Q2
数字来源 （全部都是Capital IQ）
Earnings before interest and tax (EBIT) 1978 Key Stats
Tax (EBIT × tax rate) 593.4 30%税率是题目给的
Net operating profit after tax (NOPAT) 1384.6
Add: Depreciation/Amortisation Expenses 5338 Income Statement
Operating Cash Flows (OCF) 6722.6
Less: Capital Expenditures 2341 Cash Flow
Less: Additions to working capital -1310 Balance Sheet: (2020年的total current assets – 2020年的total current liabilities) – (2019年的total current assets – 2019年的total current liabilities)
After-tax FCF 5691.6
Q3
数字来源 （全部都是Capital IQ）
2017 2018 2019 2020 题目说可以自己选择时间长短,这里就随机选了4年的长度
Unlevered Free Cash Flow growth rate -70.2% 168.2% -35.5% 83.8% Ratios
Historical geometric growth rate -1.3% 手动计算,用的就是geometric mean的计算方式
Analyst’s consensus estimates of future earnings and growth 2.65% CIQ Estimates –> LT Growth
2020 这里必须是2020年的
Return on equity (ROE) 12.4% Ratios
Payout ratio 65.4% Income Statement: Dividends per Share / Basic EPS
Fundamental analysis (Retention ratio * Return on equity (ROE)) 4.30% 手动计算
Q5
数字来源 （全部都是Capital IQ）
Risk-free rate 0.26% Australia Government Debt
Market expected return 18.50% S&P/ASX 200 Index (^XJO)
Beta 0.56 TLS: Tearsheet –> Beta 5Y
Cost of equity 10.47% 手动计算,用CAPM公式
Cost of debt 0.04% TLS: Fixed Income –> Summary –> Latest Issued Securities –> Current YTW
Q6
数字来源 （全部都是Capital IQ）
E 45712.6 Tearsheet –> Market Cap
RE 10.47% 之前计算的cost of equity
D 13386.0 Balance Sheet –> Long-Term Debt
RD 0.04% 之前找好的cost of debt
V 59098.6
TC 30% 题目给的
WE 77.35%
WD 22.65%
WACC 8.11%
Q7
数字来源 （全部都是Capital IQ）
DDM
Dividend per share 0.1 Income Statement
g 2.65% 之前找到的
RE 10.47% 之前计算好的
Price per share 1.31 手动计算: 这个就是dividend discount model
DCF
FCF 5691.6 之前计算好的
WACC 8.11% 之前计算好的
g 2.65% 之前找到的
Cash 517 Balance Sheet
Debt 13386 之前找到的
Shares outstanding 11873.40 Tearsheet –> Shares Out.
Price per share 7.93 手动计算: 这个就是discounted free cash flow model
Current market value 3.85 Tearsheet –> Last (Delayed)
Q9
DDM
Dividend per share 0.1
g 7.68%
RE 10.47%
Price per share 3.85
DCF
FCF 5691.6
WACC 8.11%
g -1.47%
Cash 517
Debt 13386
Shares outstanding 11873.40
Price per share 3.85
Current market value 3.85
Q10
growth rate decreases by 1% WACC decreases
by 1%
DDM DDM
Dividend per share 0.1 Dividend per share 0.1
g 1.65% g 2.65%
RE 10.47% RE 10.47%
Price per share 1.15 Price per share 1.31
DCF DCF
FCF 5691.6 FCF 5691.6
WACC 8.11% WACC 7.11%
g 1.65% g 2.65%
Cash 517 Cash 517
Debt 13386 Debt 13386
Shares outstanding 11873.4 Shares outstanding 11873.4
Price per share 6.46 Price per share 9.95
Current market value 3.85 Current market value 3.85