Sumários
Estimating the cost of capital
20 Outubro 2020, 10:00 • JOÃO CARLOS CARVALHO DAS NEVES
Identifying proxy or pure-play firms
Debt Ratings
Estimating the cost of debt
Estimating the cost of equity using dividend discount model
Estimating the cost of equity using capital assets pricing model
Estimating beta and determining a project beta
Country risk
Levered and unlevered beta
Estimating the cost of capital of a firm (levered and unlevered)
Recommended readings:
HV: Ch. 12
Clayman et al., CFA: Ch. 3
Corporate Finance - Level I: CFA Reading 36 – Cost of Capital
Estimating the cost of capital
19 Outubro 2020, 10:00 • JOÃO CARLOS CARVALHO DAS NEVES
Identifying proxy or pure-play firms
Debt Ratings
Estimating the cost of debt
Estimating the cost of equity using dividend discount model
Estimating the cost of equity using capital assets pricing model
Estimating beta and determining a project beta
Country risk
Levered and unlevered beta
Estimating the cost of capital of a firm (levered and unlevered)
Recommended readings:
HV: Ch. 12
Clayman et al., CFA: Ch. 3
Corporate Finance - Level I: CFA Reading 36 – Cost of Capital
Sustainable Growth Rate and Shareholder Value
13 Outubro 2020, 10:00 • JOÃO CARLOS CARVALHO DAS NEVES
2.8. Assessing sustainable growth rate
2.9. Analyze the shareholders’ value creation
Suggested Readings:
Robert C. Higgins (1977) How Much Growth Can a Firm Afford?, Financial Management, Fall - you may find the article in the webpage of this course
HV: Chapter 17
Sustainable Growth rate and Shareholder Value
12 Outubro 2020, 10:00 • JOÃO CARLOS CARVALHO DAS NEVES
2.8. Assessing sustainable growth rate
2.9. Analyze the shareholders’ value creation
Suggested Readings:
Robert C. Higgins (1977) How Much Growth Can a Firm Afford?, Financial Management, Fall - you may find the article in the webpage of this course
HV: Chapter 17
Assessing and Managing Risk in Corporations
29 Setembro 2020, 10:00 • JOÃO CARLOS CARVALHO DAS NEVES
Definitions of risk
The three lines of defence model (and the 5 lines of defence)
Managing Risks
Taxonomy of riks
Operational and Financial risks
Break even Point and Safety Margin Approach to risk analysis
Degree of Leverage approach to risk analysis
Readings:
HV: Chapter 15
Clayman et. al. CFA, Corporate Finance: Chapter 4 or CFA READINGS Corporate Finance - Level I - Reading 37 – Measures of Leverage