Formula Sheet Introduction to Corporate Finance
A = L + SE
MVE = SO ? MPS
=
EV = MVE + D ? C
=
RE = NI ? Div
CSE = NI ? Div + SS ? RS
EBITDA = EBIT + D + A
ND = TD ? ECSTI
=
=
=
=
=
=
++
=
=
=
=
=
=
=
()
=
Formula Sheet Introduction to Corporate Finance
()
=
=
=
+
=
=
=
=
=
=
=
=
+
= (1-)
+
=
?
?
=
V1 = C0(1+r)
0
=
1 (1+)
NPV = PV(CF)
Price(A+B) = Price(A) + Price(B)
()
=
()
Vn = C0 ?(1+r)n
0
=
1+1
=
(1+)
0
=
0
+
1 (1+)
+
2 (1+)2
+
+
(1+)
Page 1 of 4
Introduction to Corporate Finance Formula Sheet (cont)
0
=
=0
(1+)
0
=
1
0
=
-
1
1+
=
1
-
1
1+
=
((1
+
)
-
1)
0
=
1 -
0
=
-
1
-
11++
=
((1
-
+
)
-
(1
+
))
() = (1 + ) - 1
()
=
=
- 1+
0
=
(1+)
0
=
0
+
1 (1+1)
+
2 (1+2)2
+
+
(1+)
0
=
=0
(1+)
= - ( ? ) = (1 - )
(1) = - 1
APR = ln(1+r(1))
=
?
=
(1+)
= 1/ - 1
rn = YTMn
=
?
1
1
-
(1+1)
+
(1+)
= -
() = ?
=
= ? (1 - ) = ( - - )(1 - )
FCF = UNI + D ? CE - NWC
NWC = CA ? CL = C + AR + I ? AP
= ( - - ) ? (1 - ) + - -
= ( - ) ? (1 - ) - - + ?
()
=
(1+)
=
?
1 (1+)
G = SP ? BV
BV = PP ? AD
ATCF = SP ? c ? G
0
=
1+1 1+
=
1+1 0
-
1
=
1 0
+
1-0 0
0
=
1 1+
+
2+2 (1+)2
0
=
1 1+
+
2 (1+)2
++
(1+)
+
(1+)
0
=
=1
(1+)
0
=
1 -
Page 2 of 4
Introduction to Corporate Finance Formula Sheet (cont)
=
1 0
+
=
?
= ?
RRt = 1 ? DPRt
+1 = ?
+1 =
+1
+1 = ?
+1 = ?
0
=
()
NI = CE ? D
FCF = EBIT(1-c) ? NI - NWC
0 = ()
0
=
0+0-0 0
0
=
1 1+
+
2 (1+)2
+
+
+ (1+)
= +1
-
= 0 = 1/1
1
-
0 = 1/1
1
-
() = ? () = ? - ()2
() = ()
+1
=
+1
+
+1-
1+RL = (1+RS1) (1+RS2) (1+RS3)....
=
1
=1
()
=
1 -1
=1(
-
)2
() = ()
=
= [(1 + 1) ? (1 + 2) ? ? (1 + )]1/ - 1
MRP = E[RMkt] - rf
= + ? () -
= ?
=
=
1 0
+
- = + - +
[] = + [] - + = (1 - ) + ( - ) = - Table 12.2: Percent Annual Default Rates by Debt Rating
Rating AAA AA A BBB BB B CCC CC-C
Ave.
0.0 0.1 0.2 0.5 2.2 5.5 12.2 14.1
Recessions 0.0 1.0 3.0 3.0 8.0 16.0 48.0 78.0
Table 12.3: Average Debt Betas
By Rating Avg. Beta
A above 15Yr
0.01
0.06
0.07
0.14
= + + + = + + + ND = D ? EC
rat = r (1 ? c) = + + + (1 - ) = - + MVE = MVA ? MVL
= [] -
Page 3 of 4
Introduction to Corporate Finance Formula Sheet (cont)
E + D = U = A
+ + + =
=
+
(
-
)
=
+
(
-
)
( )
=
()
+
()
-
()
= + + +
rwacc = rU = rA
= + + +
=
+
(
-
)
Page 4 of 4
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