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Study sets matching "cfa cash flow"

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Study sets matching "cfa cash flow"

32 terms
CFA Cash flows Reading 27
Tax cash flows must
Classification of cash flows Interest…
Classification of cash flows Interest…
Classification of cash flows Dividends…
disclosed in the cash flow statement under IFRS only
Operating or investing
Operating or investing
Operating or investing
Tax cash flows must
disclosed in the cash flow statement under IFRS only
Classification of cash flows Interest…
Operating or investing
16 terms
CFA II Free Cash Flow Valuation
Free Cash Flow to Firm (FCFF)
Free Cash Flow to Equity (FCFE)
WACC (weighted average cost of capital)
Firm value
Cash revenues... - Working Capital Investment... - Cash Operating E…
FCFF... - Interest payments to bond holders... + net borrowings fro…
(weight of equity x required rate of return on equity)... + (wei…
FCFF discounted at the weighted average cost of capital (WACC)
Free Cash Flow to Firm (FCFF)
Cash revenues... - Working Capital Investment... - Cash Operating E…
Free Cash Flow to Equity (FCFE)
FCFF... - Interest payments to bond holders... + net borrowings fro…
40 terms
CFA 2015 - Free Cash Flow Valuation
Free Cash Flow Definitions
FCFF Firm Value
WACC
Indirect Method for Determining Equity…
Free Cash Flow Firm - cash available to all the firm's suppli…
FCFF are discounted at the WACC... - average cost of debt and eq…
return on debt is current YTM
Equity Value = Firm Value - Market Value of Debt
Free Cash Flow Definitions
Free Cash Flow Firm - cash available to all the firm's suppli…
FCFF Firm Value
FCFF are discounted at the WACC... - average cost of debt and eq…
40 terms
CFA Level II Free Cash Flow Valuation
Free Cash Flow Definitions
FCFF Firm Value
WACC
Indirect Method for Determining Equity…
Free Cash Flow Firm - cash available to all the firm's suppli…
FCFF are discounted at the WACC... - average cost of debt and eq…
return on debt is current YTM
Equity Value = Firm Value - Market Value of Debt
Free Cash Flow Definitions
Free Cash Flow Firm - cash available to all the firm's suppli…
FCFF Firm Value
FCFF are discounted at the WACC... - average cost of debt and eq…
18 terms
CFA Level 1 2015 - LOS 27: Understanding Cash Flow Statements
Operating Cash Flows
Investing Cash Flows
Financing Cash Flows
US GAAP and IFRS Cash Flow Statement D…
Include day-to-day activities that create revenues and other…
Includes purchasing and selling long-term assets and other in…
Include obtaining or repaying capital... Includes issue and red…
Interest and Dividends:... GAAP - Dividends paid are financing.…
Operating Cash Flows
Include day-to-day activities that create revenues and other…
Investing Cash Flows
Includes purchasing and selling long-term assets and other in…
19 terms
CFA L1 - Discounted Cash Flow Applications
Net Present Value (NPV)
Internal Rate of Return (IRR)
Problems with IRR
Holding Period Return
The sum of the present values of a series of cash flows, less…
Discount rate that equates to the PV of a series of cash flow…
1) If simple then works, but if future investments take place…
Percentage change over single period.
