private void EvaluateMultiples(PricingResult pricingResults, Models.Domain.MarketData stockMarketData)
{
var lastStatement = _statementOrganizer.GetLastFinancialStatement();
if (lastStatement == null)
{
return;
}
var revenue = lastStatement.IncomeStatement.TotalRevenue;
var earnings = lastStatement.IncomeStatement.NetIncomeApplicableToCommon;
if (stockMarketData.MarketCapitalization.HasValue && earnings > 0)
{
pricingResults.PriceEarningRatio = (decimal)(stockMarketData.MarketCapitalization)
/ earnings;
}
if (stockMarketData.MarketCapitalization.HasValue && revenue != 0)
{
pricingResults.PriceToSalesRatio = (decimal)stockMarketData.MarketCapitalization / revenue;
}
if (stockMarketData.MarketCapitalization.HasValue && lastStatement.BalanceSheet.RealTotalEquity != 0)
{
pricingResults.PriceToBookRatio = (decimal)stockMarketData.MarketCapitalization /
lastStatement.BalanceSheet.RealTotalEquity;
}
}
private void EvaluateEnterpriseMultiple(PricingResult pricingResults, Models.Domain.MarketData stockMarketData)
{
var financialStatement = _statementOrganizer.GetLastFinancialStatement();
if (financialStatement == null)
{
return;
}
var marketCap = stockMarketData.MarketCapitalization ?? 0;
var debt = financialStatement.BalanceSheet.TotalLongTermDebt +
financialStatement.BalanceSheet.TotalShortTermDebt;
var minorityInterest = financialStatement.BalanceSheet.MinorityInterest;
var cash = financialStatement.BalanceSheet.CashCashEquivalentAndShortTermInvestments;
var preferredStock = financialStatement.BalanceSheet.PreferredStock;
var enterpriseValue = marketCap + debt + minorityInterest + preferredStock - cash;
pricingResults.EnterpriseValue = enterpriseValue;
var ebitda = financialStatement.IncomeStatement.Ebit +
financialStatement.CashFlowStatement.CfDepreciationAmortization;
if (ebitda != 0)
{
pricingResults.EnterpriseMultiple = enterpriseValue / ebitda;
}
}
private void EvaluateNcaV(PricingResult pricingResults, Models.Domain.MarketData marketData)
{
var statement = _statementOrganizer.GetLastFinancialStatement();
if (statement == null)
{
return;
}
pricingResults.NetCurrentAssetValue =
statement.BalanceSheet.TotalCurrentAssets - statement.BalanceSheet.TotalLiabilities;
if (marketData.MarketCapitalization.HasValue && pricingResults.NetCurrentAssetValue > 0)
{
pricingResults.DiscountOnNcav =
(1 - (decimal)marketData.MarketCapitalization / pricingResults.NetCurrentAssetValue) * 100;
}
}
private void EvaluatePriceToFcf(PricingResult pricingResults, Models.Domain.MarketData marketData)
{
if (!pricingResults.AnnualResults.Any())
{
return;
}
var lastResult = pricingResults.AnnualResults.OrderByDescending(x => x.Year).First();
var fcf = lastResult.FreeCashFlow;
if (fcf != 0)
{
pricingResults.CurrentPriceToFcfRatio = (marketData.MarketCapitalization ?? 0) / fcf;
}
if (pricingResults.AverageFreeCashFlow == 0)
{
return;
}
pricingResults.AveragePriceToFcfRatio =
(marketData.MarketCapitalization ?? 0) / pricingResults.AverageFreeCashFlow;
}
