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Daimler AG
Содержание
- 1. Daimler AG
- 2. Table of Content:LiquidityOutstanding BondsChange in Yield to MaturityHighest amount outstanding/shortest/longestCAPM-ModelGordon Constant Growth
- 3. Liquidity2007 achieved an appropriate level of liquidity
- 4. LiquidityWorking Capital: Current Assets – Current LiabilitiesCurrent Ratio: Current Assets / Current Liabilities
- 5. Outstanding Bonds:2013Jan – Aug $ 6 billion
- 6. Change in YTM:
- 7. Highest amount outstanding/shortest/longest Highest Amount Outstanding:1. Daimler
- 8. Highest amount outstanding/shortest/longest Current Bond Price: $100.6Bond
- 9. Replacing Data for 2016Daimler Fin North Amer
- 10. Holding PeriodDaimler Fin North Amer 1.3% /
- 11. Funds:Wealth Fund:Daimlerchrysler Co 0.6816% yield to maturity:
- 12. CAPM ModelBeta of Stock: 1.93Risk Free Rate: 4.87%Market Required Rate: 4%Required Rate of Return: 3.1909%
- 13. Gordon Constant Growth ModelConstant Growth Rate =(85.07
- 14. Thank youFor your attention.
- 15. Скачать презентанцию
Table of Content:LiquidityOutstanding BondsChange in Yield to MaturityHighest amount outstanding/shortest/longestCAPM-ModelGordon Constant Growth
Слайды и текст этой презентации
Слайд 2Table of Content:
Liquidity
Outstanding Bonds
Change in Yield to Maturity
Highest amount outstanding/shortest/longest
CAPM-Model
Gordon
Constant Growth
Слайд 3Liquidity
2007 achieved an appropriate level of liquidity
Daimler liquidity moderately
increased over the last 3 years
Increase was caused by positive
free cash flow Defined as cash and cash equivalents and other marketable securities
Their liquidity situation of the international capital markets and their creditworthiness lead Daimler to continue with a good refinancing conditions in 2014.
Daimler aims to have a liquidity available in a volume appropriate to the general risk situation financial markets and their risk profile.
Слайд 4Liquidity
Working Capital:
Current Assets – Current Liabilities
Current Ratio:
Current Assets
/ Current Liabilities
Слайд 5Outstanding Bonds:
2013
Jan – Aug $ 6 billion bonds
Duration: 2, 3,
and 5 years
Volume of bonds issued: $ 4.5 billion
Outstanding volume
at end of the year: Euro 38.7 billionOutstanding volume at end of 2012: Euro 35.7 billion
2014
Mar – Aug $ 4.65 billion
Duration: 8 and 10 years
Additional bonds issued in Euros: 1.25 billion
Issued bonds in China
Outstanding volume at end of year: Euro 43.2 billion.
Слайд 7Highest amount outstanding/shortest/longest
Highest Amount Outstanding:
1. Daimler Fin North Amer 1.3%
Amount outstanding: 1.5 billion
2. Daimler Fin North Amer 2.45%
Amount outstanding:
1.3 billion3. Daimler Fin North Amer 1.25%
Amount outstanding: 1.25 billion
Shortest vs. longest maturity bonds:
Daimler Fin North Amer 1.3%
Maturity Date: 07/31/2015
Daimler Fin North Amer 3.3%
Maturity Date: 05/19/2025
Слайд 8Highest amount outstanding/shortest/longest
Current Bond Price: $100.6
Bond Par Value ($): 1000
Bond
Coupon Rate(%): 1.300%
Years Until Maturity (Years): 0.1
Additional: YTM = 0.70%
Current
Bond Yield: 12.992%Bond spread
Calculating Bond Spread =
32.898% - 12.992% = 19.906%
Germanys’ latest yield is 0.75% and the U.S.’s latest yield is 2.32%.
Current Bond Price: $100.31
Bond Par Value ($): 1000
Bond Coupon Rate(%): 3.300%
Years Until Maturity (Years): 10
Additional: YTM = 3,26%
Current Bond Yield: 32.898%
Слайд 9Replacing Data for 2016
Daimler Fin North Amer 1.3%
Amount outstanding: 1.5
billion
Current Bond Price: $100.90
Bond Par Value ($): 1000
Bond Coupon Rate(%):
1.885%Years Until Maturity (Years): 0.1
Daimler Fin North Amer 2.45%
Amount outstanding: 1.3 billion
Current Bond Price: $100.50
Bond Par Value ($): 1000
Bond Coupon Rate(%): 2.250%
Years Until Maturity (Years): 4
Additional: YTM = 2,36%
Слайд 10Holding Period
Daimler Fin North Amer 1.3% / Maturity Date: 31/07/2015
Initial
Value: $100.6
End of period Value: $100.90
Income if we invest $1000:
$7 Holding Period Return:7,26%
Daimler Fin North Amer 2.45% / Maturity Date: 18/05/2020
Initial Value: $100.31
End of period Value: $100.50
Income if we invest $1000: $ 24
Holding Period Return: 24.12%
Daimler Fin North Amer 1.25% / Maturity Date: 11/01/2016
Initial Value: $100.25
End of period Value: $100.80
Income if we invest $ 1000: $ 9
Holding Period Return: 9,53%
Daimler Fin North Amer 3.3% / Maturity Date: 19/05/2025
Initial Value: $100.31
End of period Value: $101.31
Income if we invest $1000: $ 24
Holding Period Return: 33.89%
Слайд 11Funds:
Wealth Fund:
Daimlerchrysler Co 0.6816% yield to maturity: 4.80.
Rather risky and
short term
Daimler AG 2.375% Bond
maturity in 2023.
Pension Fund:
Duration mismatch
Short
term investment: Daimler Fin North Amer 1.25% Maturity Date: 11/01/2016 Holding period of return: 9,53%
Слайд 12CAPM Model
Beta of Stock: 1.93
Risk Free Rate: 4.87%
Market Required Rate:
4%
Required Rate of Return: 3.1909%
Слайд 13Gordon Constant Growth Model
Constant Growth Rate =
(85.07 x 19,4) –
2,45
85.07
=
16.0576%
Constant Growth Rate =
(Current Price x k) – Current
annual dividendsCurrent Price
Current Price= Euro 85.07
K – Required return rate = 19,4%
Current annual dividends per share = Euro 2.45
