爵士制药分析——费用与财务预测.pdfVIP

Valuation–PublicCompsandPrecedentTransactionpenseandBS/CFSProjections

Hello,andwelcournextsoninthismoduleonthevaluationofJazzPharmaceuticals.

Thistimewhatweregoingtodoisfhoutourexpenseassumptions,andthebalanceand

cashflowstatementassumptionsforthecompany.Wealreadyhavetheirrevenueprojected

fromthelastfewsonsandthatwasreallythecorefocusofthispartofthemodule,coming

upwiththecompanysrevenueprofibasedontheirexistingandfutureproducts.

Thie,withalltheexpensesandthenthebalancesheetandcashflowstatementitems,this

isgenerallysimportantforacompanylikethis.Becauseexpenses,youreallycantassume

anythingtoocomplicatedhereinmostcases.Itisveryrarewhenapubliclytradedcompany

likethis,especiallyinthisindustry,actuallygivesyouenoughinformationtomakereally,really

detailedestimatesforsomethinglikeRDspending,orevenSGAspending,forexampoa

lotoftheseestimatesandprojectionsaregoingtobesimpleinthefirstce.

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ButthentheotherpointIwillmakehereisthatyoudontevenreallyneedafullthree-

statementprojectionmodeltovalueacompanylikethis.Yes,youneedsomeinformation

abouttheirbalancesheetasofthemostrecentdatesothemostrecentquarterorthemost

recentfiscalyearend,soyoudoneedsomeofthat.Butyoudonotneedtoactuallyproject

theirbalancesheetoverthecomingfiveorten-yearperiod.

Eventhecashflowstatement,yes,youneedtobeabletogettothecompanysfreecashflow,

cashflowfromoperationsminusCapExaswedefineditintheaccountingsons.Butifyou

thinkaboutit,todothatyoudontreallyneedalltheseothernumbers.Youcansimplifyalotof

these.Youcanlookatallthesechangesinworkingcapitalandoperatingassetsandliability

itemsalltogether,makethemas