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co Politécnico Grancolombiano Bogotá, Colombia Joseph Tham Fulbright Economics Teaching Program Ho Chi Minh City Vietnam ThamJx@yahoo.com jtham@fetp.vnn.vn

Ignacio Vélez-Pareja is the Director of the Department of International Relations and Finance professor at Politecnico GranColombiano, Bogota, Colombia. Joseph Tham is a Project Associate at the Center for Business and Government, J.F.K School of Government. Currently, he is teaching at the Fulbright Economics Teaching Program (FETP) in Ho Chi Minh City, Vietnam. Constructive feedback and critical comments are welcome. The authors may be contacted at: ivelez@poligran.edu.co, ThamJx@yahoo.com. Ignacio Vélez-Pareja will be the presenter at the conference of the European Financial Management Association, June 27-30, 2001 in Lugano, Switzerland. Contact Information Politécnico Grancolombiano Calle 57 N 3-00 E Bogota, Colombia Phone #: (571) 3468800 Fax #: (571) 3469258

**Firm Valuation: Free Cash Flow or Cash Flow to Equity?
**

Ignacio Vélez-Pareja ivelez@poligran.edu.co Joseph Tham ThamJx@yahoo.com jtham@fetp.vnn.vn

Abstract In a M & M world, the equity value is the present value of the Free Cash Flow FCF at the Weighted Average Cost of Capital WACC minus debt and it should be identical to the present value of the CFE (cash flow to equity) discounted at the cost of equity capital, e. In this paper the relationship between firm value calculated through the FCF and the CFE is examined. Several approaches to the firm value calculations are presented. We present a complex model where we compare the results obtained with the traditional M&M WACC found in the literature with the WACC approach presented by Harris and Pringle 1985. They make two assumpt ions that differ from the traditional M & M WACC. First, they assume that the discount rate for the tax shield is ρ, the return to unlevered equity. Second, based on the first assumption, the expression for e, the return to levered equity does not include the factor (1-T). Unlike the traditional WACC, the new WACC gives consistent results. However, the new WACC does not work if there are losses carried forward and/or the taxes are paid the following year. To solve these two practical issues, we present a ne w adjusted WACC. We call this adjusted WACC, TV WACC. In addition to the above-mentioned assumptions, this WACC is defined as a function of the real tax savings TS, earned. When this new approach is used, total consistency is found. In particular, with thi s new approach losses carried forward LCF and taxes paid at a different date as accrued, are taken into account and we obtain consistent values. Keywords Firm valuation, NPV, Free Cash Flow, FCF, Cash Flow to Equity, CFE, Cash Flow to Debt, CFD, Discounted Cash Flow, DFC. JEL Classification: D92, E22, G12, G31, M40, M41, M46

1

Introduction In a M & M world. However. Value arises from expectations. e. When this new approach is used. if somebody asks the owner of that project not to develop it. greater that its price. In particular. 2 . In fact. However. We present a complex model where we compare the results obtained with the traditional M&M WACC found in the literature with the WACC approach presented by Harris and Pringle 1985. the equity value is the present value of the Free Cash Flow FCF at the Weighted Average Cost of Capital WACC minus debt and it should be identical to the present value of the CFE (cash flow to equity) discounted at the cost of equity capital. with this new approach losses carried forward LCF and taxes paid at a different date as accrued. Second. Unlike the traditional WACC. And this value is based on expectations of what the machine and the team could do in terms of wealth creation. Anyone could buy it. the return to unlevered equity. Where value lies? Some people think that the value of a firm is found in the financial statements. TV W ACC. When valuing a firm the idea is to measure that value. Not even a dollar was earned and they sold the stocks for skyrocketed prices. Several approaches to the firm value calculations are presented. the new WACC gives consistent results. if that machine is accompanied by a strategy. earned. Value will never be found in accounting statements. the expression for e. it has the capacity to create wealth and value. are taken into account and we obtain consistent values. we present a new adjusted WACC. Just remember the boom of the dot com firms. We call this adjusted WACC. To solve these two practical issues. based on the first assumption. What were they buying? Just value expectations. In addition to the above -mentioned assumptions. The problems arise because what is sold is the value that can be created in the future. the new WACC does not work if there are losses carried forward and/or the taxes are paid the following year. They make two assumptions that differ from the traditional M & M WACC. First. In this paper the relationship between firm value calculated through the FCF and the CFE is examined. To understand these ideas assume that there is a box with a machine inside. this WACC is defined as a function of the real tax savings TS. And where are these expectations? They are in the future cash flows. she will ask for a premium in order not to start the project. if she pays the price listed on the price tag. a plan and a team led by an outstanding manager. they assume that the discount rate for the tax shield is ρ. total consistency is found. the return to levered equity does not include the factor (1-T).

d is the cost of debt before taxes.Discounting the free cash flow FCF. This paper studies this problem. These two values are not equal. We will show how using different approaches we arrive at different figures and we will show approaches that produce consistent results and those that do not. Some background on WACC In the literature we find the traditional presentation for WACC for discounting the FCF excluding tax savings from interest payments. the expression for e does not include (1T). The problem lies in what is the correct discount rate to be used to discount the cash flows. the discount rate for the tax shield is ρ. This HP WACC differs from the MM WACC in two significant ways. In a M & M world. these two values must be equal. this traditional formulation does not work in the finite period cash flows. measures this future value. First. If there are LCF neither of the two expressions for WACC works. e is calculated as e = ρ + (1-T) (ρ – d)D%/E% (2) And the discount rate for the tax shield is d. for the firm at the Weighted Average Cost of Capital and subtracting the debt or discounting the cash flow to equity holders CFE. This WACC assumes that there are no losses and there are no losses carried forward (LCF) and taxes are paid the same year as accrued. We assume that there are no losses and there are no losses carried forward (LCF) and taxes are paid the same year as accr ued. It is expresse d as WACC = eE% + d(1-T)D% (1) Where e is the cost of equity. In the traditional presentation. Unfortunately. We will call this the MM WACC. based on the first assumption. However. E% is the proportion of equity in the total value. Second. current practice find that this does not happens. Then the correct WACC proposed by Tham & Velez (TV) is TV WACC = ρ – TS/(Total levered value) (4) 3 . D% is the proportion of debt in total value and T is tax rate. at the cost of equity. We will examine the WACC proposed by Harris and Pringle (1985) and we call it the HP WACC. This is. e = ρ + (ρ – d)D%/E% (3) In practice we encounter losses carried forward (LCF).

