Erayga Dhaqanka Lacagaha La dhimay waa mid aad ugu badan dhinaca maaliyadda iyo xisaabaadka. Waxay go'aamisaa go'aanka iibsashada ama iibinta shirkad qaybta ganacsiga. Microsoft Excel waxay shaqadeena ku fududaysay Formula socodka lacagta caddaanka ah ee la dhimay . Waxaa loo adeegsadaa in lagu go'aamiyo qiimaha ganacsiga ama amniga. Waxay ka dhigan tahay qiimaha maalgeliyaha iyo rabitaankiisa/iyada rabitaankiisa inuu ku bixiyo maalgelinta, oo leh heerka soo celinta maalgashigooda. Maqaalkan, waxaan ku sahamin doonaa qaacidada socodka lacagta kaashka ah ee la dhimay ee excel oo leh 2 tusaale oo fiican > Formula.xlsx

Waa maxay Qaanuunka Lacagta Lacagta La dhimay (DCF)?

Qaciidada Lacagta Lacag-dhimista ah (DCF) waa hab qiimeeya oo ka caawinaya in la go'aamiyo qiimaha caddaaladda iyada oo la dhimayo socodka lacagta caddaanka ah ee mustaqbalka. Habkan, socodka lacagta caddaanka ah ee mustaqbalka waxaa loo qaadanayaa iyadoo loo eegayo nolosha ama hantida shirkadda oo aan xadidnayn. Waxa kale oo ku jira qiimo dhimis kaas oo dhimaya socodka lacagta caddaanka ah ee aan soo sheegnay si loo gaadho qiimaha hadda jira. Habkani waxa uu dhigayaa sidan:

Halkan,

CFt = Lacag caddaan ah oo soconaysa muddada t (waqtiga) <2

r = Qiimaha dhimista >

Dhaqdhaqaaqa lacagta caddaanka ah ee la dhimay ( DCF ) badanaa waa la isku qasan yahayoo leh fikradda qiimaha saafiga ah ( NPV ). In kasta oo labada ujeeddooyinkoodu isku mid yihiin, haddana waxa jira farqi gaar ah. Qaabka NPV in Excel ayaa si cad u qeexaya

Dhanka kale, DCF formula waxa lagu dabaqi karaa waqtiyo kala duwan.

Waxaan ku dabaqi karnaa habka socodka lacagta caddaanka ah ee la dhimay ( DCF ) gudaha Excel si aan u xisaabino qulqulka lacag-la'aanta ah ee lagu adkeynayo ( FCFF ) iyo lacagta caddaanka ah ee bilaashka ah u qulqulaya sinaanta ( FCFE ) ee excel. Tan, halkan waa xog-ururin qeexaysa qiimaha qiimaha sinnaanta, heerka deynta iyo heerka canshuurta. Waxa kale oo ay muujinaysaa qiimaha sinnaanta iyo deynta taagan.

Hadda, aynu hoos aragno 2 tusaale oo ku saabsan habka socodka lacagta kaashka ah ee la dhimay ee excel.

1 Ku codso foomamka socodka lacagta caddaanka ah ee Excel si aad u xisaabiso socodka lacag-la'aanta ah ee shirkadda (FCFF)

Tusaalahan, waxaanu xisaabin doonaa qulqulka lacag-la'aanta ah si loo adkeeyo ( FCFF ) oo leh socodka lacagta caddaanka ah ee la dhimay 1>DCF ) formula. Raac tillaabooyinka hoose:

• Marka hore, geli caanahan unug C11 si aad u xisaabiso Guud caddadadka sinnaanta iyo deynta.
> 14> =C8+C9 >
• Ku dhufo Geli .
>

> >

>> 12>Marka labaad, geli caanahan cell C12 oo dhagsii Geli furaha si aad u ogaato Qiimaha deynta . >Qiimaha deynta >

>

>
• Markaad raacdo, aad Dataset xaashida shaqada
• Intaas ka dib, geli caanahan > unugga C13 si loo xisaabiyo Celceliska Qiimaha raasumaalka (WACC) .

