scholarly journals Startup Bisnis Sebagai Alaternatif Investasi

2019 ◽  
Vol 10 (2) ◽  
pp. 81-96
Author(s):  
Ika Yanuarti ◽  
Helena Dewi
Keyword(s):  
Stock Price ◽  
Net Present Value ◽  
Intrinsic Value ◽  
Cash Flows ◽  
Discounted Cash Flow ◽  
Investment Activity ◽  
Financial Reports ◽  
Financial Report ◽  
One Year ◽  
Real Assets

Abstract   The main purpose of the investment activity is to obtain profits for both the company and the investor. To generate profits for investors, the company requires initial capital to manage its operational to do business. In general, investors will make investment decisions based on the intrinsic value of the company or based on the growth of the company’s profitability from the previous period. To measure those reference, investors needs historical data of financial reports as a baseline to calculate and for comparison. The barriers for startup companies are the lack or unavailability of historical financial data due to the age of startups more likely in the early stages (less than or equal to one year). This research uses the method of discounted cash flows based on the company's financial report. The rates of return to discount the cashflow are based on return from real assets, such as gold and property and stock price as financial asset. The result shows that the company is good enough to be one of investment alternative since its net present value is positive for all rate of return and its payback period is relatively short.   Key words Discounted Cash flow, Intrinsic Value, Startup Company, Angel Investors  

Usec Inc.

2017 ◽  
pp. 1-11
Author(s):  
Kenneth M. Eades ◽  
Ben Mackovjak ◽  
Lucas Doe
Keyword(s):  
Stock Price ◽  
Capital Investment ◽  
Net Present Value ◽  
Cost Of Capital ◽  
Investment Decision ◽  
Weighted Average ◽  
Cash Flows ◽  
Primary Objective ◽  
Discounted Cash Flow ◽  
Important Input

This case is designed to present students with the challenges of formulating a discounted-cash-flow (DCF) analysis for a strategically important capital-investment decision. Analytically, the problem is representative of most corporate investment decisions, but it is particularly interesting because of the massive size of the American Centrifuge Project and the potential of the project to significantly affect the stock price. Students must determine the relevant cash flows, paying close attention to the treatment of input costs, selling prices, timing of investment outlays, depreciation, and inflation. An important input is the appropriate cost of uranium, which some students argue should be included at book value, while others argue that market value should be used. Although the primary objective of the case is to focus on the estimation of cash flows, students are provided with a straightforward set of inputs to estimate USEC's weighted average cost of capital. The case is designed for students who are learning, or need a refresher on, DCF analysis. Because of the basic issues covered, the case works well with undergraduate, MBA, and executive-education audiences. The case also affords the opportunity to explore a variety of issues related to capital-investment analysis, including relevant costs, incremental analysis, cost of capital, and sensitivity analysis. The case is an excellent example of the value of a firm as the value of assets in place plus the net present value of future growth opportunities.

scholarly journals The Effect of Financial Performance and Financial Distress Indicators to the Stock Price of Bank Rakyat Indonesia

2018 ◽  
Vol 2 (1) ◽  
pp. 1-15
Author(s):  
Diin Fitri Ande ◽  
Harsono Yoewono
Keyword(s):  
Financial Performance ◽  
Financial Distress ◽  
Stock Price ◽  
Time Lag ◽  
Bankruptcy Prediction ◽  
Third Party ◽  
Financial Reports ◽  
Financial Report ◽  
Equity Ratio ◽  
The Common

The bank’s financial report is the only lead for the public c to review, evaluate, and assess the soundness of a bank. By tinkering the available figures within the monthly financial reports, we have measured 52 variables comprised of the common indicators to calculate the effects of financial performance of the bank, its financial distress, to its stock price in the market. The common indicators used are the ratios of liquidity, rentability, and solvability. The bankruptcy prediction and financial distress indicators were considered to part ofthe solvability ratios. The data observed and collected was between January 2002 to 18 July 2017. The time lag and IPO as of 10 November 2003 reduced the eligibility of monthly financial reports, leaving the data usable for the period of November 2003 to April 2017. As 10 variables were excluded by the system, only 4 of42 variables were found to be significantly affecting the stock price variable. The 4 independent variables are market capitalization, the ratio of placement in BI to the third-party fund, debt to equity ratio, and debtto asset ratio.