risk premium and debt ratio (accounting debt ratio)) for each year. the TS refers to the difference in the tax shield between the levered cash flows and the unlevered cash flows. prices and the rest. In line 4. In this paper we will show a comparison between the results obtained with the thre e versions for WACC1. From tables A12 to A16. P&L statements and Cash Budget or Working Cash Statement. WACC = eE% + dD% . These financial statements are all linked. In tables A1 to A7 are the inputs.TS/(Total levered value) WACC = ρ . dividend and inventory “policies”. See Taggart 1991 and Fernandez. automatically it determines how much to borrow We are restricting our comparison to the traditional MM WACC. a cash cushion 2. It has the feature that considers tax savings when they are in fact earned. Tables A8 to A11 present the forecasts of every variable including units sold. The inputs include initial costs. it is expected to earn at least the WACC. the financial statements: Balance Sheet.This last version of WACC assumes ρ as the discount rate for the Tax savings. the “plug” is a decision: either to borrow money or to invest it (or leave it in the bank). In reality. We recognize that many other WACC are found in the literature. prices increases and an elasticity function among others. It can be seen as a different presentation of the typical WACC formula. The complex model has several modules (See Annex).TdD/(Total levered value) WACC = eE% + dD% . prices. As it is invested in the firm. There is not what some authors call “plugs” (an account where any difference between total assets and liabilities plus equity are included in order the Balance Sheet checks). inflation. A Complex Model All these approaches work with a complex model. This information is used to calculate firm value and NPV in order to compare with market values. volume increases. 1 4 . equity investments. accounts receivable and payable policies. In the Cash Budget you will find that when the balance is in red.TS/(Total levered value) (5) (6) (7) (8) This presentation is the most general way to express WACC. 2000 2 It is assumed that this amount of cash is deposited in a check account that is a nonbearing interest account. With these inputs we calculate interest rates (from real rates. And this means that losses carried forward are included in the analysis.TdD% WACC = eE% + dD% .

To make inflation adjustments 2. As can be observed. In the complex model. To pay taxes the same year as accrued or not. Table 17 shows the expected WACC and growth beyond year 4. when there are losses) and losses carried forward. accounts receivable and payable policies. These calculations are done fixing ρ for year 0. When Adjusted WACC is used. The possibility to consider inventory. payout ratios. the analysis with WACC is inconsistent. In this model there exists some options: 1. In the cash budget the dividends paid are included. We present the value calculations for the three WACC approaches presented above. The FCF. With this information. the FCF is constructed from the Cash Budget balance and deduct all the items related with the financing: loans received and paid. PV(FCF) = PV(CFE) + PV(CFD) does not hold. It is calculated just as it is expected it will be in the Cash Budget. In all cases it is assumed that taxes are paid at the same year as accrued. the calculations of firm value and the different WACC’s are done when there are losses and LCF and when there are no losses. Another features of the model are the presence of an elasticity factor that relates price increase and demand. These inconsistencies are solved using the Adjusted WACC or TV WACC = ρ – TSt /(Total value at t-1). Not all the options are used in the example presented in the Annex. consistency is obtained. To reinvest cash surpluses. etc. These options are handled with a dummy variable. This is quite important because this means that tax savings are earned when taxes are paid. When tax savings are not earned (for instance. A very important feature is the losses carried forward LCF. unless you use d(1-T) as the cost of debt after taxes. Tables A18 and A19 present the cash flow construction. It doesn't matches if the cost of debt after taxes is calculated from CFD after taxes or if taxes are paid next year. the WACC and firm value. Tables A20 to A33. we calculate in the last part. All this means that it is not necessary to consider changes in working capital as with other methods. is included.taking into account the cash cushion. CFD and the CFE. dividends and tax savings. cash cushion. The cost of debt after taxes is calculated as the IRR for the CFD. 5 . equity from stockholders. 3. interest paid.

The reason the present value with the HP WACC is higher is because the difference in tax savings due to the LCF. with the HP WACC. This means a lower WACC. When calc ulating the Adjusted Present Value APV. with the HP WACC.7.2.4. there differences. where we assume that there are no losses and taxes are paid the same year. there is a difference of 1.1. The present value of the FCF at the TV WACC (total market value) is $47. with the HP WACC.3.225. The reasons for this difference are the lower value for e (due to the (1-T) factor) and the difference in tax savings due to the LCF.505. with the traditional MM WACC.3. The reason the present value with the MM WACC is higher is because the discount rate for the tax shield is d lower than ρ. The reason the present value with the HP WACC is higher is because the difference in tax savings due to the LCF. the present value is $48.312. This means a lower WACC. However.4. the present value is $48.291. The present value of the FCF at the TV WACC (total market value) is $47. When calculating the Adjusted Present Value APV. when the market equity value is calculated from the CFE at e.439. there is a difference of 376. There are also differences when calculating the market equity value. for the same reason.9.4.8. However. there is no difference. the losses are carried forward and taxes are paid the same year.250.The results for the first case are summarized in Table 1 Panels A and B. when the market equity value is calculated from the CFE at e. With the traditional MM WACC. The differences are the same when calculated as Total value less debt.9. for the same reason.996.9.5.3. lower than ρ. 6 . The present value of the FCF at the TV WACC (total market value) is $47. which is higher than the previous value by 1. the present value is $32.176. When calculating the Adjusted Present Value APV. the present value is $47.9. The present value of the FCF at the TV WACC (total market value) is $47. which is higher than the previous value by 1. Another reason is the difference in tax savings due to the LCF. which is higher than the previous value by 933. which is higher than the previous value by 2.505.3. where we assume that there are losses. The reason the present value with the MM WACC is higher is because the discount rate for the tax shield is d. with the traditional MM WACC. for the same reasons. There are also differences when calculating the market equity value. When calculating the Adjusted Present Value APV.176.1. The differences are the same when calculated as Total value less debt.275.765. The results for the second case are summarized in Table 2 Panels A and B.066.316. there is a difference of 253.8. which is higher than the previous value by 115. the present value is the same. the present value is $33. The present value of CFE at e under TV WACC assumptions is 31.

