chapter05

NONFINANCIAL FIRM:USING THE BALANCE SHEET AS ANENTERPRISE VALUATION MODELORIGINAL BALANCE SHEETAssets LiabilitiesCash and marketable securities Operating current liabilitiesOperating current assets DebtNet fixed assets EquityGoodwillTotal assets Total liabilities and equityTHE ENTERPRISE VALUATION BALANCE SHEETAssets LiabilitiesCash and marketable securitiesOperating current assets Debt- Operating current liabilities= Net working capitalNet fixed assets EquityGoodwillMarket value Market valueTHE ENTERPRISE VALUATION BALANCE SHEETA slight variation (cash netted out from debt)Assets LiabilitiesOperating current assets Debt - cash & Mkt. securities- Operating current liabilities = Net debt= Net working capitalNet fixed assets EquityGoodwillEnterprise Value Enterprise ValueNote that both variations on the enterprise valuation balance sheetgive the same equity value.NONFINANCIAL FIRM:ENTERPRISE VALUATION MODELCash netted out from debtAssets LiabilitiesOperating current assets Debt - cash/marketable securities- Operating current liabilities= Net working capitalNet fixed assets EquityGoodwillEnterprise value Enterprise value= P V (F C F s d is c o u n te da t W A C C )E n te rp ris e v a lu e= P V (F C F sd is c o u n te d a t W A C C )E n te rp ris e v a lu e= P V (F C F sd is c o u n te d a t W A C C )Note that both variations on the enterprise valuation balance sheet givethe same equity value.= P V (F C F s d is c o u n te da t W A C C )非金融企业：使用资产负债表作为企业估值模型原来的资产负债表资产 负债现金和有价证券 流动负债经营经营性流动资产 债务固定资产净值 股票商誉总资产 总负债和股东权益企业估值的资产负债表资产 负债现金和有价证券经营性流动资产 债务-经营性流动负债=净营运资本固定资产净值 权益商誉市场价值 市场价值企业价值的“资产负债表”轻微变异（从负债中扣除的现金）资产 负债经营性流动资产债务-现金及有价证券=净负债-经营性流动负债=净营运资本 权益 固定资产净值商誉 企业价值企业价值请注意 ， 在企业估值“资产负债表都变”给出相同的权益价值非金融企业：企业估值模型现金被债务抵扣资产 负债经营性流动资产债务-现金/有价证券= P V (F C F 用 W A C C 折现 )企 业 价 值= P V (F C F 用 W A C C折 现 )企 业 价 值= P V (F C F 用 W A C C折 现 ) -流动负债经营=净营运资本 权益固定资产净值商誉 企业的价值企业的价值请注意 ， 在企业估值“资产负债表”给出相同的权益价值。企 业 价 值= P V (F C F 用 W A C C折 现 )= P V (F C F 用 W A C C 折现 )SUMMIT BANK1996 and 1997, (thousand $)ASSETS 1997 1996Cash and due from banks 30,487 28,339Federal funds sold 35,760 20,350Investment securitiesSecurities Available-for-Sale, at fair value 60,476 58,576Securities Held-to-Maturity, at cost (fair valueof $45,360,000 and $58,629,000 atDecember 31, 1997 and 1996, respectively) 45,151 58,437Total investment securities 141,387 137,363Loans, Net of Unearned Discount 276,069 220,006Allowance for Loan Losses -4,065 -2,972Loans, Net 272,004 217,034Premises and equipment, net of depreciation 7,916 7,105Accrued income receivable 3,442 3,189Other real estate 151 166Other assets 4,407 2,052TOTAL ASSETS 459,794 395,248LIABILITIES AND SHAREHOLDERS EQUITY 1997 1996Noninterest-bearing demand deposits 126,398 103,695Interest-bearing deposits 