Forum Home » ForumMenuNavigation du forumForumActivitéSe connecterS’inscrireFil d’Ariane du forum – Vous êtes ici :ForumForums de discussion: Fusions et acquisitionsQuel niveau de détail pour les ré …RépondreRépondre: Quel niveau de détail pour les réponses des questions techniques <blockquote><div class="quotetitle">Citation de <a class="profile-link highlight-default" href="#">Louis.A</a> le 3 octobre 2024, 12:21</div>Bonjour à tous, j'espère que vous allez bien, Je m'entraîne actuellement pour les entretiens de summer internship et j'aimerais avoir quelques conseils. Lorsqu'une question technique est posée, quel niveau de détail est attendu ? Par exemple, pour la question suivante: Walk me through a DCF analysis Ma réponse est la suivante: To conduct a DCF analysis, you start by projecting the company’s Free Cash Flows (FCF) for a certain period, typically 5 to 10 years. Free Cash Flow is calculated by taking the company’s Net Operating Profit After Taxes (NOPAT), which is derived from Earnings Before Interest and Taxes (EBIT) minus taxes. To this, you add back non-cash expenses such as depreciation and amortization, as these do not involve actual cash outflows. Then, you account for changes in working capital, which reflect the net change in current assets and current liabilities. Finally, you subtract capital expenditures, which are the funds used to purchase or maintain fixed assets. After projecting the Free Cash Flows for the forecast period, the next step is to calculate the Terminal Value, representing the value of the company’s cash flows beyond the forecast period into perpetuity. There are two common methods for calculating Terminal Value: the Perpetuity Growth Method (also known as the Gordon Growth Model) and the Exit Multiple Method. The Perpetuity Growth Method assumes that Free Cash Flow will continue to grow at a constant rate indefinitely. It is calculated by taking the Free Cash Flow in the final forecast year, multiplying it by one plus the perpetual growth rate, and then dividing by the discount rate minus the perpetual growth rate. The Exit Multiple Method applies a valuation multiple (such as EV/EBITDA) to a financial metric (e.g., EBITDA) in the final forecast year to estimate the Terminal Value. Once you have projected the Free Cash Flows and calculated the Terminal Value, these values need to be discounted back to their present value. The discount rate used is typically the company’s Weighted Average Cost of Capital (WACC), which accounts for the cost of equity and the cost of debt. The present value of each Free Cash Flow is calculated by dividing the Free Cash Flow by one plus the WACC raised to the power of the year in the forecast period. Similarly, the present value of the Terminal Value is calculated by dividing the Terminal Value by one plus the WACC raised to the power of the final year of the forecast period. The next step is to sum the present values of all projected Free Cash Flows and the present value of the Terminal Value to get the Enterprise Value (EV). To find the Equity Value, you adjust the Enterprise Value by subtracting net debt, which is the total debt minus cash and cash equivalents. Finally, to determine the intrinsic value per share, you divide the Equity Value by the number of outstanding shares. Est-ce trop précis et développé ?</blockquote><br> Annuler
