is expected to grow linearly without being subject to excessive volatility.
However, five multiples indicate a low reading, reflecting a substantial loss of data, namely GP (29.10%), R (33.90%), FCFE (31.70%) and FCFF
Caption: FIGURE 13: The first nine mode shapes of the FCFF
plate with irregular I-shaped crack.
- Beginning Inv.) Inventory Days = 365*Average Inventory /Cost of Goods Sold Cash Conversion Cycle = AR Days + Inventory Days - AP Days Financing Debt to Equity = Total Debts/Total Equity Financial Leverage = Total Asset/Average Owner Equity ROE = ROA*Financial Leverage Free Cash Flow (FCFF
= EBITDA - Changes in Net Working Capital - CAPEX- Income Tax
The DCF model is based on a 4-year (FY2008-FY2011) explicit forecast period for the Free Cash Flow to Firm (FCFF
As with the dividend discount and FCFE models, the FCFF
model comes in different forms, largely as the result of assumptions about how high the expected growth is and how long it is likely to continue.
Free cash flow to the firm (FCFF
) is another alternative that is often used in valuing firms in leveraged buyouts or where the new owner plans to change the capital structure of the acquired firm.
Despite these uncertainties, cash flow measures such as free cash flow to the firm (FCFF
) take changes in capital expenditure and working capital, for example, into account, while earnings-based multiples tend to ignore them.
Mode number K (Nm/rad) Source 1 2 3 [10.sup.0] Present 32.618 46.318 68.813 FEM 32.578 46.212 68.677 [10.sup.4] Present 41.395 54.245 76.164 FEM 41.329 54.148 76.060 [10.sup.8] Present 65.688 78.383 101.29 FEM 65.762 78.429 101.34 [10.sup.12] Present 65.698 78.394 101.30 FEM 65.772 78.439 101.34 Mode number K (Nm/rad) Source 4 5 6 [10.sup.0] Present 98.903 115.80 131.64 FEM 98.751 115.82 131.52 [10.sup.4] Present 106.05 125.56 141.73 FEM 105.99 126.75 141.82 [10.sup.8] Present 133.72 173.81 175.66 FEM 133.83 174.11 176.29 [10.sup.12] Present 133.74 173.83 175.69 FEM 133.85 174.13 176.32 Table 7: Frequency parameters, [OMEGA] = [omega][b.sup.2] (ph/D).sup.1/2], for an FCFF
annular sector plate with identical elastic restraint at "free" edges (a/b = 0.4, [phi] = [pi], and [pi] = 0.3).
R38b ($1.2b), to dividends for 2012 (equal to 60% of forecast 2013 FCFF
), then payment will be R18.3 per share, offering 8% yield at current prices.