Forum Archive Index - July 2001

[Philip Robinson <robph639@student.otago.ac.nz>]

Hi there,

I know only a small number os people seem to be interested in this but I
thought I would tell those who find doing there own valuations and
forecasting interesting and rewarding.

I was looking for information abour EBIT and EBITDA multiple guidance when
I stumbled on this website. It some guy from a US University who has put a
whole lot of excellent spreadsheets and models up for free distribution.

And not just spreadsheets, lectures and everything in relation to
valuationa and corporate finance. If you are interested definetly have a look.

Gerry I recommend adding it to the list of sites, for fundamental analysis
followers:

The address is

http://www.stern.nyu.edu/~adamodar/ 


Have included the list of avaliable sites here

capbudg.xls This program allows you to do a basic capital budgeting
analysis for a project, and compute NPV, IRR and ROI. 

risk.xls This program allows you to use past returns on a stock and a
market index to analyse its price performance (Jensen's Alpha), its
sensitivity to market movements (Beta) and the proportion of its risk that
can be attributed to the market. 

levbeta.xls This program allows you to enter the current beta, tax rate and
the debt equity ratio for your stock, and obtain a table of betas at
different debt ratios. 

ratings.xls This program allows you to estimate a rating and a cost of debt
for your company from the firm's interext coverage ratio. 

capstru.xls This program allows you to estimate an "Optimal" Capital
structure for a company using the cost of capital approach. 

capstruo.xls This is a variant that allows you to estimate an "Optimal"
capital structure for a company whose operating income might vary with its
debt rating - for instance, financial service firms. 

macrodur.xls This program allows you to estimate the duration of a firm's
assets and its sensitivity to other macro economic variables. It may be
useful in the design of debt. 

dividends.xls This program compares the dividends paid to what a firm could
have paid, by estimating the free cash flow to equity (the cash flow left
over after net debt payments, net capital expenditures and working capital
investments. 

dcfval.xls This program computes the value of equity in a firm using a
two-stage dividend discount and FCFE model. (For more extensive choices on
valuation, look at the programs under the valuation section below.) 

lboval.xls This program analyzes the value of equity and the firm in a
leveraged buyout. 

synergy.xls This program estimates the value of synergy in a merger. 

Valuation:

Basic readme1s.xls This file describes the programs in this section and
provides some insights into their usage. 

model.xls This program provides a rough guide to which discounted cash flow
model may be best suited to your firm. 

cpxest.xls This program summarizes the three approaches that can be used to
estimate the net capital expenditures for a firm, when it reaches stable
growth. 

oplease.xls This program converts operating lease expenses into financing
expenses and restates operating income and debt outstanding. 

R&DConv.xls This program converts R& D expenses from operating to capital
expenses, estimates a value for the research asset and restates operating
income. 

implprem.xls This spreadsheet calculates the implied risk premium in a
market. This can be used in discounted cashflow valuation to do market
neutral valuation. 
All-in-one Valuation Models  higrowth.xls This spreadsheet can be used to
value tough-to-value firms, with negative earnings, high growth in revenues
and few comparables. If you have a dot.com firm, this is your best choice. 

divginzu.xls A complete dividend discount model that can do stable growth,
2-stage or 3-stage valuation. This is your best choice if you are analyzing
financial service firms. 

fcffginzu.xls This model tries to do it all, with all of the associated
risks and rewards. I hate having to work with a dozen spreadsheets to value
a firm, and I have tried to put them all into one spreadsheet - a ratings
estimator, an earnings normalizer, an R&D converter, an operating lease
converter, a bottom-up beta estimator and industry averages. Try it out and
make your own additions. 

Dividend Discount Model ddmst.xls Stable growth, dividend discount model;
best suited for firms growing at the same rate as the economy and paying
residual cash as dividends. 

ddm2st.xls Two-stage DDM; best suited for firms paying residual cash in
dividends while having moderate growth. 

ddm3st.xls Three-stage DDM; best suited for firms paying residual cash in
dividends, while having high growth. 

divginzu.xls A complete dividend discount model that can do stable growth,
2-stage or 3-stage valuation.  
FCFE Valuation Model fcfest.xls Stable growth, FCFE discount model; best
suited for firms in stable leverage and growing at the same rate as the
economy. 

fcfe2st.xls Two-stage FCFE discount model; best suited for firms with
stable leverage and having moderate growth. 

fcfe3st.xls Three-stage FCFE discount model; best suited for firms with
stable leverage and having high growth. 
FCFF Valuation Model fcffst.xls Stable growth FCFF discount model; best
suited for firms growing at the same rate as the economy. 

fcff2st.xls Two-stage FCFF discount model; best suited for firms with
shifting leverage and growing at a moderate rate. 

fcff3st.xls Three-stage FCFF discount model; best suited for firms with
shifting leverage and high growth. 

evavaln.xls Three-stage FCFF valuation model, also presented in terms of
projected EVA. 

fcffgen.xls A generalised FCFF model, where the operating margins are
allowed to change each year; best suited for firms in trouble or transition
or high-growth firms with negative earnings today. 

Multiples eqmult.xls This is a model that uses a two-stage dividend
discount model to estimate the appropriate equity multiples for your firm.
It will give you identical answers (in terms of value) as the 2-stage DDM
model. 

firmmult.xls This model uses a 2-stage FCFF model to estimate the
appropriate firm value multiples for your firm. It will give you identical
answers (in terms of value) as the 2-stage FCFF model. 
Basic Option Pricing Models optst.xls This is a dividend-adjusted model for
valuing short-term options. It considers the present value of expected
dividends during the option life. 

optlt.xls Tnis is a dividend-adjusted model for valuing long term options.
It considers the expected dividend yield on the underlying asset. 

warrant.xls This is a model for valuing options that result in dilution of
the underlying stock. Consequently, it is useful in valuing warrants and
management options. 
Real Option Models in Corporate Finance expand.xls This model estimates the
value of the option to expand in an investment project. Modified, it can
also be used to assess the value of strategic options. 

delay.xls This model estimates the value of the option to delay an
investment project. 

flexval.xls This model estimates the value of financial flexibility, i.e,
the maintenance of excess debt capacity or back-up financing. 

abandon.xls This model estimates the value of the option to abandon a
project or investment. 
Real Option Models in Valuation equity.xls A model that uses option pricing
to value the equity in a firm; best suited for highly levered firms in
trouble. 

natres.xls A model that uses option pricing to value a natural resource
company; useful for valuing oil or mining companies. 

project.xls A model that uses option pricing to value a product patent or
option; useful for valuing the patents that a company might hold. 





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