9. The reasons for this difference are the lower value for e (due to the (1-T) factor) and the difference in tax savings due to the LCF. With the traditional MM WACC. with the HP WACC. the present value is the same.there differences.395.8. the present val ue is $32. 7 . The present value of CFE at e under TV WACC assumptions is 31.329. which is higher than the previous value by 933.9.

291.2% 2.3 Difference with TV WACC (4) % over TV With MM WACC WACC e= (5) ρ+(1-T)(ρ-d)D/E (6) Difference with TV WACC (7) % over TV WACC (8) Equity value = Total value (from FCF at WACC) .4 253.3 3.3 Difference with TV WACC (4) % over TV With MM WACC WACC e= (5) ρ+(1-T)(ρ-d)D/E (6) Difference with TV WACC (7) % over TV WACC (8) Total value PV(FCF @ WACC) Total value PV(CCF=FCF + TS @ ρ) Total value = PV(FCF at ρ) + PV(TS at d) 47.2 32. Losses.176.7 Column (1) of Table 1 (panels A and B) shows the name of the procedure to calculate Total or Equity value.9 0.4 31.2 2. TV WACC should be used.996.765.066.2 2.312.429. Columns (4) and (5) show the absolute and relative difference with the TV WACC.066. Notice the internal consistency of TV WACC.5 32.181.8% 48.2% 32. Column (6) shows the values when calculated with the MM WACC.8% 7.996.9 1.2% 0. losses carried forward and taxes paid the same year Total market value.3 47.4% 4. Both of them consider e=ρ+(ρ-d)D/E and assume ρ as the correct discount rate for the tax savings.5 1.debt Equity value = PV(FCF at ρ) + PV(TS at d) .312.debt Equity value = Total value (from CCF at ρ) .5 1.2 115.1 0.1% 4.250.3 31.4 115.4 253.5 48.316.225.3 31. Equity market value Value calculation (1) With TV With HP WACC (TV WACC WACC = ρ – e=ρ+(ρ-d)D/E TS/(Total (3) value) e=ρ+(ρ-d)D/E (2) 31.379.4 47.1 1.1 1. losses carried forward and taxes paid the same year Total market value. Value calculation (1) With TV With HP WACC (TV WACC WACC = e=ρ+(ρ-d)D/E ρ – TS/(Total (3) value) e=ρ+(ρ-d)D/E (2) 47.489. In table 2 the traditional WACC (MM WACC) also shows inconsistencies among the different values and between those values and the TV WACC.319.4% 0. Losses. The very small differences between TV WACC and HP WACC might show that for practical purposes HP WACC is a good approximation. this is WACC = eE% + d(1-T)D% where e=ρ+(1-T)(ρ-d)D/E Columns (7) and (8) show the absolute and relative difference with the TV WACC.0% 33.176.115. Columns (2) and (3) show the different values when the Adjusted or TV WACC = ρ – TS/(Total value) and HP WACC = eE% + d(1-T)D%.5% Table 1 Panel B. TS. 8 .275.debt Equity value = PV(CFE @ e) 31.066.In summary Table 1 Panel A. if precision is desired. From columns (4) and (5) it can be seen that in this case TV WACC and HP WACC differ. However.

505.9 (0.Table 2 Panel A No losses. TS.0) 0.9 (0.8% Difference with TV WACC (7) 933.9 31. In table 2 the traditional WACC (MM WACC) shows inconsistencies among the different values and between those values and the TV WACC. taxes paid the same year Value calculation (1) With TV WACC With HP Difference % over TV With MM WACC (TV WACC = ρ – WACC with TV WACC e= TS/(Total value) e=ρ+(ρ-d)D/E WACC (5) ρ+(1-T)(ρ-d)D/E (4) e=ρ+(ρ-d)D/E (3) (6) (2) 47.329.0 0.0% 376. Columns (2) and (3) show the different values when the Adjusted or TV WACC = = ρ – TS/(Total value) and TV WACC = eE% + d(1-T)D% are used.882.8 47.9 31. this is WACC = eE% + d(1-T)D% where e=ρ+(1-T)(ρ-d)D/E Columns (7) and (8) show the absolute and relative difference with the TV WACC.395.9 47.9 (0.9 31.9 1. Columns (4) and (5) show the absolute and relative difference with the TV WACC.0% 32.9 47.8 0.7 32. No losses.329.9 % over TV WACC (8) 3.0% Value calculation (1) Equity value = PV(FCF at ρ) +PV(TS at d) . Notice the internal consistency of TV WACC and HP WACC.7 376.505.debt Equity value = PV(CFE at e) 31. Panels A and B.0% 31.0% Total value = PV(FCF at WACC) Total value = PV(CCF = FCF + TS at ρ) Total value = PV(FCF at ρ) + PV(TS at d) Table 2 Panel B.772.84 933. 9 .0) 0.395.0% 47.395.0% Column (1) of Table 2.505. In Table 1.8 Difference with TV WACC (7) 933. Column (6) shows the values when calculated with the MM WACC.395.2% 3. taxes paid the same year and it is shown that there is no difference. taxes paid the same year With TV WACC With HP Difference % over TV With MM WACC (TV WACC = ρ – WACC with TV WACC e= (5) ρ+(1-T)(ρ-d)D/E TS/(Total value) e=ρ+(ρ-d)D/E WACC (4) e=ρ+(ρ-d)D/E (3) (6) (2) Equity value = Total value (from FCF at WACC) 31.0) 0.0% 48.8 debt Equity value = Total value (from CCF at ρ) .505.439.9 0.9 (0.395.9 % over TV WACC (8) 2.395. Both of them consider e=ρ+(ρ-d)D/E and assume ρ as the correct discount rate for the tax savings.debt 31.0) 0. shows the name of the procedure to calculate Total or Equity value. No losses.

