Project Company Samsung

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FIN 352

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VI. Equity Valuation: RAOCC, ROIC, EVA

A. Book Value per Share last 5 years.

B. Ratio Market/Book Value last 5 years.

G. Economic Value Added Balance Sheet (last 5 years)

1. Capital Expenditures

a) Purposes and growth of CAPEX.

b) CAPEX ROIIC.

c) ROICC versus RAOCC

C. Value Creation/ Destruction last 5 years.

1. Derivation of RAOCC

a) Cost of Equity

1) Use 3 factor CAPM (if possible.)

2) Consistent use of RM, RF,(RM– RF)

3) Consistent derivation of Beta(s).

4) Consistent weighting for Equity.

b) Cost of Debt.

1) Consistent Sources for Debt Tranches, Totals Outstanding, Coupon Rates.

2) Consistent Source for Corporate Tax Rate.

3) Consistent Weighting for Debt.

2. Derivation of ROIC.

a) NOPLAT for Current Year in Numerator from Income Statement.

b) (Book Value of L.T. Debt + Book Value of Equity) for End of Prior Year in

Denominator.

3. EVA last 5 years.

4. Trend in EVA.


&


VII. Valuation Models

A. Valuation by Multiples

1. Pt/Ettm Valuation.

a) Care in Choice of P/E such as average for last five years. Recall Steady State P/E = inverse of P/E.

b) Care in Choice of EFTM. Implied Growth Rate of Earnings

c) Care in Choice of Sector/Industry/ Peer P/E.

2. PEG Ratio (P/E to earnings growth)

3. Discounted Cash Flow Models (SMIF B/B; BKM; or Damadoran)

a) No Growth Stock Price = Earnings Power Value (perpetuity model) =EPST+1/RE.

b) Alternative to 6 a). No Growth Stock Price = NOPLAT / RAOCC + Excess Cash.

c) Growth Component of Stock Price = Future value creation = Investment *(ROIC – RAOCC) x competitive advantage period (number of years)/RAOCC * (1 + RAOCC).

d) Stock Price = either 6a) or 6b) plus 6c)

e) Gordon Constant Growth, Two Stage, or Three Stage Growth Model.

5. Valuation summaries of selected (3) other analysts.


And also I need the beta for the company and the S&P 500 and I will upload an example so u don't get lose an Excel


And I uploaded also an example for the parts that's and I'm looking for which is "Equity Valuation and Valuation Models"

