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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

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

We will call this the MM WACC. It is expresse d as WACC = eE% + d(1-T)D% (1) Where e is the cost of equity. 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. E% is the proportion of equity in the total value. In the traditional presentation. These two values are not equal. First. for the firm at the Weighted Average Cost of Capital and subtracting the debt or discounting the cash flow to equity holders CFE.Discounting the free cash flow FCF. 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. In a M & M world. these two values must be equal. the expression for e does not include (1T). Unfortunately. D% is the proportion of debt in total value and T is tax rate. at the cost of equity. current practice find that this does not happens. This paper studies this problem. Second. The problem lies in what is the correct discount rate to be used to discount the cash flows. e is calculated as e = ρ + (1-T) (ρ – d)D%/E% (2) And the discount rate for the tax shield is d. This HP WACC differs from the MM WACC in two significant ways. We will examine the WACC proposed by Harris and Pringle (1985) and we call it the HP WACC. the discount rate for the tax shield is ρ. d is the cost of debt before taxes. measures this future value. e = ρ + (ρ – d)D%/E% (3) In practice we encounter losses carried forward (LCF). Then the correct WACC proposed by Tham & Velez (TV) is TV WACC = ρ – TS/(Total levered value) (4) 3 . 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. Some background on WACC In the literature we find the traditional presentation for WACC for discounting the FCF excluding tax savings from interest payments. If there are LCF neither of the two expressions for WACC works. this traditional formulation does not work in the finite period cash flows. based on the first assumption. This is. However.

These financial statements are all linked. It has the feature that considers tax savings when they are in fact earned. 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). As it is invested in the firm. prices and the rest. With these inputs we calculate interest rates (from real rates. equity investments. See Taggart 1991 and Fernandez. A Complex Model All these approaches work with a complex model. In this paper we will show a comparison between the results obtained with the thre e versions for WACC1. dividend and inventory “policies”. In line 4. the financial statements: Balance Sheet. P&L statements and Cash Budget or Working Cash Statement. volume increases. a cash cushion 2.TS/(Total levered value) WACC = ρ . In the Cash Budget you will find that when the balance is in red. the TS refers to the difference in the tax shield between the levered cash flows and the unlevered cash flows. WACC = eE% + dD% .TdD% WACC = eE% + dD% . accounts receivable and payable policies.TS/(Total levered value) (5) (6) (7) (8) This presentation is the most general way to express WACC. We recognize that many other WACC are found in the literature. Tables A8 to A11 present the forecasts of every variable including units sold. 2000 2 It is assumed that this amount of cash is deposited in a check account that is a nonbearing interest account.This last version of WACC assumes ρ as the discount rate for the Tax savings. prices. The complex model has several modules (See Annex). From tables A12 to A16. The inputs include initial costs. the “plug” is a decision: either to borrow money or to invest it (or leave it in the bank). prices increases and an elasticity function among others. This information is used to calculate firm value and NPV in order to compare with market values. automatically it determines how much to borrow We are restricting our comparison to the traditional MM WACC. 1 4 . And this means that losses carried forward are included in the analysis. inflation. In reality. In tables A1 to A7 are the inputs. It can be seen as a different presentation of the typical WACC formula. risk premium and debt ratio (accounting debt ratio)) for each year.TdD/(Total levered value) WACC = eE% + dD% . it is expected to earn at least the WACC.

