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Valeur de l'actif conomique9Pour plus d'lments voir le chapitre 48 du Vernimmen 2001Evaluation par les flux de trsorerie disponiblesTlcharger la formuleEn savoir plus...Cette mthode permet d'valuer la valeur de l'actif conomique, qui correspond la somme de la valeur actuelle des flux de trsorerie aprs impt sur l'horizon explicite et de la valeur actuelle de la valeur finale retenue la fin de l'horizon explicite.+ Dotations aux amortissements- Investissements nets+- Variation de besoin en fonds de roulementM- Rentabilit conomique aprs impt proche du cot moyen pondr du capital.TChapitre 48 - Page 869 - Evaluation par les flux de trsorerie disponibles - DCF.xlsMVoir toutes les formulesDans un article dsormais clbre, Fisher Black et Myron Scholes, ont expos en 1972 un modle d valuation des options qui est depuis trs largement utilis.JPour une option d achat, la formule de Black et Scholes est la suivante :avec :o :V = cours actuel du sous-jacent'N(d) reprsente une loi normale cumule K = prix d exercice de l option e = 2,718280 rF = taux annuel continu de l argent sans risque?s = cart type instantan du taux de rentabilit du sous-jacent-t = dure restant courir jusqu l chanceet ln = le logarithme nprien=Chapitre 33 - Page 576 - Formule de Black & Scholes - B&S.xls6Bz {(|W|~I"Q ~ cc  :eY  dMbP?_*+%"<~?<~?U } I:  @  @  @@@@@@@@@@  >@@A ?$ ABB ACCA D%D AEEA F&F AEE A G' G AEE A H H AEE A G GA GGA G(GA G)GA G*GA@Gd8*I'@######G AEEA GGA GGA GGA G+G AEEA HH AII AII AJJ AJJ AJJ AEE AEEDl"""""""""X"""""!@"#@$%&'()*+@,-@./012345@67@89@!A !G!G "AEE#A #H #H $AII %AII &AJJ 'AJJ (AJJ )AEE *AEE+A +G!+G ,AEE-A -H"-H .AII /AII 0AJJ 1AJJ 2AJJ 3AEE 4AEE5A 5K#5K 6AEE7A 7G,7G 8AEE9A 9L-9L6""""""  - (  \  C "Apix]&`lYG  c AvtelechargeyK yK Jhttp://www.vernimmen.net/ftp/DCF.xls@]&`x[Gh`  C &A dcf-1 x]&`D]Gh`  C &A dcf-2%A*]&`_Gh`  C &A dcf-3/4<]&`QG>@999888994455667700112233,,--..//(())**++$$%%&&'' !!""##  9   755yK yK thttp://www.vernimmen.net/html/resumes/titre4/res4_48.html99yK yK jhttp://www.vernimmen.net/html/formules/formules.html Feuil1  $ѡ  dMbP?_*+%MHP LaserJet 1200 Series PCL4C 4dXXA4DINU"4J4" dXX<~?<~?U } ;} &$@h@     w+w++  T.T EE T/T EE EE EE T0T EE UU Q M1 RN RN RN RN RN RN RN RN RN RN RN RN RNR O2R O3R O4R O5R O6R O7R O8R O9 SPDl!"h@# !VV "W:"W #XX p(L0 4(   d  C *AImage26i]&``G  C VA.10Blac8wpeE.gif (4322 octets) )-]&`H4G>@+++j !!""##  7 Feuil2  $x8  dMbP?_*+%&F Page &P&M&d2?'M&d2?(~?)~?" d,,<~?<~?U } } } m }  } m} I }  } $ }  } $} m $  K@     i@ @ K@  0 K@ @  @  @  @  @   @ a0 Kaaaiaaaaaaa<a P 0@@i 75# 86#  3!"4 < %= - ~ .i@  ~ .f@    ~ .Y@    ~ ..@    ~ /$@   a (KD  5. 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