395. HARRIS . Although not a formal proof. the HP WACC and the TV WACC. R. terminal value accounts for more that 50% of the total value of the firm.8 Table 4. They are the MM WACC (the traditional WACC).651.066.2 63.2 38.204.1 2.3 1.1 37.3 1.8 39. the only one that gives consistent results is TV WACC. Losses. taxes paid the same year.8 1.505. Market and book values ratios Year 1 Year 2 Year 3 Year 4 Book value for equity Market value for equity Market equity value/equity book val ue Book value for total assets Market total value Market total value/Book value for total assets 24.1 37.0 47.220. It can be shown that when taxes are paid the following year after accrual. The first one produces inconsistent results.721.176. AND J.3 40.2 23. We consider that this is the correct method.8 67.4 26. Bibliographic References FERNÁNDEZ . The last one.193. Journal of Financial 10 .378.693.5 54.0 31.719.9 71.8 Tables 3 and 4 show the differences in market values when compared with book values.8 62.8 39. produces consistent results either with no losses or losses and losses carried forward.000.000.S. The second one is consistent as long as there are no losses and/or losses carried forward. losses carried forward and taxes paid the same year.7 42.0 1.733.1 2. Conclusions We have shown three approaches to calculate total and equity value with different expressions for WACC.9 1.149.104.4 1.2 38. 1985. Social Science Research Network.773.961.654. the TV WACC.0 47.030.763.3 40.8 67.7 43.4 54.3 1.534.022. Working Paper. “Risk-Adjusted Discount Rates – Extensions from the Average-Risk Case ".7 Year 4 30.221. The equity market values are taken from the calculations made with the TV WACC approach.2 24. 2000.3 1.4 26.7 71.J.110.7 30.Table 3 No losses.125. PRINGLE.9 1.3 2. These differences are explained because the financial statements do not consider any terminal value.9 1.953.0 31. PABLO.6 1.809.110. Equivalence of the Different Cash Flow Valuation Methods. the tables give an idea on how much difference is present when the book values are used.1 1.6 55.708. Market and book values ratios Year 1 Year 2 Year 3 Book value for equity Market value for equity Market equity value/equity book value Book value for total assets Market total value Market total value/Book value for total assets 24. Frequently.1 55.5 2.050.

JR.Research. Consistent Valuation and Cost of Capital Expressions with Corporate Taxes and Personal Taxes.. ROBERT A. Autumn. TAGGART . 1991. Financial Management. pp8-20 11 . Fall. pp 237-244.

00% Year 0 Year 1 Year 2 Year 3 Year 4 The quantity and increase in the market might be obtained by a marketing research.95 0.55% 28. 12 .59% 30.00% 6.90% 13.00% 6.0% 40. Table A4 Price and increase in price Year 0 Year 1 Purchase price Real price increase Annual increase in purchase price $2.00% 10. the estimated quantity the market will buy.0% Year 3 40.00% This information can be obtained from macroeconomic forecasts made by the government or associations or universities.64% 12.0% Year 4 40.00% 30.00% 7.00% 11.62% 6.00% This information can be estimated based on the behavior of bonds or simply setting the cost of debt from a contract between the firm and the debt holder.82% 1.ANNEX FINANCIAL ASSESMENT FOR THE CREATION OF A FIRM LOSSES AND LOSSES CARRIED FORWARD (LCF) Table A1 External or macroeconomic variables Year 0 Year 1 Year 2 Tax rate Inflation rate 40. Table A3 Risk free discount rate and risk premium estimates Year 0 Year 1 Year 2 Year 3 Real risk free discount rate Rate of interest for debt Risk premium for debt Effective rate before taxes Annual nominal rate compounded twice a year Effective rate after taxes 10.55% 28. Table A2 Market variables Quantity to sell at year t at price given at year 0 Increase in volume 7.00% 11.59% 30.00% 10.62% 22.62% 22.00% 10.59% 30.62% 22.00% 9.55% 28.00% 5.55% 22.0% 9.00% 4. Fisher Theorem is used to compose the three components.59% 28.00% 12.01% 1.00% Year 2 Year 3 Year 4 The purchase price is a function of Q.247 0.00% 10.10% 0.00% Year 4 6.

