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sets Yment
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-
Net fixed
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earnings
tat
assets
parhines
EBIT
e
Total
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=
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+
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expense
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=
=
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cash-low
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decrease
in
increase
in
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-
+
net
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+
cashflow
cerations
from
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Cash
<
-
provided
by
rations
ol
cashflow
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I
from financ' activities
88
decreases
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I
increase
e
->
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=
cash flow
$
operations
interest
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tax rate
D Inventory
cash-flow from
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I
cash flow from
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depreciate
capital
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=
+
long term assets
iss'
cash
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does
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equity/debt
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↓
+
purchase of
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=
Let
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=
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addte
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to
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+
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current assets
other
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E
+
D current
total
I
depreciation
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depreciation
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tax rate
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net fixed asset
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Arg
100
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tax
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cashflow from
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tax rate
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regular
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interest
.
+
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eg 21
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net
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meetx
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i
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I
cash
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-
other incomes
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can
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ore
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revenue
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value
e
,
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=
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=
long-ter REC divide
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Current
=
"
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income
Earnings
tax
64
value created
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M kt value
#
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=
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conomic
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E
ratenof
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E
Interest
I
ang asset
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niture (i. e interest tax]
aug
·
turnover
,
unless
stated otherwise
2
=
collect
sales/receivables
=
period
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not
in
expressed
%
I
start of you
af
receivables ot start of
=
yr/smilysales -> Sales/365
->
payment delay
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=
.
both
start & end figures
use
profitability
he
by financial
start of
at
yr/Aiexs
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1365
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jays
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=
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x
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-
-
-
=
margin
term
long term debt
-
debt-equity
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profit
long
Long-term debt ratio
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total
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long
,
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let0 ut
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de
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t
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term
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ROE
=
~
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total assets ratio
Quick
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ratio
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-
=
=
depreciation
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tax
sales
Asset
G
NWC/ total
current
cash
cash
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assets
assets/current liabilities
receivable
marketable liabilities
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liabilities
income
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↳
prof margin
marketable securities
current
X
operati
securities
+
net
income
expressed
in %
RO A
interest pay ments
e
nee
sales
not
->
-
+
assetover
-
-
current ratio
EBIT
=
4
↳ Leverage
ratio
I
e
cap
-
&
net income/sales
Profit margin
after-tax operat income/sales
Operat Profit margin
D
companies
Amt of $
May
assets
-
Receivables
stay
for merge
repayment
EBH
any
=
the
for debt
Ang total
of yr
turnover ratio
↓
5
>Send
or
assets
start
income
tax
COGS/
at start of yr
n eInventory
e
at start of yo
inventory
Any days in inventory
20GS/365
(Any
Ang
same
Total
~ 3 efficiency
not
+
measure
Sales
Sales
turnover
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-
long-term debt
of operational
+
-
income/arg equity
net
=
->
rate I
fax
-
operat' income/,
After fax
=
cap -> equity
+
interest expense
x
/1
x
=
(ROE)
ratio
↳
measur
(RO2)
Equity
on
Asset
EBIT
Assets (ROA)
on
.
2)
/ cap cost
-
(1-tax rate)
↳
Capital
on
Return
I
sales
income
-
Return
expectat of future perf 4) Pri not shown
fluactiates outside of control
Noisy measure of management
1)
-
income
add profit
& asset tgt
equity
tax operat'
residual
"
T
$/share
x
-
MktCap/equity-> EB1T InterstHap
=
=
value
My
-
I
a
income
Deburden
not
expressed
in
%o
assets
=
bites
city
2 x
current
I
longterm
,