Net Present Value (NPV)
The sum of the present values of a series of cash flows, less…
Internal Rate of Return (IRR)
Discount rate that equates to the PV of a series of cash flow…
11 terms
CFA II: Free Cash Flow Valuations
Firm Value=
Equity Value =
WACC=
The value of the firm if FCFF is growi…
=FCFFt/(1+WACC)t
Firm value - Market value of debt
[MV(Debt)/MV(Debt)+MV(Equity)]*rd(1−Taxrate)... +[MV(Equity)MV(D…
FCFF1/WACC−g ... or... =FCFFo(1+g)/WACC−g
Firm Value=
=FCFFt/(1+WACC)t
Equity Value =
Firm value - Market value of debt
11 terms
CFA SS27 -- Cash Flow statements
Free cash flow to the firm
Recording Interest or dividends receiv…
Recording interest PAID under IFRS and…
Recording Dividends PAID under IFRS an…
FCFF = NI + NCC + Int(1-tax rate) - FCinv - WCinv
IFRS = Operating or Investing... U.S. GAAP = Operating
IFRS = Operating or Financing... U.S. GAAP = Operating
IFRS = Operating or Financing... U.S. GAAP = Financing
Free cash flow to the firm
FCFF = NI + NCC + Int(1-tax rate) - FCinv - WCinv
Recording Interest or dividends receiv…
IFRS = Operating or Investing... U.S. GAAP = Operating
10 terms
CFA Level 1 - Understanding Cash Flow Statements
What are the 3 Categories Cash Flows a…
How are non-cash investing & financing…
What are examples of non-cash investin…
IFRS vs. US GAAP in preparing Cash Flo…
1. Cash Flow from Operating Activities (CFO): Day-to-day acti…
Non cash investing & financing activities are NOT report on t…
1. Barter transactions... 2. Issuance of common stock for divid…
Classification of cash flows: IFRS offers more flexibility re…
What are the 3 Categories Cash Flows a…
1. Cash Flow from Operating Activities (CFO): Day-to-day acti…
How are non-cash investing & financing…
Non cash investing & financing activities are NOT report on t…
12 terms
CFA Level 1 2015 - LOS 06: Discounted Cash Flow Applications
Holding Period Return (Yield)
Money-Weighted vs Time-Weighted in eva…
Money-Weighted Return
Time-Weighted Return
Money-weighted drawbacks:... - Clients determine size and freque…
- Like an IRR measure => PV(outflows) = PV(inflows)... - Periods…
Holding Period Return (Yield)
Money-Weighted vs Time-Weighted in eva…
Money-weighted drawbacks:... - Clients determine size and freque…
50 terms
27. Understanding the Cash Flow Statement (Sch, CFA)
For the year ended December 31, 2007,…
Which of the following transactions wo…
How would a stock split be reported on…
The RR Corporation had cash flow from…
B... Only the acquisition of common stock of the affiliate for…
A... The purchase of plant and equipment with financing provi…
A... No cash is involved in a stock split--shares are exchange…
B... Free cash flow to equity (FCFE) is generally defined as c…
For the year ended December 31, 2007,…
B... Only the acquisition of common stock of the affiliate for…
Which of the following transactions wo…
A... The purchase of plant and equipment with financing provi…
18 terms
CFA Level 1 2015 - LOS 27: Understanding Cash Flow Statements
Operating Cash Flows
Investing Cash Flows
Financing Cash Flows
US GAAP and IFRS Cash Flow Statement D…
Include day-to-day activities that create revenues and other…
Includes purchasing and selling long-term assets and other in…
Include obtaining or repaying capital... Includes issue and red…
Interest and Dividends:... GAAP - Dividends paid are financing.…
Operating Cash Flows
Include day-to-day activities that create revenues and other…
Investing Cash Flows
Includes purchasing and selling long-term assets and other in…
17 terms
CFA 2 Equities: Free Cash Flow Calculations
Free Cash Flow to Firm
Free Cash Flow to Equity
Free Cash Flow from Net Income
Types of Noncash Charges
Cash flow generated by firm's operations in excess of capital…
Cash available to stockholders after funding capital requirem…
Net Income... + Noncash Charges... + Interest Expense * (1 - Tax Ra…
-Amortization of intangibles... -Restructuring charges and other…
Free Cash Flow to Firm
Cash flow generated by firm's operations in excess of capital…
Free Cash Flow to Equity
Cash available to stockholders after funding capital requirem…
9 terms
CFA 6: Discounted Cash Flow Applications
Waldrup Industries is considering a pr…
Waldrup Industries has committed to in…
