Posts by: WST Expert 1
Re: ROIC
Big conceptual difference is that Net Income is to Equity shareholders only whereas NOPAT is to all financial stakeholders. Think back to importance of TEV and how everyone gets it wrong. Mathematical difference is that by starting with Net Income and then adding back Interest Expense, you are ge... Read More
Big conceptual difference is that Net Income is to Equity shareholders only whereas NOPAT is to all financial stakeholders. Think back to importance of TEV and how everyone gets it wrong. Mathematical difference is that by starting with Net Income and then adding back Interest Expense, you are ge... Read More
Re: ROIC
This is a great question and here we will take this opportunity to clarify for all ROC vs ROIC: ROC is Return on capital and meant to capture capital structure financial returns. It would be comparable to ROE and it IS supposed to include all stakeholders in the numerator as well: (Net Income... Read More
This is a great question and here we will take this opportunity to clarify for all ROC vs ROIC: ROC is Return on capital and meant to capture capital structure financial returns. It would be comparable to ROE and it IS supposed to include all stakeholders in the numerator as well: (Net Income... Read More
Re: Why is Long Term Liabilities and LT Compensation included in changes in Working Capital?
Good observation! CA-CL is the accounting definition of working capital. In the finance world, we need changes in working capital for cash flow calculations. As such, we would not include cash and debt. In addition, certain Long Term items, are included to capture the full balance sheet and resul... Read More
Good observation! CA-CL is the accounting definition of working capital. In the finance world, we need changes in working capital for cash flow calculations. As such, we would not include cash and debt. In addition, certain Long Term items, are included to capture the full balance sheet and resul... Read More
Re: Why Is Minority Interest a positive for cash from operating activities?
Generally speaking, MI expense on the IS is a non-cash expense (unless the SUB is paying out it's NI via dividends) and as such, because this MI expense has reduced NI, but is non-cash, we add it back to CFO to reconcile to cash position. Think of it as an Accounts Payable liability - the "I.O.U." i... Read More
Generally speaking, MI expense on the IS is a non-cash expense (unless the SUB is paying out it's NI via dividends) and as such, because this MI expense has reduced NI, but is non-cash, we add it back to CFO to reconcile to cash position. Think of it as an Accounts Payable liability - the "I.O.U." i... Read More
Re: WST Macros Add In do not work on Microsoft Office 365
Hi Xenia, We’ve received many inquiries about this issue in the past few weeks, and it seems that a recent Windows Update changed some permissions settings with Excel files, including add-ins. The latest troubleshooting tip we have is to related to Office File Validation (please see https://sup... Read More
Hi Xenia, We’ve received many inquiries about this issue in the past few weeks, and it seems that a recent Windows Update changed some permissions settings with Excel files, including add-ins. The latest troubleshooting tip we have is to related to Office File Validation (please see https://sup... Read More
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added 9 years ago
NOTICE
Trying to get property of non-object
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Trying to get property of non-object
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#54
Re: WST Macros Add In do not appear on Microsoft Office 365
To clarify, you would only be able to access the macros that have been assigned a shortcut key, but will not be able to access the menu/ribbon-driven macros.
To clarify, you would only be able to access the macros that have been assigned a shortcut key, but will not be able to access the menu/ribbon-driven macros.
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-0/excel_add_in_instructions-343?single=1993&parent=1944" class="comm_tool fl">Go to post
added 9 years ago
NOTICE
Trying to get property of non-object
/home/pixelfind/product/html/resources/cache_p/dXNlcl91c2VyX3Bvc3Rz.php
Trying to get property of non-object
/home/pixelfind/product/html/resources/cache_p/dXNlcl91c2VyX3Bvc3Rz.php
#54
Re: Capex estimation
CapEx and depreciation are not supposed to necessarily match. The correct way to project depreciation is covered in greater detail in a future course: Advanced Financial Modeling - Enhancements to the Core Model. In coming up with a placeholder estimate for depreciation, we initially use % of revenu... Read More
CapEx and depreciation are not supposed to necessarily match. The correct way to project depreciation is covered in greater detail in a future course: Advanced Financial Modeling - Enhancements to the Core Model. In coming up with a placeholder estimate for depreciation, we initially use % of revenu... Read More
Re: Redundancy and repeated page numbers?
Pagination of 10K filings are not very intelligent. In this case, the Annual Report is embedded within the 10K, hence the repeating page numbers.
Pagination of 10K filings are not very intelligent. In this case, the Annual Report is embedded within the 10K, hence the repeating page numbers.
Re: HRH 10-k filing
Thanks for pointing this out -- this 10K PDF was originally intended to appear under this course. It looks restored now, so you may follow along using our format. Good luck!
Thanks for pointing this out -- this 10K PDF was originally intended to appear under this course. It looks restored now, so you may follow along using our format. Good luck!
NOPAT is not meant to account for the tax shield on interest expense because it is pre-capital structure.