AQRON Private Limited
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This document outlines an agenda for analyzing the financial indicators of Aqron Private Limited. It discusses cash budgeting with and without reinvestment. It also covers optimal capital structure determination, including calculating unlevered beta and weighted average cost of capital. Risk analysis techniques like sensitivity analysis, scenario analysis, and Monte Carlo simulation are introduced for comparing outcomes under different assumptions. The goal is to forecast, manage risk, ensure prudence and profitability, and maximize shareholder wealth.
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1. The document covers various topics in corporate finance including valuation, cost of capital, capital budgeting, capital structure, dividends, and working capital management.
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2. Key valuation methods discussed include perpetuities, discounted cash flow models, and contingent claims valuation using Black-Scholes.
3. Cost of capital is discussed including CAPM and WACC calculation.
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1) The primary goal of financial management is maximizing shareholder wealth through stock price appreciation. This is achieved by forecasting, investment decisions, coordination, and managing risk.
2) Risk is the probability that investment returns differ from expectations. There are various types of risk including market, business, liquidity, exchange rate, country, and interest rate risk.
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RADRmarket risk premiumLicheng This premium is taken from the.docx
RADRmarket risk premium
Licheng: This premium is taken from the NYU report .Input Variablesrisk-free rate
Licheng: From Exhibit 10.Calculation Variables asset beta
Licheng: Footnote b of Exhibit 2.Cost of equity
Licheng: Assuming that Miller's equilibrium holds, this is the same as WACC.
Value with Real OptionsTotal Real Option Values from proved undeveloped, probable, and possible reserves ($ Millions)Input VariablesTime to Maturity (in years)567Calculation Variables volatility0.30.40.50.60.7Aggregated MW Cash Flow Projections Year123456789101112131415Cash flowTerminal valueTotal Cash FlowValue from other opportunities (see case page 5)DCF value without optionsTotal value w/o optionsTotal value with optionsTime to Maturity (in years)567volatility0.30.40.50.60.7% difference in value between the firm with and without optionsTime to Maturity (in years)567volatility0.30.40.50.60.7
Proved UndevelopedProved Undeveloped Reserves: Production and Cash Flow Projections($ millions)year123456789101112131415Cash from operationsCapital expendituresExtraordinary Cap Exp. in first 2 yearsRoutine Cap Exp.Net Cash flow Terminal valueTotal net cash flowCalculation of Real Option ValueStike Price (X), discounted at risk-free rate Input VariablesUnderlying Asset Value (S), at RADRRisk Free RateCalculation Variables T (in years)Sigmad1d2N(d1)N(d2)Call Option valueSensitivity Analysis of Option Value on volatility and Time to MaturityTime to Maturity (in years)0.0567volatility30%40%50%60%70%
PossiblePossible Reserves: Production and Cash Flow Projections($ millions)year123456789101112131415Cash from operationsCapital expendituresExtraordinary Cap Exp. in first 5 yearsRoutine Cap Exp.Net Cash flow Terminal valueTotal net cash flowCalculation of Real Option ValueStike Price (X), discounted at risk-free rate Input VariablesUnderlying Asset Value (S), at RADRRisk Free RateCalculation Variables T (in years)Sigmad1d2N(d1)N(d2)Call Option valueSensitivity Analysis of Option Value on volatility and Time to MaturityTime to Maturity (in years)0.0567volatility30%40%50%60%70%
ProbableProbable Reserves: Production and Cash Flow Projections($ millions)year123456789101112131415Cash from operationsCapital expendituresExtraordinary Cap Exp. in first 4 yearsRoutine Cap Exp.Net Cash flow Terminal valueTotal net cash flowCalculation of Real Option ValueStike Price (X), discounted at risk-free rate Input VariablesUnderlying Asset Value (S), at RADRRisk Free RateCalculation Variables T (in years)Sigmad1d2N(d1)N(d2)Call Option valueSensitivity Analysis of Option Value on volatility and Time to MaturityTime to Maturity (in years)0.0567volatility30%40%50%60%70%
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RBSA Advisors Research Report - The Reward of the Rupee : Cost of capital in India.
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Okan bayrak
1) The document discusses the valuation of firms in mergers and acquisitions, including definitions of different types of mergers, models used to value firms, and steps in the valuation process.
2) It also analyzes the proposed merger between Hewlett-Packard (HP) and Compaq in 2001, including their market shares across different product segments and arguments from supporters and opponents of the merger.
3) The valuation process for the HP-Compaq merger included analyzing historical stock price performance, calculating implied premiums, and using comparable public market multiples to value the two companies.
Capital structure-theories
This presentation is an overview of Capital Structure Theories.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
RBSA Advisors Research Report - The Reward of the ₹ : Cost of Capital In India
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#RBSA #Valuation #InvestmentBanking #AdvisoryServices #Restructuring
TopQuants2014_JokTang_DenysSemagin
The document discusses using high-performance computing (HPC) to value complex insurance guarantees like variable annuities. It describes the challenges in valuing variable annuities due to their path-dependent cash flows and exposure to market risks. VORtech is working with ING Re to optimize the HPC implementation for valuing variable annuities to improve performance while maintaining flexibility and transparency of the valuation code. Scenarios for implementing HPC include prototyping on more accessible platforms and optimizing parallelization and memory usage.