20% These are stated on a monthly base.67% 10.900% 13.11% 11.30% 12.00 $0. an elasticity function calculated for the domestic water supply was used.60 0.00 $37.88% 0. It is a function of selling price increase.10% 0.00% $0. (1-. In the example.10% 12.80% 0.00 $145.44% $0.32% Year 4 $0.9996 0.65% 3.20% 13.000% 13.20% 11.00 1.98% $0.40% 12.00 1.Table A5 Internal variables (endogenous) with some degree of negotiability Year 0 Year 1 Year 2 Selling price Real price increase Increase in selling price Elasticity factor.22% Year 3 $0.60% Year 3 Year 4 0. or simply a subjective forecast. 13 .43% $0.00 1.00 1.30% 11.00% $0.76% 12.00 1.00% $0.93% $160.70% 9. Effect of price change upon demand.00 $0.00 Year 1 $0.90% 9.00 0.00 1.00 1.32% 3.34% 3.00 $0.60% 9.10% 10.00 $0.9974 The elasticity function has to be found for the specific product or service we are dealing with.01% Year 2 $0.00 $0.00 1.366*((1+increase in selling price)/(1+inflation)-1)) $5.00 0.00 $40.00 $0.00% $0.00 $0.9971 0.00 0. Price increases might be estimated based on historical data of similar firms. Selling price is the result of a market survey and/or the cost structure of the good or service.12% $0.00 $0.00 1.20% 11. Table A6 Costs Year 0 Monthly auditing fees Real price increase Increase in monthly auditing fees Monthly overhead Real price increase Increase in overhead Monthly payroll Administrative payroll Monthly payroll of selling force Real price increase Increase in payroll Sales commissions Fringe benefits and taxes over payroll 56.55% 3.9978 0.

33% 8.00% 95.000.50 8.II 7.11 Year 4 8.66 7.01 3.00% 10.77 3.17 699.00% 3.36 Units to be sold are based on the initial market survey.00% 90.127.00% 8.00 7.00 24.74 8.33% 8.00% 95.53 4.00 This depreciation is based on the lineal method stated above. the increase in volume and the elasticity factor for the product or service.399.000.28 3. Table A10 Selling and purchasing prices Year 1 Year 2 Year 3 Year 4 7.00% 90.00% 3.Table A7 Targets and/or operating policies Year 0 Advertising and promotions (% on sales) Equity contribution Fixed assets Depreciation (lineal for 5 years) Final inventory as percent of sales (units) Inventories valued at FIFO Percentage of sales receivedin the same year Percentage of sales receivedin the next year Percentage of payments made the same year as accrued (overhead and suppliers) Percentage of payments made the next year as accrued (overhead and suppliers) Percentage of net profits (dividends) paid to stockholders the year after obtained the net profits Minimum cash balance desired after financing deficits 8.00% 10.000.00% Year 1 Year 2 Year 3 Year 4 3.00 Year 3 8.847.56 7.00% 90.000.93 674.90 603.00% 10.00% 30.00% 30.000.03 These prices are based on the initial selling and purchasing price and the price increase stated above. Table A9 Depreciation Year 1 Year 2 Annual depreciation Cumulative depreciation 8.33% 95.096.00 8.00% 110 120 131 160 160 Many variables are just policies or target the firm will pursue.424.74 644.000.79 Year 3 8.00 40.243.00% 5.000.95 644.00% 5.00% 10.56 7.50 603.00% 90.00% 30. Table A8 Forecasts based on Tables A1 to A7 Year 1 Year 2 Units sold (increase plus elasticity effect) S Final inventory in units FI Initial inventory in units II Purchases in units P = S + FI .000.00 Year 4 8.00% 5.00% 95.66 0. The nominal selling price increase defines the elasticity factor.33% 24.13 8.000.00 32.81 Selling price Buying price 6.00% 30.87 674.733.00% 5.00 16.000.774.00 3.00 8. 14 .

02 2.28 2.39 0.34 1.69 41.22 214.273.50 15.278.50 7.45 2.78 38.364.449.96 1.000.33 All the financial statements are linked.364.30 2.178.861.00 8. 63 340.97 2.534.534.000.433.16 747.00 (46. Table A12 Balance sheet Year 0 Year 1 Assets Cash Accounts receivable Inventory Fixed assets Cumulative depreciation Net fixed assets Total Liabilities and equity Accounts payable (suppliers) Accounts payable (overhead) Fringe benefits accrued Interest charges accrued Accrued taxes Long term debt Total liabilities Equity Cumulative retained earnings Net income for the year Total net equity Total 24.559. For instance.56 564.25 1.890.574.Annual expenses Table A11 Administrative and selling expenses Year 1 Year 2 2.000.22 Year 4 2.888.18 8.000.45 37.814.91 249.293.34) 23.68 227.985.21 3.719.43 16.88 40.00 4.149.22 681.000.000.20 181.37 2.312.00 Year 2 Year 3 Year 4 27.626.888.0 2.166.719.055.866.082.147.160.70 0.110.15 629.989.67 1.000.100.80 26.456.027.110.20 40.00 24.00 32.04 1.823.75 2.12 24.00 11.206.711.00 16.00 8.953.14 502.030.650.000.06 2.176.574.00 40. Net income 15 .00 39.31 24.38 0.78 24.654.766.37 159.00 2.00 24.000.00 110.25 2.000.398.70 490.76 3.719.34) 2.94 220.00 4.457.00 12.813.61 0.00 (46.000.110.03 37.393.626.35 544.000.11 2.39 245.35 1.000.04 40.00 16.67% payroll and commissions) Auditing fees Overhead Advertising and promotions These costs are based on the monthly based costs above.43 37.61 Year 3 2.81 270.00 0.62 3.000.000.583.05 1.966.00 5.000.11 5.00 1.149.67 30.16 2.95 Administrative payroll Administrative fringe benefits on payroll Sales force payroll Sales commissions Fringe benefits (annual premium 1/12 of payroll) Other fringe benefits (46.91 24.21 41.66 390.00 16.000.110.267.64 441.541.706.00 8.726.61 186.12 612.00 32.26 692.000.44 1.00 24.95 241.68 40.00 2. 58 2. cash is the same value found in the Cash Budget as cumulative cash balance.41 204.000.00 16.221.00 2.00 40.69 40.000.66 39.00 8.65 1.26 196.076.76 38. In this table they are annualized.48 2.00 40.33 3.030.654.

