9.0% 0.0%
Amount of profit 72.0 76.6 91.6 110.2 131.1 -
Interest rate (before tax) 6.00% 6.00% 6.00% 6.75% 6.75% 0.00%
Tax rate 33.3% 33.3% 33.3% 33.3% 33.3% 0.0%
Interest rate (tax-adjusted) 4.00% 4.00% 4.00% 4.50% 4.50% 0.00%
Amount of interest (tax-adjusted) 12.0 18.8 19.7 31.0 32.8 -
Profit after interest 60.0 57.8 71.9 79.2 98.3 -
Disposition of profit: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Dividend payout 60.0% 50.0% 50.0% 50.0% 40.0% 0.0%
Dividends paid 36.0 28.9 36.0 39.6 39.3 -
Reinvestment of profit 24.0 28.9 36.0 39.6 59.0 -
Financing (next year): Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
New debt, old ratio 12.0 21.8 27.1 39.6 59.0 -
New debt, revised ratio 158.7 - 169.2 - - (787.5)
Funding potential 194.7 50.7 232.3 79.2 118.0 (787.5)
Cash flow implications: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Amount of aftertax profit 60.0 57.8 71.9 79.2 98.3 -
Depreciation effect 40.0 46.0 50.0 65.0 72.0 -
Cash flow from operations 100.0 103.8 121.9 144.2 170.3 -
Dividends paid 36.0 28.9 36.0 39.6 39.3 -
Cash flow available for reinvestment 64.0 74.9 86.0 104.6 131.0 -
Additional debt 170.7 21.8 196.3 39.6 59.0 (787.5)
Chapter 5: Five-Year Projection - Effect of Policy Changes
Total investment potential 234.7 96.7 282.3 144.2 190.0 (787.5)
Results: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Net return on net assets 6.7% 5.3% 6.3% 5.8% 6.7% 0.0%
Return on equity 10.0% 9.3% 11.0% 11.5% 13.5% 0.0%
Growth in equity 4.0% 4.6% 5.5% 5.8% 8.1% 0.0%
Earnings per share 100,000 0.60 0.58 0.72 0.79 0.98 -
Dividends per share 0.36 0.29 0.36 0.40 0.39 -
Chapter 6 - 7: Comparing Alternatives - Present Value Analysis
Present Value Analysis Project Cash Flows Chart
Key Assumptions TOTALS 0 1 2 3 4 5 6 7 8 9 10
Net investment outlay & recovery -10,500 -11,500 1,000
Annual benefits 28,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
Depreciation 1,500 1,500 1,500 1,500 1,500 1,500 1,500
Tax rate 36.0%
PV Factor 14.0%
TOTALS 0 1 2 3 4 5 6 7 8 9 10
Tax rate @36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36%
Aftertax benefits 17,920 2,560 2,560 2,560 2,560 2,560 2,560 2,560 0 0 0
Depreciation tax shield 3,780 540 540 540 540 540 540 540 0 0 0
Total project cash flows (incl. recovery) 11,200 -11,500 3,100 3,100 3,100 3,100 3,100 3,100 4,100 0 0 0
PV Factor @ 14% 1.000 0.877 0.769 0.675 0.592 0.519 0.456 0.400 0.351 0.308 0.270
Present value of investment cash flows -11,100 -11,500 0 0 0 0 0 0 400 0 0 0
Present value of operating cash flows 13,294 2,719 2,385 2,092 1,835 1,610 1,412 1,239 0 0 0
Present value of total cash flows -11,500 2,719 2,385 2,092 1,835 1,610 1,412 1,639 0 0 0
Cumulative present value -11,500 -8,781 -6,395 -4,303 -2,467 -857 555 2,193 2,193 2,193 2,193
Net present value @ 14% 2,193
Profitability index (BCR) @ 14% 1.20
Internal rate of return 19.9%
Present value payback @ 14% 6 Year * *
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
-15000
-10000
-5000
0
5000
10000
Project Cash Flows
Depreciation tax shield
Annual benefits - aftertax
Net investment outlay & recovery
Year
$
Chapter 9: Analysis of Financing Choices
Key Assumptions Recap of EPS Analyses
Balance Sheet Zero EPS Calculation
Range of EBIT and EPS Chart EPS Calculation - Original
Key Assumptions ($000's)
Operations: Original New
EBIT - before new product 7,999
EBIT - incremental from new product 2,000
Investment:
Current assets 15,000
Fixed assets (net) 29,000
Other assets 1,000
Current liabilities 7,000
Financing:
New financing (debt/preferred/common) 10,000
Tax rate 34.0% 34.0%
Interest rate 11.5%
Preferred dividend rate 12.5%
Dividends per share $ 2.50 $ 2.50
Common shares O/S (000's) 1,000 1,275
