debt management, policy makers need to project accurate debt dynamics that are sensitive to the way the current account deficits are being financed. If borrowed resources are not used productively, external borrowing can result in severe debt servicing difficulties. Debt management authorities therefore need to focus on efficient allocations of capital in sectors generating proper returns, and sh
Examples – 소송, 상품적 결함, 다양한 기술적 혁신과 같은 특정기업에만 존재하는 고유의 위험
요구수익률에 거의 영향을 미치지 못한다.
- 분산투자를 통해 제거 가능하기 때문
예를들어,
위험투자의 주식시장의 가치가 국채를 10% 능가하고 주식의 Beta 계수가 1.25라고 할때
Capital Leases 2.7% 32.0% 3.0% 34.7%
Other Assets 13.8% 4.2% 14.8% 4.8%
Total Assets 100.0% 100.0% 100.0% 100.0%
Comments
- Korean Air has lower current assets which means they might have more difficulty in managing working capital or paying off debts in future.
- AMR Corp owns more airplane, whereas Korean Air leases more. So this should be considered as advantage for AMR Corp when compar
가격 $85/SF(100,000SF) Rentable $88.54/SF(96,000SF)
시장가격과 비교 혹은 건설비용(토지포함)과 $70.00/SF
→ 합리적인가 판단
② 환원이율 (Capitalization Rate)
= 10.62% ≠IRR
최근의 거래 사례와 비교해 본다. (rough estimation이고 분석의 출발에 불과)
③ 배당 수익률 (Equity Dividend Rate)
8.39%
Debt-to-Equity Ratio 1732.3/974.8 1.77 1842/844.5 2.18
Times Interest Cover 339.4/57.3 5.92 354.2/67.1 5.27
3. Working Capital Management & Short-Term Liquidity
Average Collection Period (130/2537.4)*365 18.70 (139.3/2454.7)*365 20.71
Average Payment Period (127/1643.7)*365 28.20 (129.5/1538)*365 30.73
Days Inventory (31.3/1546)*365 7.38 (37.7/1442)*365 9.54
Current Ratio 370.6/482.3 0.76 4
Capital(순운전자본)
= Current Assets(유동자산) – Current Liabilities(유동부채)
Represents operating liquidity available to a business, organization
Considered a part of operating capital
EBIT
Earnings before interest and taxes
EBIT = operating income + Non-operating income
Operating income = Revenue – Operating expenses
operating expenses = Cost of Go
the host country’s economic growth will sustain demand for the goods being produced.
Debt, resulting largely from overborrowing in the 1970s and early 1980s, is a major problem in the global South. Through renegotiations and other debt management efforts, the North and South have improved the debt situation in recent years. However, the South remains $2 trillion in debt to the North.
Debt을 늘렸으나 평균 debt balance는 전년도와 비슷한 수준으로 유지되었다.
2. Fiscal 2002 Compared to Fiscal 2001
2002 회계 연도의 중요 변화 사항들
1. 세입이 4.3% 증가
2. 회계 변경의 누적효과 전 Income이 13.3% 증가
3. 회계 변경 전 희석 순이익 13.9% 증가
4. 전년도 대비 매출 총이익률 0.3% 증가
5. 매출액 대
acquisition, Summerfield Suites. Again the seller was the Blackstone Group. Blackstone had inherited Summerfield Suites from its purchase of Wyndham International. Summerfield Suites will be rebranded as Hyatt Summerfield Suites and positioned to compete in the upscale extended stay market against brands such as Residence Inn, Homewood Suites and Staybridge Suites.
On August 6, 2009, it was repo