How the Equity Terminal Value Influences the Value of the Firm?

2017 ◽  
Vol 13 (1) ◽  
Author(s):  
Alfonso A. Rojo-Ramírez ◽  
Maria J. Martínez-Romero ◽  
Teresa Mariño-Garrido
Keyword(s):  
Cash Flow ◽  
Flow Model ◽  
Intrinsic Value ◽  
Cash Flows ◽  
Common Stock ◽  
Present Value ◽  
Discounted Cash Flow ◽  
Valuation Model ◽  
The Impact ◽  
Future Cash Flows

AbstractThe discounted cash flow model (DCFM) views the intrinsic value of common stock as the present value of its expected future cash flows. This paper analyses whether the equity terminal value (EqTV) of the firm calculated by fundamentals is appreciated by the market. It also studies the impact of variations in EqTV and the extent to which the market perceives these variations. Using a sample of 62 Spanish listed companies, this paper shows that EqTV and its variations are positively and significantly correlated with EqTV assigned by the market and its corresponding variations. It therefore corroborates the validity and relevance of the valuation model.

Interactions between restoration and financial analysis: the case of Cuneo War Wounded House

2018 ◽  
Vol 8 (2) ◽  
pp. 145-161 ◽  
Author(s):  
Rita Fabbri ◽  
Laura Gabrielli ◽  
Aurora Greta Ruggeri
Keyword(s):  
Net Present Value ◽  
Financial Analysis ◽  
Economic Valuation ◽  
Flow Analysis ◽  
Cash Flows ◽  
Internal Rate Of Return ◽  
Discounted Cash Flow ◽  
Content Type ◽  
Built Heritage ◽  
Simple Strategy

Purpose The purpose of this paper is to examine the cross-sectoral collaboration between conservation and economic appraisal, and to process a financial analysis for private owners of a built heritage. Design/methodology/approach The methodology applied addresses the financial analysis of restoration through a discounted cash flow analysis, together with a life cycle costing. Costs and revenues are both analysed in this paper. Some energy-saving measures are applied to cut running costs and decrease the energy required by the building, using as reference the “Guidelines for improving energy efficiency in cultural heritage” drafted by MiBACT, which considers the respect of restoration principles. In order to increase revenues, part of the building is rented. The attractiveness of the investment opportunity is valued through the calculation of the net present value of cash flows, the payback period and the internal rate of return. Findings The paper offers a simple strategy for the planning of cost-revenues, preventively allowing verification if the conservation is economically feasible and if the owners can afford the operation. The strategic planning will give the owners the chance of maintaining the property of their building and achieve a proper restoration on it. Originality/value The novelty of the paper is the study of cooperation between conservation and economic valuation, but also the focus on a specific portion of twentieth-century heritage, the war-wounded houses, which represent a widespread patrimony, on which it is not clear how to operate yet.

scholarly journals The Strange Case of Inventories In Italy. For The Tax Authorities, The Final Inventories of One Year Are The Opening Inventories of The Following Year. Still, The Opening Inventories of One Year Are Not The Final Inventories of The Previous Year. Mystery.......

2021 ◽  
Vol 04 (07) ◽  
Author(s):  
Maria Silvia Avi ◽  
Keyword(s):  
Financial Reporting ◽  
Basic Principles ◽  
Business Economics ◽  
Financial Reports ◽  
Financial Report ◽  
Opposite Case ◽  
The Past ◽  
Court Of Justice ◽  
The Supreme Court ◽  
One Year

The principle of continuity in financial reporting is a fundamental element in the preparation of financial reporting. The final amounts of a financial report are, by definition, the opening amounts of the following year. Of course, the reverse is also true. The opening values of one year represent the closing values of the previous year. In Italy, this principle is only half applied in taxation. It applies to the future (i.e. the following year) but does not apply to the past (i.e. the previous year). Of particular interest is the position of the Italian Court of Cassation, i.e. the highest court of justice, which applies this principle of "lame continuity" in its judgments. Despite the astonishment of scholars, the Court of Cassation continues to consider that the final inventories of one year represent the initial inventories of the following year but does not accept as an obligation the opposite case. Only time will tell if it will resolve this dispute between the Supreme Court and the basic principles of business economics regarding financial reports.