Unformatted Attachment Preview

COURSE NOTES II Outline for Equity Research Valuation Finance 352 Finance 356 Fundamental of Security Valuation Student Managed Investment Fund Dr. Stephen Morrell Fall Semester, 2018 The following is an outline of how to conduct equity valuation research. The approach is a “top-down” one. The approach is one widely used by equity analysts. The outline is based on the CFA Institute Investment Series as presented in J.E. Pinto, et al., Equity Asset Valuation, 3rd edition. Wiley & Company, 2015. I. II. III. Macroeconomic Analysis A. National and global macroeconomic trends and cycles affect almost (if not) all industries and companies. 1. How is an industry and company affected? 2. What are the causal relationships? 3. What macroeconomic variables most affect an industry and company? a. GDP growth? b. Components of GDP? c. Interest Rates? d. Inflation? B. How can the sensitivity of an industry and company to national and global macroeconomic trends and cycles be empirically measured? 1. Factor models. 2. A- Theoretical time series models. 3. Multiple regression models C. A “view” (assumptions) on the relevant economy is a prelude to security market, industry, and firm analysis. Equity/Security Market Analysis A. Several common factors - risk premia - affect all (or almost all) equity returns. B. These factors need to be assessed in estimating equity prices. 1. Earnings/cash flow growth. 2. Investor risk aversion. Industry Assessment A. Industry Overview 1. Description of Industry. 2. Industry SIC, NAIC, GICS codes. 3. S&P Sector/Subsector. B. Industry Size. 1. Number of Firms. 2. Business Segments (if applicable) 3. Annual Revenues. C. Industry Economic Structure. 1. Discussion of industry on Monopoly to “Perfect” Competition Spectrum. 1|P a g e a) 4,8,12 firm Concentration Ratios. b) 4,8,12 firm Herfindahl Ratios. 2. Discussion of barriers to entry/replicability of firms in the industry. 3. Discussion of regulation of the industry. D. Industry Financial Data (last 5 years) 1. Revenues. 2. Operating Costs. 3. Earnings. 4. FCF. 5. ROA, ROE, ROIC. E. Industry Growth Prospects (next 5 years) 1. Drivers of Growth. 2. Estimates of Revenue & EPS Growth. F. Peers Identification IV. V. Company Assessment. A. Company Description. B. Brief Company History. C. Company Business Model. D. Company Management & Governance (Brief). E. Company Business Segments (if applicable). F. Company Current and Anticipated Competitive Position. G. Company Growth Strategies. H. Company Consistency with SMIF Investment Policy Statement on Socially Responsible Investing. Financial Analysis (need three - five years of historical date) A. Income Statement (last 5 years) 1. Focus on CAGR of Key Income Statement Components. 2. Total Revenue Growth. 3. Revenue Growth by Segment (if applicable). 4. COGS, SG&E, Total Operating Expenses. B. Margins 1. Gross 2. Operating (or EBITDA) 3. Net C. Earnings, Dividends, Free Cash Flow 1. EPS Analysis. 2. Dividend Policy 3. DPS Analysis 4. Dividend Yield 5. Retained Earnings per share Analysis. 6. Free Cash Flow D. Liquidity Analysis. a) Current Ratio. b) Quick Ratio. E. Capital Structure Analysis a) Total $ Debt Book Value. b) Debt/Total Capital. c) Debt/Equity. d) Annual Interest Expense. 2|P a g e e) Debt Service Coverage Ratio. f) Bond Rating. g) Shares Authorized and Issued. h) Book Value of Equity. F. Three/Five Year Pro Forma Income Statement. VI. Equity Valuation: RAOCC, ROIC, EVA A. Book Value per Share last 5 years. B. Ratio Market/Book Value last 5 years. G. Economic Value Added Balance Sheet (last 5 years) 1. Capital Expenditures a) Purposes and growth of CAPEX. b) CAPEX ROIIC. c) ROICC versus RAOCC C. Value Creation/ Destruction last 5 years. 1. Derivation of RAOCC a) Cost of Equity 1) Use 3 factor CAPM (if possible.) 2) Consistent use of R M , R F, (R M – R F) 3) Consistent derivation of Beta(s). 4) Consistent weighting for Equity. b) Cost of Debt. 1) Consistent Sources for Debt Tranches, Totals Outstanding, Coupon Rates. 2) Consistent Source for Corporate Tax Rate. 3) Consistent Weighting for Debt. 2. Derivation of ROIC. a) NOPLAT for Current Year in Numerator from Income Statement. b) (Book Value of L.T. Debt + Book Value of Equity) for End of Prior Year in Denominator. 3. EVA last 5 years. 4. Trend in EVA. VII. Valuation Models A. Valuation by Multiples 1. Pt/Ettm Valuation. a) Care in Choice of P/E such as average for last five years. Recall Steady State P/E = inverse of P/E. b) Care in Choice of E FTM. Implied Growth Rate of Earnings c) Care in Choice of Sector/Industry/ Peer P/E. 2. PEG Ratio (P/E to earnings growth) 3. Discounted Cash Flow Models (SMIF B/B; BKM; or Damadoran) a) No Growth Stock Price = Earnings Power Value (perpetuity model) = EPS T+1/R E. b) Alternative to 6 a). No Growth Stock Price = NOPLAT / RAOCC + Excess Cash. c) Growth Component of Stock Price = Future value creation = Investment * (ROIC – RAOCC) x competitive advantage period (number of years)/ RAOCC * (1 + RAOCC). d) Stock Price = either 6a) or 6b) plus 6c) 3|P a g e e) Gordon Constant Growth, Two Stage, or Three Stage Growth Model. 5. Valuation summaries of selected (3) other analysts. 4|P a g e SUMMARY OUTPUT Regression Statistics Multiple R 0.53405126 R Square 0.28521074 Adjusted R Square 0.27288679 Standard Error 0.06883887 Observations 60 ANOVA df Regression Residual Total Intercept X Variable 1 SS MS F Significance F 1 0.10966885 0.10966885 23.1427977 1.11003E-05 58 0.2748498 0.00473879 59 0.38451866 Coefficients Standard Error t Stat P-value Lower 95% 0.00676479 0.00919821 0.73544566 0.46503181 -0.011647437 1.48659311 0.30901829 4.81069618 1.11E-05 0.868025796 Upper 95% Lower 95.0% Upper 95.0% 0.02517701 -0.0116474 0.02517701 2.10516043 0.8680258 2.10516043 CACI Inter Date Adj Close 10/1/2013 71.980003 11/1/2013 71.769997 12/1/2013 73.220001 1/1/2014 74.019997 2/1/2014 78.830002 3/1/2014 73.800003 4/1/2014 69.650002 5/1/2014 71.400002 6/1/2014 70.209999 7/1/2014 68.989998 8/1/2014 72.120003 9/1/2014 71.269997 10/1/2014 82.290001 11/1/2014 89.190002 12/1/2014 86.18 1/1/2015 84.589996 