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#Schweser quicksheet level 1 pdf how to
#Schweser quicksheet level 1 pdf pdf

+ n (1 + k e ) ( + 1 k e )n (1 + k e ) Dn +1 where: Pn = (k e − g c ) Constant growth model: D (1 + g c ) D1 = V0 = 0 k e − gc k e − gc P/B = price per share book value per share price per share P/S = sales per share price per share P/CF = cash flow per share Debt Investments Basic Features of Bond Structures

#Schweser quicksheet level 1 pdf pdf

Schweser Cfa LeQuicksheet Pdf Free Download Cfa Notes Level 1 Pdf Infinite Period Dividend Discount Models Supernormal growth model (multi-stage) DDM: D1 Dn Pn V0 = + +. One-Period Valuation Model D1 P1 V0 = + (1 + k e ) (1 + k e ) Be sure to use expected dividend D1 in calculation. Decline: negative growth, declining prices, consolidation.įive Competitive Forces 1. Mature: slow growth, consolidation, stable prices, high barriers to entry. Shakeout: slower growth, intense competition, declining profitability, cost cutting, weaker firms fail or merge. Growth: rapid growth, falling prices, limited competition, increasing profitability. Equity Investments Industry Life Cycle Stages Embryonic: slow growth, high prices, large investment needed, high risk of failure. Assumes perfect markets in which all information is cost free and available to everyone at the same time.Įven with inside info, investor cannot achieve excess returns.

Stock prices fully reflect all information from public and private sources. Investor cannot achieve excess returns using fundamental analysis. Security prices instantly adjust to new public information. Investor cannot achieve excess returns using tech analysis. Volume information/past price do not relate to future direction of security prices. Current stock prices fully reflect available security market info. Trailiing P/E = price per share EPS previous 12 mo. Earnings Multiplier Model D1 P0 E1 payout ratio = E1 k −g k −g Price Multiples leading P/E = price per share forecast EPS next 12 mo.

ke must be greater than gc (or math will not work).

Constant growth rate, gc, never changes.

Stock pays dividends constant growth rate.

Critical assumptions of infinite period DDM:

Small changes in difference between ke and gc cause large changes in stock’s value.

As difference narrows, value of stock rises.

As difference between ke and gc widens, value of stock falls.

Critical relationship between ke and gc: 2013 schweser kaplan cfa level 2 quicksheet pdf free download.īrokered markets: brokers find counterparties.

Order-driven markets: buyers and sellers matched by rules.Ĭfa level 1 schweser notes 2013 pdf|. Market Structures Quote-driven markets: investors trade with dealers.

#Schweser quicksheet level 1 pdf how to

Clearing instructions: how to clear and settle for sell orders, specify short sale or sale of owned security. Validity instructions: when to execute e.g., stop orders, day orders, fill-or-kill orders. Computing Index Prices ∑ stock prices Price-weighted Index = adjusted divisor Value-weighted Index = ∑(current prices )(# shares ) × base value ∑(base year prices )(# base year shares ) Types of Orders Execution instructions: how to trade e.g., market orders, limit orders.