公司金融_Financial Modeling.pptx

Corporate Finance;Class Outline;Next step: Building sales-driven pro formas;Example: Internally-connected balance sheet and income statement;;How do we balance the pro-forma balance sheet?;The concept of plug;Model I: Debt as the plug;How to solve circular relations?;Major Problems with Model 1;Model 2: Target debt-equity ratios;Model 2: Target debt-equity ratios;Major Problems with Model 1 2;Comments on Models 1 and 2;Model 3: A model with cash;Model 3…;Model 3 relationships;Model 3 relationships…;More on building accurate pro-formas;Non-depreciation operating costs;Projecting Income Statement Items;Projecting COGS and SGA;Projecting COGS and SGA…;Example: Fixed vs. variable costs;Example continued…;Remarks on projecting costs;Projecting Income Statement Items;Projecting NWC items;Projecting NWC items;Example: Projecting NWC items;Projecting Fixed Assets;Projecting Fixed Assets;Estimating fixed assets needed for expansion of capacity;Estimating fixed assets needed for expansion of capacity…;Example;Estimating fixed assets needed for replacement of capacity;Projecting Fixed assets;Projecting Fixed Assets;For next class