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 DiscountedCashFlow(string symbol, int year, FreeCashFlowCollection ffcf, decimal wacc, decimal growth)
{
this._SYMBOL = symbol;
this._YEAR = year;
this._freeCashFlows = ffcf;
this._WACC = wacc;
this._terminalGrowth = growth;
}
public DiscountedCashFlow(string symbol, int year, FreeCashFlowCollection ffcf, decimal wacc, decimal growth)
{
this._SYMBOL = symbol;
this._YEAR = year;
this._freeCashFlows = ffcf;
this._WACC = wacc;
this._terminalGrowth = growth;
}
public FreeCashFlowCollection CalculateFreeCashFlow(string symbol, int year, int yrsToProject, IncomeStatementCollection incomeStatementProjection)
{
FreeCashFlowCollection fcfs = null;
MarketParameters mktParms = MarketParametersBL.Instance.GetMarketParameters();
BalanceSheetProjectionBL bsProjectionBL = new BalanceSheetProjectionBL();
BalanceSheetCollection bsProjections = bsProjectionBL.ProjectBalanceSheets(symbol, year, yrsToProject, incomeStatementProjection);
if (incomeStatementProjection != null && bsProjections != null)
{
fcfs = new FreeCashFlowCollection();
for (int i = year + 1; i < year + yrsToProject + 1; i++)
{
IncomeStatement inc = incomeStatementProjection.Find(i);
BalanceSheet bs = bsProjections.Find(i);
BalanceSheet lastYrBs = bsProjections.Find(i - 1);
if (inc != null && bs != null)
{
fcfs.Add(new FreeCashFlow(
symbol,
i,
inc.NOP(mktParms.TaxRate),
inc.NetIncome,
(bs.Ppe - lastYrBs.Ppe + inc.Depreciation),
bs.WorkingCapital,
bs.WorkingCapital - lastYrBs.WorkingCapital,
inc.Depreciation,
bs.InvestedCapital
));
}
}
}
return(fcfs);
}
public FreeCashFlowCollection CalculateFreeCashFlow(string symbol, int year, int yrsToProject ,IncomeStatementCollection incomeStatementProjection)
{
FreeCashFlowCollection fcfs = null;
MarketParameters mktParms = MarketParametersBL.Instance.GetMarketParameters();
BalanceSheetProjectionBL bsProjectionBL = new BalanceSheetProjectionBL();
BalanceSheetCollection bsProjections = bsProjectionBL.ProjectBalanceSheets(symbol, year, yrsToProject, incomeStatementProjection);
if (incomeStatementProjection != null && bsProjections != null)
{
fcfs = new FreeCashFlowCollection();
for (int i = year + 1; i < year + yrsToProject + 1; i++)
{
IncomeStatement inc = incomeStatementProjection.Find(i);
BalanceSheet bs = bsProjections.Find(i);
BalanceSheet lastYrBs = bsProjections.Find(i - 1);
if (inc != null && bs != null)
{
fcfs.Add(new FreeCashFlow(
symbol,
i,
inc.NOP(mktParms.TaxRate),
inc.NetIncome,
(bs.Ppe - lastYrBs.Ppe + inc.Depreciation),
bs.WorkingCapital,
bs.WorkingCapital -lastYrBs.WorkingCapital,
inc.Depreciation,
bs.InvestedCapital
));
}
}
}
return fcfs;
}