Bestfoods, Inc. is planning to spend $…
Trilever is planning to establish a ne…
We can calculate the present value of the cash inflows in sev…
he internal rate of return is the discount rate that makes th…
NPV is the sum of the present values of all the cash flows as…
Using the IRR function in a spreadsheet or an IRR-enabled fin…
Waldrup Industries is considering a pr…
We can calculate the present value of the cash inflows in sev…
Waldrup Industries has committed to in…
he internal rate of return is the discount rate that makes th…
43 terms
CFA L1 - Cash flow statements
three components of cash flow (US GAAP…
CFO types
CFI
CFF
CFO, CFI, CFF
+: cash received from customers, cash dividends, cash interes…
purchases of PPE, proceeds from sale of assets, investments i…
issues, repurchase and redemption of: common stock, preferred…
three components of cash flow (US GAAP…
CFO, CFI, CFF
CFO types
+: cash received from customers, cash dividends, cash interes…
21 terms
CFA Reading 6: Discounted Cash Flow Applications
Capital budgeting
Capital structure
Working capital management
Net Present Value
the allocation of funds to relatively long-range projects or…
the choice of long-term financing for the investments the com…
the management of the company's short-term assets (ie invento…
the present value of its cash inflows minus the present value…
Capital budgeting
the allocation of funds to relatively long-range projects or…
Capital structure
the choice of long-term financing for the investments the com…
41 terms
CFA II- 35- Free Cash Flow Valuation
dividends profitability
FCFF
FCFE
FCFF WACC
Use FCFF or FCFE when... 1. The firm doesn't pay ____________ or…
The cash available to all the firm's investors, including sto…
The amount that is left after a firm has met all of its oblig…
The value of a firm is the present value of the expected ____…
dividends profitability
Use FCFF or FCFE when... 1. The firm doesn't pay ____________ or…
FCFF
The cash available to all the firm's investors, including sto…
10 terms
CFA Level 1: Discounted Cash Flow Applications
Capital Budgeting
Capital Structure
Net Present Value (NPV)
Net Present Value (NPV) Rule
The allocation of funds to relatively long-range projects or…
The choice of long-term financing for the investments the com…
is the present value of its cash inflows minus the present va…
If the investment's NPV is positive, an investor should under…
Capital Budgeting
The allocation of funds to relatively long-range projects or…
Capital Structure
The choice of long-term financing for the investments the com…
23 terms
CFA 27: Understanding Cash Flow Statements
The three major classifications of act…
The sale of a building for cash would…
Which of the following is an example o…
A conversion of a face value $1 millio…
B is correct. Operating, investing, and financing are the thr…
B is correct. Purchases and sales of long-term assets are con…
C is correct. Payment of dividends is a financing activity un…
C is correct. Non-cash transactions, if significant, are repo…
The three major classifications of act…
B is correct. Operating, investing, and financing are the thr…
The sale of a building for cash would…
B is correct. Purchases and sales of long-term assets are con…
9 terms
CFA 6: Discounted Cash Flow Applications
Waldrup Industries is considering a pr…
Waldrup Industries has committed to in…
Bestfoods, Inc. is planning to spend $…
Trilever is planning to establish a ne…
We can calculate the present value of the cash inflows in sev…
he internal rate of return is the discount rate that makes th…
NPV is the sum of the present values of all the cash flows as…
Using the IRR function in a spreadsheet or an IRR-enabled fin…
Waldrup Industries is considering a pr…
We can calculate the present value of the cash inflows in sev…
Waldrup Industries has committed to in…
he internal rate of return is the discount rate that makes th…
23 terms
CFA 27: Understanding Cash Flow Statements
The three major classifications of act…
The sale of a building for cash would…
Which of the following is an example o…
A conversion of a face value $1 millio…
B is correct. Operating, investing, and financing are the thr…
