Formulas

Growth of sales = [Sales(t) – sales(t-1)] / Sales(t-1)

Growth (volume) = [Volume(t) – volume(t-1)] / Volume(t-1)

Growth (price) = [Price(t) – price(t-1)] / Price(t-1)

Prod HR = VA / Average headcount

VA Capital = VA / Non-current assets

EBITDA margin = EBITDA / Sales

Contribution margin = Fixed costs

m * sales0 = Fixed costs

m = (Sales – variable costs) / Sales

Sales0 = Fixed costs / m

Operating leverage = Sales / (Sales – Sales0)

Non-current assets

Inventories

+ Trade receivables

- Trade payables

= Operating WC

+ Non operating WC

= WC

Capital employed

SE

Short medium and long term debts

+ Short term borrowings

- Marketable securities

- Cash and equivalents

= Net debt

Invested capital

WC on sales = Operating WC / Annual sales (excl. VAT)

Days/receivables = Total receivables * 365 / Annual sales (incl. VAT)

Days/payables = Accounts payable * 365 / Annual purchases (incl. VAT)

Days/inventories = Inventories and work in progress * 365 / Annual sales (excl. VAT)

Net treasury = Marketable securities & cash – short term borrowing

Current ratio = Current assets / Current liabilities

Acid test ratio = (Current assets – inventories) = Current liabilities

Debt ratio = Total debt / Total assets

Debt to equity = Total debt / Total equity

Years needed to repay debt = Net debt / EBITDA

Debt service ratio = EBIT / Net interest expense

PV0 = FV * 1 / (1 + r)^t

ROCE = Operating profit after tax / Capital employed

ROE = Net income / SE

ROA = Operating profit after tax / Total assets

ROE = ROCE + (ROCE – i) * D/E

Equity value = Enterprise value – Net debt value

Value of a share = Equity value / Number of shares

Market capitalization = Total number of shares outstanding * share price

P/E = Market price per share / Current earnings per share

P/BV = Market price per share / Book value per share