Assessing the Financial Reporting Consequences of Conversion to IFRS: The Case of Equity-Based Compensation

2010 ◽  
Vol 24 (4) ◽  
pp. 589-621 ◽  
Author(s):  
Mary Lea McAnally ◽  
Sean T. McGuire ◽  
Connie D. Weaver
Keyword(s):  
Financial Reporting ◽  
Stock Price ◽  
Intrinsic Value ◽  
Price Volatility ◽  
Fair Value ◽  
Cash Flows ◽  
Tax Benefits ◽  
The Difference ◽  
Accounting Reports

SYNOPSIS: The potential conversion of accounting standards from U.S. GAAP to International Financial Reporting Standards (IFRS) raises the issue of unknown financial reporting consequences. We consider one important accounting issue, namely equity-based compensation, and study how IFRS conversion will affect financial statements and the quality of reported numbers. The difference between the two standards is that IFRS reports tax benefits from equity-based compensation at their intrinsic value each period. This amounts to quasi fair-value accounting under IFRS compared to historic-cost accounting under GAAP. We develop and compare pro forma GAAP and IFRS accounting reports for a broad cross section of U.S. firms. We find that IFRS yields lower deferred tax assets and recognized tax benefits for approximately two-thirds of the option grants in our sample. Moreover, reported tax items will be more volatile under IFRS and these effects will be more pronounced for firms with greater option use and stock price volatility. Importantly, we find that IFRS tax items are better able to predict future cash flows. One conclusion is that IFRS improves the relevance, and thereby, the quality, of at least some reported numbers.

scholarly journals Spent FCC E-Cat: Towards a Circular Approach in the Oil Refining Industry

2018 ◽  
Vol 11 (1) ◽  
pp. 113 ◽  
Author(s):  
Francesco Ferella ◽  
Idiano D’Adamo ◽  
Simona Leone ◽  
Valentina Innocenzi ◽  
Ida De Michelis ◽  
...  
Keyword(s):  
Catalytic Cracking ◽  
Net Present Value ◽  
Intrinsic Value ◽  
Economic Feasibility ◽  
Fluid Catalytic Cracking ◽  
Refining Industry ◽  
Raw Material ◽  
Oil Refining ◽  
Selling Price ◽  
Discounted Cash Flow

Every year the oil refining industry consumes thousand tons of fluid catalytic cracking zeolite from the E-cat generated in the fluid catalytic cracking (FCC) unit. In the present paper, a new process for recycling of fluid catalytic cracking catalysts (FCCCs) is presented. The process, previously tested at laboratory scale, was simulated by SuperPro Designer catalysts (FCCCs, also known as equilibrium catalysts, E-cat), which are mainly landfilled. Their intrinsic value is quite low and the content of rare earth elements (REEs), as lanthanum and cerium oxides, is around 3%wt. Moreover, their reuse in other industrial processes as raw material is very scarce. For each metric ton of spent FCCC treated for recovery of REEs, nearly the same amount of waste is generated from the process, the majority of which is represented by the solid residue resulting from the leaching stage. The manuscript presents a technological study and an economic analysis for the recovery of REEs, as well as the production of synthetic © software package. The plant was designed for a capacity of 4000 metric tons per year. The discounted cash flow (DCF) method was applied and Net Present Value (NPV) equal to about two-million € and Discounted Payback Time (DPBT) equal to two years defined the profitability of the process for recycling of FCCCs. This result depends on the selling price of zeolite. Consequently, a break-even point (BEP) analysis was conducted on this critical variable and the condition of economic feasibility was verified with a price of 1070 €/ton. This study tried to implement recycling strategies towards circular economy models.

The change in investor reaction to 10-K filings after Regulation Full Disclosure and the Sarbanes–Oxley Act

2019 ◽  
Vol 46 (1) ◽  
pp. 120-138
Author(s):  
Rakesh Bharati ◽  
Susan Crain ◽  
Shrikant Jategaonkar
Keyword(s):  
Stock Price ◽  
Financial Reports ◽  
Full Disclosure ◽  
Content Type ◽  
Sarbanes Oxley ◽  
Risk Adjustment Model ◽  
Long Run ◽  
One Year ◽  
The Impact ◽  
Investor Reaction

