Hugo Dixon, The Penguin Guide to Finance, Penguin Books:2000
there are two main classes of capital:equity and debt
when new shares are issued, existing shareholders are diluted
新規株を発売する方式 １)入札auction2)book-building(機関投資家に評価を出させる)
real interest rate raises when people want to borrow a great deal and falls they have plent of syuplus cash 実質金利の定義とは
to get the nominal rates, one has to add inflation 名目金利＝実質金利＋物価上昇率
substract inflation to calculate a real interest rate 物価上昇率＝名目金利―実質金利
equity premium over government bonds=shares - governmment bonds
株式（リスク）プレミアム＋国債金利=株式保有者の利回りあるいはコスト
国債金利＝risk free rate
個別の株式プレミアム＝平均の株式プレミアム×個別のbeta値
cost of debt=pre tax of cost of debt×(1-tax rate)
債務コスト 節税により軽減されて意識される 節税額は債務コスト×税率
to find the return investors expect from individual stocks, it is necessary to combine the risk free rate, the equity risk premium and the beta
the expected return from a share is the company's cost of equity
株式の期待収益率は企業にとっての株式コストである
cost of capital is an average of the cost of equity and the cost of debt, weighted according to their relative importance in a company's capital structure
資本コストは、株式と負債それぞれの資本構成に占める比重でウェイトをつけて、それぞれのコストを加算して求める。加重平均資本コスト。
determinant of option values(the more valuable)
share price(the higher)/exercise price(the lower)/volatility(with)/time to exercuse date(the longer the wait)/interest rate(with)
an option's value increases the more they are in the money, the greater the volatility of the underlying asset, the higher the interest rate and the longer one can wait before exercising it
sales -operating cost =operating profit or Ebit
営業利益あるいはEbit：earnings before interest and tax
operating profit + depreciation and amortizaion=Ebitda
Ebitda da=depreciation and amortisation
operating profit - interest = pre-tax profit
経常利益あるいは税引き前利益
pre-tax profit - tax = earnings
税引き後利益
earnings - dividend =retained profit
留保利益（内部留保）
Ebitda - increase in working capital = operating cash flow
operating cash flow - (capital expenditure +tax paid) = operating free cahs flow before acquisitions
operating free cash of flow before acquisitions - (acquisitions+exceptionals) = operating free cash flow
operating profit (1- tax rate)±optional asustment=net operating profit after tax or Nopat
return on capital: Nopat/(capital employed) = return on capital
Economic Value Added(Stern Stuart) , Economic Profit(MsKinsey)
cost is available to satisfy all investors
EVA is real profitability
Nopat - Capital charge = EVA capital charge=capital employed × cost of capital
capital employed =optional adjustment + net debt + net assets
株式価値の評価valuationについて
equity value, 手法にはabsolute method(discouting dividends)と relative method(p/e multiples, dividend yields)がある。
同様にenterprise value, 手法にはabsolute(discounting free cash flows, discounting EVA)と relative(ebitda multiples)がある。
European multiples by sector 2000 参考となる倍数maltiples
Automobiles P/e 13.3 EV/ebitda 3.8
Energy P/e 9.8 EV/ebitda 4.6
....................................................
Technology P/e 27.7 EV/ebitda 13.6
Telecom-Mobile P/e 35.1 EV/ebitda 15.1
a roadmap the pursuit of shareholder value 株主価値を拡大する方法
maximize returns 1)cut costs 2)improve service 3)drive sales
optimise the capital employed 1)expand if earning more tha cost of capital
2)shrink if earning less than cost of capital
minimise cost of capital 1)gear company up
2)reduce risk, improve communications
optimise business portfolio 1)acquire when 2+2=5
2)sell when 2+2=3
#名目金利 #実質金利 #株式プレミアム #加重平均資本コスト #Ebit #Ebitda #valuation
