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Dividend Payout Ratio=
Dividends Declared
Net Income
= 1 −Retention Ratio
Retention Ratio= 1 −
Dividends Declared
Net Income
= 1 −Dividend Payout Ratio
Taxable Income=Sales−Costs−Depreciation−Interest (if present)
Taxes=Taxable Income∗tax %
Net Income=Taxable Income−Taxes
Retained Earnings=Net Income−Dividends
New Equity=Old Equity+New Retained Earnings
Equity= Common stock + Retained Earnings + Paying capital
EFN =Total Assets−Total Liabilities
ROA=
Net Income
Total Assets
InternalGrowth Rate=
ROA∗Retention Ratio
1 −ROA∗Retention Ratio
ROE=
Net Income
Equity
Sustainable Growth Rate=
ROE∗Retention Ratio
1 −ROE∗Retention Ratio
Float=
Value∗Checks per Day∗Daysuntil collection
Disbursment =when the company pays
Collection=when the company recieves
Daily Savings=Float∗Daily Interest Rate
NPV of a Lockbox=Float−
Daily Cost
Daily Interest Rate
Optimal Cash Balance(C )=
2 T ( Cash disbursed per year)∗F(Cost of Transaction)
( R) Interest Rate
NPV of Switching a Credit Policy=
IncrementalCash Inflow
Interest Rate
−Cost of Switching
IncrementalCash Inflow=ExtraUnits Sold∗( Selling price−Variable Cost )
Cost of Switching=Initial Sales (Units∗Price)+Variable Cost∗Extra Units Sold
Economic Order Quantity (EOQ)=
2 ∗Units∗Cost of Order
Holding∨Carrying Cost
Current Ratio = Current Assets/Current liabilities
Quick Ratio = (Current assets-Inventory)/Current liabilities
Total Asset Turnover = Sales/Total assets
Inventory Turnover = Cost of good sold/Inventory
Receivable Turnover = Sales/Accounts Receivable
Debt Ratio = Total Debt/Total Assets
Times Interest Earned = EBIT/Interest
Profit Margin= Net Income/Sales
Net Profit Margin = Net Profit/Net Sales
Cash Burn = Inventory-related expenses + Admin expenses + Marketing expenses + R& D expense +
Interest expenses + Change in prepaid expenses – (Change in accrued liabilities + Change in payables) +
Capital investment + Taxes
Cash Build = Net sales – Change in receivables
Net Cash Burn = Cash burn – Cash build
NWC – to – Total – Assets Ratio: = Ave. current assets – Ave. current liabilities
Ave. total assets
Inventory to sale conversion cycle= = Ave. Inventories
(CGS / 365)
Sale to cash conversion period= = Ave Receivables
(Net Sales/365)
Purchase-to-Payment Conversion Period:= Ave Payables + Ave Accrued Liabilities
(COGS / 365)
Cash Conversion Cycle= Inventory-to-Sale Conversion Period + Sale-to-Cash Conversion Period
- Purchase-to-Payment Conversion
Total-Debt-to-Total-Asset Ratio= Ave total debt / Ave total assets
Equity Multiplier= Ave total assets / Ave owners’ equity
Current-Liabilities-to-Total-Debt Ratio= Ave. current liabilities / Ave. total debt
Interest Coverage Ratio= EBITDA / Interest
Fixed Charge Coverage:
= EBITDA + Lease payments …
Interest + Lease payments + [Debt repayments / (1-T)]