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

4.316. with the HP WACC. there is a difference of 376. with the traditional MM WACC. lower than ρ. which is higher than the previous value by 1. The present value of the FCF at the TV WACC (total market value) is $47.275. for the same reasons. The present value of the FCF at the TV WACC (total market value) is $47. However. with the HP WACC.176. which is higher than the previous value by 933.1.5. there differences.7. 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. the losses are carried forward and taxes are paid the same year.176. There are also differences when calculating the market equity value.066.3. the present value is $33.9. when the market equity value is calculated from the CFE at e. the present value is $48.3. Another reason is the difference in tax savings due to the LCF. the present value is $47.2.9. When calculating the Adjusted Present Value APV. 6 . The present value of the FCF at the TV WACC (total market value) is $47. when the market equity value is calculated from the CFE at e. with the HP WACC.312. which is higher than the previous value by 1. When calculating the Adjusted Present Value APV.9. The present value of the FCF at the TV WACC (total market value) is $47. which is higher than the previous value by 2. with the traditional MM WACC.8. which is higher than the previous value by 115.The results for the first case are summarized in Table 1 Panels A and B.291. there is a difference of 253. This means a lower WACC. for the same reason. where we assume that there are no losses and taxes are paid the same year. where we assume that there are losses. the present value is $48.765.3.225. The reason the present value with the MM WACC is higher is because the discount rate for the tax shield is d.1.439.996. for the same reason. 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.3.505. there is no difference. With the traditional MM WACC. There are also differences when calculating the market equity value.505. there is a difference of 1. the present value is the same.9. The results for the second case are summarized in Table 2 Panels A and B.4. the present value is $32.250. The reason the present value with the HP WACC is higher is because the difference in tax savings due to the LCF. However. The present value of CFE at e under TV WACC assumptions is 31. The differences are the same when calculated as Total value less debt. When calc ulating the Adjusted Present Value APV. The differences are the same when calculated as Total value less debt.8.4. This means a lower WACC. The reason the present value with the HP WACC is higher is because the difference in tax savings due to the LCF. When calculating the Adjusted Present Value APV.

with the HP WACC. The present value of CFE at e under TV WACC assumptions is 31.9.329. 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.8.9. 7 . the present value is the same.there differences.395. With the traditional MM WACC. which is higher than the previous value by 933. the present val ue is $32.

489.3 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.debt Equity value = PV(FCF at ρ) + PV(TS at d) .4% 4.8% 7.181.4 31. Losses.312. Notice the internal consistency of TV WACC.1 1. losses carried forward and taxes paid the same year Total market value.2% 32.5 1. The very small differences between TV WACC and HP WACC might show that for practical purposes HP WACC is a good approximation.066.3 31.7 Column (1) of Table 1 (panels A and B) shows the name of the procedure to calculate Total or Equity value.379.312. 8 .066.5 1.debt Equity value = PV(CFE @ e) 31. Column (6) shows the values when calculated with the MM WACC.2 2. 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) 47.5% Table 1 Panel B. 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) 31.5 32. 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%.1 1.176.115.275.9 0.996.1% 4.8% 48.319.3 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) .debt Equity value = Total value (from CCF at ρ) .066.0% 33.225. In table 2 the traditional WACC (MM WACC) also shows inconsistencies among the different values and between those values and the TV WACC. TS. Columns (4) and (5) show the absolute and relative difference with the TV WACC.3 31.429. Losses. TV WACC should be used.4% 0. if precision is desired. However.4 253.2 2.4 253.176. Both of them consider e=ρ+(ρ-d)D/E and assume ρ as the correct discount rate for the tax savings.2% 0.5 48.2% 2.765.2 115.3 3. 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.9 1. From columns (4) and (5) it can be seen that in this case TV WACC and HP WACC differ.3 47.996.In summary Table 1 Panel A. losses carried forward and taxes paid the same year Total market value.316.291.4 115.1 0.250.4 47.

9 47.8 0.0% Column (1) of Table 2.9 0. Panels A and B.0) 0. No losses. TS.8 Difference with TV WACC (7) 933.9 47.0% 47.7 32.8 debt Equity value = Total value (from CCF at ρ) .9 (0. Column (6) shows the values when calculated with the MM WACC. 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.395.0% Value calculation (1) Equity value = PV(FCF at ρ) +PV(TS at d) . Columns (4) and (5) show the absolute and relative difference with the TV WACC. taxes paid the same year and it is shown that there is no difference. In Table 1.0% 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.2% 3. 9 . Notice the internal consistency of TV WACC and HP WACC.9 (0.329.329.505.0% 31.0) 0.8% Difference with TV WACC (7) 933.439.Table 2 Panel A No losses.395. In table 2 the traditional WACC (MM WACC) shows inconsistencies among the different values and between those values and the TV WACC.0% 48.395.9 31. Both of them consider e=ρ+(ρ-d)D/E and assume ρ as the correct discount rate for the tax savings.505.9 1.9 31.0% 376.772.0% 32.9 % over TV WACC (8) 3.395.0) 0.505.9 (0.debt 31.395.505.0) 0. 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.debt Equity value = PV(CFE at e) 31.882. shows the name of the procedure to calculate Total or Equity value.395.9 (0.84 933. 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.0 0. 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) 47.8 47.9 31.9 % over TV WACC (8) 2. No losses.7 376.

