Trc tin, mi ngi phi xc nh mnh ang i tm DNG TIN sn sng s dng cho cng ty (FCFF) v cho ch s hu (FCFE)

) sau khi mnh chi ht nhng chi ph cn thit. Di y l m hnh mi ngi d hnh dung: Chng ta bt u vi Cash

revenue, sau khi tr ht nhng Cash Operating Expense (trong c chi ph thu, nhng khng bao gm tin li vay) ta s c EBIT x (1 t) + Khu hao (hay EBIT + KH Thu) Lu : EBIT l mt khon mc iu chnh plug-in, mi ngi s khng th tm thy trn Bng kt qu kinh doanh bo co (Income Statement) m phi t xy dng bng cch: li nhun trc thu (EBT) + li vay => EBIT Ti sao phi cng khu hao vo?? V khu hao l khon chi ph khng tin trn Income Statement, hay ni cch khc l vic chng ta ly li vn u t vo TSC nn coi n l dng tin vo. Sau , chng ta s chi cho vic u t Ti sn c nh (Fixed capital investment - FCInv) v ti sn lu ng rng (Net working capital Investment NWCInv)

Nh vy, s tin cn li trong k m cng ty c th s dng l: FCFF (free cash flow to the firm) = EBIT x (1 t) + Khu hao FCInv NWCInv ( 1 )

FCInv tm u??
C mt s cch: 1. T Bng cn i k ton (Balance Sheet) a/ Tnh t TSC thun (Gross Fixed Capital) FCInv trong k = Gross FC cui k Gross FC u k b/ Tnh t TSC rng (Net Fixed Capital) Khu hao = Khu hao cui k - Khu hao u k Net FC = Gross FC Khu hao FCInv trong k = Net FC cui k - Net FC u k + Khu hao y chnh l im m mnh ci nhau hm trc v vic ti sao khu hao c mt y. Mi ngi phi hiu nh th ny: nu chng ta tnh da trn Net FC th mnh loi mt khu hao do cng thc trn, do , chng ta phi cng ngc tr li. Hay ni cch khc, tin do khu khu hao to ra lm cho mnh phi b ra t tin hn. Cho nn, th hin ht s tin mnh u t vo Fixed Capital, mnh phi cng ngc tr li. Lu : Nu trong k cc cng ty c bn ti sn c nh (tin vo) th mnh s tr khon tin ny ra khi FCInv (tin ra), lc ny FCInv trong k = Gross FC cui k Gross FC u k Asset sales FCInv trong k = Net FC cui k - Net FC u k + Khu hao Asset sales 2. T Bng ngn lu (Cash flow Statement) cch ny d hn Mi ngi ch cn tm mc u t ti sn c nh v tr ra mc Tin thu t bn ti sn (nu c) th mnh c FCInv

NWCInv tm u??
Thng thng ngi ta nh ngha: Vn lu ng rng = TSNH N ngn hn Net working capital (NWC) = Current Asset Current Liabilities V NWCInv = NWC cui k - NWC u k Tuy nhin: Mnh ang tm dng tin cn thit u t vo nhu cu ti sn lu ng, nn chng ta c mt s iu chnh sau chnh xc hn: Net working capital (NWC) = Non-cash Current Asset Non-cash Current Liabilities

Non-cash C.A = Current Asset cash and cash equivalent Ti sao phi tr tin?? V chng ta khng u t vo tin m l u t vo nhng khon mc th hin vic phc v cho sn xut kinh doanh (e.g: Khon phi thu, Hng tn kho). Ly tin mt mua tin mt l v l nn mnh phi loi n ra. Tng t vi Non-cash C.L mnh s tr (Vay ngn hn + Vay di hn n hn phi tr) ra khi Current Liabilities Non-cash C.L = Current Liabilities (Short-term debt +Current portion of long-term debt) S khng c g sai nu mi ngi dng cng thc sau y trong trng hp mnh tm dng tin cho FCF: Net working capital (NWC) = Khon phi thu + Hng tn kho Khon phi tr n y th mnh tm FCFE rt d dng v mnh ch cn tr tin li vay (sau thu) cho ch n v nu c mn mi th cng vo th mnh s c dng tin sn sng cho ch s hu s dng. FCFE (free cash flow to equity) = FCFF li vay x (1 t) + Net borrowings ( 2 ) Sao li l li vay x (1 t)??? Khi mi ngi i vay, li vay mang n l chn thu (tr thu t hn 1 lng l li vay x thu), cho nn s tin chng ta thc s tr ch tr l li vay x (1 t) Vic hiu dng tin t do (FCF) i vi cng ty - FCFF hoc ch s hu - FCFE l rt quan trng trong vic nh gi cng ty v vn ch s hu. Mong l mi ngi s s dng tt nhng khi nim ny.