275,326 241,328Total deposits 401,724 345,023Securities sold under agreement to repurchase 14,689 13,209Accrued interest payable 678 638Other liabilities 1,591 1,298TOTAL LIABILITIES 418,682 360,168Common Stock 8,127 4,041Capital Surplus 6,251 6,136Retained Earnings 26,491 24,675Unrealized Gain on Investment SecuritiesAvailable-for-Sale, Net of Tax 243 228Total shareholders equity 41,112 35,080TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 459,794 395,248Years ended December 31,- - -1997 1996 1995- - -Summary of Earnings: Interest Income $31,972 $27,577 $22,929Interest Expense 11,301 9,771 8,277- - -Net Interest Income 20,671 17,806 14,652Provision (Credit) for Loan Losses -900 -819 -236Securities Gains (Losses) -1 -14 -10Non-interest Income 3,266 2,990 2,764Non-interest Expense -12,318 -10,917 -9,973- - -Earnings Before Income Taxes 10,718 9,046 7,197Income Tax Expense -3,678 -3,103 -2,468- - -Net Income 7,040 5,943 4,729Balance Sheet Data (at period-end):Total Assets $459,794 $395,248 $355,417Investment Securities 105,627 117,013 119,368Loans, Net of Unearned Discount 276,069 220,006 178,493Allowance for Loan Los ses 4,065 2,972 2,500Demand Deposits 126,398 103,695 89,184Total Deposits 401,724 345,023 310,109Long-term Debt and Notes Payable 0 0 0Shareholders Equity 41,112 35,080 30,125Per Share Data: Net Income - Diluted $1.04 $0.90 $0.72Book Value - Period-En d 6.32 5.43 4.78Dividends Paid 0.18 0.14 0.11Weighted Average Share s Outstanding (000) 6,479 6,399 6,278Selected Performance Ratios:Return on Average Assets 1.70% 1.60% 1.52%Return on Average Shar eholders Equity 18.49 18.5 17.14Net Interest Margin (tax equivalent) 5.47 5.24 5.15Efficiency Ratio 51.5 52.6 57.31Asset Quality Ratios:Non-Performing Loans to Total Loans - Period-End 0.77% 0.50% 0.55%Allowance for Loan Losses to Total Loans - Period-End 1.47 1.35 1.4Allowance for Loan Losses to Non-Performing Loans=- Period-End 193 270 252Net Charge-Offs (Recoveries) to Average Loans-0.08 -0.08 0.17 0.09Shareholders Equity to Total Assets - Period-End 8.89% 8.83% 8.40%Average ShareholdersEquity to Average Assets 9.21 8.66 8.85Total Risk-based Capital to Risk Weighted Assets15.06 15.85 15.91Leverage Ratio - at Period-End* 8.83 8.82 8.42* Calculated in accordance with Federal Reserve guidelines currently in effect.SUMMIT BANKS BALANCE SHEETSIN ENTERPRISE VALUE FORMASSETS 1997 1996Cash and due from banks 30,487 28,339Total investment securities 141,387 137,363Loans, Net 272,004 217,034Minus short-term liabilities -418,682 -360,168Net fixed and other assets 15,916 12,512ENTERPRISE VALUE 41,112 35,080LIABILITIES AND SHAREHOLDERS EQUITY1997 1996Permanent debt 0 0Common Stock 8,127 4,041Capital Surplus 6,251 6,136Retained Earnings 26,491 24,675Unrealized Gain on Investment