2/1/2015 87.290001 3/1/2015 89.919998 4/1/2015 88.239998 5/1/2015 85.620003 6/1/2015 80.889999 7/1/2015 82.129997 8/1/2015 78.230003 9/1/2015 73.970001 10/1/2015 97.040001 11/1/2015 100.260002 12/1/2015 92.779999 1/1/2016 83.07 2/1/2016 96.620003 3/1/2016 106.699997 4/1/2016 96.150002 5/1/2016 100.769997 6/1/2016 90.410004 7/1/2016 95.330002 8/1/2016 99.360001 9/1/2016 100.900002 10/1/2016 97.849998 11/1/2016 129.399994 12/1/2016 124.300003 1/1/2017 122.800003 S&P 500 Return Adj Close Return 1756.540039 -0.0029176 0.02020348 0.01092592 0.06498251 -0.0638082 -0.0562331 0.02512563 -0.0166667 -0.0173765 0.04536897 -0.011786 0.15462333 0.08384981 -0.0337482 -0.0184498 0.03191873 0.03012942 -0.0186833 -0.0296917 -0.0552441 0.01532944 -0.0474856 -0.0544548 0.31188319 0.0331822 -0.0746061 -0.1046562 0.16311548 0.10432616 -0.0988753 0.04804987 -0.1028083 0.05441873 0.04227419 0.0154992 -0.030228 0.32243226 -0.0394126 -0.0120676 1805.810059 1848.359985 1782.589966 1859.449951 1872.339966 1883.949951 1923.569946 1960.22998 1930.670044 2003.369995 1972.290039 2018.050049 2067.560059 2058.899902 1994.98999 2104.5 2067.889893 2085.51001 2107.389893 2063.110107 2103.840088 1972.180054 1920.030029 2079.360107 2080.409912 2043.939941 1940.23999 1932.22998 2059.73999 2065.300049 2096.949951 2098.860107 2173.600098 2170.949951 2168.27002 2126.149902 2198.810059 2238.830078 2278.870117 0.02804947 0.02356279 -0.0355829 0.04311703 0.00693217 0.00620079 0.02103028 0.01905833 -0.0150798 0.0376553 -0.0155138 0.02320146 0.02453359 -0.0041886 -0.0310408 0.05489251 -0.0173961 0.00852082 0.01049138 -0.0210117 0.01974203 -0.0625808 -0.0264428 0.08298312 0.00050487 -0.0175302 -0.0507353 -0.0041284 0.06599111 0.0026994 0.0153246 0.00091092 0.0356098 -0.0012192 -0.0012345 -0.0194257 0.03417452 0.01820076 0.01788436 2/1/2017 125.400002 3/1/2017 117.300003 4/1/2017 118 5/1/2017 123.099998 6/1/2017 125.050003 7/1/2017 125.099998 8/1/2017 129.800003 9/1/2017 139.350006 10/1/2017 143.75 11/1/2017 131.949997 12/1/2017 132.350006 1/1/2018 140.550003 2/1/2018 149.050003 3/1/2018 151.350006 4/1/2018 151.050003 5/1/2018 166.649994 6/1/2018 168.550003 7/1/2018 175.199997 8/1/2018 195 9/1/2018 184.149994 10/1/2018 178.460007 0.02117263 -0.0645933 0.00596758 0.04322032 0.01584082 0.0003998 0.03756998 0.07357475 0.03157513 -0.082087 0.00303152 0.06195691 0.0604767 0.01543108 -0.0019822 0.103277 0.01140119 0.03945413 0.11301372 -0.0556411 -0.0308987 2363.639893 2362.719971 2384.199951 2411.800049 2423.409912 2470.300049 2471.649902 2519.360107 2575.26001 2584.840088 2673.610107 2823.810059 2713.830078 2640.870117 2648.050049 2705.27002 2718.370117 2816.290039 2901.52002 2913.97998 2711.73999 0.03719816 -0.0003892 0.00909121 0.01157625 0.00481378 0.01934883 0.00054643 0.01930298 0.02218814 0.00372004 0.03434256 0.0561787 -0.0389474 -0.0268845 0.00271878 0.02160834 0.00484244 0.03602156 0.03026321 0.00429429 -0.0694034 Beta 1.48659311 Date Open High Low Close Adj Close 10/1/2013 69.080002 72.419998 66.089996 71.980003 71.980003 11/1/2013 71.970001 72.699997 70.480003 71.769997 71.769997 12/1/2013 71.669998 74.269997 70.739998 73.220001 73.220001 1/1/2014 73.040001 80 72.330002 74.019997 74.019997 2/1/2014 74.300003 79.989998 70.010002 78.830002 78.830002 3/1/2014 78.32 80.769997 72.93 73.800003 73.800003 4/1/2014 73.760002 74.889999 68.480003 69.650002 69.650002 5/1/2014 70.830002 74.019997 70.139999 71.400002 71.400002 6/1/2014 71.779999 72.290001 67.010002 70.209999 70.209999 7/1/2014 70.300003 71.290001 68 68.989998 68.989998 8/1/2014 69.019997 72.919998 68.349998 72.120003 72.120003 9/1/2014 72.330002 73.449997 70.760002 71.269997 71.269997 10/1/2014 71.089996 83.760002 69.150002 82.290001 82.290001 11/1/2014 82.290001 90.110001 81.480003 89.190002 89.190002 12/1/2014 89 91.800003 82.830002 86.18 86.18 1/1/2015 86.68 90.809998 79.760002 84.589996 84.589996 2/1/2015 84.610001 89.150002 82.080002 87.290001 87.290001 3/1/2015 87.599998 92.199997 85.110001 89.919998 89.919998 4/1/2015 89.620003 91.720001 85.07 88.239998 88.239998 5/1/2015 88.57 90.559998 85.279999 85.620003 85.620003 6/1/2015 85.620003 87.209999 80.699997 80.889999 80.889999 7/1/2015 81.5 84.139999 79.029999 82.129997 82.129997 8/1/2015 82.330002 85.919998 73.800003 78.230003 78.230003 9/1/2015 76.919998 79.25 73.379997 73.970001 73.970001 10/1/2015 73.949997 97.989998 72.190002 97.040001 97.040001 11/1/2015 97 101.730003 95.75 100.260002 100.260002 12/1/2015 100.389999 104.089996 92.279999 92.779999 92.779999 1/1/2016 91.379997 92.739998 81.480003 83.07 83.07 2/1/2016 82.580002 98.660004 78.080002 96.620003 96.620003 3/1/2016 97.239998 108.410004 95.870003 106.699997 106.699997 4/1/2016 106.449997 111.129997 96.07 96.150002 96.150002 5/1/2016 96.269997 100.889999 90.269997 100.769997 100.769997 6/1/2016 100.370003 102.120003 87.309998 90.410004 90.410004 7/1/2016 90.440002 97.75 87.669998 95.330002 95.330002 8/1/2016 95.889999 101.660004 92.650002 99.360001 99.360001 9/1/2016 99.400002 103.209999 96.18 100.900002 100.900002 10/1/2016 100.610001 105 96.050003 97.849998 97.849998 11/1/2016 98.199997 132.940002 98.199997 129.399994 129.399994 12/1/2016 129.600006 133.699997 123.699997 124.300003 124.300003 1/1/2017 125.550003 127.580002 118.699997 122.800003 122.800003 2/1/2017 123.5 135.350006 122.050003 125.400002 125.400002 3/1/2017 126.800003 128.949997 117.25 117.300003 117.300003 4/1/2017 117.400002 121.849998 112.099998 118 118 5/1/2017 118.199997 132.449997 115.099998 123.099998 123.099998 6/1/2017 123.400002 129.850006 118.650002 125.050003 125.050003 7/1/2017 125.349998 130.800003 123.5 125.099998 125.099998 8/1/2017 126.050003 133.149994 118.099998 129.800003 129.800003 9/1/2017 130.350006 142.850006 125.75 139.350006 139.350006 10/1/2017 138.899994 147.309998 138.800003 143.75 143.75 11/1/2017 145.100006 145.100006 121.599998 131.949997 131.949997 12/1/2017 131.649994 136.759995 128.800003 132.350006 132.350006 1/1/2018 133.449997 144.199997 133 140.550003 140.550003 2/1/2018 145 159.399994 138.399994 149.050003 149.050003 3/1/2018 147.600006 158.600006 142.850006 151.350006 151.350006 4/1/2018 