BUS 313 Corporate Finance.
Each tool teaches the idea step by step. The ones marked Learn + Solve also have exam-style questions, worked with you.
Valuing stocks and businesses
Payout, plowback and growth opportunities (PVGO)
The Gordon growth model, payout and retention, growth = plowback × ROE, when plowing back raises the price, the present value of growth opportunities, a payout that changes later, P/E and the method of comparables. Solve: PVGO, two-stage and comparables questions.
Open the toolValuing a business: free cash flow and the horizon value
Timeline conventions, growing perpetuities and growing annuities, a cash flow that grows fast and then slowly, free cash flow, the horizon (terminal) value, and APR versus EAR. Solve: two-stage cash flows, a free-cash-flow valuation and loan rates.
Open the toolRisk and the cost of capital
Risk, beta and the security market line
Long-run returns and risk premiums, unique versus market risk, beta as the slope of a regression, how betas are estimated (sample length, industry betas, which index), the CAPM and the SML, alpha and positive-NPV investments, volatility versus beta. Solve: SML, alpha and beta questions.
Open the toolCompany and project cost of capital
Debt plus equity at market values, the company cost of capital and the asset beta, how borrowing raises the equity beta, the project's own rate versus the company hurdle rate, fudge factors versus expected cash flows, cyclical revenue and operating leverage. Solve: company cost of capital, levered beta and operating leverage questions.
Open the toolExam coming up in BUS 313?
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