B is correct. Purchases and sales of long-term assets are con…
C is correct. Payment of dividends is a financing activity un…
C is correct. Non-cash transactions, if significant, are repo…
The three major classifications of act…
B is correct. Operating, investing, and financing are the thr…
The sale of a building for cash would…
B is correct. Purchases and sales of long-term assets are con…
9 terms
CFA Level 2 2016 - LOS 35: Free Cash Flow Valuation
Intuition
Free Cash Flow
FCF Strengths and Limitations
FCFF vs. FCFE
- Cash flows into the firm in the form of revenue... - Cash flow…
FCFF = pre-levered cash flow - Cash available to shareholde…
Strengths:... - Used with firms that have no dividends... - Functio…
Firm Value = FCFF discounted at WACC (represents value of ope…
Intuition
- Cash flows into the firm in the form of revenue... - Cash flow…
Free Cash Flow
FCFF = pre-levered cash flow - Cash available to shareholde…
18 terms
CFA Level 1 2015 - LOS 27: Understanding Cash Flow Statements
Operating Cash Flows
Investing Cash Flows
Financing Cash Flows
US GAAP and IFRS Cash Flow Statement D…
Include day-to-day activities that create revenues and other…
Includes purchasing and selling long-term assets and other in…
Include obtaining or repaying capital... Includes issue and red…
Interest and Dividends:... GAAP - Dividends paid are financing.…
Operating Cash Flows
Include day-to-day activities that create revenues and other…
Investing Cash Flows
Includes purchasing and selling long-term assets and other in…
33 terms
CFA Level 1 2016 - R 27: Understanding Cash Flow Statements
Cash Flow Statements
口诀
Cash Flow Statements... Cash flow classif…
Cash Flow Statements数据来源
资产增加是花钱,现金减少用减号... 资产减少是卖钱,现金增加用加号... 负债增加是借钱,现金增加用加号... 负债减少是还钱,现金减少用减号
• CF statement is not used to determine a company's monthly c…
Cash Flow Statements
口诀
资产增加是花钱,现金减少用减号... 资产减少是卖钱,现金增加用加号... 负债增加是借钱,现金增加用加号... 负债减少是还钱,现金减少用减号
58 terms
CFA I Reading 27 Understanding Cash Flow Statements
cash payments investing accrual
operations debt financing unexpected o…
income balance
operations income
The Cash Flow Statement provides:... 1. Information about a comp…
A Statement of Cash Flows can help you determine whether:... 1.…
Items on the cash flow statement come from two sources... 1. ___…
Cash flow from operating activities (CFO) sometimes referred…
cash payments investing accrual
The Cash Flow Statement provides:... 1. Information about a comp…
operations debt financing unexpected o…
A Statement of Cash Flows can help you determine whether:... 1.…
12 terms
CFA Level 1 2015 - LOS 06: Discounted Cash Flow Applications
Holding Period Return (Yield)
Money-Weighted vs Time-Weighted in eva…
Money-Weighted Return
Time-Weighted Return
Money-weighted drawbacks:... - Clients determine size and freque…
- Like an IRR measure => PV(outflows) = PV(inflows)... - Periods…
Holding Period Return (Yield)
Money-Weighted vs Time-Weighted in eva…
Money-weighted drawbacks:... - Clients determine size and freque…
12 terms
CFA Level 1 2015 - LOS 06 - Discounted Cash Flow Applications
Holding Period Return (Yield)
Money-Weighted vs Time-Weighted in eva…
Money-Weighted Return
Time-Weighted Return
Money-weighted drawbacks:... - Clients determine size and freque…
- Like an IRR measure => PV(outflows) = PV(inflows)... - Periods…
Holding Period Return (Yield)
Money-Weighted vs Time-Weighted in eva…
Money-weighted drawbacks:... - Clients determine size and freque…
12 terms
CFA Level 1 2015 - LOS 06: Discounted Cash Flow Applications
Holding Period Return (Yield)
Money-Weighted vs Time-Weighted in eva…
Money-Weighted Return
Time-Weighted Return
Money-weighted drawbacks:... - Clients determine size and freque…
- Like an IRR measure => PV(outflows) = PV(inflows)... - Periods…
Holding Period Return (Yield)
Money-Weighted vs Time-Weighted in eva…
Money-weighted drawbacks:... - Clients determine size and freque…
16 terms
CFA I - Discounted Cash Flow Applications (Quantitative Methods)
Three Areas of Financial Decision Making
Net Present Value and Internal Rate of…
Applying Net Present Value Rule
Applying the Internal Rate of Return R…
Capital Budgeting - Which projects should be accepted?... Capit…
Net Present Value (NPV) and Internal Rate of Return (IRR) all…
