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贝恩现金流分课件.ppt

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贝恩现金流分课件.ppt

上传人:mkjafow 2022/8/8 文件大小:1.27 MB

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CU7010598KRA
Cash Flow
Agenda
The importance of cash flow
Types of cash flow
Applications
Cash flow steps
Exerci equal to the sum of the cash flows from operating, investing, and financing activities.
Operating cash flow
Investing cash flow
Financing cash flow
Ability of a company’s recurring operations to generate cash
Ability of a company’s investment decisions to generate cash
How a company funds its operations
Operating profits
Decrease in working capital
Sale of fixed assets
Long-term issuance of shares
Examples of sources:
Operating losses
Increase in working capital
Purchase of fixed assets
Repayment of loans
Payment of dividends
Examples of uses:
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CU7010598KRA
Cash Flow
Operating Cash Flow
*Investing activities not related to ongoing operations (such as the purchase or sale of divisions or companies, or investments in unrelated businesses) are not included in investing cash flow. They are included in financing cash flow.
Operating cash flow excludes all cash flows related to a firm’s capital structure
cash generation ability is independent of how a firm is financed
It excludes one-time events
these are not related to a firm’s recurring operations
Operating cash flow is used to measure the strategic value of a business
for company valuations, operating and investing cash flows are used, not financing cash flow
Bain is usually more interested in operating and investing* cash flow than in financing cash flow
Operating cash flow measures the ability of a business’s recurring operations to generate cash.
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CU7010598KRA
Cash Flow
Investing Cash Flow
Investments in ongoing operations - property, plant and equipment - are included in investing cash flow
cash is used to replace assets as they wear out
if a business is to grow, additional assets must be acquired
in some cases, the cash used to acquire these assets is generated from the sale of existing noncurrent assets
such cash inflows, however, seldom c