SecuritiesAvailable-for-Sale, Net of Tax 243 228Total shareholders equity 41,112 35,080ENTERPRISE VALUE 41,112 35,080- -1994 1993- -Years ended December 31,$18,143 $17,0955,625 5,235- -12,518 11,860-114 23-152 32,729 2,8559,075 9,155- -6,134 5,5402,094 1,809- -4,040 3,731$291,011 $280,688114,722 112,315138,966 127,2502,410 2,59472,992 61,165259,539 254,151250 50025,334 22,978$0.61 $0.574.01 3.680.09 0.0546,172 6,1921.43% 1.40%16.55 17.754.85 4.959.96 61.980.46% 1.17%1.73 2.04375 1740.05 0.199.04% 8.19%8.64 7.8918.09 17.538.69 8.18瑞丰银行1996年和1997年，（千美元）资产 1997 1996现金和银行定期存款 30,487 28,339联邦基金抛售 35,760 20,350投资证券 可销售证券，按公允价值 60,476 58,576证券持有至到期，按成本（公允价值），在1997年12月31日和1996年分别为 $45,360,000和 $58,629,000 45,151 58,437投资证券合计 141,387 137,363贷款，未实现贴现息净值 276,069 220,006贷款损失准备金 -4,065 -2,972贷款，净额 272,004 217,034固定资产净值 7,916 7,105应收未收收益 3,442 3,189其他不动产 151 166其他资产 4,407 2,052资产合计 459,794 395,248负债及股东权益 1997 1996无息活期存款 126,398 103,695计息存款 275,326 241,328存款合计 401,724 345,023在回购协议之下售出证券 14,689 13,209应计利息 678 638其他负债 1,591 1,298负债合计 418,682 360,168普通股 8,127 4,041资本公积 6,251 6,136留存收益 26,491 24,675未实现收益的可出售证券投资，税后净额 243 228股东权益合计 41,112 35,080负债及股东权益 459,794 395,248年末 12月31日- - -1997 1996 1995- - -盈余总汇表利息收入 $31,972 $27,577 $22,929利息支出 11,301 9,771 8,277- - -净利息收入 20,671 17,806 14,652提供信用贷款的损失 -900 -819 -236证券收益（损失） -1 -14 -10非利息收入 3,266 2,990 2,764非利息费用 -12,318 -10,917 -9,973- - -息税前利润 10,718 9,046 7,197所得税费用 -3,678 -3,103 -2,468- - -净利润 7,040 5,943 4,729资产负债表数据（期末）： 总资产 $459,794 $395,248 $355,417投资证券 105,627 117,013 119,368贷款，未实现贴现息净值 276,069 220,006 178,493贷款损失准备金 4,065 2,972 2,500活期存款 126,398 103,695 89,184总存款 401,724 345,023 310,109长期债务和应付票据 0 0 0股东权益 41,112 35,080 30,125每股数据： 净利润-稀释的 $1.04 $0.90 $0.72账面价值-期末 6.32 5.43 4.78股息派发 0.18 0.14 0.11发行在外的普通股加权平均股数 6,479 6,399 6,278选定的绩效比率： 平均资产回报率 1.70% 1.60% 1.52%平均股东权益的回报率 18.49 18.5 17.14净利息收益率（税等价收益率） 5.47 5.24 5.15效率比 51.5 52.6 57.31资产质量比率： 不良贷款占总贷款比率-期末 0.77% 0.50% 0.55%贷款亏损准备金占总贷款比率-期末 1.47 1.35 1.4贷款损失准备金占不良贷款比率 =-期末 193 270 252净核销数（回收率）占平均贷款的比率- 0.08 -0.08 0.17 0.09股东权益与总资产的比率-期末 8.89% 8.83% 8.40%平均股东权益与平均资产的比率 9.21 8.66 8.85总风险资本与风险加权资产比率 15.06 15.85 15.91杠杆比率-在期末* 8.83 8.82 8.42*计算与美国联邦储备目前实行的框架一致。 瑞丰银行的资产负债表企业价值形式资产 1997 1996现金和银行定期存款 30,487 28,339投资证券合计 141,387 137,363贷款，净额 272,004 217,034减去短期负债 -418,682 -360,168固定资产净值和其他资产 15,916 12,512企业价值 41,112 35,080负债及股东权益 1997 1996“长期债务” 0 0普通股 8,127 4,041资本公积 6,251 6,136留存收益 26,491 24,675未实现收益的可出售证券投资，税后净额 243 228股东权益合计 41,112 35,080企业价值 41,112 35,080-1994 - 1993-$18,143 $17,0955,625 5,235- -12,518 11,860-114 23-152 32,729 2,8559,075 9,155- -6,134 5,5402,094 1,809- -4,040 3,731$291,011 $280,688114,722 112,315138,966 127,2502,410 2,59472,992 61,165259,539 254,151250 50025,334 22,978$0.61 $0.574.01 3.680.09 0.0546,172 6,1921.43% 1.40%16.55 