FIN303 - California State University, Northridge



FIN303Midterm exam 1Formula pageNet working capital = current assets – current liabilitiesNet operating working capital = current assets – (current liabilities – notes payable)FCF= (EBITx(1-T)+depreciation)-(capital expenditures +?net operating working capital)MVA = (Px shares outstanding) – book value of equityEVA = EBIT(1-T) –(total investor supplied operating capital x after tax percentage cost of capital)P/EPS= P/(Net Income/#shares)Current ratio = Current assets / Current liabilitiesQuick ratio= (Current assets- inventory) / Current liabilitiesInv. turnover = Sales / InventoriesDSO( days sales outstanding)= Receivables / (Sales/365)FA turnover= Sales / Net fixed assetsTA turnover= Sales / Total assetsDebt ratio= Total debt/(Total debt+Equity)Total Debt = interest bearing debt = Notes payable + long term debtTIE (times-interest-earned) = EBIT / Interest expenseOperating margin=EBIT/SalesProfit margin (net)= Net income / SalesBasic Earning Power = EBIT/Total AssetsROA= Net income / Total assetsROE= Net income / Total common equityP/E= Price / Earnings per shareM/B= Share price / Book value per shareBook value = total equity from balance sheetBook value per share= Book value/ Total shares outstandingEquity multiplier= total assets/total equity ROE= (Profit margin) x (TA turnover) x (Equity multiplier)ROE = (NI/Sales) x (Sales/TA) x (TA/Equity) ................
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