재무 제표 이해하기 현금, 부채 및 기업 가치

### 투자에서 기업 가치(EV) 이해하기
* 💰 주식을 평가할 때 고려해야 할 주요 요소는 **주당 가격(PPS), 발행 주식 수, 시가총액(시가총액)**입니다.
* 💵 "현금은 **회사가 보유한 현금의 양**입니다. 부채는 **회사가 얼마나 많은 부채**를 가지고 있는지를 의미합니다."
* 📈 시가총액은 **회사의 발행 주식의 총 가치**입니다.
* 💸 현금에는 **은행 계좌의 현금, 시장성 있는 증권 및 현금과 유사한 투자**가 포함됩니다.
* 🏦 부채는 **회사가 빚을 지고 있는 돈**입니다.
* 💼 기업가치(EV)는 **시가총액에서 현금과 부채를 뺀 값**으로 계산되며, **순현금에 대한 시가총액을 조정**합니다.
* 🧠 기업가치(EV)는 **현금과 부채를 고려한 후의 기업 가치**를 나타내므로 중요합니다.

주요 주제는 "필수 투자"입니다.
주요 요점은 투자에서 시가총액, 현금, 부채, 기업 가치의 중요성을 이해하는 것입니다.

um anyway, that's sort of how I look at the first six things. I look at when I look at um when I look at a stock. Is the price per share. Some people abbreviate this as PPS or just P. The number of shares outstanding. The market cap. Then I look at these last three things: cash, debt, and Enterprise Value. What the heck is that? Well, cash and debt are pretty easy. Cash is how much cash the company has. Debt is how much debt the company has. That's pretty simple, right? Uh, let's let's look that up. How much cash? How much cash does Coca-Cola have? Well, this is going to get a little harder because we really have to delve into these 10ks and 10 Q's. So we remember the stock ticker of Coca-Cola is KO. And we see here a 10K. We have to sort of in our mind ignore all these other filings until we see this one: the 10 Q. 10K. 10 Q. Another 10 Q. Another 10 Q. And then last year's 10K.

last year's 10K. So they come out periodically. That makes sense. So this 10K just came out. And look at, look what it says here. Period of report. This is for the year 2015. So this is the 2015 results. And the date that they filed it was a few days ago. So companies don't report their 2015 results on January 1st. They may know them internally on January 1st, but they release them to the public a few months later. And so you can read this document. It is a huge document, hundreds of pages, uh, 170 pages. And if you're a real serious investor, you print this out and you read it page after page. That makes sense. But what are we looking for? We want to know how much cash they have. Where do we find that information? Well, it's on one of the financial statements known as the balance sheet, the balance sheet. And the balance sheet is one of three key financial statements. And it's the one we're going to look at most closely right now.

the balance sheet. So where do we find the balance sheet? Well, I'll take a look here. There's something here that says financial statements and supplementary supplementary data. Let's click that. Oh, look at that. Here's a statement of income. That's one of the three. And here's um the balance sheet. So the balance sheet will tell us how much cash they have. Well, here's cash, cash an equivalent, 7 billion. Remember this is in dollars and millions. 7 billion dollar. Okay. So Coke has 7309 in cash. But what about this short-term Investments? Well, that's kind of like cash. So I like to include that because even though it's not cash, it could probably be sold as cash. So I'm thinking about liquidity. Any kind of cash, marketable Securities, that sounds like cash too, 4269. And I add that as well. And now there's 20 billion in cash. How about accounts receivable? Well, what's accounts receivable? Accounts receivable is cash that you're owed. Accounts receivable, cash owed to

[Music] you by your customers, and that's not really cash, right? Occasionally, it's kind of like cash. In America, it takes about 60 days, 45 to 60 days, to collect cash, depending on your business. If you're a retailer, you collect your cash up front. You don't go to the store and say, I'll pay you back for this Kanye sweater in 45 to 60 days. No, they want your money right then and there. So, there are some businesses where this is different, but for most of corporate America, you're looking at 45 to 60 days. And so, accounts receivable, I don't think of it as cash. I think of cash. I think of any kind of cash in a bank account. I think of stocks and investments. I think of bonds, anything that's kind of like I could sell tomorrow, and the value won't be disputed. The value won't be disputed. It's easy to calculate the value, and they're liquid.

