invest:finance:fcff
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invest:finance:fcff [2019/08/23 00:52] zhwiki created |
invest:finance:fcff [2019/09/22 11:20] (current) zhwiki [FCFF举例] |
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| The calculation for FCFF can take several forms, and it's important to understand each version. The most common equation is shown as: | The calculation for FCFF can take several forms, and it's important to understand each version. The most common equation is shown as: | ||
| - | $$FCFF=NI+NC+(I\times(1−TR))−LI−IWC$$ | + | $$ \text{FCFF}=\text{NI}+\text{NC}+(\text{I} \times(1−\text{TR}))−\text{LI}−\text{IWC} $$ |
| 其中： | 其中： | ||
| - | * NI=Net income | + | * NI=净利润（Net income） |
| - | * NC=Non-cash charges | + | * NC=非现金支出（Non-cash charges） |
| - | * I=Interest | + | * I=利息（Interest） |
| - | * TR=Tax Rate | + | * TR=税率（Tax Rate） |
| - | * LI=Long-term Investments | + | * LI=长期投资（Long-term Investments） |
| - | * IWC=Investments in Working Capital | + | * IWC=运营资本投资（Investments in Working Capital） |
| ===== 如何计算FCFF ===== | ===== 如何计算FCFF ===== | ||
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| Free cash flow to the firm can also be calculated using other formulations. Other formulations of the above equation include: | Free cash flow to the firm can also be calculated using other formulations. Other formulations of the above equation include: | ||
| - | $$FCFF=CFO+(IE×(1−TR))−CAPEX$$ | + | $$ \text{FCFF}=\text{CFO}+(\text{IE}\times(1−\text{TR}))−\text{CAPEX} $$ |
| 其中： | 其中： | ||
| - | * | ||
| - | * CFO=Cash flow from operations | ||
| - | * IE=Interest Expense | ||
| - | * CAPEX=Capital expenditures | ||
| - | $$FCFF=(EBIT×(1−TR))−D−LI−IWC$$ | + | * CFO=经营现金流（Cash flow from operations） |
| + | * IE=利息费用（Interest Expense） | ||
| + | * CAPEX=资本性支出（Capital expenditures） | ||
| + | |||
| + | $$ \text{FCFF}=(\text{EBIT}\times(1−\text{TR}))−\text{D}−\text{LI}−\text{IWC} $$ | ||
| 其中： | 其中： | ||
| - | EBIT=Earnings before interest and taxes | + | * EBIT=息税前利润（Earnings before interest and taxes） |
| - | D=Depreciation | + | * D=折旧（Depreciation） |
| - | $$FCFF=(EBITDA×(1−TR))+(D×TR)−LI−IWC$$ | + | $$ \text{FCFF}=(\text{EBITDA}×(1−\text{TR}))+(\text{D} \times \text{TR})−\text{LI}−\text{IWC} $$ |
| 其中： | 其中： | ||
| - | * EBITDA=Earnings before interest, taxes, depreciationand amortization | + | * EBITDA=息税折旧摊销前利润（Earnings before interest, taxes, depreciationand amortization） |
| ===== FCFF告诉我们什么 ===== | ===== FCFF告诉我们什么 ===== | ||
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| - | If we look at Exxon's statement of cash flows, we see that the company had $8.519 billion in operating cash flow (below, in blue). The company also invested in a new plant and equipment, purchasing $3.349 billion in assets (in red). The purchase is a CAPEX cash outlay. During the same period, Exxon paid $300 million in interest subject to a 30% tax rate. | + | If we look at Exxon's statement of cash flows, we see that the company had \$8.519 billion in operating cash flow (below, in blue). The company also invested in a new plant and equipment, purchasing \$3.349 billion in assets (in red). The purchase is a CAPEX cash outlay. During the same period, Exxon paid \$300 million in interest subject to a 30% tax rate. |
| + | |||
| + | {{ :invest:finance:xom_cf_march_31_2018_inv-5bfd869dc9e77c0051d9b908-5c5e030846e0fb000158752d.jpg?400 |}} | ||
| - | {{:invest:finance:xom_cf_march_31_2018_inv-5bfd869dc9e77c0051d9b908-5c5e030846e0fb000158752d.jpg?400|}} | ||
| Exxon Cash Flows. | Exxon Cash Flows. | ||
| FCFF can be calculated using this version of the formula: | FCFF can be calculated using this version of the formula: | ||
| - | $$FCFF=CFO+(IE×(1−TR))−CAPEX$$ | + | $$ \text{FCFF}=\text{CFO}+(\text{IE}\times(1−\text{TR}))−\text{CAPEX} $$ |
| In the above example, FCFF would thus be calculated as follows: | In the above example, FCFF would thus be calculated as follows: | ||
| - | + | $$ | |
| - | FCFF= 8,519 Million+(300 Million \times(1−0.30))− 3,349 Million \\ | + | \begin{aligned} |
| - | &= 5.38 Billion | + | \text{FCFF} &= \$8,519 \text{Billion} + (\$300 \text{Million} \times (1 - 0.30 ) ) - \$3,349 \text{Billion} \\ |
| - | \end{align} | + | &= \$5.38 \text{Billion} |
| - | + | \end{aligned} | |
| - | \begin{aligned} \text{FCFF} = &\ \$8,519 \text{ Million} + ( \$300 \text{ Million} \times ( 1 - .30 ) ) - \\ \phantom {\text{FCFF} =} &\ \$3,349 \text{ Million} \\ = &\ \$5.38 \text{ Billion} \\ \end{aligned} | + | $$ |
| ===== 现金流和FCFF之间的区别 ===== | ===== 现金流和FCFF之间的区别 ===== | ||
invest/finance/fcff.1566535958.txt.gz · Last modified: 2019/08/23 00:52 by zhwiki
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