151.350006 160.399994 148.399994 151.050003 151.050003 5/1/2018 150.199997 168.199997 147.149994 166.649994 166.649994 6/1/2018 167.850006 174.800003 162.649994 168.550003 168.550003 7/1/2018 167.550003 180.899994 166.800003 175.199997 175.199997 8/1/2018 175.550003 196.300003 174.300003 195 195 9/1/2018 195 200.850006 181.699997 184.149994 184.149994 10/1/2018 184.990005 186.460007 169.410004 178.460007 178.460007 Date Open High Low Close 10/1/2013 1682.410034 1775.219971 1646.469971 1756.540039 11/1/2013 1758.699951 1813.550049 1746.199951 1805.810059 12/1/2013 1806.550049 1849.439941 1767.98999 1848.359985 1/1/2014 1845.859985 1850.839966 1770.449951 1782.589966 2/1/2014 1782.680054 1867.920044 1737.920044 1859.449951 3/1/2014 1857.680054 1883.969971 1834.439941 1872.339966 4/1/2014 1873.959961 1897.280029 1814.359985 1883.949951 5/1/2014 1884.390015 1924.030029 1859.790039 1923.569946 6/1/2014 1923.869995 1968.170044 1915.97998 1960.22998 7/1/2014 1962.290039 1991.390015 1930.670044 1930.670044 8/1/2014 1929.800049 2005.040039 1904.780029 2003.369995 9/1/2014 2004.069946 2019.26001 1964.040039 1972.290039 10/1/2014 1971.439941 2018.189941 1820.660034 2018.050049 11/1/2014 2018.209961 2075.76001 2001.01001 2067.560059 12/1/2014 2065.780029 2093.550049 1972.560059 2058.899902 1/1/2015 2058.899902 2072.360107 1988.119995 1994.98999 2/1/2015 1996.670044 2119.590088 1980.900024 2104.5 3/1/2015 2105.22998 2117.52002 2039.689941 2067.889893 4/1/2015 2067.629883 2125.919922 2048.379883 2085.51001 5/1/2015 2087.379883 2134.719971 2067.929932 2107.389893 6/1/2015 2108.639893 2129.870117 2056.320068 2063.110107 7/1/2015 2067 2132.820068 2044.02002 2103.840088 8/1/2015 2104.48999 2112.659912 1867.01001 1972.180054 9/1/2015 1970.089966 2020.859985 1871.910034 1920.030029 10/1/2015 1919.650024 2094.320068 1893.699951 2079.360107 11/1/2015 2080.76001 12/1/2015 2082.929932 2116.47998 2019.390015 2080.409912 2104.27002 1993.26001 2043.939941 1/1/2016 2038.199951 2038.199951 1812.290039 1940.23999 2/1/2016 1936.939941 1962.959961 1810.099976 1932.22998 3/1/2016 1937.089966 2072.209961 1937.089966 2059.73999 4/1/2016 2056.620117 2111.050049 2033.800049 2065.300049 5/1/2016 2067.169922 2103.47998 2025.910034 2096.949951 6/1/2016 2093.939941 2120.550049 1991.680054 2098.860107 7/1/2016 2099.340088 2177.090088 2074.02002 2173.600098 8/1/2016 2173.149902 2193.810059 2147.580078 2170.949951 9/1/2016 2171.330078 2187.870117 2119.120117 2168.27002 10/1/2016 2164.330078 2169.600098 2114.719971 2126.149902 11/1/2016 2128.679932 2214.100098 2083.790039 2198.810059 12/1/2016 2200.169922 2277.530029 2187.439941 2238.830078 1/1/2017 2251.570068 2300.98999 2245.129883 2278.870117 2/1/2017 2285.590088 2371.540039 2271.649902 2363.639893 3/1/2017 2380.129883 2400.97998 2322.25 2362.719971 4/1/2017 2362.340088 2398.159912 2328.949951 2384.199951 5/1/2017 2388.5 2418.709961 2352.719971 2411.800049 6/1/2017 2415.649902 2453.820068 2405.699951 2423.409912 7/1/2017 2431.389893 2484.040039 2407.699951 2470.300049 8/1/2017 2477.100098 2490.870117 2417.350098 2471.649902 9/1/2017 2474.419922 2519.439941 2446.550049 2519.360107 10/1/2017 2521.199951 2582.97998 2520.399902 11/1/2017 2583.209961 2657.73999 2557.449951 2584.840088 12/1/2017 2645.100098 2694.969971 1/1/2018 2575.26001 2605.52002 2673.610107 2683.72998 2872.870117 2682.360107 2823.810059 2/1/2018 2816.449951 2835.959961 2532.689941 2713.830078 3/1/2018 2715.219971 2801.899902 2585.889893 2640.870117 4/1/2018 2633.449951 2717.48999 2553.800049 2648.050049 5/1/2018 2642.959961 2742.23999 2594.620117 6/1/2018 2718.699951 2791.469971 2705.27002 2691.98999 2718.370117 7/1/2018 2704.949951 2848.030029 2698.949951 2816.290039 8/1/2018 2821.169922 2916.5 2796.340088 2901.52002 9/1/2018 2896.959961 2940.909912 2864.120117 2913.97998 10/1/2018 2926.290039 2939.860107 2603.540039 2711.73999 Adj Close Volume 1756.540039 76647400000 1805.810059 63628190000 1848.359985 64958820000 1782.589966 75871910000 1859.449951 69725590000 1872.339966 71885030000 1883.949951 71595810000 1923.569946 63623630000 1960.22998 63283380000 1930.670044 66524690000 2003.369995 58131140000 1972.290039 66706000000 2018.050049 93714040000 2067.560059 63600190000 2058.899902 80743820000 1994.98999 77330040000 2104.5 68775560000 2067.889893 76675850000 2085.51001 72060940000 2107.389893 65187730000 2063.110107 73213980000 2103.840088 77920590000 1972.180054 84626790000 1920.030029 79989370000 2079.360107 85844900000 2080.409912 75943590000 2043.939941 83649260000 1940.23999 92409770000 1932.22998 93049560000 2059.73999 92639420000 2065.300049 81124990000 2096.949951 78883600000 2098.860107 86852700000 2173.600098 69530250000 2170.949951 75610310000 2168.27002 77270240000 2126.149902 73196630000 2198.810059 88299760000 2238.830078 75251240000 2278.870117 70483180000 2363.639893 69162420000 2362.719971 81547770000 2384.199951 65265670000 2411.800049 79607170000 2423.409912 81002490000 2470.300049 63169400000 2471.649902 70616030000 2519.360107 66337980000 2575.26001 70871570000 2584.840088 95142800000 2673.610107 65251190000 2823.810059 76860120000 2713.830078 79579410000 2640.870117 76369800000 2648.050049 69648590000 2705.27002 75617280000 2718.370117 77439710000 2816.290039 64542170000 2901.52002 69238220000 2913.97998 62492080000 2711.73999 91327930000 Running head: AT&T INDUSTRY AND COMPANY ASSESSMENT AT&T Industry and Company Assessment Name of Student Name of Professor Course Title Date Institution 1 AT&T INDUSTRY AND COMPANY ASSESSMENT 2 AT&T Industry and Company Assessment Equity Valuation A. Book Value per Share last 5 years. Book value per share shows the accounting value of each share of stock in a company. It is a company’s net asset value that is calculated by taking total assets of the entity less intangible assets and liabilities. Year Book Value Per Share 12/31/2013 17.50 12/31/2014 17.40 12/31/2015 20.12 12/31/2016 20.22 12/31/2017 23.13 From the above 5 year trend of the book value per share of AT&T Company, it is clear that the entity recorded an increase in book values per share from year 2014 to year 2017 (SEC Filings, 