04 33. In this case.217.61 2.95 2.37 27. and so on.61 7.364.598.70 564.267.97 8. 16 .40 340.00 24.572.265.988.11 2.00 1.00 8.00 (46.479.11 3.76 1.00 (46.626.988.706.38 5.30 1.738.888.63 5.243.000.574.669.97 2.954.03 62.450.62 22.24 6.940.93 33.68 26.220.926.982.00 1.664.000.000.138.150.95 15.32 390.788.39 502.44 8.755.149.888.31 2.65 8.198.89 2.003.61 692.52 2.50 441.000.04 32.05 5. Items such as taxes will appear in the Balance Sheet in case taxes are paid the following year.890.600.293.456.682.22 10.452.88 37.595.38 629.748.77 3.553.705.80 Year 3 Year 4 71.823.13 4.34) 54.966.723.149.890.44 5.79 18.393.75 1. There is no plug.45 2.00 2.40 19.25 1.340.178.00 13.38 1.69 30. Table A13 Profit and losses statement Year 1 Year 2 Sales Cost of goods sold Initial inventory Purchases Final inventory Gross profit Selling and administrative expenses Payroll expenses Annual premium Auditing fees Selling commissions Overhead Depreciation Advertising Earnings before interest and taxes Other expenses (interest expenses) Earnings before taxes Taxes Net profit 45.16 21.293.68 31.67 The figures for the P&L statements are based on the forecasts above. they appear as a cash outflow at the Cash Budget. etc.480.16 22.22 2.00 1.206.931.20 27.35 8.97 1.34 8.796.34) 0.57 1.631.00 3.37 4.574.66 4.626.300.20 22.for the year is the same found in the P&L statement.11 2.15 2.364.37 1. Sales are simply quantity to be sold times the rice.286.38 0.65 490.

61 1.35 2.313.20 53.65 3.40 5.457.702.67 71.664.11 Year 0 Year 1 Year 2 Year 3 Year 4 1.364.598. It takes into account the accounts receivables policy stated above.00 1.35 40.93 24.300.340.115.43 43.39 564.273.34 2.89 Payments for purchases year 4 33.220. Table A15 Cash budget: Cash outflows Cash outflows Suppliers Payments for purchases year 1 24.15 Total payments to suppliers Payroll and fringe benefits Annual premium year Auditing fees Commissions on sales Payment of overhead year 1 Payment of overhead year 2 Payment of overhead year 3 Payment of overhead year 4 Advertising Purchase of fixed assets Interest expenses Dividend payments Taxes Total cash outflows 40.100.69 43.00 36.50 2.705.00 43.76 30.39 30.33 22.626.50 6.595.64 2.00 0.72 24.115.30 441.95 0. It does not include loans income.66 2.504.79 245.60 0.902.00 1.000.888.228.421.228.31 62.00 0.000.20 2.626.37 62.00 22.480.00 0.16 54.44 33.22 2.150.67 71.436.769.364.32 27.61 0.00 Year 2 Year 3 Year 4 Cash collection of sales year 1 Cash collection of sales year 2 Cash collection of sales year 3 Cash collection of sales year 4 Total income accounts receivable Equity in cash Total cash inflows 43.50 3.988. It is a financing decision that will be made with the cash balance below.Cash inflows Table A14 Cash budget: Cash inflows Year 0 Year 1 45.27 1.38 692.75 5.982.359.210.32 2.25 340.003.63 1.504.149.00 2.97 3.44 2.793.26 24.63 17 .689.553.149.479.600.22 2.00 1.081.450.62 56.205.147.985.000.34 1.205.00 3.20 53.670.711.903.00 680.00 4.37 1.37 1.72 In this table all the cash inflows are registered.766.509.96 51.95 220.65 390.940.70 629.31 62.02 50.65 2.783.71 196.589.706.452.972.206.94 27.97 1.03 68.456.72 4.966.44 5.669.000.32 502.02 59.888.45 Payments for purchases year 3 31.57 Payments for purchases year 2 27.69 71.783.205.572.98 1.

79 8.55 10.29 12.02 50.313.00 0.00 Year 2 Year 3 Year 4 24.00 4.00 36. 18 .50 0.000.00 40.56 20.20 53.783.00) (16.00 4.50 0.00 4.06 16.28 2.00 0.228.866.312.1 6.893.31 62.10% 0. how much should beborrowed and how much can be paid with the available cash. It does not include loans payment.12 31.05 14.00 2.21 This table shows the information from the Cash Budget in order to make the financing decisions.972.71 0.50 8.43 43.498.526.650. Table A16 Financing decision Year 0 Year 1 Total cash inflows Total cash outflows Net cash gain (loss) Cash balance at end of year Bank loans Repayment of loans (principal) Investment of surplus Net cash gain (loss) after financing Cash balance at end of year after financing and reinvestment 110.63 6.50 0.163.339.813.756.59 0.00% This table shows the growth and discount rate for determining the terminal value .000. These are included below.00 110. These are. Table 17 Discount and growth rate beyond year 4 Discount rate for cash flows beyond year 4 Growth for year 5 Growth for year 6 and following years 23.000.28 5.027.421.78 12.This table shows all the cash outflows.191.504.00 0.000.11% 10.783.702.62 56.00) 16.205.027.00 43.841.811.027.677.027.78 9.72 (16.783.62 27.00 4.110.67 71.