Purpose The purpose of this paper is to examine whether the investor reaction to 10-K filings has changed since the implementation of Regulation Full Disclosure (FD) and the Sarbanes–Oxley Act (SOX) and examine whether the market still underreacts to 10-K content and exhibits the continuation of filing day returns (FDRs) documented by You and Zhang (2009) after the passage of these regulations. Design/methodology/approach The sample consists of 39,270 10-K filings over the sample period of 1996 to 2012. Performance of portfolios created based on FDRs around 10-K filings is examined. Regression models are used for multivariate analysis. Carhart αs are obtained using the four-factor risk adjustment model. Findings By comparing investor reaction to 10-K filings pre- and post-regulation, the paper shows a significant change in stock price behavior since the implementation of FD and SOX. Analogous to Burks (2011), results suggest improved price efficiency around 10-K filings. In the long-run of up to one year following the filing, the continuation of FDRs documented by You and Zhang (2009) disappears post-2000, especially after the implementation of SOX. Overall findings suggest that investors price the information in 10-K filings significantly differently after FD and SOX than before. Research limitations/implications The sample ends in 2012. Therefore, this study does not examine the implications of the Dodd-Frank Act. Originality/value The paper contributes to the literature related to the impact of FD and SOX and market reaction to filings of financial reports. The current literature documents that there is a continuation of FDRs up to a year. This paper shows that the continuation has disappeared since FD and SOX were implemented.

scholarly journals Company Valuation of PT Perusahaan Gas Negara TBK

2020 ◽  
Author(s):  
Fira Octaria Basri ◽  
Sylviana Maya Damayanti
Keyword(s):  
Cash Flow ◽  
Oil And Gas ◽  
Intrinsic Value ◽  
Oil And Gas Industry ◽  
Free Cash Flow ◽  
The State ◽  
Discounted Cash Flow ◽  
Gas Industry ◽  
Financial Report ◽  
State Revenue

More than decades, Indonesia’s economic growth depend on the oil and gas sector. In the past few years, oil and gas sector’s contribution to the state revenue decreased significantly along with the decline in reserves and production. The state revenue from the oil and gas industry decreased by almost 80 percent from Rp216 trillion in 2014 or 14 percent of state revenue to Rp44 trillion in 2016 or 2.8 percent of the state revenue. Perusahaan Gas Negara or also called as PGN is the largest national company in the natural gas transportation and distribution sector. In or der to make the business growing wider, PGN are going to acquiring Pertamina Gas or Pertagas. The acquisition is part of the establishment of the holding company in energy sector by the Ministry of State Own Enterprises, which was established on April 11, 2018. This research is made to know how the intrinsic value per share of Perusahaan Gas Negara (PGN) through calculating it with the discounted cash flow method using free cash flow to the firm. The data are obtained from PGN’s financial report from 2013 to 2018. The result is the intrinsic value per share of Perusahaan Gas Negara is IDR Rp6,757.72. Keywords: discounted cash flow, free cash flow to the firm, valuation.

scholarly journals ANALISIS PENERAPAN PELAPORAN KEUANGAN ENTITAS NIRLABA BERDASARKAN PSAK NO. 45 PADA MASJID DI KOTA BANDA

2019 ◽  
Vol 4 (2) ◽  
pp. 374-382
Author(s):  
Siti Rahma Nazila ◽  
Heru Fahlevi
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Cash Flows ◽  
Primary Data ◽  
Financial Reports ◽  
Financial Report ◽  
Report System ◽  
The City ◽  
Banda Aceh

The purpose of this research is to determine the financial statements of mosques in the city of Banda Aceh in compatible with PSAK No. 45 and the quality of the financial report system of mosques in Banda Aceh. The type of research used in this study is descriptive quantitative method with Probability sampling which is using cluster random sampling. The data used in this study are primary data, namely a questionnaire distributed to 50 respondents from 25 mosques in Banda Aceh City. The questionnaire was distributed to the Head of BKM and Treasurer. The research data was obtained directly from the respondents by filling out the questionnaires that were distributed. The results of this study show that mosques in Banda Aceh City in general have not applied PSAK No. 45 concerning Nonprofit Financial Reporting because mosques do not have financial position reports, activity reports, cash flows, notes to financial statements. Mosques only make simple financial reports covering the sources of income, expenses, and cash balances at the end of the period and the obstacles that cause the mosque to not implement PSAK No. 45 namely the constraints of understanding in the preparation of mosque financial reports according to PSAK No. 45 and lack of human resources with accounting background.

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