2018). The value dropped slightly in year 2013 compared to the other years. Increase in earnings or profits from year 2014 to 2016 were caused an increase in the book value per share of the company (Patel, Stuber, & Pratt, 2005). In 2013, the earnings of the company dropped slightly and this led to the decrease in book value per share as well as total common share count of the company. Some of the investment decisions that AT&T has also influenced the stock price making it more attractive for most investors. AT&T INDUSTRY AND COMPANY ASSESSMENT 3 B. Ratio Market/Book Value last 5 years. The price-to-book ration also referred to as P/B ratio is a financial ration that is used to compare a company’s current market price and its book value. It is used to link the share price of a company with the book value of the share. Year Ratio Market/Book Value 12/31/2013 1.56 12/31/2014 1.58 12/31/2015 1.48 12/31/2016 1.92 12/31/2017 1.61 The ratio market/book value of AT&T shows that the stock price is not over or under valued. The book value and the market price are almost the same. From 2013 to 2017, the ratios have had slight upward and downward movements but still on the range (CSI Market, 2018). The stock price of the company reflects the market value and does not mislead the investors by portraying it to be strong. A. Economic Value Added Balance Sheet (last 5 years) ➢ EVA last 5 years and Trend in EVA. Economic Value Added (EVA) is an internal performance measure in which companies/businesses compare net operating profit to total cost of capital. It is a difference between the revenues and the costs (SEC Filings, 2018). Costs also include capital. It is an indicator of how profitable business projects are and therefore reflects the performance of the management. AT&T INDUSTRY AND COMPANY ASSESSMENT 4 AT&T Economic Value Added Calculations Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 18,534 20,183 21,439 11,365 27,874 5.12% 5.44% 5.27% 5.36% 5.55% Investment capital 271,907 318,708 315,443 217,119 208, 160 Economic profit 2,805 4,816 (266) 16,322 Net operating profits after taxes (NOPAT) Cost of Capital 4,608 Workings a. NOPAT Calculation (ROACC and RIOCC) AT&T Inc., NOPAT calculation USD $ in millions 12 months ended Net income attributable to AT&T Deferred income tax expense (benefit) Increase (decrease) in allowances for doubtful accounts Increase (decrease) in equity equivalents Interest expense Interest expense, operating lease obligations Adjusted interest expense Tax benefit of interest expense Adjusted interest expense, after taxes Dec 31, 2017 29,450 Dec 31, 2016 12,976 Dec 31, 2015 13,345 Dec 31, Dec 31, 2014 2013 6,224 18,249 -15,940 2,947 4,117 2 -43 250 -15,938 2,904 4,367 1,743 6,178 6,300 1,118 4,910 1,163 4,120 1,111 3,613 3,940 1,188 1,016 7,418 -2,596 6,073 -2,126 5,231 -1,831 4,801 4,956 -1,680 -1,734 4,822 3,947 3,400 3,120 3,221 1,772 6,242 -29 -64 AT&T INDUSTRY AND COMPANY ASSESSMENT (Gain) loss on marketable securities Investment income, before taxes Tax expense (benefit) of investment income Investment income, after taxes Net income (loss) attributable to noncontrolling interest Net operating profit after taxes (NOPAT) 5 -302 -2 -24 -26 -121 -302 -2 -24 -26 -121 106 1 8 -196 -1 -16 -17 -79 397 357 342 294 304 18,534 20,183 21,439 9 42 11,365 27,874 USD $ in millions Debt maturing within one year Long-term debt, excluding maturing within one year PV of operating lease payments Total reported debt & leases Stockholders' equity attributable to AT&T Net deferred tax (assets) liabilities Allowances for doubtful accounts Equity equivalents Accumulated other comprehensive (income) loss, net of tax Non-controlling interest Dec 31, 2017 38,374 Dec 31, 2016 9,832 Dec 31, 2015 7,636 Dec 31, 2014 6,056 Dec 31, 2013 5,498 125,972 113,681 118,515 76,011 69,290 21,576 24,373 23,869 25,120 19,904 185,922 140,861 147,886 123,135 150,020 122,671 107,187 86,370 94,692 90,988 -43,176 58,717 55,088 36,402 35,109 663 661 704 454 483 -42,513 -7,017 59,378 -4,961 55,792 -5,334 36,856 -8,060 35,592 -7,880 1,146 975 969 554 494 AT&T INDUSTRY AND COMPANY ASSESSMENT Adjusted stockholders' equity attributable to AT&T 92,477 6 178,527 174,098 115,720 119,194 Under construction -4,045 -5,118 -5,971 -3,053 Investment securities -2,447 -2,587 -2,704 -2,735 Invested capital 271,907 318,708 315,443 217,119 b. Calculation of the Invested Capital using the financial approach (Above) -3,276 -2,450 208,160 c. Cost of Capital Calculations (Cost of debt and Cost of Equity) i. 2017 Equity Debt Fair Value 225,824 173,758 PV of 21,576 operating lease payments Total: 421,158 ii. 2016 Equity Debt PV of operati ng lease payme nts Total: Weights 225,824 173,758 ÷ ÷ 421,158 421,158 = 0.54 = 0.41 0.54 × 0.41 × 21,576 ÷ 421,158 = 0.05 0.05 × 7.08% = 4.40% × = (1 – 35.00%) 4.40% × = (1 – 35.00%) 1.00 Fair Value 254,752 254,752 ÷ 129,858 129,858 ÷ 24,373 24,373 ÷ 408,984 Cost of Capital Weights 3.80% 1.18% 0.15% 5.12% Cost of Capital 408,9 = 84 408,9 = 84 0.62 0.62 × 7.08% = 0.32 0.32 × 408,9 = 84 0.06 0.06 × 4.20% × = (1 – 35.00%) 4.20% × = (1 – 35.00%) 1.00 4.41 % 0.87 % 0.16 % 5.44% AT&T INDUSTRY AND COMPANY ASSESSMENT iii. Equity Debt 2015 Fair Value 227,533 130,297 PV of operating lease payments Total: iv. 23,869 Weights 227,5 ÷ 381,69 33 9 130,2 ÷ 381,69 97 9 23,86 ÷ 9 381,69 9 7 = 0.60 = 0.34 = 0.06 381,699 2014 Cost of Capital 0.60 × 7.08% = 4.22% 0.34 × 4.00% × = 0.89% (1 – 35.00%) 0.06 × 4.00% × = 0.16% (1 – 35.00%) 1.00 5.27% Fair Value 176,881 176,881 ÷ 292,803 = 0.60 0.60 × 7.08% = Debt 90,802 90,802 ÷ 292,803 = 0.31 0.31 × = PV of operating lease payments Total: v. 25,120 25,120 ÷ 292,803 = 0.09 0.09 × 4.20% × (1 – 35.00% ) 4.20% × (1 – 35.00% ) Equity Equity Debt PV of operating lease payments Total: Weights Cost of Capital 292,803 2013 1.00 Fair Value 170,785 79,613 170,785 79,613 19,904 19,904 270,302 = Weights ÷ 270,302 ÷ 270,302 = = 0.63 0.29 ÷ = 0.07 270,302 4.28 % 0.85 % 0.23 % 5.36% Cost of Capital 0.63 × 7.08% = 0.29 × 4.50% × (1 = – 35.00%) 0.07 × 4.50% × (1 = – 35.00%) 1.00 From the above calculations and analysis of