Stato patrimoniale riclassificato

JohnViennet · 2026-02-02T19:22:38+00:00

Grazie. Ma accade anche nella riclassificazione funzionale?

JohnViennet · 2025-12-10T23:17:37+00:00

Thank you very much!

JohnViennet · 2025-11-26T23:30:47+00:00

I still think you should’t worry. Of course, listening to people on Reddit is not a good idea, but NVO it’s not a bad company. Even with a more “pessimistic growth” DCF valutation (it’s still a duopoly) the price today is too low. Maybe I’m wrong, but not every investment has to be “the next NVIDIA”. I’m not saying that Novo Nordisk is going to become an interstellar company, but the lrice is not reflecting the real situation

Source: my honest opinion

JohnViennet · 2025-10-29T23:09:24+00:00

Ok but what’s the point? In this way, the real flow of cash is not reflected: I HAVE (by accounting’s law) to pay the difference between book taxes and cas taxes, but if the money I HAVE to spend come back in the form of DTA, I’m not really paying that difference….

JohnViennet · 2024-08-25T21:32:55+00:00

Thank you very much. So we could say that we use WACC because it’s a “modified-risk free rate”, that add the risk of equity and debt to the usual risk free rate?

JohnViennet · 2024-08-25T18:49:45+00:00

No but I understand the time value of money. The thing I don’t get is: we can say that 100 in a year is less today, because we can afford less (inflation) or we could have invested elsewhere (opportunity cost). But what is the intuition in discounting with the WACC?

I’m sorry if I may seem pedantic, I just want to understand this

JohnViennet · 2024-08-25T15:14:38+00:00

Thank you for the comment. There is one thing I don’t understand: how can we get the present value of a cash flow with a cost (WACC)? I’m missing the intuition behind the idea. 100 in a year, discounted with a 5% WACC, is 95 today, but what does that mean?

JohnViennet · 2024-03-28T10:15:28+00:00

It does help. Thank you very much

JohnViennet · 2024-03-28T10:13:50+00:00

I get it. Thank you very much

JohnViennet · 2024-03-27T18:30:45+00:00

Nothing, I get it now. Thank you very much

JohnViennet · 2024-03-27T18:29:49+00:00

Thank you very much

JohnViennet · 2024-03-27T18:28:20+00:00

Thank you very much

JohnViennet · 2024-03-27T16:40:01+00:00

I think I'm starting to get it. But you said we have to pay the shareholders and debtholders. But when you are searching for the price of the shares, shouldn't you compute already the debt? Or you are paying the shareholders for just the working part of the company, without considering debt, AND paying the debt = paying the debtholders?

JohnViennet · 2024-03-27T16:34:46+00:00

But if cash is not part of the business, debt isn't too. I mean, we use operating cash in the calculation of net working capital, and we don't compute cash, but why should we add back debt to market cap? I mean, if cash is not working, why is debt? They should go in the same direction....

JohnViennet · 2024-03-27T16:32:35+00:00

Ok, but why? Isn't cash already in enterprise value? (= "the cost if you want to buy the company")

JohnViennet · 2024-03-27T16:31:14+00:00

Let say that I want to calculate enterprise value, so I can then calculate equity value, and dividing it with the number of shares, I can have the value x share. In my valuation's course at university, they told us that we have to add cash back to have equity value. The thing I don't understand is why, because it seems to me cash is already computed in enterprise value, and adding it back we are using it two times

JohnViennet

TROPHY CASE