Net Present Value is the sum of all future cash flows discoun…
The IRR Rule states:... i. Accept projects where: IRR > Hurdle R…
Three Areas of Financial Decision Making
Capital Budgeting - Which projects should be accepted?... Capit…
Net Present Value and Internal Rate of…
Net Present Value (NPV) and Internal Rate of Return (IRR) all…
28 terms
CFA Study Session 2: Reading 6, Discounted Cash Flow Applications
Net Present Value (NPV)
Computing NPV
NPV Equation
Internal Rate of Return (IRR)
The NPV of a project is the present value of expected cash in…
Identifying all costs (outflows) and benefits (inflows) assoc…
IRR is defined as the rate of return that equates the PV of a…
Net Present Value (NPV)
The NPV of a project is the present value of expected cash in…
Computing NPV
Identifying all costs (outflows) and benefits (inflows) assoc…
12 terms
CFA Level 1 DEC 2016 - LOS 06: Discounted Cash Flow Applications
Holding Period Return (Yield)
Money-Weighted vs Time-Weighted in eva…
Money-Weighted Return
Time-Weighted Return
Money-weighted drawbacks:... - Clients determine size and freque…
- Like an IRR measure => PV(outflows) = PV(inflows)... - Periods…
Holding Period Return (Yield)
Money-Weighted vs Time-Weighted in eva…
Money-weighted drawbacks:... - Clients determine size and freque…
15 terms
CFA Level 1: Financial Reporting and Analysis - Cash Flow Statements
Operating Cash Flows - Inflows
Operating Cash Flows - Outflows
Investing Cash Flows - Inflows
Investing Cash Flows - Outflows
*cash collected from customers... *interest and dividends recei…
*Cash paid to employees and suppliers... *cash paid for other e…
*sale proceeds from fixed assets... *sale proceeds from debt an…
*acquisition of fixed assets... *acquisition of debt and equity…
Operating Cash Flows - Inflows
*cash collected from customers... *interest and dividends recei…
Operating Cash Flows - Outflows
*Cash paid to employees and suppliers... *cash paid for other e…
10 terms
CFA 2 - Equity - Reading 31: Free Cash Flow Valuation
Q. 11.31.j Using FCFF, what is the val…
Q. 11.31.d Find per share value using…
Q. Earnings per share = 4.50.... • Capita…
Q. Earnings per share = 4.50.... • Capita…
A. FCFF in Year 0 is equal to EBIT(1 − tax rate) + Depreciati…
A. Step 1: Calculate each year's FCFE and discount at the req…
A. Base-year FCFE = EPS − (capital expenditures − depreciatio…
A. Value per share = (3.80 × 1.05) / (0.12 − 0.05) = 57.00. Y…
Q. 11.31.j Using FCFF, what is the val…
A. FCFF in Year 0 is equal to EBIT(1 − tax rate) + Depreciati…
Q. 11.31.d Find per share value using…
A. Step 1: Calculate each year's FCFE and discount at the req…
19 terms
CFA I 8.27 Understanding Cash Flow Statements
Operating activities
Investing activities
Financing activities
Common-size analysis of the statement…
include the company's day to day activities that create reven…
include purchasing and selling long-term assets and other inv…
include obtaining or repaying capital, such as equity and lon…
two approaches; express each line item of cash inflow (outflo…
Operating activities
include the company's day to day activities that create reven…
Investing activities
include purchasing and selling long-term assets and other inv…
12 terms
CFA I Glossary -- Reading 27 -- Understanding Cash Flow Statements
Operating activities
Dealing securities
Investing activities
Financing activities
Activities that are part of the day-to-day business functioni…
Securities held by banks or other financial intermediaries fo…
Activities which are associated with the acquisition and disp…
Activities related to obtaining or repaying capital to be use…
Operating activities
Activities that are part of the day-to-day business functioni…
Dealing securities
Securities held by banks or other financial intermediaries fo…
13 terms
CFA Level 1 - Financial Reporting and Analysis (Cash Flow Ratios)
Performance Ratios
Cash-flow-to-revenue ratio
Cash-return-on-assets ratio
Cash-return-on-equity ratio
...
Measures the amount of operating cash flow generated for each…
Measures the return of CFO attributed to all providers of cap…
Measures the return of CFO attributed to shareholders.... = CFO…
Performance Ratios
...