S. produces consistent results either with no losses or losses and losses carried forward. Journal of Financial 10 .9 71.3 40.8 Tables 3 and 4 show the differences in market values when compared with book values.1 37.Table 3 No losses. 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 24.9 1.961.5 2.4 26.030. PABLO.5 54. These differences are explained because the financial statements do not consider any terminal value. the HP WACC and the TV WACC.0 47.8 67.2 63. The first one produces inconsistent results.3 1. Although not a formal proof. “Risk-Adjusted Discount Rates – Extensions from the Average-Risk Case ".395.110.193.104. It can be shown that when taxes are paid the following year after accrual.204.721. HARRIS .1 37.651. Bibliographic References FERNÁNDEZ . The second one is consistent as long as there are no losses and/or losses carried forward. Losses.7 30. taxes paid the same year. 2000.1 2.7 Year 4 30. Equivalence of the Different Cash Flow Valuation Methods.378. We consider that this is the correct method.8 39.708.2 23. Conclusions We have shown three approaches to calculate total and equity value with different expressions for WACC.733. AND J.176.050.9 1.0 31.7 42.1 1.9 1.654.149. The equity market values are taken from the calculations made with the TV WACC approach.8 62.505.000.1 55.066.809.110.7 71. Frequently. terminal value accounts for more that 50% of the total value of the firm.773.125.0 31.763.6 1. PRINGLE.4 54.8 67.719.8 39.220.000.8 1.022. Social Science Research Network.3 1.4 26.534. 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. the only one that gives consistent results is TV WACC. the tables give an idea on how much difference is present when the book values are used. They are the MM WACC (the traditional WACC).0 1.2 24.3 2.7 43.221.0 47.693.3 1. R. the TV WACC.1 2.3 1. losses carried forward and taxes paid the same year. The last one.J.953.3 40.2 38.4 1.8 Table 4.2 38.6 55. Working Paper. 1985.

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

62% 22.0% 40.00% Year 4 6.00% 11.62% 22.59% 30.82% 1.59% 30.00% 4.62% 6.247 0.62% 22. Table A4 Price and increase in price Year 0 Year 1 Purchase price Real price increase Annual increase in purchase price $2.00% 6.00% This information can be obtained from macroeconomic forecasts made by the government or associations or universities. the estimated quantity the market will buy.64% 12.00% 10.00% 5.59% 28.0% Year 4 40. 12 .00% 6.00% 10.00% 10.55% 28.10% 0.55% 28.00% 10.00% 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.00% 9.0% Year 3 40.00% 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. Fisher Theorem is used to compose the three components. 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 10.00% 12.0% 9.55% 22.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 40.00% Year 2 Year 3 Year 4 The purchase price is a function of Q.00% 30. Table A2 Market variables Quantity to sell at year t at price given at year 0 Increase in volume 7.00% 11.01% 1.59% 30.90% 13.00% 7.55% 28.

00 1. Selling price is the result of a market survey and/or the cost structure of the good or service.10% 0.30% 11. It is a function of selling price increase.9974 The elasticity function has to be found for the specific product or service we are dealing with.000% 13. an elasticity function calculated for the domestic water supply was used.00 1.00 1.30% 12.00 0.12% $0.9996 0.60% 9.60 0.80% 0.88% 0.40% 12. 13 .55% 3.00 1.00 1.22% Year 3 $0.34% 3.67% 10.10% 10.366*((1+increase in selling price)/(1+inflation)-1)) $5. Price increases might be estimated based on historical data of similar firms.32% 3.00 $37.00 $0.00 1.76% 12.00% $0.00 1.00 Year 1 $0.20% These are stated on a monthly base. 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 56.01% Year 2 $0.00 $0.43% $0.00% $0.00 0.98% $0.00 $40.00 0.00 $0.900% 13.9978 0. (1-.90% 9. In the example.32% Year 4 $0.20% 13. or simply a subjective forecast.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.70% 9.00 $145.00 $0.00% $0.00 $0.00 $0.65% 3.00% $0.11% 11. Effect of price change upon demand.00 $0.00 1.10% 12.60% Year 3 Year 4 0.44% $0.20% 11.20% 11.00 1.93% $160.00 $0.9971 0.