Price per common share (net) $ 10.00 $ 36.36
Cost of capital 13.25%
Retained earnings 28,000
Balance Sheet (original)
Current assets 15,000
Fixed assets 29,000
Other assets 1,000
Assets 45,000
Current liabilities 7,000
Long-term debt 0
Preferred stock 0
Common stock 10,000
Retained earnings 28,000
Liabilities and equity 45,000
ABC CORPORATION Recap of EPS Analyses with new Product ($000's)
New Financing of $10 Million
Original Debt Preferred Common
Earnings before interest and taxes (EBIT) 7,999 9,999 9,999 9,999
Less: Interest charges on long-term debt 0 1,150 0 0
Earnings before income taxes 7,999 8,849 9,999 9,999
Less: Incomes taxes at 34% 2,720 3,009 3,400 3,400
0.00 2.00 4.00 6.00 8.00 10.00 12.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
$2.50
$5.28
4.53
2.75
ABC CORPORATION: Range of EBIT and EPS Chart
OriginalBondsPreferredCommonOrig. EPS
EBIT ($millions)
EPS ($)
Earnings after income taxes 5,279 5,840 6,599 6,599
Less: Preferred dividends 0 0 1,250 0
Earnings available for common stock 5,279 5,840 5,349 6,599
Common shares outstanding (000's) 1,000 1,000 1,000 1,275
Earnings per share (EPS) $ 5.28 $ 5.84 $ 5.35 $ 5.18
Less: Common dividends per share $ 2.50 $ 2.50 $ 2.50 $ 2.50
Retained earnings per share $ 2.78 $ 3.34 $ 2.85 $ 2.68
Retained earnings in total 2,779 3,340 2,849 3,412
Original EPS change (before new product) -14.4% -23.7% -21.6%
Final EPS change (with new product) 10.6% 1.3% -2.0%
Specific cost 7.59% 12.50% 13.25%
ABC CORPORATION Zero EPS Calculation ($000's)
New Financing of $1 Million
Original Debt Preferred Common
Earnings per share (EPS) 0 0 0 0
Common shares outstanding (000's) 1,000 1,000 1,000 1,275
Earnings available for common stock 0 0 0 0
Preferred dividends 0 0 1,250 0
Earnings after taxes 0 0 1,250 0
Incomes taxes at 34% 0 0 644 0
Earnings before income taxes 0 0 1,894 0
Interest charges on long-term debt 0 1,150 0 0
EBIT or zero EPS 0 1,150 1,894 0
ABC CORPORATION ABC CORPORATION Earnings per Share Calculation - Original ($000's) Earnings per Share with New Bond Issue ($000's)
Original
Earnings before interest and taxes (EBIT) 7,999 Earnings before interest and taxes (EBIT)
Less: Interest charges on long-term debt Less: Interest charges on long-term debt
Earnings before income taxes 7,999 Earnings before income taxes
Less: Incomes taxes at 34% 2,720 Less: Incomes taxes at 34%
Earnings after income taxes 5,279 Earnings after income taxes
Less: Preferred dividends Less: Preferred dividends
Earnings available for common stock 5,279 Earnings available for common stock
Common shares outstanding (000's) 1,000 Common shares outstanding (000's)
Earnings per share (EPS) $ 5.28 Earnings per share (EPS)
Less: Common dividends per share $ 2.50 Less: Common dividends per share
Retained earnings per share $ 2.78 Retained earnings per share
Retained earnings in total 2,779 Retained earnings in total
Original EPS
Change in EPS
Percent change in EPS
ABC CORPORATION ABC CORPORATION Earnings per Share with New Preferred Stock Issue ($000's) Earnings per Share with New Common Stock Issue ($000's)
Before New With New
Product Product
Earnings before interest and taxes (EBIT) 7,999 9,999 Earnings before interest and taxes (EBIT)
Less: Interest charges on long-term debt 0 0 Less: Interest charges on long-term debt
Earnings before income taxes 7,999 9,999 Earnings before income taxes
Less: Incomes taxes at 34% 2,720 3,400 Less: Incomes taxes at 34%
Earnings after income taxes 5,279 6,599 Earnings after income taxes
Less: Preferred dividends 1,250 1,250 Less: Preferred dividends
Earnings available for common stock 4,029 5,349 Earnings available for common stock
