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Fundamental Analysis & Valuation

8 terms


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Fundamental Analysis & Valuation

Capital Allocation

Management's decisions about where to deploy the cash a business generates: reinvestment, acquisitions, debt repayment, dividends or…

Test: incremental capital deployed earns a return above the cost of capital, judged over several years qualitative
Fundamental Analysis & Valuation

Capital Asset Pricing Model

A model that estimates the return required on an asset as the risk-free rate plus a premium proportional to its market risk.

Expected Return = Risk-Free Rate + Beta x (Expected Market Return - Risk-Free Rate) %
Fundamental Analysis & Valuation

Cash Conversion Cycle

The number of days between paying for inputs and collecting cash from customers.

Cash Conversion Cycle = Inventory Days + Debtor Days - Creditor Days days
Fundamental Analysis & Valuation

Comparable Company Analysis

The selection and adjustment of a peer group whose multiples are used to value a target company.

Test: peers share the business model, growth profile, margin structure, capital intensity and regulatory environment of the target qualitative
Fundamental Analysis & Valuation

Compound Annual Growth Rate

The constant annual rate at which a value would have had to grow to move from its starting figure to its ending figure.

CAGR = (Ending Value / Beginning Value) raised to (1 / Number of Years) - 1 %
Fundamental Analysis & Valuation

Consensus Estimate

The average of analysts' forecasts for a company's future earnings, revenue or other metric.

Consensus Estimate = Mean or Median of Contributing Analysts' Individual Forecasts
Fundamental Analysis & Valuation

Cost of Equity

The return shareholders require for bearing the risk of owning a company's shares.

Cost of Equity = Risk-Free Rate + Beta x Equity Risk Premium %
Fundamental Analysis & Valuation

Current Ratio

Current assets divided by current liabilities, measuring whether short-term obligations are covered by short-term assets.

Current Ratio = Current Assets / Current Liabilities ratio (x, times)