12>guji Enter. > > >

Hadda, qaado xaashi shaqo oo cusub oo geli wakhti kasta unug kala duwan B5:B9 .

Marka ku xigta, mari qaacidadan si aad u xisaabiso FCFF sanad kasta unugyada kala duwan C5:C9 .

> FCFF = Cash Flow From Operations + Interest Expense * (1 – Tax Rate) – Capital Expenditures (CAPEX) > >

> >

Dabadeed, geli qiimaha WACC gudaha unugga C11 .

Ugu dambayntii, geli DCF qaacidada unugga C12 .

> >>> > =C5/(1+C11)^B5+C6/(1+C11)^B6+C7/(1+C11)^B7+C8/(1+C11)^B8+C9/(1+C11)^B9

>

• Riix Geli furaha.
>Taasi waa sidaas, waa kan soo-saarka ugu dambeeya ee FCFF wadarta wakhtiga oo leh DCF formula.

>

Wax dheeraad ah ka akhri: Sida loo Xisaabiyo Qiimaha Hadda ee socodka lacagta kaashka ah ee mustaqbalka ee Excel >

> 2. Xisaabi socodka lacag-la'aanta ah ilaa Sinnaanta (FCFE) Adigoo isticmaalaya Foomka Socodka Lacagta Lacagta La dhimay ee Excel

Qaybtan, waxaan ku xisaabin doonnaa socodka lacag-la'aanta ah ee lacagta caddaanka ah ee loo siman yahay ( FCFE<) 2>) oo leh socodka lacagta caddaanka ah ee la dhimay ( DCF ) qaacidada. Halkan, waxaanu ku shaqayn doonaa isla xogta kor ku xusan. Aynu aragno habka hoos:

> > Marka hore, ku dar Kharashaadka Dulsaarka wax soo saarkii hore ee tirada unugyada.D5:D9 oo ku jira xaashi cusub. > >> >

• Dabadeed, geli caanahan unug E5 si aad u ogaato FCFE ee 1aad sano> Taas ka dib, isticmaal AutoFill qalabka si aad u xisaabiso FCFE sanad kasta gudaha unugyada kala duwan D6:D9 .

<23

>

• Hadda, geli qiimaha Qiimaha Sinaanta ka Dataset gudaha unugga C11 .
• Marka xigta, mari DCF formula gudaha unug C12 oo ku dhufo Enter .
>

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>1> =E5/(1+C11)^B5+E6/(1+C11)^B6+E7/(1+C11)^B7+E8/(1+C11)^B8+E9/(1+C11)^B9

>

>

Ugu dambayntii, waxaanu haynaa natiijadeenii u dambaysay Sida loo xisaabiyo socodka lacagta caddaanka ah ee Excel (2 Wadooyin Fudud)

Faa'iidooyinka iyo Khasaarooyinka Dhaqaale Lacagaha La dhimay (DCF) ee Excel

>Dhaqanka kaashka ah ee la dhimay ( 1>DCF

) formula waa mid aad loo jecel yahay, haddana waxay leedahay faa'iidooyin iyo khasaare inta lagu jiro habka shaqada. hab aad u faahfaahsan oo u baahan macluumaad ku saabsan heerka kobaca, sinnaanta iyo xaashida dheelitirka guud o f sanad gaar ah

Qodobka DCF wuxuu caawiyaa in la ogaado qiimaha saxda ah ee ugu dhow.

Faa'iidada ugu weyn ee DCF formula waa in ay xisaabiso Heerka Soo-celinta Gudaha ( IRR ).

<0 Qasaarooyinka: >

>
• Qaabka DCF mararka qaarkood way adagtahay in la fuliyo.Xogta DCF Aad bay u adagtahay in la helo maadaama ay tahay hawl dheer Socodka Lacagaha Bisha (4 Ways)