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6 Cards in this Set
- Front
- Back
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Equity Value
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Number of shares x share price
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Enterprise Value
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Equity Value
+Debt +Preferred Stock +Noncontrolling Interest -Cash & Cash Equivalents |
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Unlevered Free Cash Flow
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Ebit x (1-t)
+Non cash charges -change in operating assets & liabilities -CapEx |
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Levered Free Cash Flow
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Net Income
+Non cash charges -change in operating assets & liabilities -CapEx -Mandatory debt repayments |
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Unlevered Beta
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Levered Beta/((1+(1-tax rate)*(debt/equity)))
Isolates inherent business risk b/c it removes risk from debt. Answers "What if you ignore debt?" |
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Levered Beta
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Unlevered Beta*(1+(1-tax rate)*(debt/equity))
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