INTERNATIONAL ANALYSIS DEPARTMENT

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TOOLS

"Someone's sitting in the shade today because someone planted a tree a long time ago."
Warren Buffett.

Investment Calculators

Annual Stock Option Grants

Use this calculator to project how much a series of annual stock option grants could be worth to you.

Asset Allocator

Your age, ability to tolerate risk and several other factors are used to calculate a desirable mix of stocks, bonds and cash.

Future Contracts Calculator

Use this calculator to determine the number of futures contracts you may wish to purchase based on your account equity and trading plan.

Investment Loan

This calculator helps illustrate the effect of using a loan to purchase an investment or appreciable asset. Using debt as leverage to purchase investments can magnify your return. The downside is that you also increase your risk.

Investment Returns

There is more to investing than knowing your annual rate of return. Use this calculator to help you see how inflation, taxes and your time horizon can impact your bottom line.

Mutual Fund Expense Calculator

This calculator can help you analyze the costs associated with buying shares in a mutual fund. By entering a few pieces of information, found in your fund's prospectus, you can see the impact of fees and operating expenses on your investment.

Stock Option Calculator

Use this calculator to determine the value of your stock options for the next one to twenty five years.

Business Calculators

Breakeven Analysis

Find out how many and what price you must sell your product at to make a profit.

Business Valuation

Enter your cash flow information, your cost of capital and your growth rate to determine your business NPV valuation.

Cash Flow Calculator

Having adequate cash flow is essential to keep your business running. Use this calculator to help you determine the cash flow generated by your business.

Commercial Loan Calculator

Use this calculator to estimate your debt service coverage with a new loan. If your debt service coverage is high enough, including your new loan payment, you have a good chance of being approved.

Debt Consolidation Calculator

Should your business consolidate its debt? Use this calculator to find out.

Equipment Buy vs. Lease

Should you lease your equipment or finance it? Find out with this calculator!

Financial Ratios

This calculator helps you to zero in on areas of your business that may need attention. Areas such as solvency, liquidity, operational efficiency and profitability.

Inventory Analysis

Use this calculator to determine how much inventory you should hold, and efficient timing of your inventory orders.

Profit Margin Calculator

This calculator can help you determine the selling price for your products to achieve a desired profit margin

Working Capital Needs

Working capital essential to running your business. This calculator assists you in determining your working capital needs for the next year.

