barcode in vb.net source code Valuation Exercise: Cisco in Software

Generating Data Matrix in Software Valuation Exercise: Cisco

Valuation Exercise: Cisco
Decode Data Matrix In None
Using Barcode Control SDK for Software Control to generate, create, read, scan barcode image in Software applications.
Draw ECC200 In None
Using Barcode creation for Software Control to generate, create Data Matrix 2d barcode image in Software applications.
Let s put our Cisco valuation together using the inputs that we discuss above. On the ValuePro 2002 general input screen (see Exhibit 6-6), we
Data Matrix ECC200 Reader In None
Using Barcode decoder for Software Control to read, scan read, scan image in Software applications.
Creating Data Matrix 2d Barcode In C#
Using Barcode creator for .NET framework Control to generate, create DataMatrix image in .NET applications.
STREETSMART GUIDE TO VALUING A STOCK
Data Matrix Drawer In Visual Studio .NET
Using Barcode printer for ASP.NET Control to generate, create DataMatrix image in ASP.NET applications.
Encode DataMatrix In .NET
Using Barcode printer for .NET Control to generate, create Data Matrix ECC200 image in Visual Studio .NET applications.
plug in the different inputs, and the result is an intrinsic value of $10.87. Placing those inputs into the program, we get a cost of capital screen (see Exhibit 6-7) showing a WACC of 10.04 percent. The general pro forma screen (see Exhibit 6-8) shows a total corporate value of $89,314 million, a total value to common equity of $80,939 million, and an intrinsic stock value per share of $10.87. In the next chapter, we fine-tune our skills in the use of the FCFF approach in more complex, custom valuations and see how to value some difficult companies.
Creating DataMatrix In Visual Basic .NET
Using Barcode generator for Visual Studio .NET Control to generate, create Data Matrix image in Visual Studio .NET applications.
EAN 13 Maker In None
Using Barcode creator for Software Control to generate, create EAN-13 Supplement 5 image in Software applications.
Notes
Create UCC - 12 In None
Using Barcode generation for Software Control to generate, create EAN / UCC - 14 image in Software applications.
Universal Product Code Version A Generation In None
Using Barcode printer for Software Control to generate, create UPC Code image in Software applications.
1. Institutional Investor Magazine polls institutional investors and creates an annual listing of the best analysts in different sectors of the stock market. The winners of each sector receive the title All American and this designation is worth an additional several hundred thousand per year in compensation to the analyst.
Code-128 Printer In None
Using Barcode creator for Software Control to generate, create USS Code 128 image in Software applications.
Creating ECC200 In None
Using Barcode creation for Software Control to generate, create ECC200 image in Software applications.
8 Valuing a Stock Putting It
Create GS1 - 8 In None
Using Barcode printer for Software Control to generate, create EAN 8 image in Software applications.
Drawing Code 128 Code Set B In None
Using Barcode creator for Font Control to generate, create Code 128C image in Font applications.
CHAPTER
EAN-13 Generation In Java
Using Barcode creation for Eclipse BIRT Control to generate, create EAN / UCC - 13 image in BIRT reports applications.
Make UPC Code In None
Using Barcode creation for Font Control to generate, create UPC-A Supplement 5 image in Font applications.
All Together
DataMatrix Printer In Java
Using Barcode generator for BIRT Control to generate, create DataMatrix image in BIRT reports applications.
Creating ECC200 In None
Using Barcode generator for Online Control to generate, create Data Matrix 2d barcode image in Online applications.
Overview
Generate Bar Code In C#.NET
Using Barcode drawer for .NET framework Control to generate, create bar code image in .NET applications.
Create UCC.EAN - 128 In Java
Using Barcode creation for Android Control to generate, create USS-128 image in Android applications.
In this chapter, we value four companies Citigroup, Merrill Lynch, and Berkshire Hathaway all large-cap financial companies, and Washington Real Estate Investment Trust, a small-cap REIT. For each company, we make an initial base-line valuation, in which our cash flow and cost of capital estimates are based upon historic averages, and our growth estimates are based upon consensus analysts expectations. This base-line valuation should give us a feel for how the market views the company s stock. It s important to be realistic about assumptions and inputs. Too often during the high-tech bubble, analysts expectations of growth were far too aggressive. These optimistic growth estimates generated inflated valuations and outrageous stock prices. When corporate management could not achieve the impossible goals set by Wall Street, they either cooked the books or watched their stock prices plummet and their option packages expire worthless. The excesses of the high-tech bubble have taught us to be cautious with assumptions and to use reasonable estimates!
Copyright 2003 by The McGraw-Hill Companies, Inc. Click Here for Terms of Use.
STREETSMART GUIDE TO VALUING A STOCK
In the valuations that follow, we vary growth rates, NOPMs, and cost of capital to see how changes in these variables affect intrinsic values. Varying inputs result in a range of value for a stock rather than a single point, and it allows us to see which cash flows and cost of capital estimates are most important to the different companies. When we value a stock, we want to use assumptions that are conservative, particularly regarding growth rates. Based upon our valuation, we rate each stock as a buy, sell, or hold. Our rating is a hypothetical rating. Do not buy, sell, or hold a stock based on anyone s valuations other than your own, particularly valuations based on outdated information, as all of these will be when you read this book. You make your own decisions based upon your own analysis. Recall that the value of any investment is the sum of its expected cash flows, discounted at a rate that takes into account the risk and timing of the cash flows. When we valued Microsoft and Cisco, the expected cash flows were the companies net operating profit after taxes, minus net investment; and the discounting rates were each company s weighted average cost of capital. Net operating profit or operating income is simple to calculate. First, we go to the company s income statement, find its revenue from continuing operations, and subtract CGS, SG&A, and R&D. What s left over is operating income, or NOP. Operating income, for normal companies that make and sell products and services, such as Microsoft, Cisco, and McDonald s, does not include interest income, investment income, and interest expense. The accounting statements of financial companies (FCs), such as commercial banks, investment banks, insurance companies, and savings banks, have a different format than the financial statements of Cisco or Microsoft. Interest income, investment income, and interest expense are included in operating income. For FCs, interest and investment income are often the largest components of revenue. Likewise, interest expense for an FC is usually its largest cost. To properly value a financial company and companies in other industries where the financial statement templates don t conform exactly to our examples, we tweak our valuation approach.
Copyright © OnBarcode.com . All rights reserved.