00 8.00% 90.00% 90.00% 95.00% 95.00 24.33% 8. The nominal selling price increase defines the elasticity factor. 14 .00% 3.00% 5. 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 .50 603.53 4.33% 95.243.000.000. the increase in volume and the elasticity factor for the product or service.00 Year 4 8.01 3.00% 30.127.00% 30.90 603.00% 30.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. Table A9 Depreciation Year 1 Year 2 Annual depreciation Cumulative depreciation 8.000.00% 30.66 7.11 Year 4 8.00% 90.00% Year 1 Year 2 Year 3 Year 4 3.17 699.00 8.00 16.13 8.33% 24.00% 10.74 644.00 This depreciation is based on the lineal method stated above.000.00% 3.000.00 3.00% 90.000.00 Year 3 8.000.56 7.00% 5.33% 8.28 3.77 3.774.03 These prices are based on the initial selling and purchasing price and the price increase stated above.50 8.66 0.00% 5.93 674.096.424.000.000.56 7.847.00 40.87 674.II 7.81 Selling price Buying price 6.79 Year 3 8.000.00% 110 120 131 160 160 Many variables are just policies or target the firm will pursue.00% 10.399.00% 5.00% 10.00 32.00% 10.733.00 7. Table A10 Selling and purchasing prices Year 1 Year 2 Year 3 Year 4 7.95 644.36 Units to be sold are based on the initial market survey.00% 8.00% 95.74 8.

149.62 3.000.823.082.70 0.43 16.69 40.00 12.00 1.20 40.650.33 3.055. 63 340.456.76 3.66 39.31 24.00 24.221.45 37.00 2.706.00 24.25 2.534.541.393.030.149.110.69 41.96 1.966.000.14 502.00 5.25 1.278.985.000.00 (46.890.00 32.030.574. Net income 15 .000.888.312.88 40.67% payroll and commissions) Auditing fees Overhead Advertising and promotions These costs are based on the monthly based costs above.000.00 (46.65 1.00 24.00 8.56 564. 58 2.574. 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 24.00 16.11 2.78 38.22 681.654.21 41.00 40. cash is the same value found in the Cash Budget as cumulative cash balance.888.28 2.719.67 1.00 11.861.433.00 40.05 1.953.534.00 Year 2 Year 3 Year 4 27.67 30.00 39.35 1.00 110.178.719.000.00 16.45 2.15 629.61 0.04 1.68 227.813.78 24.64 441.34) 23.866.000.00 2.110.00 16.711.364.50 15.626.000.61 Year 3 2.000.000.457.000.75 2.00 16.04 40.000.989.06 2.38 0.39 245.12 612.583.94 220.000.44 1.0 2.364. For instance.91 249.11 5.000.34 1.66 390.559.43 37.273.18 8.70 490.00 8.449.00 32.20 181.12 24.Annual expenses Table A11 Administrative and selling expenses Year 1 Year 2 2.00 2.61 186.30 2.000.26 196.16 747.37 2.81 270.206.076.00 0.22 Year 4 2. In this table they are annualized.100.654.000.48 2.50 7.166.000.000.00 8.267.766.000.00 4.91 24.176.26 692.16 2.80 26.000.34) 2.41 204.160.22 214.398.00 40.726.626.68 40.02 2.21 3.03 37.00 4.37 159.95 241.95 Administrative payroll Administrative fringe benefits on payroll Sales force payroll Sales commissions Fringe benefits (annual premium 1/12 of payroll) Other fringe benefits (46.719.33 All the financial statements are linked.814.35 544.027.110.39 0.110.00 8.97 2.76 38.147.293.