Common shares outstanding (000's) 1,000 1,000 Common shares outstanding (000's)
Earnings per share (EPS) $ 4.03 $ 5.35 Earnings per share (EPS)
Less: Common dividends per share $ 2.50 $ 2.50 Less: Common dividends per share
Retained earnings per share $ 1.53 $ 2.85 Retained earnings per share
Retained earnings in total 1,529 2,849 Retained earnings in total
Original EPS $ 5.28 $ 5.28 Original EPS
Change in EPS -$ 1.25 $ 0.07 Change in EPS
Percent change in EPS -23.7% 1.3% Percent change in EPS
EPS Calculation with New Bond Issue
EPS Calculation with New Preferred Stock Issue
EPS Calculation with New Common Stock Issue
EPS = [(E - i)(1 - t) - d]/sE = EBITi = interest $t = tax rated = preferred dividends $s = shares outstanding
E(1-t)/s(E-i)(1-t)/s(E(1-t)-d)/sE(1-t)/s
0.00 2.00 4.00 6.00 8.00 10.00 12.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
$2.50
$5.28
4.53
2.75
ABC CORPORATION: Range of EBIT and EPS Chart
OriginalBondsPreferredCommonOrig. EPS
EBIT ($millions)
EPS ($)
Earnings per Share with New Bond Issue ($000's) Before New With New
Product Product
Earnings before interest and taxes (EBIT) 7,999 9,999
Less: Interest charges on long-term debt 1,150 1,150
6,849 8,849
2,329 3,009
4,520 5,840
- 0
Earnings available for common stock 4,520 5,840
Common shares outstanding (000's) 1,000 1,000
$ 4.52 $ 5.84
Less: Common dividends per share $ 2.50 $ 2.50
$ 2.02 $ 3.34
2,020 3,340
$ 5.28 $ 5.28
-$ 0.76 $ 0.56
-14.4% 10.6%
Earnings per Share with New Common Stock Issue ($000's) Before New With New
Product Product
Earnings before interest and taxes (EBIT) 7,999 9,999
Less: Interest charges on long-term debt 0 0
7,999 9,999
2,720 3,400
5,279 6,599
0 0
Earnings available for common stock 5,279 6,599
Common shares outstanding (000's) 1,275 1,275
$ 4.14 $ 5.18
Less: Common dividends per share $ 2.50 $ 2.50
$ 1.64 $ 2.68
2,092 3,412
$ 5.28 $ 5.28
-$ 1.14 -$ 0.10
-21.6% -2.0%
© Modernsoft Inc., 1999
All rights reserved
EPS = [(E - i)(1 - t) - d]/s
d = preferred dividends $s = shares outstanding
BREAKEVEN data source for graphingEPS=
EBIT 0.00 5.32 8.76 11.00Original 0.00 3.51 5.78 7.26Bonds -0.76 2.75 5.02 6.50Preferred -1.25 2.26 4.53 6.01Common 0.00 2.75 4.53 5.69Orig. EPS $ 5.28 $ 5.28 $ 5.28 $ 5.28 Div/Sh $ 2.50 $ 2.50 $ 2.50 $ 2.50
Chapter10-11: Total Company Valuation
Totals
Key Assumptions Year: 0 1 2 3 4 5 6 7 8 9
EBIT x (1 - t) 10,000 12,000 13,000 12,000 13,500 12,500
Add: write-offs and non-cash items 6,500 7,000 8,600 9,300 9,900 11,900
Less: net new working capital -1,200 -1,400 -1,800 500 -1,600 -2,000
Less: net new capital investments -8,000 -15,000 -10,200 -11,000 -22,000 -10,000
Add/less: significant non-operating items 500 -300 400 1,200 -800 0
Free cash flow 7,800 2,300 10,000 12,000 -1,000 12,400 0 0 0
Ongoing value 187,500
Present value factors @ 12.0% 0.893 0.797 0.712 0.636 0.567 0.507 0.452 0.404 0.361
Present value of free cash flow 6,964 1,834 7,118 7,626 -567 6,282 0 0 0
Present value of ongoing value 0 0 0 0 0 94,993 0 0 0
Cumulative present value 124,250 6,964 8,798 15,916 23,542 22,974 124,250 124,250 124,250 124,250
Firm value 124,250
Non-operating assets 5,700
Total value 129,950
Value of long-term debt outstanding 40,000
Value of company equity 89,950
Chapter 11: An Illustration of Economic Profit, CFROI, and Earnings Measures ($000's)
Key Assumptions The Divergence of Accounting and Cash Flow Measures (graph) Working capital - initial 2,000
Fixed investment - initial 10,000 Economic Profit Analysis Economic life 8 Cash Flow Return on Investment Analysis Cost of capital 10.0% Other Measures Net present value factor 10.0%
NOPAT 824.4 Note: The simplified example here shows a company earning exactly its cost of capital.
