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22 Cards in this Set
- Front
- Back
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income taxes payable
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(NOI - depreciation - interest) x tax rate
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CFAT
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NOI - debt service - taxes payable
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ERAT
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selling price - selling costs - mortgage balance - taxes on sale
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MV0
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=NOI1 / (r - g)
=NOI1 / R0 |
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R0 (ME)
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NOI / MV
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R0(BOI)
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(mortgage weight x mortgage cost) + (equity weight x equity cost)
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R0 (Bu)
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pure rate + liquidity premium + recapture premium + risk premium
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Gross Income Multiplier (M)
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Sale Price / Gross Income
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MV
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Gross Income x M
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Exit Value
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= Investment Cost
+Earnings Growth +Increase in Price Multiple +Reduction in Debt |
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NAV Before Distributions
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=NAV after distributions in prior year
+Capital called down -Management fees +Operating Results |
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NAV After Distributions
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=NAV before distributions
-carried interested -distributions |
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venture capital method:
The post-money portion of a firm purchased by an investment is: |
f1 = investment 1 / PV1 (exit value)
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venture capital method:
The new shares issued are: |
shares vc = shares equity (f1 - 1 - f1)
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venture capital method: where sharesEQUITY is the pre-investment number of shares, and share price is:
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price 1 = investment 1 / shares vc
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venture capital method:
The post-money portion of a firm purchased by an investment is: |
f1 = investment 1 / PV1 (exit value)
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venture capital method:
The new shares issued are: |
shares vc = shares equity (f1 - 1 - f1)
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venture capital method: where sharesEQUITY is the pre-investment number of shares, and share price is:
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price 1 = investment 1 / shares vc
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Distributed to paid in capital (DPI)
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cumulative distributions / paid in capital
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Residual Value to paid in capital (RVPI)
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NAV after distributions / paid in capital
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Total value to paid in capital (TVPI)
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DPI + RVPI
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Adjusted discount rate (r*)
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[ (1+r) / (1-q) ] - 1
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