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留信网认证的作用:
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3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
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→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
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如果您是以下情况，我们都能竭诚为您解决实际问题：【公司采用定金+余款的付款流程，以最大化保障您的利益，让您放心无忧】
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我们从事工作十余年的有着丰富经验的业务顾问，熟悉海外各国大学的学制及教育体系，并且以挂科生解决毕业材料不全问题为基础，为客户量身定制1对1方案，未能毕业的回国留学生成功搭建回国顺利发展所需的桥梁。我们一直努力以高品质的教育为起点，以诚信、专业、高效、创新作为一切的行动宗旨，始终把“诚信为主、质量为本、客户第一”作为我们全部工作的出发点和归宿点。同时为海内外留学生提供大学毕业证购买、补办成绩单及各类分数修改等服务；归国认证方面，提供《留信网入库》申请、《国外学历学位认证》申请以及真实学籍办理等服务，帮助众多莘莘学子实现了一个又一个梦想。
专业服务，请勿犹豫联系我
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How Does CRISIL Evaluate Lenders in India for Credit Ratings
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
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◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
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6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Seminar: Gender Board Diversity through Ownership Networks
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
5 Tips for Creating Standard Financial Reports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Economic Risk Factor Update: June 2024 [SlideShare]
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessLabour Market Information Council | Conseil de l’information sur le marché du travail
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.Recently uploaded (20)
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How Does CRISIL Evaluate Lenders in India for Credit Ratings
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Seminar: Gender Board Diversity through Ownership Networks
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
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How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
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What's a worker’s market? Job quality and labour market tightness
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AQRON Private Limited
- 1. AQRON PRIVATE LIMITED Analysis of Key Financial Indicators
- 2. AGENDA Understand the basic frame work of financial analysis Discuss Aqron cash budget in detail Discuss Aqron cash budget with reinvestment External financing requirement ? Discuss optimal structure in detail Discuss First Chicago approach for Venture valuation
- 3. AGENDA (Contd) Calculate NPV for various initiatives Sensitivity analysis and interpretation Scenario Analysis and interpretation Discussion on Limitations Exercise Section ; IS , BS and ratios
- 4. FINANCIAL ANALYSIS Goal of financial analysis Forecast Decision (P) Visibility Management (O) Risk Diversification (L) Prudence Profitability (C) Goal of a firm Share Holders Wealth Going Concern
- 5. AQRON PRIVATE LIMITEDProject Details
- 6. FINACIAL VISIBILITY Projected Cash Budget without reinvestment Projected Cash Budget with reinvestment Projected Financial Statements Cash Budgeting under three different scenarios
- 7. OPTIMAL CAPITAL STRUCTURE Calculation of unlevered Beta Inclusion of Leverage Optimal Debt to Equity Ratio (Weighted Average Approach) Valuation under Venture Capital (First Chicago Approach) Maximum Angel Investment
- 8. RISK ANALYSIS Sensitivity Analysis Scenario Analysis
- 10. CASH BUDGETING Importance Timing of Acquisitions Quality of Acquisitions Sales Forecast Demand forecast Regression Techniques Historical data Intuitive Approach
- 11. CASH BUDGETING (contd) Determination of Cost Inflation adjusted Exchange rate adjusted Demand forecast Unpredictability Risk determination SML approach to weigh decisions
- 12. CASH BUDGETING (contd) Decision Criterion Payback period Discounted payback period Net Present Value of different alternatives IRR and MIRR ? AQRON Cash Budget without reinvestment __
- 14. CASH BUDGETING (contd) Reinvestment of Reserves Can demand be created? Assumption of a linear demand curve __ Maximizing output from resources (Best practice) Revenue function = (Demand Curve) * Number of hours of solution Profit function = Revenue function – Cost function Maximize 1st order derivative Maxima to the second order Gives you quantity that maximizes each product and service
- 16. EXPANSION SCENARIOS Advertisement Training Research and Development __
- 17. NPV Comparison of Three Expansion Scenarios
- 19. OPTIMAL CAPITAL STRUCTURE Inclusion of Debt Raises risk for the equity holder Increases ROE for the stockholder High risk Lower stock price High ROR Higher stock price Optimal capital Structure Maximizes Stock Price Minimizes Weighted Average Cost of Capital (WACC)
- 20. OPTIMAL CAPITAL STRUCTURE (contd) Business Risk ROIC (zero debt ) = ROE Business risk (unlevered firm) = σ ROE Dependent Financial Risk Risk over and above business risk in a levered firm Spreads out the probability distribution
- 23. OPTIMAL CAPITAL STRUCTURE (contd) Weighted Average Cost of Capital WACC = Wd*Kd *(1-T) + Ws*Ks + Wp*Kp WACC = D/A*Kd*(1-T) + E/A*Ks Cost of Debt Kd KIBOR + Premium Cost of Equity Ks CAPM: Ks = Rf + β (Rm- Rf)
- 24. OPTIMAL CAPITAL STRUCTURE (contd) Calculation of Market Risk Premium Geometric mean of KSE 100 Index from 2000-2009 Hamada Equation for Beta calculation β = βu [1 + (1-T)(D/E)] βu = β / [1+ (1 – T) (D/E)] Approach __
- 25. Capital
- 26. FIRST CHICAGO APPROACH Very optimistic Optimistic Conservative Pessimistic __
- 27. MAXIMUM ANGEL INVESTMENT 49-51% Ownership right Feasible amount calculation __
- 28. RISK ANALYSIS
- 29. SENSITIVITY ANALYSIS “Change in NPV response to change in a variable all else constant” What If Questions against a base case Selling Price Growth Rate Variable Cost Fixed Cost WACC __
- 31. SCENARIO ANALYSIS “Bad and good set of financial outcomes are compared with the most likely using probability distributions” Best case scenario Base case scenario Worse case scenario Allows changes in more than one variable at a time __
- 33. MONTE CARLO SIMULATION Each variables is assigned a value NPV is generated The process is repeated 1000 times 1000 NPVs are generated Mean of these 1000 values is the Expected profitability Std. Deviation is the risk
- 34. EXERCISE SESSION