some way I can sell them. You could sell accounts receivable. I mean it's close, it's close, but it's just kind of where I cut it off as cash inventories. Well, this is soda, basically, right? Prepaid expenses, assets for sale. We'll talk about all this stuff. They're all accounting gibberish. Here's some more Investments, more Investments, Equity method Investments, and other Investments. So I'm going to include these two 12318 3470. All right, right, we're up to $36 billion of cash. Is there any other cash? No, no, no, none of this is Cash. All right, so we're done with the cash side. So they have 90 billion of assets and about 36 billion of that I felt was cash and cash like. How about debt? How about debt? Well, now there's liabilities in the balance sheet. You have assets and liabilities. All right, what kind of liabilities? Where's the debt? Well, here's long-term debt 28 billion. And I know a lot of you might say well

what does that mean? Well, companies borrow money. That is very common, and the bigger the company you are tends to be, the more that you borrow. And debt does not mean it's not a bad thing. Debt is not a bad thing. Here's some more debt, and here's some more debt. 13 billion, 129. And you can see that Coca-Cola actually has more debt than cash. Isn't that crazy? You would think that in business, the more you succeed, the more cash you build up, but it's not true. Big companies, what they do is that they um, they'll invest their excess cash, and they'll borrow money on because they have good credit, right? Most small companies can't borrow money like Aion Pharmaceuticals would have a hard time borrowing money, but Coca-Cola, they can borrow money at low interest rates. They can borrow money at low interest rates, and they do that, and they do. They use that money to do acquisitions. They use that money to pay dividends. They use that money to buy back their own stock.

and what I like to look at is net cash. So net cash is Cash minus debt. In this case, it's about negative 9 billion. If we add that to the market cap, we get something called Enterprise Value, which I'll discuss in a minute. Hang on one second. And so these are the six things that are important to investing. Just give me one e hey let's talk some Investments guys. Oh okay I'm back sorry about that. Um okay let's get back to work. So okay so we have market cap and then cash and debt. And cash and debt it all makes sense right. I mean you cash and other Investments basically things that I can sell things that I can sell and have cash debt or money I owe right. This company company has borrowed money and we'll have to pay this back. And the difference here is about what 9 billion 8 and half billion dollars. So if you buy a share of this company you actually are buying you're also buying that kind of net cash. So if you buy a

company. Let's just make up our streaming company. Again, we'll call it the Young Streaming Co. And, uh, forget about what the price, the shares outstanding, market cap, cash, debt, Enterprise Value. Let's say, like I said, the price is $200. There's four shares outstanding, so the value is $800. But let's say there's $11,000 of cash and no debt. When you buy all four shares of the streaming company, you are buying, you've bought the company. If you bought all four shares, you've bought the company. Um, you've bought the entire company. And if the company has $1,000 of cash, what ends up [Music] happening is that that's your cash, that's your cash, right? You can take that cash and put it in your own bank account. That sense, now it's the company's cash, but the company can pay a dividend. And yeah, you get $200 basically for free, and you got the whole business for free. And I hope that that makes sense. If that doesn't make sense to anyone, you

can dial in and I can try to explain it further. Does anyone have any questions? Dial in and ask the question. Hey Martin, can you go over the uh, the um, the EV? I can't remember the name. What that was. Enterprise Value. Yeah, I'll do that in a second. Okay, so basically, uh, let's see. Here. Are you on my YouTube stream? Yeah, yeah, I'm watching the YouTube stream. So you understand the, the market capitalization? Yep, yep, I got that part. Okay, so we're looking at this imaginary company. Well, let's look at a real company that's maybe easier. So Coca-Cola. It's a $185 billion company. That makes sense. They have $35 billion of cash. Um, and that includes all the cash in all the company's bank accounts in the world. And um, it adds up to about 35 billion. It also includes investments because if you, they spent money to invest in a company, I think that investment is also. I think of it as cash. You don't have to do it that way. It's

the way I recommend doing it because it in my eyes um I think of it as cash because if I take over this whole company Coca-Cola. I don't I'm not just buying the the bottlers the manufacturers the the concentrate they make um and all of the the things of the company. I'm also buying their bank accounts. I'm also taking over their debt. All of these things are now mine and includes their Investments they've made so their cash is 35 billion and I've added that up from the from the balance sheet. The debt is the same thing the debts a little more clear you owe money you owe money it's very it's very easy to add up that uh the the people you borrowed from make sure it's it's very easy to to know exactly how much you owe and if you have 35 billion in cash and 45 billion in debt you have about $ 10 billion that you owe and that's about kind of the situation of Coca-Cola now of course they make more money every

