Английский язык. Практический курс для решения бизнес-задач
Шрифт:
Debt Valuation
While debt may be issued at a particular face value and coupon rate, the debt value changes as market interest rates change. The debt can be valued by determining the present value of the cash flows, discounting the coupon payments at the market rate of interest for debt of the same duration and rating. The final period’s cash flow will include the final coupon payment and the face value of the bond.
Optimal Capital Structure
The total value of a firm is the sum of the value of its equity and the value of its debt. The optimal capital structure is the amount of debt and equity that maximizes the value of the firm.
Share Buyback
If a firm has extra cash on hand it may choose to buy back some of its outstanding shares. This decision can be based on information that the firm has and that the market does not have. Therefore, a share buyback could serve as a signal that the share price has potential to rise at above average rates.
Source: www.quickmba.com
Essential Vocabulary
1. historical cost –
2. trademark n – торговая марка
3. accounting profit – учетная (бухгалтерская) прибыль
4. paid-in capital – авансированный (оплаченный) капитал
5. cash flow statement – отчет о движении денежных средств
6. operating activities – операционная деятельность
7. investing activities – инвестиционная деятельность
8. financing activities – финансовая деятельность
9. cash cycle – денежный цикл
10. payables n., pl – кредиторская задолженность
11. expensing of costs – вычитать расходы для целей налогообложения
12. income statement – отчет о прибылях и убытках
13. cost of goods sold (COGS) – себестоимость реализованной продукции
14. current assets – текущие (краткосрочные) активы
15. collection period – средний срок инкассации поступлений
16. inventory period – средний срок реализации запасов
17. payables period – средний срок покрытия кредиторской задолженности
18. financial ratio – финансовый коэффициент
19. short-term loan – краткосрочный кредит
20. term loan – срочный (с фиксированным сроком) кредит
21. revolving loan – возобновляемый (револьверный) кредит
22. evergreen loan – «вечнозеленый» кредит (регулярно возобновляемая кредитная линия без требования периодического полного погашения и с фиксированным общим сроком, после чего она может быть снова возобновлена)
23. unlevered a – безрычаговый (без привлечения заемных средств)
24. all-equity financing –
25. debt to equity (D/E) ratio – отношение заемного капитала к собственному
26. debt to value (D/V) ratio – отношение заемного капитала к ценности компании
27. Earnings before Interest and Tax (EBIT) – прибыль до уплаты процентов и налогов
28.risk premium – премия за риск
29. opportunity cost – цена возможности, упущенная прибыль
30. Capital Assets Pricing Model (CAPM) – модель оценки фиксированных активов
31. perpetuity n – бессрочное владение, пожизненная рента
32.pure play – «чистая игра» (компания, занимающаяся почти исключительно одним видом деятельности)
33. Adjusted Present Value (APV) – скорректированная приведенная ценность
34. leveraged buyout (LBO) – рычаговый выкуп (выкуп в кредит)
35. hurdle price – «пороговая» цена
36. annuity n – аннуитет, рента (регулярно поступающие равные платежи)
37. coupon rate – купонная ставка
Exercise 1. Answer the following questions.
1. Is the balance sheet method an appropriate way to value a company? 2. What is the essence of the valuation method based on cash flows? 3. Why is a company’s cash cycle important? 4. How can you calculate the number of days of assets and liabilities that a firm has on hand? 5. How can you determine firm value, equity value and debt value? 6. What are the risk premiums? 7. How can you calculate cost of capital? 8. How can you estimate different betas of a company? 9. What DCF methods can be used for valuing levered assets? 10. What is the hurdle price? 11. What is the optimal capital structure? 12. What are the implications of share buyback?
Exercise 2*. Find terms in the text that match definitions given below and make sentences of your own with each term.
1. anything owned by a business or individual that has commercial or exchange value
2. financial statement that presents a «snapshot» of what the business owns, what it owes, and what equity it has on a given date
3. indicates how quickly your customers pay you
4. a discipline dealing with the firm’s operations with regard to investing and financing
5. figure representing the cost of buying raw materials and producing finished goods
6. cash or other assets you expect to use in the operation of the firm within one year
7. distribution of earnings to shareholders
8. value of a firm’s raw materials, work in process, supplies used in operations, and finished goods
9. measures the firm’s use of borrowed funds versus those funds provided by the shareholders or owners
10. amount owing to creditors for goods and services on an open account