Posts by: WST Expert 1
RE: WACC tax rate adjustment for bea
Wacc is meant to capture marginal cost of capital. Effective tax rate and marginal (statutory) rates are not the same!
Wacc is meant to capture marginal cost of capital. Effective tax rate and marginal (statutory) rates are not the same!
RE: Merger Modeling Basics: 2005E vs 2004A
Not a dumb question! You are calculating accretion/dilution for 2005E and part of that includes synergies which we estimate using 2004A, the last known year of SG&A.
Not a dumb question! You are calculating accretion/dilution for 2005E and part of that includes synergies which we estimate using 2004A, the last known year of SG&A.
Re: Cash Flow Projection / Capital Structure Change Modeling
The best course would be our Advanced LBO Modeling that contains numerous tranches of debt and is specifically built to handle capital structure changes. Our Distressed model is focused on fulcrum securities and as such, focused on recoveries. The first part of our distressed model does incorporate... Read More
The best course would be our Advanced LBO Modeling that contains numerous tranches of debt and is specifically built to handle capital structure changes. Our Distressed model is focused on fulcrum securities and as such, focused on recoveries. The first part of our distressed model does incorporate... Read More
RE: TEV and negative net debt clarification
What would the if statement say? You still reduce tev by the negative net debt. You don't suddenly exclude it.
What would the if statement say? You still reduce tev by the negative net debt. You don't suddenly exclude it.
Re: LTM / Quarterly Financials
yes, our Private Company Pro Forma Modeling course explains how to incorporate stub quarters for LTM calculations. It does focus also on private company adjustments that are in addition to normal adjustments for public companies, but includes the LTM portion you are looking for. Read More
yes, our Private Company Pro Forma Modeling course explains how to incorporate stub quarters for LTM calculations. It does focus also on private company adjustments that are in addition to normal adjustments for public companies, but includes the LTM portion you are looking for. Read More
RE: Levered vs. unlevered beta for cost of equity
*maybe* depends on what you are trying to do - value a company? Or what?
*maybe* depends on what you are trying to do - value a company? Or what?
Re: Cost of Debt Sources
reuters? thomson one? factset? cap iq? ANY data vendor!
reuters? thomson one? factset? cap iq? ANY data vendor!
Re: WACC : Historical Beta Values
We apologize for having to give a weak response this time - however, this specific issue is addressed in our Private Company Valuation course... http://www.wstselfstudy.com/privateval.html it would take t... Read More
We apologize for having to give a weak response this time - however, this specific issue is addressed in our Private Company Valuation course... http://www.wstselfstudy.com/privateval.html it would take t... Read More
Re: Undistributed Earnings Allocated to Participating Securities
We need a bit more context. Please copy and paste the footnote that explains participating securities from that company's latest 10K filing. That could be due to Minority Interest, but that would be called "Less consolidated net income attributable to noncontrolling interest", so we don't... Read More
We need a bit more context. Please copy and paste the footnote that explains participating securities from that company's latest 10K filing. That could be due to Minority Interest, but that would be called "Less consolidated net income attributable to noncontrolling interest", so we don't... Read More
If the employees have purchased the stock, then yes, the shares would have been issued and as such, are part of Basic Shares Outstanding. Sometimes, firms issue "Restricted Shares" which are part of Diluted Shares Outstanding. If uncertain, your best bet is to view the EPS footnote that ... If the employees have purchased the stock, then yes, the shares would have been issued and as such, are part of Basic Shares Outstanding.
Sometimes, firms issue "Restricted Shares" which are part of Diluted Shares Outstanding.
If uncertain, your best bet is to view the EPS footnote that will explain the capital structure. Read More