def __getitem__(self, item):
if not isinstance(item, (list, tuple)):
inc_statement = self.income_statements[item]
bs = self.balance_sheets[item]
date_item = pd.to_datetime(item)
inc_statements = IncomeStatements({date_item: inc_statement})
b_sheets = BalanceSheets({date_item: bs})
else:
inc_statements = self.income_statements[item]
b_sheets = self.balance_sheets[item]
return FinancialStatements(inc_statements, b_sheets)
def _combine_statements(
statements: FinancialStatements, other_statements: FinancialStatements,
func: Callable) -> Tuple[IncomeStatements, BalanceSheets]:
if isinstance(other_statements, (float, int)):
new_inc_df = func(statements.income_statements.df, other_statements)
new_inc = IncomeStatements.from_df(
new_inc_df,
statements.income_statements.config.items,
disp_unextracted=False)
new_bs_df = func(statements.balance_sheets.df, other_statements)
new_bs = BalanceSheets.from_df(new_bs_df,
statements.balance_sheets.config.items,
disp_unextracted=False)
elif isinstance(other_statements, FinancialStatements):
new_inc = func(statements.income_statements,
other_statements.income_statements)
new_bs = func(statements.balance_sheets,
other_statements.balance_sheets)
else:
raise NotImplementedError(
f'cannot {func.__name__} type {type(statements)} to type {type(other_statements)}'
)
return new_inc, new_bs
def quarterly_stockrow_bs_stmt_cat(quarterly_stockrow_bs_df_cat) -> BalanceSheets:
stmt = BalanceSheets.from_df(quarterly_stockrow_bs_df_cat)
return stmt
def annual_stockrow_bs_stmt_cat(annual_stockrow_bs_df_cat) -> BalanceSheets:
stmt = BalanceSheets.from_df(annual_stockrow_bs_df_cat)
return stmt
def quarterly_capiq_bs_stmt(quarterly_capiq_bs_df) -> BalanceSheets:
stmt = BalanceSheets.from_df(quarterly_capiq_bs_df)
return stmt
def annual_capiq_bs_stmt(annual_capiq_bs_df) -> BalanceSheets:
stmt = BalanceSheets.from_df(annual_capiq_bs_df)
return stmt
def get_dcf_fcf_calculation_exercise() -> LabExercise:
lab_1_inputs = dict(adjustments=100,
change_ar=1000,
change_inventory=500,
change_ap=800,
change_ppe=2000,
dep_amort=200,
net_income=300)
lab_1_nwc = lab_1_inputs['change_ar'] + lab_1_inputs[
'change_inventory'] - lab_1_inputs['change_ap']
lab_1_capex = lab_1_inputs['change_ppe'] + lab_1_inputs['dep_amort']
lab_1_fcf = lab_1_inputs['net_income'] + lab_1_inputs[
'adjustments'] - lab_1_nwc - lab_1_capex
stmt_folder = LAB_EXERCISES_PATH / 'DCF' / 'FCF'
bs_path = os.path.join(stmt_folder, 'WMT Balance Sheet.xlsx')
inc_path = os.path.join(stmt_folder, 'WMT Income Statement.xlsx')
bs_df = pd.read_excel(bs_path, index_col=0)
inc_df = pd.read_excel(inc_path, index_col=0)
bs_data = BalanceSheets.from_df(bs_df)
inc_data = IncomeStatements.from_df(inc_df)
stmts = FinancialStatements(inc_data, bs_data)
lab_2_date_1 = '2019-04-30'
lab_2_date_2 = '2019-07-31'
bullet_contents = [
[
'Calculate free cash flow from the following information:',
f"Net income is {lab_1_inputs['net_income']}, the total of non-cash expenditures is "
f"{lab_1_inputs['adjustments']}, "
f"the changes in accounts receivable, inventory, accounts payable, and PPE are {lab_1_inputs['change_ar']}, "
f"{lab_1_inputs['change_inventory']}, {lab_1_inputs['change_ap']}, and {lab_1_inputs['change_ppe']}, "
f"and depreciation & amortization is {lab_1_inputs['dep_amort']}."
],
[
'Load in the income statement and balance sheet data associated with Project 3, "WMT Balance Sheet.xlsx" '
'and "WMT Income Statement.xlsx"',
'Calculate the free cash flows from these data. Note that some items are missing in these data such as '
'depreciation. You will just need to exclude any missing items from your calculation',
f'Get the FCFs for {lab_2_date_1} and {lab_2_date_2}.'