Cash-flow-to-revenue ratio
Measures the amount of operating cash flow generated for each…
8 terms
CFA 2015 - Effects of Changes in Key Assumptions / Cash Flows
Discount Rate
Compensation Growth Rate
Expected Return on Plan Assets
Expected Life Expectancy
An increase in the discount rate will lead to: ... - Decreased O…
An increase in the assumed rate of growth:... - Increases in the…
An increase in the assumed expected return on plans assets:…
An increase in the expected life will lead to more payments,…
Discount Rate
An increase in the discount rate will lead to: ... - Decreased O…
Compensation Growth Rate
An increase in the assumed rate of growth:... - Increases in the…
10 terms
Cash flow
Cash flow Forecast
Net Cash flow
Cash Inflows
Cash Outflows
Planning future cash flow within a business
The difference between cash inflow and cash outflow
Money coming into a business
Money going out of a business
Cash flow Forecast
Planning future cash flow within a business
Net Cash flow
The difference between cash inflow and cash outflow
49 terms
CashFlow
Expense
Income
Owe
Survive
money that is spent
money received
have an obligation to pay
continue to exist
Expense
money that is spent
Income
money received
8 terms
cash flow
the total amount of money being transf…
Normal situation where the cash inflow…
Cash flow forecasting is important bec…
Money, or cash, is the most liquid ass…
cash flow
Positive cash flow
Cash flow forecasting
Liquidity
the total amount of money being transf…
cash flow
Normal situation where the cash inflow…
Positive cash flow
8 terms
Cash flow
down payment
early settlement discount
place an order
charge
Anzahlung
Skonto
Auftrag aufgeben
in Rechnung stellen
down payment
Anzahlung
early settlement discount
Skonto
14 terms
Cash flow
cash flow
cash flow forecast
opening balance
closing balance
A measure of money or cash coming in and going out of a busin…
A financial document that predicts future cash flow position…
The amount of money a business has at the start of each month
Bank balance at the end of the month. Opening balance + net c…
cash flow
A measure of money or cash coming in and going out of a busin…
cash flow forecast
A financial document that predicts future cash flow position…
16 terms
Cash Flow
Cash sales
receipts of cash form previous sales o…
buying goods to be sold
buying and selling non-fixed assets
operating
operating
operating
operating
Cash sales
operating
receipts of cash form previous sales o…
operating
16 terms
Cash Flow
Cash sales
receipts of cash form previous sales o…
buying goods to be sold
buying and selling non-fixed assets
operating
operating
operating
operating
Cash sales
operating
receipts of cash form previous sales o…
operating
8 terms
Cash flow
Business plan
Reasons to write a business plan
Cash flow
Cash flow forecast
A business document that outlines the ownership and future pl…
* Persuade lenders... *Attract potential investors... *Give the bus…
All the money flowing into and out of a business over a perio…
This show the expected income and expenditure of a business o…
Business plan
A business document that outlines the ownership and future pl…
Reasons to write a business plan
* Persuade lenders... *Attract potential investors... *Give the bus…
9 terms
cash flow
cash flow forecast
inflows
examples
Outflows
it is a prediction of what money will go out of a business (o…
the money comes into a business
interest from savings... sales revenue
the money that goes out of the business
cash flow forecast
it is a prediction of what money will go out of a business (o…
inflows
the money comes into a business
36 terms
Cash Flow Statement: Cash or not cash?
Receipts from debtors
Debtors Control
Discount Revenue
Cash Sales
Operating - cash inflow
Not cash
Not cash
Operating - cash inflow
Receipts from debtors
Operating - cash inflow
Debtors Control
Not cash
39 terms
CFA_L1_Assignment_98_Lesson 1: The Cash Flow Statement: Components and Format
These are inflows and outflows of cash…
These are inflows and outflows of cash…
These are cash inflows and outflows ge…
Noncash investing and financing activi…
Cash flow from operating activities (CFO):
Cash flow from investing activities (CFI):
Cash flow from financing activities (CFF):
these transactions do not involve any receipt or payment of c…
These are inflows and outflows of cash…
Cash flow from operating activities (CFO):
These are inflows and outflows of cash…
Cash flow from investing activities (CFI):
12 terms
Cash Flow
Cash Flow Purpose
Operating Steps
Recieved From Debtors Equation
Paid to Creditors Equation
Provides information about sources and uses of cash during th…
Inflows-... Net Cash Sales... Debtors... Other Revenue... Outflows-... N…
Opening Debtors... +Credit Sales... -Credit Sales Returns... -Bad Debt…
Opening Creditors... +Credit Purchases... -Credit Purchase Returns…
Cash Flow Purpose
Provides information about sources and uses of cash during th…
Operating Steps
Inflows-... Net Cash Sales... Debtors... Other Revenue... Outflows-... N…
8 terms
Cash flow
Openong balance
Total cash inflow
Total cash outflow
Net cash flow
Money in the bank at the begining of he month
Money entering the business in that month
Money leaving the business in that month
Total cash inflow - total cash outflow
Openong balance
Money in the bank at the begining of he month
Total cash inflow
Money entering the business in that month
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