ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010] 2014-03-27 ANALYSIS,...
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Transcript of ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010] 2014-03-27 ANALYSIS,...
ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010]
10.04.23
ANALYSIS, USING AND
UNDERSTANDING FINANCIAL
STATEMENTS OF THE FIRM
ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010]2
ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM
E-mail: [email protected]
www: HTTP://MICHALSKIG.UE.WROC.PL/
Mobile: +48503452860
5 lectures + 1 exam (individual homework sent via email + test)
Next lecture: 6th October.
Michalski G., Prediction cooperator future condition using financial statements (In Polish: Ocena kontrahenta na podstawie sprawozdań finansowych), ODDK, Gdańsk, 2008.
D.R.Harrington, B.D. Wilson, Corporate Financial Analysis, Irwin.
ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010]3
Basic financial aim of the firm
Firm value maximization:
Where: FCFn = free cash flows,
CC = cost of capital financing the firm (WACC)
n = period in which FCFn will be generated
n
tt
tp
CC
FCFV
1 1
ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010]
ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010]
ANALYSIS, USING AND UNDERSTANDING FINANCIAL STATEMENTS OF THE FIRM [AUFSF2010]