76 1.000.572.67 The figures for the P&L statements are based on the forecasts above. and so on.25 1.88 37.267.738. they appear as a cash outflow at the Cash Budget.286. In this case.11 2.150.000.69 30.00 8.954.723.38 0.11 2.988.220.37 27.265.931.04 32.452.003.05 5.705.97 8.34 8.300. etc.198.40 19.00 (46.595.982.62 22.664.68 26.682.30 1.626.000.138.95 2.77 3.149.626.22 2.32 390.340.44 8. 16 .00 24.748.52 2.70 564.178.37 4.450.22 10.38 5.24 6.988.38 629.13 4.66 4.35 8.293.149.16 22.600.03 62.553.00 2.50 441.75 1.00 3.796.00 1.574.20 27. Sales are simply quantity to be sold times the rice.940.000.926. Items such as taxes will appear in the Balance Sheet in case taxes are paid the following year.40 340.38 1.79 18.37 1.11 3. 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 45.480.57 1.823.16 21.68 31.65 490.89 2.00 (46.890.97 1.364.39 502.456.97 2.15 2.206.243.479.00 1.61 2.31 2.65 8.755. There is no plug.788.631.45 2.888.393.80 Year 3 Year 4 71.34) 0.966.63 5.95 15.888.61 7.669.217.61 692.for the year is the same found in the P&L statement.890.706.04 33.00 13.598.93 33.574.34) 54.364.20 22.293.00 1.44 5.

664.205.00 0.100.93 24.000.67 71.95 220.436.97 1.626.37 1.670.452.20 53.65 2.902.00 43.32 2.147. It is a financing decision that will be made with the cash balance below.60 0.43 43.479.79 245.30 441.39 30.32 27.705.985.98 1.27 1.20 2. It takes into account the accounts receivables policy stated above.32 502.61 1.34 1.71 196.711.115.69 43.210.95 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 43.44 33. Table A15 Cash budget: Cash outflows Cash outflows Suppliers Payments for purchases year 1 24.75 5.00 680.11 Year 0 Year 1 Year 2 Year 3 Year 4 1.149.982.888.149.783.50 3.669.509.600.421.25 340.44 5.Cash inflows Table A14 Cash budget: Cash inflows Year 0 Year 1 45.504.00 2.313.70 629.63 1.150.456.44 2.22 2.65 390.115.02 59.00 3.972. It does not include loans income.35 2.766.64 2.081.228.66 2.783.00 1.689.94 27.97 3.00 0.69 71.626.595.72 4.702.62 56.16 54.340.364.31 62.50 2.00 22.553.33 22.000.20 53.63 17 .00 0.572.26 24.35 40.37 62.228.50 6.65 3.15 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 40.34 2.300.706.00 4.72 24.96 51.45 Payments for purchases year 3 31.000.966.940.000.504.589.40 5.206.598.61 0.31 62.00 1.480.003.39 564.359.72 In this table all the cash inflows are registered.903.793.00 1.273.76 30.37 1.457.220.89 Payments for purchases year 4 33.38 692.22 2.00 36.450.205.988.67 71.57 Payments for purchases year 2 27.205.03 68.364.02 50.888.769.

28 5.000. 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 23.62 56. 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 110.756.191.00 43.972.504.000. It does not include loans payment.67 71.00 Year 2 Year 3 Year 4 24.783. 18 .650. how much should beborrowed and how much can be paid with the available cash.00 4.00 0.000.00 110.59 0.78 9.43 43.00) 16.313.78 12.205.71 0. These are.1 6.00 0.10% 0.00 40.31 62.00 4.00) (16.79 8.21 This table shows the information from the Cash Budget in order to make the financing decisions.00 4.63 6.312.28 2.893.00 2.702.00 36.783.56 20.55 10.783.027.20 53.50 0.866.526.841.11% 10.12 31.813.228.05 14.027.00% This table shows the growth and discount rate for determining the terminal value .72 (16.163.339.29 12.421.00 0.50 8.677.027.000.00 4.50 0.498.06 16. These are included below.110.This table shows all the cash outflows.62 27.811.50 0.027.02 50.

