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1、CHAPTER2FinancialStatements,CashFlow,andTaxesvenintoday’seraoffinancialcrises,$14.6billionisalotofmoney.ThisEistheamountofcashflowthatHewlett-Packard’s(HP)operationsgeneratedin2008,upfrom$9.6billionin2007,despitetherecession.Theabilitytogeneratecashflowisthel
2、ifebloodofacompanyandthebasisforitsfundamentalvalue.HowdidHPusethiscashflow?HPinvestedforthefuturebymakingover$11billioninacquisitions.Othercompaniesalsogeneratedlargecashflowsfromoperationsin2008,buttheyusedthemoneydifferently.Forexample,Walgreensgeneratedov
3、er$3billionfromitsoperationsandusedover$2billionforcapitalexpenditures,muchofitonnewstoresandthepurchaseofworksitehealthcenters.Procter&Gamblegenerated$15.8billion.P&Gmaderelativelysmallcapitalexpenditures(abut$3billion)andreturnedthelion’sshare(over$12billio
4、n)toshareholdersasdividendsorthroughstockrepurchases.Applegeneratedabout$9.6billion(upfrom$5.5billionthepreviousyear)butmaderelativelysmallcapitalexpenditures,acquisitions,ordistributionstoshareholders.Instead,itputabout$9.1billionintoshort-termfinancialsecur
5、itieslikeT-bills.Thesefourwell-managedcompaniesusedtheiroperatingcashflowsinfourdifferentways:HPmadeacquisitions,Walgreensspentonamixofinternalandexternalgrowth,P&Greturnedcashtoshareholders,andApplesavedforarainyday.Whichcompanymadetherightchoice?Onlytimewil
6、ltell,butkeepthesecompaniesandtheirdifferentcashflowstrategiesinmindasyoureadthischapter.4748Part1:FundamentalConceptsofCorporateFinanceIntrinsicValue,FreeCashFlow,andFinancialStatementsInChapter1,wetoldyouthatmanagersshouldstrivetoeragecostofcapital(WACC).Th
7、ischapterfocusesonmaketheirfirmsmorevaluableandthattheintrinsicFCF,includingitscalculationfromfinancialstatementsvalueofafirmisdeterminedbythepresentvalueofanditsinterpretationwhenevaluatingacompanyanditsfreecashflows(FCF)discountedattheweightedav-manager.Sal
8、esrevenues–Operatingcostsandtaxes–RequiredinvestmentsinoperatingcapitalFreecashflow=(FCF)FCF1FCF2FCF∞Value=++...+(1+WACC)1(1+WACC)2(1+WACC)∞Weightedaveragecostofcapital(WACC)Marketinterest
