Discounted cash flows Sample Clauses

Discounted cash flows. The discounted cash flows method involves estimating cash flows over the medium term and extrapolating them to infinity. The cash flows are defined as “free” cash flows, i.e., after tax, change in working capital and investment spending but excluding financial income and expenses. Net income from equity associates is separately valued based on Alstom Group’s trading multiple. Future cash flows therefore represent the cash flows available for remunerating invested capital (equity and financial debt). This valuation method aims at calculating the enterprise value of a company based on the sum of future free cash flows generated by the company discounted as at September 30th, 2017 by the weighted average cost of capital (WACC). Contributions’ DCF are based on their business plans, exchanged as part of the negotiations, for both perimeters, the French Contribution and the Luxembourg Contribution, including two years of forecasts, from September 30th, 2017 to September 30th, 2019, before computing a terminal value. It should be noted that based on the financial performance over the period from September 30th, 2017 to March 31st, 2018 of Alstom and the Contributions, there is no indication that such performance is materially different from the business plans. The WACC was determined on the basis of financial parameters of the sector and the range of 8.0- 9.0% has been retained for both French Contribution and Luxembourg Contribution. In addition, the Perpetual Growth Rate retained for the calculation of the terminal value is 1.5%. On the basis of these assumptions, the sensitivity of the valuation of Contributions to the main valuation parameters is as follows: • +/-0.25% WACC leads to a -3%/+4% and a -4%/+4% delta in the equity value respectively for French Contribution and Luxembourg Contribution; • +/-0.25% PGR leads to a +4%/-3% and a +4%/-4% delta in the equity value respectively for French Contribution and Luxembourg Contribution. Based on the WACC (range of 8.0-9.0%) / PGR (1.5%) parameters and the business plans of Contributions, the DCF approach results in an enterprise value of €220m-€251m and €9,349m- €10,658m respectively for French Contribution and Luxembourg Contribution. Hence, the equity value of Contributions stands at €202m-€233m and €7,313m-€8,621m respectively for its French Contribution and its Luxembourg Contribution.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Discounted cash flows

  • Cash Flow Multi-Year Cash Flow = ( ) − ( ); One-Year Cash Flow = ( ) − ( ) Preliminary Rating Final Rating (Following Additional Analysis)

  • MUSIC USAGE RETURN 15.1 The Licensee must, for the duration of the Agreement and on a quarterly basis, submit to SAMRO the following information regarding each and every Work of Music Performed at the Premises: the name of the Work of Music; the name(s) of each composer; the name(s) of the arranger; the name(s) of the performer; the name(s) of the publisher; and the number of times each Work of Music was Performed.

  • Current Revenue The funds distributed hereunder shall be paid solely from lawfully available funds of the SEDC. Under no circumstances shall the obligations hereunder be deemed to create any debt within the meaning of any constitutional or statutory provision. None of the obligations under this Agreement shall be pledged or otherwise encumbered in favor of any commercial lender and/or similar financial institution.

  • Payment flows The Programme Operator shall ensure that payments to projects are made in a timely manner. Interim and final payments to the projects shall be based on approved project reports. Payments of the project grant shall take the form of advance payments, interim payments and a final payment. The level of advance payment to projects shall be set out in the project contract. The maximum level of advance payment shall be as follows: Advance payment Interim payments Final payment (reimbursement) Projects Up to 30% 30-90% 10% The first advance instalment shall be paid following the signature of the project contract. Subsequent payments shall be paid after the approval of project interim reports. The final payment will be paid after approval of the final report. An advance payment of a percentage of the total grant amount shall be paid within one month from the submission of a request after signature of the project contract. The interim payments shall be paid within one month after the approval of project interim reports. Upon approval of the final project report a final balance payment, if applicable, shall be made within one month. The approval of project interim and final reports shall take place within two months from the submission of the required information. The periodicity of reporting periods, and deadlines for reporting will be further detailed in the description of the Programme Operator’s management and control systems. In case of euro-denominated contracts with entities from Norway or with intergovernmental organisations, the Programme Operator shall transfer the amounts in euro.

  • Average Contribution Amount For purposes of this Agreement, to ensure that all employees enrolled in health insurance through the City’s HSS are making premium contributions under the Percentage-Based Contribution Model, and therefore have a stake in controlling the long term growth in health insurance costs, it is agreed that, to the extent the City's health insurance premium contribution under the Percentage-Based Contribution Model is less than the “average contribution,” as established under Charter section A8.428(b), then, in addition to the City’s contribution, payments toward the balance of the health insurance premium under the Percentage-Based Contribution Model shall be deemed to apply to the annual “average contribution.” The parties intend that the City’s contribution toward employee health insurance premiums will not exceed the amount established under the Percentage-Based Contribution Model.

  • Current Revenues Under Texas law, a contract with a governmental entity that contains a claim against future revenues is void; therefore, each party paying for the performance of governmental functions or services must make those payments from current revenues available to the paying party.

  • XXXXX CASH 21 CONTRACTOR is authorized to establish a xxxxx cash fund in an amount not 22 to exceed two hundred and fifty dollars ($250.00).

  • Net Income After giving effect to the special allocations set forth in Section 6.1(d), Net Income for each taxable year and all items of income, gain, loss and deduction taken into account in computing Net Income for such taxable year shall be allocated as follows:

  • Historical Transaction Amounts For each of the two years ended 31 December 2021 and 2022 and the six months ended 30 June 2023, the historical transaction amounts paid by Poly Developments and Holdings Group to the Group in respect of property management services under the 2021-2023 Property Management Services Framework Agreements were RMB197.9 million, RMB202.5 million and RMB80.3 million, respectively.

  • Gross Revenue 16.1.1 For the purposes of this PPP Agreement and its Schedules, Gross Revenue shall be defined as:

Time is Money Join Law Insider Premium to draft better contracts faster.