기업가치평가 - Home Depot (영문)

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기업가치평가 - Home Depot (영문)에 대한 보고서 자료입니다.

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Corporate Valuation : Home Depot

Introduction
Free Cash Flow (FCF)
Estimation of Growth Rate and WACC
Value of Operations
Intrinsic Value Per Share
DDM Model
Comparison: FCF, DDM, and Current Stock Price
Sensitivity Analysis
The Impact of Changing WACC
The Impact of Changing Growth Rate
Scenario Analysis
Decision Making Using Scenario Analysis
The Result of Scenario Analysis
Scenario Analysis: Base Case
Scenario Analysis: Best Case
Scenario Analysis: Worst Case

본문내용

Introduction
The value of a corporation is decided by the size, timing, and risk of expected future free cash flows (Brigham, Financial Management). Throughout the semester, we have learned and practiced various financial techniques that can essentially be used in the corporate valuation process. As an integration of the learning process, our team is valuing Home Depot (NYSE: HD).
Corporate assets can be classified into two types: operating and non-operating. Operating assets are again separated into two different categories: assets-in-place and growth option. Assets-in-place are tangible and intangible assets that are used in the corporation’s operation. They are the source of the future cash flows. Its growth opportunities are another source of the future cash flows.
In most companies, the portion of its operating assets is substantial. In addition to that, operating assets are those the company has a control over. Therefore, more attention should be placed on the operating assets.
Therefore, the free cash flow approach concentrates on projecting the value of operations. Then, the value of the company will be calculated as a sum of the value of operating and non-operating assets.
The final objective of this process is to compute the intrinsic value of the firm. The intrinsic value, the investing method used by Warren Buffet, is the core of value-investment.
Free Cash Flow (FCF)
The first step of corporate valuation is to calculate free cash flow. Free cash flow (FCF) is the cash from operations that is actually available for distribution to investors, including stockholders, bondholders, and preferred stockholders. The following table presents the calculation of free cash flow.

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기업가치평가,   재무관리,   재무