Assignment First

美国数学论文代写:财务策略

4.1。支持假设的金融模型

在本报告中,我们使用CAPM(资本资产定价模型)和NPV(净现值)来理解和分析这些策略如何影响多米诺骨牌集团。 CAPM现在通常用于估计资本成本和评估公司的管理投资组合的业绩。在这个报告中,CAPM的使用是通过使用策略来估计多米诺骨牌集团的预期收益率(Ke),并使用净现值来找出未来现金流的净现值(Eugene,F。和Kenneth,RF( 2004)。

CAPM(资本资产定价模型)的计算公式如下:计算预期收益率:

预期的资产回报率

无风险资产的收益率

预期的市场回报率

公司所得份额与回报的协方差

净现值计算如下:

哪里,

Ct =期间的现金流量净额

C0 =初始投资

r =贴现率

t =周期总数

4.2。基于当前战略的财务预测

多米诺骨牌的预期收益率是基于上述建议的模型计算的。预期收益率按美国5年期国债计算,无风险资产为1.62%1。预期市场回报率为5.1%。多米诺骨牌的Beta值是0.98,取自雅虎财经。

因此,

多米诺骨牌的盈利增长率也可以计算如下:

=税后利润/股东权益= 11.86%(yCharts,2014)

=税后利润= 49.99%

基于这些计算,本报告使用NPV(净现值)模型来计算未来的现金流量。这是使用自由现金流量估价模型完成的。

贴现率= 9.35%

假设为互联网和移动战略=在未来3年

美国数学论文代写:财务策略

4.1. Financial Model with Supporting Assumptions

In this report, we use CAPM (Capital Asset Pricing Model) and NPV (Net Present Value) to understand and analyze how these proposed strategies will impact on Dominos Group.  CAPM is generally these days used for estimating the cost of capital and evaluating the performance of managed portfolios of the firms. In this report, the use of CAPM is to estimate the expected rate of return (Ke) of Dominos Group with use of strategies and uses NPV to find out the Net Present Value of future cash flow (Eugene, F. and Kenneth, R. F. (2004).

The formula for CAPM (Capital Asset Pricing Model) is given below for calculating the expected rate of return:

expected rate of return on asset

rate of return on the risk-free asset

expected rate of return on market

covariance of the return on the company’s share with the return

Net Present Value is calculated as:

Where,

Ct = Net Cash flow during the period

C0= Initial Investment

r = discount rate

t = total number of periods

4.2. Financial Forecast Based on Current Strategies

The expected rate of return of Dominos is calculated based on above suggested models. The expected rate of return is calculated by using 5 Year USA government bonds as risk free asset which is 1.62%1. Expected rate of return on market, which is 5.1%. Beta for Dominos is 0.98 which is taken from the Yahoo Finance.

Therefore,

The Earning Growth rate of Dominos can also be calculated as:

=Profit after tax/shareholder equity = 11.86% (yCharts, 2014)

= Dividend/profit after tax = 49.99%

Based on these calculations, this report uses NPV (Net Present Value) model to calculate future cash flows.  This is done using Free cash flow valuation model.

Discount rate = 9.35%

Assuming for the internet and mobile strategy = In next 3 years