39 96.027.177.60 0. the CFE.627.89 Year 4 91.600.5 6.05 4.00 0.00 0.34 1.89 14. We do not use the approach to calculate FCF from EBIT or net profit because this method increases the probability of errors.00 0.00) 0.553.00 0.450.300.783.28 0.912.55% 11.39 16.251.00 0.756.881.78 11.783.027.407.097.027.964.717. starting from EBIT might introduce errors in the tax paid and the tax savings earned.00 11.383.717.00 1.881.50 2.79 0.027.28 11.407.29 5.251. In particular.50 14.50 11.36 11.39 5.78 8.5 7.50 28.50 8.00 4.380.29 14.5 17.383.78 6.00 4.843. Table A19 Cash Flow to Equity CFE and Cash Flow to Debt Cash flow for stockholder (dividends plus any cash ) Financing cash flow (after tax) CFD Cost of debt as IRR of after tax CFD Financing cash flow (before tax) Cost of debt as IRR of before tax CFD Free cash flow (FCF) Financing cash flow (CFD) Stockholder's cash flow (CFE) Check: CFD + CFE =FCF Year 1 2.79 Year 3 8.55 4.383.69 18.00 Year 3 Year 4 Year 5 8.00 4.682.50 3.464.383.50 5.28 Year 2 5.682.79 11.00) (460.00 (920.756.327.627.50 96.783. Cost of debt is assumed constant.13 (Plus) 79.964.00 (1.756.00 Year 2 5.498.29 6.00 0.59 0.50 2.05 The FCF is calculated from the Cash Budget.50 4.251.05 8.881.097.13% 8.843.Table A18 Construction of Free Cash Flow (FCF) from the Net Cash Gain at the Cash Budget Year 1 Net cash gain (loss) after financing Bank loans Repayment of loans (principal) Interest expenses Tax shield for interest payments Dividends Equity in kind Equity in cash Cash flow without terminal value FCF n+1 = (FCFn (1+Growth rate for n+1) Terminal value Free cash flow after taxes (Plus) (Minus) (Plus) (Plus) (Minus) (Plus) (Minus) (Minus) 2.5 5.78 11.251.00) 0.150.769. the cost before and after taxes calculated as the IRR of the CFD before and after taxes.29 14.163.881.50 4. 19 .50 91.477.39 This table shows the CFD.682.55 96.00 680.627.55 10.

00 4.176.5137 11.763.55% 37.733.55% 36. Table A21 TV WACC and market value calculations Year 0 Year 1 Year 2 WACC after taxes = ρ .78 12.38% 62.50 Year 4 40.13% 0.15% 47.30 Year 3 Year 4 36.220.177.13% 0.65% 25.110.176.78 54.50 460.000.00% 28.733.40% 25. With the TV WACC approach.50 1. Table A20 Basic information for TV WACC calculations Year 0 Year 1 Year 2 Year 3 Tax rate Cost of debt before taxes Given nominal ρ year 1 and assuming constant risk Real ρ (deflated) Discount factor at ρ FCF Debt (balance) Initial Equity contribution (book value) Initial investment (fixed assets plus cash) Interest payments Debt payment Cash flow to debt before taxes Tax savings (TS = TdD) 16. This is. TS are calculated in an explicit way.627.027.05 This information is common for the three methods.15% 25.29 8.327.00 4. We do not calculate the TS straightforward with the formula TdD.2736 96. we determine how much TS is earned according to the financial situation of the firm.39 71.380.00 24.34 54.383.50 7.763.29 62.00% 28.00 40.13% 0.027.027.00 4. except for the tax savings TS.13% 0.50 5.85 13.00 1.027.082.75% 71.682.110. we present the TV WACC approach.85 36.50 40. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.7135 11.34 11.TS/Total value at t-1 Market Total Value at t @ WACC 40.61 Year 4 97.383.The next tables show the calculation of market values and the three different approaches to calculate WACC.00 4.00% 28.39 4.477.00 40.50 8.18% 35.50 0 3. Table A22 Capital Cash Flow and market value calculations at ρ Year 0 Year 1 Year 2 Year 3 Capital cash flow (CCF = FCF + TS) Total value 47.450.61 In table the resulting WACC and market values are shown.150.55% 40.90% 25.171.00 4.261.00% 28.00 40.55% 38.00 2.027.055.881.300.220.142.50 920.3732 14.30 15. First.50 6.600.05 20 .251.

178.39 Year 4 337.150.7135 11.251.00 4.300.110. Table A25 Basic information for HP WACC calculations Year 0 Year 1 Year 2 Year 3 Tax rate Cost of debt before taxes Given nominal ρ year 1 and assuming constant risk Real ρ (deflated) Discount factor at ρ FCF Debt (balance) Initial Equity contribution (book value) Initial investment (fixed assets plus cash) Interest payments Debt payment Cash flow to debt before taxes Tax savings (TS = TdD) 16.881.05 This information is common for the three methods.00 40.082.00 4.00 4.682.55% 36.027.50 460.40% 25.5137 11.13% 0.11 47.36 Capital cash flow and APV with the TS discounted at ρ.50 6.00 1.883.176.65% 25.55% 38.34 41.849.13% 0.843.50 920.91 913.000. Table 24 CFE.3732 14. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.83% 5.600.2736 96.178. Table A23 APV and market value calculations Year 0 Year 1 Year 2 Year 3 PV(FCF at ρ ) PV(TS at ρ ) Total 45.00% 28.50 7.00% 28.50 1.177.12 61. With the TV WACC approach.00 24.22 1. e and market value of equity calculation with CFE at e Year 0 Year 1 Year 2 Year 3 Year 4 e=ρ +(ρ -d)D/E CFE=FCF+TS-CFD PV(CFE at e) 46.39 4.756.22 1.651.79 42.00 3.25 70.73 1.50 Year 4 40.Capital cash flow is defined as CCF = FCF + TS. are the same.55% 40.90% 25.13% 0.30 36.027.450.327.00% 28.00 40. In the following tables the HP WACC approach is presented.00 4.998.082.380.027.55 67.50 40. TS are calculated in an explicit 21 .35 38.651.477.89 54.840.15% 25.87% 91.708.13% 0.627.783.99% 8.027.34 45.998. except for the tax savings TS.066.00 40.00 2.28 31.055.964.11 53.50 8.50 5.193.110.00% 28.027.55% 37.50 1.78 12.16% 2.11 In table the resulting e and equity market values are shown.29 8.00 4.383. In this table the market value is calculated directly with the CCF and ρ.

