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Corporate Finance The Basics.pdf
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Corporate Finance: The Basics is a concise introduction to the innerworkings of finance at the company level. It aims to take the fearout of corporate finance and add the fun in, presenting the subjectin a way that is simple to grasp and easy to digest. Its aim is toexplain – and demystify – the essential ideas of corporate finance,
avoiding the heavy use of maths and formulae. The calculations
and figures in the book are purely to illustrate fundamental concepts,appealing to readers’ common sense, rather than stretchingtheir ability to do “number-crunching”.
This fully revised edition takes into account the most recent
developments in the corporate financial landscape, including: the
longer-term ramifications of the 2008 financial crisis, the impact of
the Covid-19 pandemic, rising inflation and the current economicclimate, and the effect of environmental, social and governance(ESG) on a company’s financial decisions. A brand-new chapterwhich seeks to answer the question of how to manage growingbusinesses from a finance perspective is also included.Through the use of a subject map, this book explains how the keycomponents of the subject are connected with each other, strengtheningthe reader’s understanding. This book is the ideal introduction foranyone looking for a short yet scholarly overview of corporate finance
Introduction 1
1 Financial Statements 5
2 Financial Decisions and Investment Criteria 15
3 Free Cash Flows 30
4 Net Working Capital Management 49
5 Debt 58
6 Equity 78
7 Mergers and Acquisitions (I) 97
8 Mergers and Acquisitions (II) 109
9 Corporate Finance for Growing Businesses 130
10 Corporate Finance: The Big Picture 143
Index 156
1.1 Sample income statement 6
1.2 The income statement can be viewed as two main
parts 9
1.3 Sample balance sheet 10
1.4 Retained earnings to the balance sheet 11
1.5 Sample cash flow statement 13
2.1 Corporate finance shown on a balance sheet 16
3.1 Profit versus cash 32
3.2 (Avoiding) double-counting the purchase in the FCF
calculation 37
3.3 Change in net working capital (year 1) 38
3.4 Change in net working capital (year 2) 39
3.5 FCF calculation 41
3.6 Cash inflows and outflows 41
3A.1 MC Production’s project 46
4.1 Accounts receivable and payable 51
4.2 A breakdown of NWC (part 1) 53
4.3 A breakdown of NWC (part 2) 54
4.4 Lower change in NWC, get more FCF 56
5.1 A highly simplified example of a bond 60
5.2 A highly simplified example of a bond and its key
features 61
5.3 Calculation of bond price 63
5.4 Scenario 1 – Rates of return without leverage 69
5.5 Scenario 2 – Rates of return with debt leverage 70
5.6 Returns to Bob and Charlie in both scenarios (not
to scale) 71
5.7 Tax benefits 73
6.1 Shareholders’ gains in different performance
situations 79
6.2 Possibilities for the relationship between ABC and
DEF 87
6.3 Non-systematic risk versus systematic risk 88
6A.1 MC Production’s project with financing details 95
8.1 Traditional versus FCF-based balance sheet 111
8.2 An example of an explicit forecast period and
terminal value 113
8.3 FCF from the explicit forecast period and terminal
value 116
8.4 Example of the WACC method 118
8.5 Sensitivity analysis of Bob’s EV 119
8.6 Establishing Bob’s EV 127
9.1 Stable versus fluctuating revenues 137
10.1 Corporate finance: the big picture 144
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