the Economic Value Added, it is clear that the management of AT&T Company has been performing exemplary in 2017, 2016, 2015, and 4.47% 0.86% 0.22% 5.55% AT&T INDUSTRY AND COMPANY ASSESSMENT 8 2013 as shown by the positive economic profit in those years (Last 10K.com, 2018). The positive economic profits are as a result of good decisions that have been made by the management. Poor management decisions led to economic losses in year 2014. The management performance of the company in this period can be regarded as poor. 1. Capital Expenditures a) Purposes and growth of CAPEX. CAPEX or capital expenditures are funds that are used by a company to acquire, upgrade, and maintain physical assets of a company. The funds are also used to maintain or increase the scope of business. Purpose of CAPEX is to show the amount of investment that an entity has on different areas of business. The analysis of the Economic Value Added of AT&T reveals the capital expenditures that the company has incurred from 2013 to 2017. CAPEX AT&T Historical Spending Capital Expenditures % of Revenue 5-Year Average Dec-13 20,944 16.3% 14.3% Dec-14 21,199 16.0% Dec-15 19,218 13.1% Dec-16 21,516 13.1% Dec-17 20,647 12.9% Jun-18 10,959 b) CAPEX ROIIC. Return on Incremental Invested Capital (ROIIC) is used by the management to determine the effectiveness of capital employed. It is an extension of return on investment but narrows down each investment made to show how profitable it is. AT&T INDUSTRY AND COMPANY ASSESSMENT 9 Valuation Models A. Valuation by Multiples 1. Pt/Ettm Valuation. a) Care in Choice of P/E such as average for last five years. Recall Steady State P/E = inverse of P/E. The relationship between a company’s stock and the earnings per share (EPS) is provided for by price earnings ratio (P/E). Price earnings ratio is also used in valuation of companies. It accesses whether a stock is over or under valued. It is calculated by taking the latest closing price and dividing it by the most recent earnings per share (EPS). The table below shows the P/E ratio of AT&T for the last five years. Year 31 Dec, 2017 31 Dec, 2016 31 Dec, 2015 31 Dec, 2014 31 Dec, 2013 P/E Ratio 7.83 18.56 12.76 23.16 8.03 The earnings ratio for the last five years shows that AT&T has been performing well. The highest that it has ever gone was in 2014 by 23.16 while the lowest it has ever been was in 2017 at 7.83 (Last 10K.com, 2018). The low P/E ratio may be caused by investors having no confidence in higher growth of a company in the future which might be because of the debt levels of the company among other economic reasons. b) Care in Choice of E FTM. Implied Growth Rate of Earnings According to implied growth rate of earnings, stock is worth its next year’s dividend by the difference between the targeted return and the dividend growth rate. AT&T INDUSTRY AND COMPANY ASSESSMENT Dividend growth rate (G) implied by Gordon Growth Model g = 100 × (P0 × r – D0 ) ÷ (P0 + D0 ) = 100 × ($31.71 × 7.08% – $1.96) ÷ ($31.71 + $1.96) = 0.85% Where; P0 = current price of share of AT&T's common stock D0 = last year dividends per share of AT&T's common stock r = required rate of return on AT&T's common stock Dividend growth rate (g) forecast H-model Year Value gt 1 g1 2.27% 2 g2 1.91% 3 g3 1.56% 4 g4 1.20% 5 and thereafter g5 0.85% Where: g1 is implied by PRAT model g5 is implied by Gordon growth model g2 , g3 and g4 are calculated using linear interpolation between g1 and g5 10 AT&T INDUSTRY AND COMPANY ASSESSMENT 11 Calculations g2 = g1 + (g5 – g1 ) × (2 – 1) ÷ (5 – 1) = 2.27% + (0.85% – 2.27%) × (2 – 1) ÷ (5 – 1) = 1.91% g3 = g1 + (g5 – g1 ) × (3 – 1) ÷ (5 – 1) = 2.27% + (0.85% – 2.27%) × (3 – 1) ÷ (5 – 1) = 1.56% g4 = g1 + (g5 – g1 ) × (4 – 1) ÷ (5 – 1) = 2.27% + (0.85% – 2.27%) × (4 – 1) ÷ (5 – 1) = 1.20% Dividend Growth Rate (G) derivation using PRAT Model Average Selected Financial Data (USD $ in millions) Dividends to stockholders Net income attributable to AT&T Operating revenues Total assets Stockholders' equity attributable to AT&T Ratios Retention rate Profit margin Asset turnover Financial leverage Averages Retention rate Profit margin Asset turnover Financial leverage Dividend growth rate Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 12,157 29,450 160,546 444,097 140,861 11,913 10,755 12,976 13,345 163,786 146,801 403,821 402,672 123,135 122,671 9,629 6,224 132,447 292,829 86,370 9,589 18,249 128,752 277,787 90,988 -0.55 4.70% 0.45 3.39 0.47 14.17% 0.46 3.05 0.59 18.34% 0.36 3.15 0.16 10.85% 0.41 3.23 2.27% 0.08 7.92% 0.41 3.28 0.19 9.09% 0.36 3.28 Dec 31, 2013 AT&T INDUSTRY AND COMPANY ASSESSMENT 12 The calculations using Gordon as well as PRAT model show growth of dividends from one year to another. It is an indication that the company is performing well and that investors will be rewarded by higher dividends in the future. The implied growth of earnings is achieved. c) Care in Choice of Sector/Industry/ Peer P/E. The averages highest P/E of the industry for the last five years was 56.13 while the lowest was 19.32. The average highest P/E of the sector for the last five years was 43.56 while the lowest was 14.65 (Patel, Stuber, & Pratt, 2005). It is an indication that the sector is strong and is valued high. 2. PEG Ratio (P/E to earnings growth) Price earning to growth ratio (PEG ratio) is a stock’s price-to-earnings ratio divided by the rate of its earnings for a specified period of time. It is a valuation model used to determine the relative trade-off between the price of a stock, EPS, and the expected growth of a company over a period of time. Current PEG ratio of AT&T is 1.75 compared to the Wireless National Industry’s PEG of 4.42. PEG ratio of 1 or less is considered good for a company while that of above 1 is considered bad for a company (Belo, Collin‐Dufresne, & Goldstein, 2015). A company with high price earnings ratio as well as high growth rate will have a low PEG while a company with low price earnings ratio and low growth rate will have a high PEG rate indicating that it is not performing well. AT&T has a good PEG ratio that shows it price earning as well