22 .223.07% 22.62% 2.40% 22.25 Capital cash flow and APV with the TS discounted at ρ.14% 30.45 94.490. In this case we calculate the TS straightforward with the formula TdD.22 13.73 1.6% 62. In this table the market value is calculated directly with the CCF and ρ.way.22 2.00% 33.22 Year 1 45.142.39 62. The HP WACC is calculated based on the contribution of each: the debt and the equity.082.998.05 71.849.1% 53.883.651.763.99 48.058.324.9% 71.85 15.60% 41.733.96% 36.33% 36. Table A27 Capital Cash Flow and market value calculations at ρ Year 0 Year 1 Year 2 Year 3 Year 4 Capital Cash Flow (CCF = FCF + TS) Total value 13.78% 36.30 97. Table A26 HP WACC and market value calculation at HP WACC Year 0 ρ known Year 0 Debt Weight for Debt D% After tax cost of debt Contribution of debt to WACC Equity Weight for Equity E% et =ρ t + (ρ t – d)Dt -1/Et -1 Contribution of equity to WACC WACC after taxes Market Value at t @ WACC 47.50% 37. Table A28 APV and market value calculations Year 0 PV(FCF at ρ ) PV(TS at ρ ) Total 45.91 913.22 2.28% Year 1 Year 2 Year 3 Year 4 In table the resulting WACC and market values are shown. are the same.62% 7.67% 22.92% 22.29 54.08% 39.47 65.12 Year 3 61.92% 5.171.88% 32.42% 38.62% 1. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.94 77.87% 34.489.11 87. we determine how much TS is earned according to the financial situation of the firm.07% 12.1% 34.291.220.490.39 Year 4 70.939.61 Capital cash flow is defined as CCF = FCF + TS.36 337.62% 5.998.489.261. This is.71% 22.78 48.93% 46.99 Year 2 53.

110.783.55% 38. This is.00 2. With the TV WACC approach.28 32.316.50 5.55 In table the resulting e and equity market values are shown.05 This information is common for the three methods.00 4.596.13% 0.027.36 Year 3 8.40% 25.192.00 4.477.00 4.00 3.027. In this case we calculate the TS straightforward with the formula TdD.055.55% 40.450.90% 25. we determine how much TS is earned according to the financial situation of the firm.964.00 40.000.29 8.00% 28.027.600.380.843.63 Year 4 91.13% 0.627.881.39 4.00% 28.00% 28.50 8.79 42.840.55 67.78 12.251.027.00 24.50 Year 4 40.00 1.00% 28.383.110. TS are calculated in an explicit way.13% 0. Table A30 Basic information for MM WACC calculations Year 0 Year 1 Year 2 Year 3 Tax rate Cost of debt before taxes Given nominal ρ year 1 and assuming constant risk Real ρ (deflated) Discount factor at ρ FCF Debt (balance) Initial Equity contribution (book value) Initial investment (fixed assets plus cash) Interest payments Debt payment Cash flow to debt before taxes Tax savings (TS = TdD) 16.55% 37.150.43 Year 2 5.177.327. and market value of equity calculation with CFE at e Year 0 CFE=FCF+TS-CFD PV(CFE at e) 32.15% 25.89 54.00 40.50 460.50 1.300.082.316.5137 11. 23 .43 Year 1 4.703.13% 0. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.50 7.55% 36.50 1. except for the tax savings TS. the MM WACC approach is presented.65% 25.00 40.631.00 4.50 920.50 40.682.50 6.027.00 4.7135 11.3732 14.2736 96. Now.Table 29 CFE.

41% 22.28 33.56% 22.783.91% 5.429. The FCF is discounted at ρ and the TS is discounted at d.55 67.28% Year 1 Year 2 Year 3 Year 4 In table the resulting WACC and market values are shown.082.83% 40.964.27 87. and market value of equity calculation with CFE at e Year 0 CFE=FCF+TS-CFD PV(CFE at e) Year 1 4.9 715.985.02% 12.51% 36.Table A31 MM WACC and market value calculations Year 0 ρ known Year 0 WACC calculations Debt Weight for Debt D% After tax cost of debt Contribution of debt to WACC Equity Weight for Equity E% et =ρ t + (1-T)(ρ t – d)Dt -1/Et -1 Contribution of equity to WACC WACC after taxes Market Value at t @ WACC 48. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.6% 54.68% 34.849.9% 33.285.3 Year 2 53.151.501.073. The HP WACC is calculated based on the contribution of each: the debt and the equity. the CCF does not have any meaning.62% 7.998.604.883. Table 33 CFE.8 In this case.34% 36.79 43.201.7 Year 4 70.431.998.596.225.64% 29.59 77.08 94. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.2 1. Table A32 APV and market value calculations Year 0 PV(FCF at ρ ) PV(TS at d) Total 45.7 1.65% 36.60% 35.62% 1.89 54.66% 22.7% 62.67% 31. 24 .5 Year 3 61.4% 71.04 Year 3 8.59% 43.2 1.4 357.66 Year 4 91.72 Year 2 5.41 66.431.62% 2.45% 33.3 47.17% 22.62% 5.87% 22.275.06% 36.5 Year 1 45.40 In table the resulting e and equity market values are shown.13% 38.843.

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