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General
INTRODUCTION
Learning objectives - 1
Summary - 2
Acknowledgements - 3
Chapter 1
FUNDAMENTALS OF FINANCIAL MATHEMATICS
1. Core Definitions and Concepts - 7
1.1 Variations in the Value of Money - 8
2. Interest - 12
2.1 Simple Interest - 13
2.2 Compound Interest - 17
2.3 Continuous Interest - 21
3. Interest Rates - 23
3.1 Types of interest rates - 23
3.2 Factors that Affect the Interest Rate - 28
4. Annuities or Uniform Series - 31
4.1 Types of Annuities - 33
Summary - 39
Exercises and SolOLutions - 42
Applied Exercises - 60
References - 61
Chapter 2
COST OF CAPITAL
1. Factors determining the cost of capital - 69
1.1 Economic Conditions - 69
1.2 Market Conditions - 70
1.3 Financial and Operational Conditions of the Company - 71
1.4 Total Debt - 72
2. Key Insights from Oscar Leon García on the Cost of Capital - 74
3. Basic Assumptions of the Cost of Capital Model - 75
3.1 The Economic Risk Does Not Vary - 76
3.2 The Capital Structure Does Not Vary - 76
3.3 Dividend Policy Does Not Vary - 77
3.4 The Company Will Continue to Be Financed in the Same Way in the Future - 77
4. Breaking Down the WACC Weighted Average Cost of Capital: A Comprehensive Guide - 78
4.1 Capital Structure - 78
4.2 Cost of Debt - 84
4.3 Cost of Equity - 95
5. Weighted Average Cost of Capital - 119
Summary - 121
References - 123
Chapter 3
VALUE CREATION, FCF, EVA, NPV, IRR
1. Working Capital - 128
1.1 Accounting Definition of Working Capital - 129
1.2 Financial and Managerial Definition of Working Capital - 130
2. From FCF to FCFF and FCFE - 132
2.1 Historical Free Cash Flow Estimation - 133
3. Effect of NWC in FCF and Company Value - 139
4. Forecasted Free Cash Flow - 144
5. Economic Value Added (EVA) - 146
6. EVA vs. ROI - 148
7. How to Improve EVA - 152
8. Net Present Value (NPV) - 153
8.1 From the Assumptions of the Net Present Value NPV - 155
8.2 Considerations for Projecting Expected Flows - 155
9. I internal Rate of Return (IRRirr) - 156
Summary - 157
Applied Exercises - 160
References - 162
Chapter 4
FINANCIAL STRUCTURE AND CAPITAL STRUCTURE
1. Factors Influencing Financial Structure Decisions - 167
1.1 Financial Leverage - 167
1.2 Growth Potential in Business - 168
1.3 Stability in Profit Margins - 168
1.4 Nature of Assets - 169
1.5 Financial Autonomy and Control - 169
1.6 Availability of Credit Funds - 169
1.7 Risk Attributable to Investments - 169
1.8 Tax Aspects - 170
2. Analysis of Long-Term Debt Financing (Loans and Bond Issuance) - 170
2.1 Advantages of Debt Financing - 171
2.2 Disadvantages of Debt Financing - 172
2.3 Additional Considerations Specific to Indebtedness - 173
3. Analysis of Equity Financing - 176
3.1 Preferred Stock - 176
3.2 Common Actions - 178
3.3 Retained Earnings - 180
4. Exercises and solutions - 180
Summary - 194
References - 196