as growth rate are high. The table below shows the overall PEG ration for the last five years. Year 31 Dec, 2017 31 Dec, 2016 31 Dec, 2015 31 Dec, 2014 31 Dec, 2013 PEG Ratio 1.64 8.88 5.45 19.46 2.35 AT&T INDUSTRY AND COMPANY ASSESSMENT 13 3. Discounted Cash Flow Models (SMIF B/B; BKM; or Damadoran) a) No Growth Stock Price = Earnings Power Value (perpetuity model) = EPST+1 /RE. AT&T Inc. Annual Rates (per share) Revenue Growth % 10 yrs. 3.40 5 yrs. 3.40 12 months -2.80 EBITDA Growth (%) 1.60 4.00 -0.80 Operating Income Growth (%) 2.00 6.30 2.20 EPS without NRI Growth (%) 4.20 18.30 153.80 Free Cash Flow Growth (%) 1.00 0.40 16.90 Book Value Growth (%) 1.80 6.50 24.20 Per Share Data Annuals (Year End) TTM Quarterly Dec17 Sep18 Sep18 Fiscal Period Dec15 Dec16 Revenue ($) 26.00 26.46 25.97 25.26 6.25 EBITDA 8.29 8.17 7.41 7.96 2.24 Operating Income 4.40 3.99 3.86 3.85 0.99 Free Cash Flow 2.95 2.88 2.99 3.14 0.90 EPS 2.37 2.10 4.76 5.28 0.65 EPS without NRI 2.37 2.10 4.76 5.28 0.65 AT&T INDUSTRY AND COMPANY ASSESSMENT Dividends Book Value 14 1.89 1.93 1.97 2.00 0.50 19.96 20.06 22.94 25.29 25.29 Reversed DCF Growth rate Intrinsic Value: DCF (Earnings Based) $ 56.5 Margin Of Safety 44% Reversed DCF Growth Rate -4.47% The levered free cash flow (FCF) over the next five years and discounted these values at the rate of 8.49%. The result is present value of 5-year cash flow of $69,345 million. The total value is the sum of cash flows for the next five years and the discounted terminal value results to the total Equity Value of the company which is 278,947 million dollars (Belo, Collin‐Dufresne, & Goldstein, 2015). Dividing the equity value by the number of shares outstanding gives the intrinsic value. The intrinsic value of the share is 45. The intrinsic value compared to the value to the current share price at the company which is 38 shows that the entity might be slightly undervalued. b) Growth Component of Stock Price = Future value creation = Investment * (ROIC – RAOCC) x competitive advantage period (number of years)/ RAOCC * (1 + RAOCC). Fiscal Years Ending Dec-17 Revenue 160,54 6 -2.0% % Growth Dec-18 Dec-19 Dec-20 171,569 185,781 6.9% 8.3% 186,45 4 0.4% Dec-21 189,923 1.9% Dec-22 202,12 1 6.4% AT&T INDUSTRY AND COMPANY ASSESSMENT EBITDA % of Revenue 45,336 28.2% 55,524 32.4% 15 60,447 32.5% 61,340 32.9% 61,033 32.1% 61,097 30.2% The above table above shows a forecast of the growth of revenues from 2017 to 2018. The table indicates that revenues will increase from year 2017 to year 2021 but decrease in year 2022. With the information, it is possible to have an idea of the future value creation of the company (Patel, Stuber, & Pratt, 2005). Future value creation = Investment * (ROIC – RAOCC) x competitive advantage period (number of years)/ RAOCC * (1 + RAOCC). = 20160*(12.2-8.76)*5/8.76*(1+8.76). =363,875 Above is the amount of value creation that AT&T Company is expected to make in the next 5 years. It is a positive value meaning that the company is likely to enjoy better economic times in the future. Calculation of Free Cash Flow Projected Unlevered Cash Flow Dec-18 EBITDA D&A EBIT Pro forma Taxes NOPAT Capital Expenditures NWC Investment (+) D&A Dec-19 Dec-20 Dec-21 55,524 60,447 61,340 61,033 (26,232) (28,405 ) (28,508) (29,038) 29,292 (6,737) 22,555 32,042 (7,370) 24,672 32,832 (7,551) 25,281 31,994 (7,359) 24,635 (23,019) (23,372 ) 1,000 28,405 (23,233) (24,398) 47 28,508 244 29,038 776 26,232 AT&T INDUSTRY AND COMPANY ASSESSMENT 16 Free Cash Flow 26,544 30,705 30,604 29,520 % Growth 16% 0% -4% Projected growth of free cash flows of AT&T is uncertain. There is a significant drop from one year to another. In terms of valuation, it shows that the value of the company might decrease in the future (CSI Market, 2018). Reason for the decrease could be the capital expenditures that are being incurred by the company. However, the value of the company might go up if the value of the share goes up as well even with the decline in the free cash flows. Valuation summaries of selected (3) other analysts From the above analysis, several discounted cash flow models have been used to analyze the valuation of AT&T Company. From the valuation of the intrinsic and market value of the shares of the company, the use of levered free cash flow (FCF) in analysis indicates that the company might be undervalued. The free cash flows will also decrease in the future and this will affect the valuation of the company. However, the perpetuity model indicates that earnings of the company will improve in the future. Other models that have been used in the valuation of the company include Dividend growth rate (G) implied by Gordon Growth Model and Dividend Growth Rate (G) derivation using PRAT Model which show that there will be a growth in dividends of the company (Patel, Stuber, & Pratt, 2005). Growth of dividends means that earnings will be improved and the valuation of the company will also go up. AT&T INDUSTRY AND COMPANY ASSESSMENT 17 References Annual Reports.com, (2018). AT&T Inc. Most Recent Annual Reports. Retrieved from http://www.annualreports.com/Company/att-inc Belo, F., Collin‐Dufresne, P., & Goldstein, R. S. (2015). Dividend dynamics and the term structure of dividend strips. The Journal of Finance, 70(3), 1115-1160. CSI Market, (2018). AT&T Inc. (T). Business Segments. Retrieved from https://csimarket.com/stocks/segments.php?code=T CSI Market, (2018). Communications Service Industry Revenue Growth. Retrieved from https://csimarket.com/Industry/industry_growth_rates.php?ind=905&hist=16 Last 10K.com, (2018). AT&T Reports Fourth-Quarter and Full-Year Results. SEC Filings. Retrieved from https://www.last10k.com/sec-filings/t Patel, C. S., Stuber, G. L., & Pratt, T. G. (2005). Comparative analysis of statistical models for the simulation of Rayleigh faded cellular channels. IEEE Transactions on Communications, 53(6), 1017-1026. SEC Filings, (2018). Financial Reports. AT&T. Retrieved from https://investors.att.com/financial-reports/sec-filings
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Running head: SAMSUNG COMPANY ASSESSMENT