year they'll make another 10 billion dollar or $20 billion a year. So a year from now, they'll have $55 billion of cash and $44 billion on that. So they make so much money they have to spend it. And they spend that cash on investments or BuyBacks or whatever they might decide to spend it on. So the Enterprise Value is interesting. The Enterprise Value is the market cap, which is as we know the value of the company. And then the Enterprise Value adjusts for the net cash. And why do we do that? Well, let me just write out the formula real quick. Market cap oops oh I could start with market cap. Market cap minus Cash Plus debt equals Enterprise Value. And why do we why would we care to do this calculation? Well, it's pretty simple. If if you had a company that had a hundred billion let's say of cash let's pretend that Coca-Cola had a hundred billion dollar of cash and they had $44 billion of debt let's say they had no debt this is an

easy way to look at it. The Enterprise Value is 85 billion. That's the value of the business after you've taken the cash into consideration. That make sense, yeah? So, and you want to know what that is because let's say Coca-Cola is making 20 billion a year earnings in one year. Well, you could say, Well, they're making 20 billion in earnings and they the company's worth 185 billion. But you're not. The company's not really worth 185 billion because there's 100 billion in cash. The company's really worth 85 billion because the cash isn't worth cash is worth what it's worth. So, you have to take that out of the equation if that makes sense. And the earnings is about four years of earnings. So, every time you buy the stock, it's about four years earning. So, we'll talk about that in great detail. And it's okay if it doesn't make a lot of sense at first. It will, you know, but that's sort of the concept of owning a business. You sort of

or even when you own a share of a business, the cash and the debt are very important to look at because you have to sort of determine what the Enterprise is worth versus what the shares are worth. In the case of Coca, it's about the same. The Enterprise Value is 195 billion, the market Cap's 185 billion. But you want to know if you're buying a company that's all cash. Yeah, that's right. Taking the static elements out of the equation is one way to think of it.

Martin Shkreli: "6 Things I Look At When Analyzing A Company"

Shkreli Planet

주식 투자 분석하기: 초보자 가이드

주식을 분석할 때는 주당 가격, 발행 주식 수, 시가총액을 고려하는 것이 중요합니다.

회사의 현금, 부채 및 기업 가치를 이해하는 것은 매우 중요하며, 이러한 정보는 재무제표에서 확인할 수 있습니다.

대차 대조표는 회사의 보유 현금과 단기 투자에 대한 정보를 제공하기 때문에 회사의 유동성을 파악하는 데 특히 중요합니다.

기업 재무에서 현금, 투자 및 부채 관리하기

기업은 일반적으로 고객으로부터 현금을 회수하는 데 45~60일이 걸리며, 매출채권은 실제 현금보다 유동성이 떨어집니다.

코카콜라는 약 360억 달러의 현금 및 현금 유사 자산을 보유하고 있지만, 투자 및 운영 자금으로 차입금을 사용하여 400억 달러가 넘는 장기 부채를 보유하고 있습니다.

현금보다 부채가 더 많지만, 우수한 신용을 활용하여 다양한 재무 활동을 위해 저금리로 돈을 빌리고 있습니다.

기업 가치의 이해와 투자에서 기업 가치의 중요성

순현금은 기업의 현금과 부채의 차이로, 이를 시가총액에 더하면 기업가치가 됩니다.

기업 가치는 회사의 총 가치를 평가하고 투자 결정에 있어 그 중요성을 평가하는 데 매우 중요합니다.

현금, 부채, 기업 가치는 투자에 따른 전체 비용과 잠재적 이익에 영향을 미칠 수 있으므로 기업을 인수할 때 반드시 고려해야 할 요소입니다.

현금과 부채가 코카콜라의 가치에 미치는 영향

코카콜라의 현금 보유액은 350억 달러에 달하지만 부채는 450억 달러로 순부채가 100억 달러에 달합니다.

매년 막대한 수익을 거두면서도 끊임없이 투자하고 부채를 갚아나가고 있어 기업 가치에 영향을 미치고 있습니다.

순현금을 고려한 기업 가치는 회사의 진정한 가치를 측정하는 중요한 척도로, 재무 상황에 대한 통찰력을 제공합니다.

기업 가치는 현금을 고려한 기업의 총 가치로, 기업의 진정한 가치를 판단하는 데 중요한 역할을 합니다.

기업 가치에서 현금을 공제하면 기업의 실제 가치를 정확하게 평가하는 데 도움이 됩니다.

수익 및 부채와 관련된 기업 가치를 고려하는 것은 기업의 가치와 잠재적 투자 가치를 평가하는 데 필수적입니다.