Posts by: Guest 1
Re: R&D Expense and Capital
Got it. Just did the projection. What I did was taking a % of total sales as R&D expenditure and split that into R&D expenses and the rest as cash outflow for investing activities and capitalize the cash outflow on the balance sheet. No surprise the operating profit margin dropped but I t... Read More
Got it. Just did the projection. What I did was taking a % of total sales as R&D expenditure and split that into R&D expenses and the rest as cash outflow for investing activities and capitalize the cash outflow on the balance sheet. No surprise the operating profit margin dropped but I t... Read More
Fixing #VALUE errors in my model
I built my own lbo model that links IS, BS, CF stmts and some other tabs. After changing around my Summary page my entire model has "VALUE" errors. I traced it back to the Interest line on the IS ==> which is linked to the changes in debt figures on the BS that have the same "VALUE" errors ==>... Read More
I built my own lbo model that links IS, BS, CF stmts and some other tabs. After changing around my Summary page my entire model has "VALUE" errors. I traced it back to the Interest line on the IS ==> which is linked to the changes in debt figures on the BS that have the same "VALUE" errors ==>... Read More
Re: Identifiable Intangible Assets
(1) I want to disagree with this. After looking through FAS142, it seems there is distinction between finite and infinite intangibles for GAAP, as such: "Opinion 17 presumed that goodwill and all other intangible assets were wasting assets (that is, finite lived), and thus the amounts assigned... Read More
(1) I want to disagree with this. After looking through FAS142, it seems there is distinction between finite and infinite intangibles for GAAP, as such: "Opinion 17 presumed that goodwill and all other intangible assets were wasting assets (that is, finite lived), and thus the amounts assigned... Read More
Re: Conditional Formatting
Thanks.
Thanks.
Merging Models into one Excel file
I built a monthly model for 2008 and for 2009, but I saved them as
separate files. How do I merge them into one model by adding each tab in
the 2009 model to the 2008 model? Thanks.
I built a monthly model for 2008 and for 2009, but I saved them as
separate files. How do I merge them into one model by adding each tab in
the 2009 model to the 2008 model? Thanks.
RE: Valuation
Which rate should we use (Cost of Debt or WACC) to discount the unsuded NOLs of the last projected year? With regards to my reference on the interest expense i think i have not explained properly my thought. A company enjoys 2 different tax shields, one arising from the NOLs (hence to be used ... Read More
Which rate should we use (Cost of Debt or WACC) to discount the unsuded NOLs of the last projected year? With regards to my reference on the interest expense i think i have not explained properly my thought. A company enjoys 2 different tax shields, one arising from the NOLs (hence to be used ... Read More
How can Excel pull stock quotes?
What is the best way to retrieve stock quotes for an array of stock symbols?
What is the best way to retrieve stock quotes for an array of stock symbols?
Re: R&D Expense and Capital
yep... got to amortize them.... (almost forgot...)
yep... got to amortize them.... (almost forgot...)
Print Tiles - Entire Workbook
In Excel 2010, I can set which rows to repeat at the top of a sheet from Print Tiles.
Is there a way to set this up for all the sheets in an excel workbook?
In Excel 2010, I can set which rows to repeat at the top of a sheet from Print Tiles.
Is there a way to set this up for all the sheets in an excel workbook?
Thnaks for your replies. I really appreciate it. However i have some comments 1) In my projections the Co has NOLs of c 20m. The first 2 years the company has negative EBIT hence cash taxes on EBIT do not apply. This is possible from the 3rd till the 5th year.That way i included the "lowering on ... Thnaks for your replies. I really appreciate it. However i have some comments
1) In my projections the Co has NOLs of c 20m. The first 2 years the company has negative EBIT hence cash taxes on EBIT do not apply. This is possible from the 3rd till the 5th year.That way i included the "lowering on cash taxes paid" which effectively were all zero througout the 5 year projection period due to the increased NOLs.
2007 2008 2009 2010 2011 2012
NOLs 22m 27 29 26 23 20
EBIT -5 -2 3 3 3
EBIT*(1-T) 0 0 0 0 0
NOPAT -5 -2 3 3 3
My question now lies as to how we treat the 20m NOLs left in 2012?
For the calculation of the EV the formula will be
EV=TEV-Net Debt+PV of Tax shield. This is why i said in my previous post "you add back the tax shield on the TEV". I know it sounded misleading at first. Read More