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분야
pptxCh.19.2
The Business Plan
Ch.19.3
Building the Financial Model
Ch.19.4
Estimating the Cost of Capital
Ch.19.5
Valuing the investment
Ch.19.6
Sensitivity Analysis
can be combined with the forecasts for free
x
cash flow through 2010 to estimate Ideko’s
value today using the APV valuation model.
If firm’s sales are expected to grow at a nominal rate g and the firm’s operating expenses remain a fixed percentage of sales, then its unlevered net income will also grow at rate g.
Similarly, the firm’s receivables, payables, and other elements of net working capital will grow at rate g.
The estimate of Ideko’s continuation value
can be combined with the forecasts for free
x
cash flow through 2010 to estimate Ideko’s
value today using the APV valuation model.