17.754.85 4.959.96 61.980.46% 1.17%1.73 2.04375 1740.05 0.199.04% 8.19%8.64 7.8918.09 17.538.69 8.18CULLEN FROST BANKERS INCBalance SheetAssets: 2005 2004Cash and due from banks 873,015,000 545,602,000Interest-bearing deposits 6,438,000 3,512,000Federal funds sold and resellagreements 1,033,975,000 744,675,000Total cash and cash equivalents 1,913,428,000 1,293,789,000Securities held to maturity 12,701,000 16,714,000Securities available for sale, fair value 3,059,111,000 2,957,296,000Trading account securities 6,217,000 4,671,000Loans, net of unearned discounts 6,085,055,000 5,164,991,000Less: Allowance for possible loan losses -80,325,000 -75,810,000Net loans 6,004,730,000 5,089,181,000Sum of cash, securities, and loans 10,996,187,000 9,361,651,000 G47,0,G47-(G26+G28+G29+G30+G35+G37)Mortgage loans held for sale 18,953 18,953 18,953 18,953 18,953 18,953 G40+SUM(G42:G46),G38-G40-SUM(G42:G46),0)Long-term indebtedness 2,826 2,826 2,826 2,826 2,826 2,826 66.43 0% 2% 3% 5% 6%8.0% 46.54 53.88 58.93 74.10 86.268.5% 45.74 52.92 57.87 72.73 84.649.0% 44.95 51.99 56.84 71.39 83.069.5% 44.19 51.08 55.83 70.09 81.5210.0% 43.44 50.20 54.84 68.81 80.0110.5% 42.71 49.33 53.88 67.57 78.5411.0% 42.00 48.48 52.94 66.36 77.1111.5% 41.30 47.65 52.03 65.17 75.7112.0% 40.62 46.85 51.13 64.01 74.34BA B C D E F G H123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142小银行预计财务报表模型作为存款百分比的现金 5.0%现金利息 0.0%其他投资证券利息 6.19%抵押贷款利息 8.13%其他盈利资产利息 6.71%贷款利息 8.77%存款利息 3.51% 3.60% 3.80% 3.90% 4.00% 4.20%短期借款利息 4.72%长期负债利息 6.38%按未偿还贷款的贷款损失 0.30%按利息收益的无利息收益收入 25.30%按净利息收入的无利息支出 65.00% G47,0,G47-(G26+G28+G29+G30+G35+G37)销售持有的抵押贷款待售 18,953 18,953 18,953 18,953 18,953 18,953 G40+SUM(G42:G46),G38-G40-SUM(G42:G46),0)长期负债 2,826 2,826 2,826 2,826 2,826 2,826 71.51 0% 2% 3% 5% 6%8.0% 50.14 58.02 63.45 79.75 92.828.5% 49.28 57.00 62.31 78.28 91.089.0% 48.43 56.00 61.20 76.84 89.389.5% 47.61 55.02 60.12 75.44 87.7210.0% 46.81 54.06 59.06 74.07 86.1110.5% 46.02 53.13 58.03 72.73 84.5311.0% 45.25 52.22 57.02 71.43 82.9811.5% 44.50 51.33 56.03 70.16 81.4812.0% 43.77 50.47 55.07 68.91 80.01BA B C D E F G H123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143VALUING ROSARIO BANKA model using residual equity cash flowsCash as percent of deposits 20%Deposit growth 10%Loan growth 12%Interest paid on deposits 1%Interest earned on loans 11%Interest paid on borrowing 6%General, selling, administrative expenses, growth 3%Fixed assets at cost, growth 10%Depreciation rate 8%Equity as percentage of loans 15% G24+SUM(G26:G28),G21-G24-SUM(G26:G28),0)200,000 200,000744,112 857,405 G24+SUM(G26:G28),G21-G24-SUM(G26:G28),0)200,000 200,000744,112 857,405 Determines maximum payout to equity残量法中的银行股票现金流量资产 负债现金和有价证券 工作电流负债-借入资金贷款组合 债务固定资产净值 股票总资产 总负债和股东权益明年的资产=t年资产+储备对贷款组合中增加+保证金的业务扩张，等#NAME