Price Earning Ratio

can, a special drink that everyday people can enjoy. This product offers a unique experience to the lower classes that was once considered just for the very special occasion. It will be aimed at young people of 21 years and older, and therefore the price will adjust for this lower to middle-class younger market. The big influence that the media has on the citizens of the USA will help this product’s release into the USA market. Champagne in a can will be a joint venture with the Boizel Chanoine

France MY LISTS SECTORS & INDICES MULTI-CRITERIA SEARCH ISIN: FR0000131906 Last Viewed Renault SA Snapshot Main Sector: Automobiles Ticker: RNO Fundamentals Markets Estimates GPRV® Factsheet Peers Valuation Multiples Ratios Revisions Stock Perf Charts Company Info Business Summary Focusing on its core business of making cars, The Company is now one of the six world leaders in the sector through its Alliance with Nissan and its acquisition of the Dacia

make comparisons with the actual market place in order to form a view. Both vendors and purchasers will look at what is available or has recently been sold in the market, and at what price, as a guide to the value of the business under consideration. The valuer of a private company’s shares must attempt to judge what price might realistically be expected to be obtained in the market at a given time. The valuer will do this by obtaining data about what is currently being traded in the quoted market for

et développement + dotations nettes aux amortissements et provisions ≈ Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) = (ressources qu’obtient l’entreprise du seul fait de ses opérations d’exploitation => surplus monétaire (cash) engendré par les opération d’exploitation) Résultat opérationnel = EBE - dotations nettes aux amortissements et provisions (DAP) (Operating profit) ≈ Earnings Before Interest and Taxes (EBIT) = enrichissement dégagé par les opérations

dépendance Not dealing at arm's length B   [pic] BAIIA - Bénéfices avant intérêts, impôts et amortissements (en France: Excédent brut d'exploitation) EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization Barème des frais Fee schedule Bénéfice net (Résultat net) Bottom line Bénéfices non répartis Retained earnings Bénéficiaire Beneficiary Bénéficiaire du transfert (cessionnaire) Transferee (Société) bien établie (en France: société bien implantée) High quality company Biens

million  Profit from recurring operations (+4%) Significant reinvestment to support brands  Increase in marketing investment: € 1,262 million (+2%, organic growth +5%) Further key stage in debt reduction  Marked improvement in Net Debt / EBITDA ratio (on average foreign exchange rates): 4.9 at 30 June 2010 vs 5.4 at 30 June 2009 Strong cash generation  Free Cash Flow from recurring operations € 1,160 million The following analysis will be focused on the examination of the 1/ Group profitability

the main capital structure puzzles including (i) why equity is not “last resort” financing, (ii) why profitable firms pay dividends and maintain low leverage despite the corporate tax benefits of debt, (iii) why firms fail to “lever up” after stock price increases, and (iv) why leverage rebalancing occurs with a lag despite trivial adjustment costs. This work was supported by the Charles E. Cook/Community Bank and Kenneth King Stonier Chairs at the Marshall School of Business of the University of

- 2.2.4.1 Ressources Financières Ratio Liquidity Ratios Current Ratio Quick Ratio How Calculated  Current assets  Current liabilities  Current assets minus   inventory  Current liabilities What It Measures The extent to which a firm can meet its short-term obligations The extent to which a firm can meet its short-term obligations without relying upon the sale of its inventories  Leverage Ratios Debt-to-Total-Assets Ratio Debt-to-Equity Ratio  Total debt  Total assets The percentage

Berkshire Hathaway Inc. 138.3 State Street Global Advisors (U.S.) 73.7 Capital Research Global Investors 59.8 Capital World Investors 58.9 BlackRock Institutional Trust Company, N.A. 51.7 Vanguard Group, Inc. 50.2 Van Kampen Asset Management 23.8 T. Rowe Price Associates, Inc. 15.1 Northern Trust Investments, N.A. 12.4 Aberdeen Asset Managers Ltd. 12.0 % of KFT** 8.0% 4.3% 3.5% 3.4% 3.0% 2.9% 1.4% 0.9% 0.7% 0.7% *As of December 31, 2009 per 13F filings **Based on shares outstanding as of March 11,

Souscription ❖ Les Warrants ❖ Les Options ❖ Les Stock Options II – DEMARCHES ET OUTILS D’EVALUATION DES INVESTISSEMENTS FINANCIERS 1) L’évaluation des actions : a) Les méthodes d’évaluation boursière : ❖ Les ratios PER ❖ La méthode du modèle de dividendes  (modèle de Gordon-Shapiro) ❖ Le q de Tobin b) Les outils d’évaluation 2) L’évaluation des obligations • Le Taux de Rendement Actuariel • Le Taux au Pair • Pour les EFI option