Capital amortization 874.4 In other words, the net present value of Economic profits when discounted at the Cost of
Depreciation effect 1,250 capital equals zero; likewise the DCF-ROI or IRR equals the Cost of capital.
Economic Profit Analysis 0 1 2 3 4 5
Book value of fixed investment (beg.) 10,000 8,750 7,500 6,250 5,000
Working capital 2,000 2,000 2,000 2,000 2,000
Total book value 12,000 10,750 9,500 8,250 7,000
Cost of capital 10.0% 10.0% 10.0% 10.0% 10.0%
Capital charge @ 10% 1,200 1,075 950 825 700
NOPAT 824 824 824 824 824
Economic profit (EVA) -376 -251 -126 -1 124
Present value factor @ 10% 1.000 0.909 0.826 0.751 0.683 0.621
Net PV of economic profits @ 10% 0 -341 -207 -94 0 77
Cash Flow Return on Investment Analysis 1 2 3 4 5
NOPAT 824 824 824 824 824
Add back depreciation effect 1,250 1,250 1,250 1,250 1,250
Operating cash flow generated 2,074 2,074 2,074 2,074 2,074
Initial investment 12,000 12,000 12,000 12,000 12,000 12,000
Cost of capital 10.0% 10.0% 10.0% 10.0% 10.0%
Capital charge @ 10% 1,200 1,200 1,200 1,200 1,200
Capital amortization @ 10% 874 874 874 874 874
Terminal recovery of working capital 0 0 0 0 0
Total cash flow requried -12,000 2,074 2,074 2,074 2,074 2,074
Present value of future cash flows 12,000 1,886 1,714 1,559 1,417 1,288
Net present value @ 10% 0
Other Measures 0 1 2 3 4 5
ROE 6.9% 7.7% 8.7% 10.0% 11.8%
ROCE / RONA 6.9% 7.7% 8.7% 10.0% 11.8%
ROGI 17.3% 17.3% 17.3% 17.3% 17.3%
CFROI 10.0% 10.0% 10.0% 10.0% 10.0%
1 2 3 4 5 6 7 80.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
10.0%
10.0%
6.9%
25.4%
17.3%
The Divergence of Accounting and Cash Flow MeasuresProject/business IRRCost of capitalAccounting ROAAccounting ROGI
Year
Rat
e o
f re
turn
Graph Data1 2 3 4 5 6
Project/business IRR 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Cost of capital 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Accounting ROA 6.9% 7.7% 8.7% 10.0% 11.8% 14.3%
Accounting ROGI 17.3% 17.3% 17.3% 17.3% 17.3% 17.3%
1 2 3 4 5 6 7 80.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
10.0%
10.0%
6.9%
25.4%
17.3%
The Divergence of Accounting and Cash Flow MeasuresProject/business IRRCost of capitalAccounting ROAAccounting ROGI
Year
Rat
e o
f re
turn
The Divergence of Accounting and Cash Flow Measures (graph)
Note: The simplified example here shows a company earning exactly its cost of capital.
In other words, the net present value of Economic profits when discounted at the Cost of
capital equals zero; likewise the DCF-ROI or IRR equals the Cost of capital.