177.783.5 6.756.78 6.682.00 4.00 0. the cost before and after taxes calculated as the IRR of the CFD before and after taxes.553.783.05 4. starting from EBIT might introduce errors in the tax paid and the tax savings earned. 19 .00) 0.78 8.39 This table shows the CFD.843.50 8.34 1.251.28 11.36 11.964.50 2.627.13 (Plus) 79.00 (1.600.00 0.79 0.027.29 5.13% 8.60 0. 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 2.00 4. In particular.964.55% 11.39 5. We do not use the approach to calculate FCF from EBIT or net profit because this method increases the probability of errors.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) 2.097.383.383.881.00 0.50 5.05 8.89 14.383.79 11.300.50 11.163.407.327.00 Year 3 Year 4 Year 5 8.717.881.380.50 14.50 3.78 11.756. Cost of debt is assumed constant.5 7.498.881.28 0.78 11.00 680.251.097.00 (920.29 14.912.00 11.5 5.407.150.50 4.00 Year 2 5.89 Year 4 91.00 0.00) (460.464.881.00 0.00 0.477.50 28.28 Year 2 5.39 16.5 17.251.682.383.59 0.50 2.027.756.251.783.00) 0.450.69 18.627.29 14.627.55 10.717. the CFE.682.00 4.55 96.769.05 The FCF is calculated from the Cash Budget.50 96.027.55 4.50 4.00 1.29 6.50 91.027.79 Year 3 8.39 96.843.

150.40% 25.00% 28.55% 37.00% 28.13% 0.78 12.00% 28. except for the tax savings TS.00 4.15% 25.176. 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) 16.55% 36. We do not calculate the TS straightforward with the formula TdD.142.29 62.3732 14.380.733.110.50 1.00 4.00 4.00 2.55% 40.85 36.261.34 54.18% 35.13% 0.38% 62.50 7.50 460.327.00 40. This is. we determine how much TS is earned according to the financial situation of the firm.78 54.39 71.29 8.177.220.682.50 5.90% 25.13% 0.39 4. First.383.600.13% 0.171.027. 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 47.220.00 4.251.61 Year 4 97.30 Year 3 Year 4 36.7135 11.00 24.027.627.000.00% 28. Table A21 TV WACC and market value calculations Year 0 Year 1 Year 2 WACC after taxes = ρ .50 40.110.50 920.61 In table the resulting WACC and market values are shown.00 40.50 0 3.027.30 15.477.027.383.00 40.082.2736 96.055.TS/Total value at t-1 Market Total Value at t @ WACC 40.50 6. we present the TV WACC approach.176.450.65% 25.55% 38.75% 71.763.763.733. With the TV WACC approach. TS are calculated in an explicit way.300.00 4.50 Year 4 40.15% 47.85 13.05 This information is common for the three methods.34 11. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.05 20 .881.50 8.027.00 1.The next tables show the calculation of market values and the three different approaches to calculate WACC.5137 11.

13% 0.251.027.55% 36.Capital cash flow is defined as CCF = FCF + TS.55% 40.627.78 12. Table 24 CFE.651.450.998. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.22 1.00 40.12 61.39 4.15% 25.2736 96.50 8.40% 25.00% 28.477.55% 38.082.50 Year 4 40.87% 91.00 40.00 1.600.783.964. Table A23 APV and market value calculations Year 0 Year 1 Year 2 Year 3 PV(FCF at ρ ) PV(TS at ρ ) Total 45.708.25 70.327.65% 25.178.13% 0.00 4.027.34 41.55 67.89 54. In the following tables the HP WACC approach is presented.00% 28. TS are calculated in an explicit 21 .55% 37.50 1.50 7.34 45.00 24.110.150.066.39 Year 4 337. 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) 46.756.082.055. In this table the market value is calculated directly with the CCF and ρ.000.00 4.027.13% 0.383. except for the tax savings TS.00 40.00 2.840. With the TV WACC approach.50 920.682.22 1.110.843. 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) 16.193.73 1.00 4.178.00 4.00 4.5137 11.11 53.00% 28.3732 14.300.36 Capital cash flow and APV with the TS discounted at ρ.35 38.50 1.00% 28.50 40.50 6.13% 0.7135 11.00 3.50 5.11 47.176.91 913.28 31.99% 8.881.05 This information is common for the three methods.027.90% 25.177.83% 5.16% 2.380.50 460.883.651.11 In table the resulting e and equity market values are shown.998.30 36.027.849. are the same.29 8.79 42.

