韩国现代公司英文介绍
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Free Cash Flows to the Firm
Year 1 EBIT 98,36 EBIT(1-t) 68,85 Net C.E. 8,80 Change WC 34,10 FCFF 25,95 Year 2 108,20 75,74 9,68 37,51 28,55 Year 3 119,02 83,31 10,65 41,26 31,40 Year 4 130,92 91,64 11,71 45,39 34,54 Year 5 144,01 100,81 12,88 49,93 38,00 Year 6 158,41 110,89 14,17 54,92 41,80
Terminal Value
ቤተ መጻሕፍቲ ባይዱ
Reinvestment =8%/16% Terminal value =110,89*(1,08)*(1-0,50) 11,68%-8%
50,00% 1.627
Discounted Cash Flows
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Terminal FCFF 25,95 28,55 31,40 34,54 38,00 41,80 1627,190217 WACC 11,73% 12,25% 12,50% 12,49% 12,22% 11,68% 11,68% discount rate 1,12 1,26 1,42 1,60 1,78 1,94 1,94 Discounted FCFF 23,23 22,66 22,05 21,57 21,35 21,55 838,89 Total firm value 971,30 Cash and MS. 80,46 Debt 848,00 Value of equity 203,76 Value per share 2.761 Current price 2.220
HYUNDAI
WACC
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Debt Ratio 83,85% 77,08% 70,31% 63,54% 56,77% 50,00% Equity Ratio 16,15% 22,92% 29,69% 36,46% 43,23% 50,00% Beta 2,60 2,28 1,96 1,64 1,32 1,00 Risk free rate 9% 9% 9% 9% 9% 9% Risk Premium 7% 7% 7% 7% 7% 7% Pretax debt rate 12,50% 12,10% 11,70% 11,30% 10,90% 10,50% Tax rate 30% 30% 30% 30% 30% 30% Cost of debt 8,75% 8,47% 8,19% 7,91% 7,63% 7,35% Cost of equity 27,20% 24,96% 22,72% 20,48% 18,24% 16,00% WACC 11,73% 12,25% 12,50% 12,49% 12,22% 11,68%