Spreadsheet Programs

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DAMODARAN ONLINE

Corporate Finance	capbudg.xls	This program allows you to do a basic capital budgeting analysis for a project, and compute NPV, IRR and ROI.
	risk.xls	This program allows you to use past returns on a stock and a market index to analyse its price performance (Jensen's Alpha), its sensitivity to market movements (Beta) and the proportion of its risk that can be attributed to the market.
	levbeta.xls	This program allows you to enter the current beta, tax rate and the debt equity ratio for your stock, and obtain a table of betas at different debt ratios.
	ratings.xls	This program allows you to estimate a rating and a cost of debt for your company from the firm's interext coverage ratio.
	apv.xls	This program allows you to estimate an "Optimal" Capital Structure for a company using the Adjusted Present Value Approach.
	capstru.xls	This program allows you to estimate an "Optimal" Capital structure for a company using the cost of capital approach.
	capstruo.xls	This is a variant that allows you to estimate an "Optimal" capital structure for a company whose operating income might vary with its debt rating - for instance, financial service firms.
	macrodur.xls	This program allows you to estimate the duration of a firm's assets and its sensitivity to other macro economic variables. It may be useful in the design of debt.
	dividends.xls	This program compares the dividends paid to what a firm could have paid, by estimating the free cash flow to equity (the cash flow left over after net debt payments, net capital expenditures and working capital investments.
	dcfval.xls	This program computes the value of equity in a firm using a two-stage dividend discount and FCFE model. (For more extensive choices on valuation, look at the programs under the valuation section below.)
Valuation: Inputs	readme1s.xls	This file describes the programs in this section and provides some insights into their usage.
	wacccalc.xls	This spreadsheet allows you to estimate the cost of capital for your firm.
	cpxest.xls	This program summarizes the three approaches that can be used to estimate the net capital expenditures for a firm, when it reaches stable growth.
	oplease.xls	This program converts operating lease expenses into financing expenses and restates operating income and debt outstanding.
	R&DConv.xls	This program converts R& D expenses from operating to capital expenses, estimates a value for the research asset and restates operating income.
	implprem.xls	This spreadsheet calculates the implied risk premium in a market. This can be used in discounted cashflow valuation to do market neutral valuation.
Valuation Model Reconciliation	fcfevsddm.xls	This spreadsheet allows you to reconcile the differences between the FCFE and the dividend discount models for estimating equity value.
	fcffvsfcfe.xls	This spreadsheet allows you to reconcile the differences between the FCFF and the FCFE approaches to valuation.
	fcffeva.xls	This spreadsheet reconciles a cost of capital DCF valuation with an EVA valuation of the same company
	GrossvsNet.xls	This spreadsheet allows you to reconcile the differences between the Gross debt and Net debt approaches to valuation.
All-in-one Valuation Models	model.xls	This program provides a rough guide to which discounted cash flow model may be best suited to your firm.
	higrowth.xls	This spreadsheet can be used to value tough-to-value firms, with negative earnings, high growth in revenues and few comparables. If you have a dot.com firm, this is your best choice.
	divginzu.xls	A complete dividend discount model that can do stable growth, 2-stage or 3-stage valuation. This is your best choice if you are analyzing financial service firms.
	fcfeginzu.xls	A complete FCFE valuation model that allows you to capital R&D and deal with options in the context of a valuation model.
	fcffginzu.xls	This model tries to do it all, with all of the associated risks and rewards. I hate having to work with a dozen spreadsheets to value a firm, and I have tried to put them all into one spreadsheet - a ratings estimator, an earnings normalizer, an R&D converter, an operating lease converter, a bottom-up beta estimator and industry averages. Try it out and make your own additions.
Loose Ends in Valuation	controlvalue.xls	This model analyzes the value of control in a firm.
	synergyvaluation.xls	This program estimates the value of synergy in a merger.
	brandnamevalue.xls	This spreadsheet provides different ways of estimating the value of a brand name, although each comes with some baggage.
	complscore.xls	This spreadsheet allows you to measure the complexity in a company and give it a score.
	GrossvsNet.xls	This spreadsheet allows you to understand why the gross and net debt approaches give you different estimates of value for a firm.
	liqdisc.xls	Estimates the illiquidity discount that should be applied to a private firm as a function of the firm's size and financial health. Uses both restricted stock approach and bid-ask spread regression.
	distress.xls	This spreadsheet allows you to estimate the probability of distress from the bond price of a company.
Focused Valuation Models	ddmst.xls	Stable growth, dividend discount model; best suited for firms growing at the same rate as the economy and paying residual cash as dividends.
	ddm2st.xls	Two-stage DDM; best suited for firms paying residual cash in dividends while having moderate growth.
	ddm3st.xls	Three-stage DDM; best suited for firms paying residual cash in dividends, while having high growth.
	fcfest.xls	Stable growth, FCFE discount model; best suited for firms in stable leverage and growing at the same rate as the economy.
	fcfe2st.xls	Two-stage FCFE discount model; best suited for firms with stable leverage and having moderate growth.
	fcfe3st.xls	Three-stage FCFE discount model; best suited for firms with stable leverage and having high growth.
	fcffst.xls	Stable growth FCFF discount model; best suited for firms growing at the same rate as the economy.
	fcff2st.xls	Two-stage FCFF discount model; best suited for firms with shifting leverage and growing at a moderate rate.
	fcff3st.xls	Three-stage FCFF discount model; best suited for firms with shifting leverage and high growth.
	evavaln.xls	Three-stage FCFF valuation model, also presented in terms of projected EVA.
	fcffgen.xls	A generalised FCFF model, where the operating margins are allowed to change each year; best suited for firms in transition.
Financial Service firms	eqexret.xls	Estimates the value of equity in a bank by discounting expected excess returns to equity investors over time and adding them to book value of equity.
Troubled firms	normearn.xls	Normalizes the earnings for a troubled firm, uising historical or industry averages.
	distress.xls	Estimates the likelihood that a troubled firm will not survive, based upon bond ratings as well as bond prices.
	fcffneg.xls	Generalized FCFF model that allows you to value negative earnings firms as going concerns.
Private firms	pvtdiscrate.xls	Adjusts the discount rate (cost of equity) for a private firm to reflect the lack of diversification on the part of the owner (or potential buyer)
Private firms	liqdisc.xls	Estimates the illiquidity discount that should be applied to a private firm as a function of the firm's size and financial health. Uses both restricted stock approach and bid-ask spread regression.
High Growth Firms	revgrowth.xls	Estimates compounded revenue growth rate for a firm, based upon market share and market size assumptions.
High Growth Firms	higrowth.xls	This spreadsheet can be used to value tough-to-value firms, with negative earnings, high growth in revenues and few comparables. If you have a young or start-up firm, this is your best choice.
Multiples	eqmult.xls	This is a model that uses a two-stage dividend discount model to estimate the appropriate equity multiples for your firm. It will give you identical answers (in terms of value) as the 2-stage DDM model.
Multiples	firmmult.xls	This model uses a 2-stage FCFF model to estimate the appropriate firm value multiples for your firm. It will give you identical answers (in terms of value) as the 2-stage FCFF model.
Acquisitions	lboval.xls	This program analyzes the value of equity and the firm in a leveraged buyout.
	controlvalue.xls	This model analyzes the value of control in a firm.
	synergyvaluation.xls	This program estimates the value of synergy in a merger.
Other Assets	reval.xls	This spreadsheet allows you to value an income-generating property as well as just the equity stake in the property.
Value Enhancement	valenh.xls	This spreadsheet allows you to make a quick (and dirty) estimate of the effect of restructuring a firm in a discounted cashflow framework.
	fcffeva.xls	This spreadsheet shows the equivalence of the DCF and EVA approaches to valuation.
	cfroi.xls	This spreadsheet allows you to estimate the current CFROI for a firm.
Basic Option Pricing Models	bstobin.xls	This spreadsheet converts the standard deviation input in the Black-Scholes model to up and down movemenents in the binomial tree.
	optst.xls	This is a dividend-adjusted model for valuing short-term options. It considers the present value of expected dividends during the option life.
	optlt.xls	Tnis is a dividend-adjusted model for valuing long term options. It considers the expected dividend yield on the underlying asset.
	warrant.xls	This is a model for valuing options that result in dilution of the underlying stock. Consequently, it is useful in valuing warrants and management options.
Real Option Models in Corporate Finance	expand.xls	This model estimates the value of the option to expand in an investment project. Modified, it can also be used to assess the value of strategic options.
	delay.xls	This model estimates the value of the option to delay an investment project.
	flexval.xls	This model estimates the value of financial flexibility, i.e, the maintenance of excess debt capacity or back-up financing.
	abandon.xls	This model estimates the value of the option to abandon a project or investment.
Real Option Models in Valuation	equity.xls	A model that uses option pricing to value the equity in a firm; best suited for highly levered firms in trouble.
	natres.xls	A model that uses option pricing to value a natural resource company; useful for valuing oil or mining companies.
	project.xls	A model that uses option pricing to value a product patent or option; useful for valuing the patents that a company might hold.