private DiscountedCashFlow GetNetIncomeDiscountedCashFlow(CompanyValuationStatistics cvs, IncomeStatementCollection incProjections,
decimal wacc, decimal terminalGrowth)
{
FreeCashFlowCollection fcfs = _fcfMngr.CalculateFreeCashFlow(cvs.Symbol, cvs.Year, cvs.NoOfYears, incProjections);
DiscountedCashFlow dcf = null;
BalanceSheet bs = BalanceSheetBL.Instance.GetBalanceSheet(cvs.Symbol, cvs.Year);
CompanyAnnualData compData = CompanyAnnualDataBL.Instance.GetCompanyAnnual(cvs.Symbol, cvs.Year);
if (fcfs != null)
{
dcf = new DiscountedCashFlow(cvs.Symbol, cvs.Year, fcfs, wacc, terminalGrowth);
dcf.EnterpriseValue = 0;
for (int i = 1; i < cvs.NoOfYears + 1; i++)
{
decimal discountTo = (decimal)(Math.Pow((double)dcf.DiscountFactor, i));
dcf.EnterpriseValue += (dcf.FreeCashFlows[i - 1].NetIncomeCashFlow * discountTo);
}
dcf.EnterpriseValue += (dcf.TerminalValue * (decimal)(Math.Pow((double)dcf.DiscountFactor, dcf.FreeCashFlows.Count)));
dcf.EquityValue = dcf.EnterpriseValue + bs.Cash - bs.Debt;
dcf.StockValue = dcf.EquityValue / compData.SharesOutstanding;
}
return dcf;
}
public void GetDiscountedCashFlows(CompanyValuationStatistics cvs)
{
for (int i = -2; i < 3; i++)
{
decimal terminalGrowth = (decimal) (i*2) / 100;
for (int j = 6; j < 20; j++)
{
decimal wacc = (decimal)j / 100;
cvs.NopDcfsNoGrowth.Add(GetNopDiscountedCashFlow(cvs, cvs.NoGrowthProjections, wacc, terminalGrowth));
cvs.NopDcfsAvgGrowth.Add(GetNopDiscountedCashFlow(cvs, cvs.AvgGrowthProjections, wacc, terminalGrowth));
cvs.NopDcfsDecayGrowth.Add(GetNopDiscountedCashFlow(cvs, cvs.DecayGrowthProjections, wacc, terminalGrowth));
cvs.NetIncomeDcfsNoGrowth.Add(GetNetIncomeDiscountedCashFlow(cvs, cvs.NoGrowthProjections, wacc, terminalGrowth));
cvs.NetIncomeDcfsAvgGrowth.Add(GetNetIncomeDiscountedCashFlow(cvs, cvs.AvgGrowthProjections, wacc, terminalGrowth));
cvs.NetIncomeDcfsDecayGrowth.Add(GetNetIncomeDiscountedCashFlow(cvs, cvs.DecayGrowthProjections, wacc, terminalGrowth));
}
}
}
private CompanyValuationStatistics GetCompanyValuationStatistics(Company comp)
{
IncomeStatementProjectionBL incProjectionBL = new IncomeStatementProjectionBL();
CompanyValuationStatistics cvs = new CompanyValuationStatistics();
cvs.Symbol = comp.Symbol;
cvs.Year = IncomeStatementBL.Instance.GetLastYear(comp.Symbol);
cvs.NoOfYears = 5;
cvs.CompanyName = comp.CompanyName;
cvs.NoGrowthProjections = incProjectionBL.ProjectIncomeStatementsNoRevenueGrowth(comp.Symbol, cvs.Year, cvs.NoOfYears);
cvs.AvgGrowthProjections = incProjectionBL.ProjectIncomeStatementsAvgRevenueGrowth(comp.Symbol, cvs.Year, cvs.NoOfYears);
cvs.DecayGrowthProjections = incProjectionBL.ProjectIncomeStatementsDecayRevenueGrowth(comp.Symbol, cvs.Year, cvs.NoOfYears, (decimal)-0.05);
DCFMngr().GetDiscountedCashFlows(cvs);
return cvs;
}
private CompanyFinancialStatistics GetFinancialStatistics(CompanyValuationStatistics cvs)
{
CompanyFinancialStatistics cfs = new CompanyFinancialStatistics(cvs.Symbol, new DateTime());
FSFMngr().PopulateCompanyFinancialStatisticsFromStatements(cfs, cvs.AvgGrowthProjections.Find(cvs.Year),
BalanceSheetBL.Instance.GetBalanceSheet(cvs.Symbol, cvs.Year),
CompanyAnnualDataBL.Instance.GetCompanyAnnual(cvs.Symbol, cvs.Year));
//FSFMngr().PopulateCompanyFinancialStatisticsFromYahooApi(cfs);
return cfs;
}