Samsung Company Assessment
Name of Student
Name of Professor
Course Title
Date
Institution

1

SAMSUNG COMPANY ASSESSMENT

2

Samsung Company Assessment
Equity Valuation
A. Book Value per Share last 5 years.
Book value per share shows the accounting value of each share of stock in a company. It
is a company’s net asset value that is calculated by taking total assets of the entity less intangible
assets and liabilities.
Year

Book Value Per Share

12/31/2013

111,264

12/31/2014

116,357

12/31/2015

128,828

12/31/2016

132,696

12/31/2017

132,591

From the above 5 year trend of the book value per share of Samsung Company, it is clear
that the entity recorded an increase in book values per share from year 2014 to year 2017. The
value dropped slightly in year 2013 compared to the other years. Increase in earnings or profits
from year 2014 to 2016 were caused an increase in the book value per share of the company In
2013, the earnings of the company dropped slightly and this led to the decrease in book value per
share as well as total common share count of the company. Some of the investment decisions In
Samsung Company has also influenced the stock price making it more attractive for most
investors.

SAMSUNG COMPANY ASSESSMENT

3

B. Ratio Market/Book Value last 5 years.
The price-to-book ration also referred to as P/B ratio is a financial ration that is used to
compare a company’s current market price and its book value. It is used to link the share price of
a company with the book value of the share.
Year

Ratio Market/Book Value

12/31/2013

111,200

12/31/2014

116,350

12/31/2015

128,830

12/31/2016

132,700

12/31/2017

132,670

The ratio market/book value of Samsung Company shows that the stock price is not over
or under valued. The book value and the market price are almost the same. From 2013 to 2017,
the ratios have had slight upward and downward movements but still on the range (CSI Market,
2018). The stock price of the company reflects the market value and does not mislead the
investors by portraying it to be strong.
A. Economic Value-Added Balance Sheet (last 5 years)
➢ .EVA last 5 years and Trend in EVA.
Economic Value Added (EVA) is an internal performance measure in which
companies/businesses compare net operating profit to total cost of capital. It is a difference
between the revenues and the costs (SEC Filings, 2018). Costs also include capital. It is an
indicator of how profitable business projects are and therefore reflects the performance of the
management.

SAMSUNG COMPANY ASSESSMENT

4

Samsung Economic Value Added Calculations
Fiscal year is JanuaryDecember. All values KRW
Millions.

30-Sep-2018

30-Jun-2018

95,215,625

83,975,993

33,088,093

31,362,222

13.38%

2.33%

28.24%

26.35%

45,095,492

38,146,490

-

-

-

-

3,155,484

3,133,430

Cash & Short Term
Investments
Cash Only
Cash & Short Term
Investments Growth
Cash & ST Investments /
Total Assets
Total Accounts Receivable
Accounts Receivables,
Gross
Bad Debt/Doubtful
Accounts
Other Receivables

Accounts Receivable Growth 18.22%

-1.16%

SAMSUNG COMPANY ASSESSMENT

5

Fiscal year is JanuaryDecember. All values KRW
Millions.

30-Sep-2018

30-Jun-2018

1.45

1.53

Inventories

28,242,807

27,358,767

Other Current Assets

7,728,125

7,495,589

5,675,133

5,701,393

2,052,992

1,794,196

176,282,049

156,976,839

115,003,148

116,576,140

-

-

-

-

-

-

Accounts Receivable
Turnover

Prepaid Expenses
Miscellaneous Current
Assets
Total Current Assets
Net Property, Plant &
Equipment
Property, Plant &
Equipment - Gross
Construction in Progress
Accumulated Depreciation

SAMSUNG COMPANY ASSESSMENT

6

Fiscal year is JanuaryDecember. All values KRW
Millions.

30-Sep-2018

30-Jun-2018

15,869,151

15,224,534

7,005,344

6,894,955

8,863,807

8,329,579

14,800,096

14,999,464

Net Goodwill

-

-

Net Other Intangibles

-

-

Other Assets

10,548,761

9,904,690

Total Assets

337,195,786

318,688,380

Assets - Total - Growth

5.81%

1.99%

Asset Turnover

0.85

-

Return On Average Assets

14.66%

-

Total Investments and
Advances
LT Investment - Affiliate
Companies
Other Long-Term
Investments
Intangible Assets

SAMSUNG COMPANY ASSESSMENT

7

Workings
a. NOPAT Calculation ( RIOCC) for Samsung company
Return on Invested Capital
= NOPAT

(A: Dec. 2017 )
/ Average Invested Capital

=

Operating Income*(1-Tax
( (Invested Capital (A: Dec.
/
Rate)
2016 )

+

=

49538.2204484 * ( 1 24.93% )

+ 184290.885048)

= 37188.3420906

/ ( (145803.305806

Invested Capital (A: Dec.
2017 ))

/2
)
/2
)

/ 165047.095...


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