6 7 8 9 10 11 12 13 14 15
3,750 2,500 1,250 0 0 0 0 0 0 0
2,000 2,000 2,000 0 0 0 0 0 0 0
5,750 4,500 3,250 0 0 0 0 0 0 0
10.0% 10.0% 10.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
575 450 325 0 0 0 0 0 0 0
824 824 824 0 0 0 0 0 0 0
249 374 499 0 0 0 0 0 0 0
0.564 0.513 0.467 - - - - - - -
141 192 233 0 0 0 0 0 0 0
6 7 8 9 10 11 12 13 14 15
824 824 824 0 0 0 0 0 0 0
1,250 1,250 1,250 0 0 0 0 0 0 0
2,074 2,074 2,074 0 0 0 0 0 0 0
12,000 12,000 12,000 0 0 0 0 0 0 0
10.0% 10.0% 10.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1,200 1,200 1,200 0 0 0 0 0 0 0
874 874 874 0 0 0 0 0 0 0
0 0 2,000 0 0 0 0 0 0 0
2,074 2,074 4,074 0 0 0 0 0 0 0
1,171 1,065 1,901 0 0 0 0 0 0 0
6 7 8 9 10 11 12 13 14 15
14.3% 18.3% 25.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
14.3% 18.3% 25.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
17.3% 17.3% 17.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
10.0% 10.0% 10.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1 2 3 4 5 6 7 80.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
10.0%
10.0%
6.9%
25.4%
17.3%
The Divergence of Accounting and Cash Flow MeasuresProject/business IRRCost of capitalAccounting ROAAccounting ROGI
Year
Rat
e o
f re
turn
© Modernsoft Inc., 1999
All rights reserved
7 8
10.0% 10.0%
10.0% 10.0%
18.3% 25.4%
17.3% 17.3%
1 2 3 4 5 6 7 80.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
10.0%
10.0%
6.9%
25.4%
17.3%
The Divergence of Accounting and Cash Flow MeasuresProject/business IRRCost of capitalAccounting ROAAccounting ROGI
Year
Rat
e o
f re
turn
These templates are intended to be used as a companion to TECHNIQUES OF FINANCIAL ANALYSIS (TFA),by Dr. Erich Helfert, 10th Millennium Edition.
Every template is taken from specific examples/exercises in the text book. References to the book arefound on the Main Menu. As such, these templates should be used along side the book which explainsthe relevance and design of each exercise.
Insofar as TFA's emphasis is around the concept that any business is essentially a financial system of cash
your understanding of the concepts presented in TFA.
These templates are Microsoft Excel templates (using Excel 97). It is assumed the user has a basicunderstanding of using Excel. All templates follow the schematic shown in the example below.
Sample Template
Key Assumptions
Sales 500.0
Costs as percent of sales 40.0%
Income Statement
Sales Sales 500.0
Costs Costs 200.0
Income Income 300.0
TIPS and TRICKS
VIEWING
SENSITIVITYANALYSIS section for input. Go to table / chart / graph to observe resultant change. Now use the
MODIFYING If you're an experienced Excel user, if you wish you can easily modify and customizeTEMPLATES the template(s) for your own use. Simply unprotect the worksheet. However, be
mess up, don't worry. Simply retrieve the original templates from your program disk.)
Note: Some of the graphics may not appear correctly on your screen. This is NOT a problem with your computer/screen or the template. These templates are optimized fora screen resolution of 1024 x 768.
WELCOME to Interactive Templates for TFA
flows ... these templates allow the user to examine the interrelationships between investment,operating, and financing variables within the financial system. Collectively, they should greatly enhance
Below is a quick reference on How to Use Interactive Templates for TFA and a few Tips and Tricks.
HOW TO USE Interactive Templates for TFA
Zoom in/out with different magnifications to optimize view for your screen.Use split screen and freeze panes commands to view multiple panels.Open new window to view multiple windows simultaneously.
To quickly view the results of changing one input, first enter new value in Assumptions
undo and redo buttons on your toolbar, alternatively, to see before and after impact.
careful not to violate the financial integrity of the interrelationships. (P.S. If you
ALL inputs are made in the Assumptions table found in the upper left part of each worksheet.
Inputs are only allowed in white cells which are unlocked. The remainder of the worksheet is protected and will NOT allow any changes.
Change values here and observe the results in the tables and charts.
Results are displayed in separate tables. Every table is taken directly from TFA. All calculated terms are displayed in shaded cells (which are locked and protected).
-
100.0
200.0
300.0
400.0
500.0
600.0
Sales
Costs
Income
Graphs and charts, also taken directly from TFA, are dynamically linked to the inputs and results. Change the inputs and observe the changes on the graph / chart.
To display comments, rest pointer over cell with red comment indicator in upper-right corner of cell.
Click here to access MAIN MENU. From there you can go to any worksheet by simply clicking on the appropriate button. Alternatively, click on tabs below at any time for direct access to any worksheet / template.
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