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MPM (Fach) / 2. (Lektion)

MPM

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  • Liquidity financial ratios 1. Quick ratio - Cash / Short-term liabilities 2. Current Ratio - Current Assets/short-term liabilities
  • Asset Management financial ratios Inventory Turnover - Revenues/Inventory Total Asset Turnover - Revenues/Total assets
  • Profitability financial ratios 1. Return on Sales (ROS) - Net profits/revenues 2. Return on assets(ROA) - Net profits/total assets 3. Return on equity(ROE) - Net profits/equity
  • Debt Management Financial Ratios Debt ratio - Debt/Total assets Cash flow coverage - (EBIT + Depreciation)/(Interests + (Redemption/(1-tax rate))  
  • Fair Value financial ratios Price/earnings ratio - Share price/Earnings per share Market/book ratio - Mraket value/Book value
  • Indirect Computation of Cash Flows Financial report Annual surplus/loss + Changes in long- and short-term depreciation (+) and appreciation (-) + Changes in long-term accruals and deferrals (especially pension obligations)   Internal cost account Operating Profit + Depreciations (From cost account) + costs without cash implications (e.g. interest on equity, risk)
  • Direct cash flow computation Cash inflow of the period /. cash outflow of the preiod
  • Firm value and shareholder value = Net present value of future cash flows from operations in periods of planning horizon T + residual value (NPV of cash flows beyond T) + market value of non-business assets   Shgareholder value = Firmvalue ./. outstanding debts (valued at market price) Shareholder value=Market value of equity = fundamental market value
  • Why is the firm value the ultimate performance measure? Forward looking - Focus on future returns Cash oriented - Focus on cash inflow and outflow Dynamic - Accounts for time value of money Comprehensive - Accounts for all cost, especially cost of capital
  • What are the shortcomings of accounting measure when calculating the cash flow? Freedom in valuation methods ( valuation of short-term assets: FIFO,LIFO; Depreciation methods: linear, declining) Biased information on necessary capital expenditures (Capital expenditures for maintenance and extension, net working capital expenditures) Ignorance of time preference of investors
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