92% 5. The HP WACC is calculated based on the contribution of each: the debt and the equity.291.61 Capital cash flow is defined as CCF = FCF + TS. Table A28 APV and market value calculations Year 0 PV(FCF at ρ ) PV(TS at ρ ) Total 45.78% 36.998.142.96% 36.99 48.22 13.12 Year 3 61.50% 37.94 77.763.73 1. are the same. 22 .39 Year 4 70.39 62.62% 7.07% 22.324.849.14% 30. This is.42% 38. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.78 48.1% 53.733.92% 22.651.91 913.22 2.36 337. In this case we calculate the TS straightforward with the formula TdD.25 Capital cash flow and APV with the TS discounted at ρ.33% 36.223.11 87.883.939.28% Year 1 Year 2 Year 3 Year 4 In table the resulting WACC and market values are shown.93% 46.261.71% 22.1% 34.47 65.45 94.87% 34.67% 22.058. In this table the market value is calculated directly with the CCF and ρ.40% 22.00% 33. 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 47.490.489.88% 32.489.220.9% 71.08% 39.way.998.05 71.6% 62.082.62% 1.22 Year 1 45.62% 5.29 54. we determine how much TS is earned according to the financial situation of the firm.85 15.30 97.171.22 2. 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 13.62% 2.490.60% 41.07% 12.99 Year 2 53.

383.55 In table the resulting e and equity market values are shown.110.027.90% 25. the MM WACC approach is presented.50 40.50 6.177.29 8.843. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.89 54.00 40.000. and market value of equity calculation with CFE at e Year 0 CFE=FCF+TS-CFD PV(CFE at e) 32.50 1.50 Year 4 40.477.00 3.027.13% 0.00 2.13% 0.50 8.082.964.5137 11.36 Year 3 8. except for the tax savings TS.50 1.881.00 1.39 4.2736 96.055.380. we determine how much TS is earned according to the financial situation of the firm.027.110.00 4. In this case we calculate the TS straightforward with the formula TdD.327.627.600. 23 .15% 25.682.55% 36.840.43 Year 2 5.00 4. With the TV WACC approach.63 Year 4 91.596.79 42.55 67. TS are calculated in an explicit way.300.55% 38.150.00 40.00 40.027.13% 0.00 24.50 7.00% 28.783.00% 28. 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) 16.027.43 Year 1 4.40% 25.13% 0.251.703.450. This is.50 5.05 This information is common for the three methods.00 4.78 12.00% 28.00 4.50 460.192.3732 14.28 32.631.316.00% 28.00 4.Table 29 CFE.7135 11.65% 25.55% 37.316. Now.50 920.55% 40.

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 48.596.964.3 47.08 94.7% 62.41 66.5 Year 1 45. The HP WACC is calculated based on the contribution of each: the debt and the equity.27 87.5 Year 3 61.2 1.225.59% 43.62% 2.91% 5.62% 1.082. Table A32 APV and market value calculations Year 0 PV(FCF at ρ ) PV(TS at d) Total 45.431.7 Year 4 70.59 77.429.66% 22.60% 35.56% 22.985.02% 12.9% 33.28% Year 1 Year 2 Year 3 Year 4 In table the resulting WACC and market values are shown.501.45% 33. and market value of equity calculation with CFE at e Year 0 CFE=FCF+TS-CFD PV(CFE at e) Year 1 4.17% 22.64% 29. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.67% 31.2 1.51% 36.4 357.783.68% 34.66 Year 4 91. It has to be remembered that there exists circularity and this is the result of iterations done by the spreadsheet.65% 36. The FCF is discounted at ρ and the TS is discounted at d.83% 40.998.073.883.201. 24 .79 43.62% 7.151.04 Year 3 8.06% 36.72 Year 2 5.843. the CCF does not have any meaning.431.41% 22.55 67.4% 71.34% 36.604.285.87% 22.89 54.9 715. Table 33 CFE.7 1.40 In table the resulting e and equity market values are shown.3 Year 2 53.8 In this case.62% 5.28 33.849.6% 54.998.275.13% 38.

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