]
]
answer_contents = [
[
fr'The NWC is \${lab_1_nwc:,.0f}',
fr'The CapEx is \${lab_1_capex:,.0f}',
fr'The FCF is \${lab_1_fcf:,.0f}'
],
[
fr'The FCF for {lab_2_date_1} is \${stmts.fcf[lab_2_date_1]:,.0f}',
fr'The FCF for {lab_2_date_2} is \${stmts.fcf[lab_2_date_2]:,.0f}',
]
]
return LabExercise(bullet_contents,
'Calculate FCFs',
f"Free Cash Flow Calculation",
label='lab:dcf-fcf-calc',
answers_content=answer_contents)
def get_fcf_calculation_lab_lecture() -> LabExerciseLecture:
title = 'Free Cash Flow Calculation'
short_title = 'Calculate FCF Lab'
youtube_id = 'zVTkT5p0SHs'
week_covered = 12
lab_1_inputs = dict(adjustments=100,
change_ar=1000,
change_inventory=500,
change_ap=800,
change_ppe=2000,
dep_amort=200,
net_income=300)
lab_1_nwc = lab_1_inputs['change_ar'] + lab_1_inputs[
'change_inventory'] - lab_1_inputs['change_ap']
lab_1_capex = lab_1_inputs['change_ppe'] + lab_1_inputs['dep_amort']
lab_1_fcf = lab_1_inputs['net_income'] + lab_1_inputs[
'adjustments'] - lab_1_nwc - lab_1_capex
stmt_folder = LAB_EXERCISES_PATH / 'DCF' / 'FCF'
bs_path = os.path.join(stmt_folder, 'WMT Balance Sheet.xlsx')
inc_path = os.path.join(stmt_folder, 'WMT Income Statement.xlsx')
bs_df = pd.read_excel(bs_path, index_col=0)
inc_df = pd.read_excel(inc_path, index_col=0)
bs_data = BalanceSheets.from_df(bs_df)
inc_data = IncomeStatements.from_df(inc_df)
stmts = FinancialStatements(inc_data, bs_data)
lab_2_date_1 = '2019-04-30'
lab_2_date_2 = '2019-07-31'
bullets = [
[
'Calculate free cash flow from the following information:',
f"Net income is {lab_1_inputs['net_income']}, the total of non-cash expenditures is "
f"{lab_1_inputs['adjustments']}, "
f"the changes in accounts receivable, inventory, accounts payable, and PPE are {lab_1_inputs['change_ar']}, "
f"{lab_1_inputs['change_inventory']}, {lab_1_inputs['change_ap']}, and {lab_1_inputs['change_ppe']}, "
f"and depreciation & amortization is {lab_1_inputs['dep_amort']}."
],
[
'Load in the income statement and balance sheet data associated with Project 3, "WMT Balance Sheet.xlsx" '
'and "WMT Income Statement.xlsx"',
'Calculate the free cash flows from these data. Note that some items are missing in these data such as '
'depreciation. You will just need to exclude any missing items from your calculation',
f'Get the FCFs for {lab_2_date_1} and {lab_2_date_2}.'
]
]
answers = [
[
fr'The NWC is \${lab_1_nwc:,.0f}',
fr'The CapEx is \${lab_1_capex:,.0f}',
fr'The FCF is \${lab_1_fcf:,.0f}'
],
[
fr'The FCF for {lab_2_date_1} is \${stmts.fcf[lab_2_date_1]:,.0f}',
fr'The FCF for {lab_2_date_2} is \${stmts.fcf[lab_2_date_2]:,.0f}',
]
]
resources = [
LECTURE_12_SLIDES,
RESOURCES.labs.dcf.fcf.wmt_balance_sheet,
RESOURCES.labs.dcf.fcf.wmt_income_statement,
]
return LabExerciseLecture.from_seq_of_seq(
title,
bullet_content=bullets,
answers_content=answers,
short_title=short_title,
youtube_id=youtube_id,
resources=resources,
week_covered=week_covered,
)
def quarterly_stockrow_bs_stmt_mar(quarterly_stockrow_bs_df_mar) -> BalanceSheets:
stmt = BalanceSheets.from_df(quarterly_stockrow_bs_df_mar)
return stmt
def annual_stockrow_bs_stmt_mar(annual_stockrow_bs_df_mar) -> BalanceSheets:
stmt = BalanceSheets.from_df(annual_stockrow_bs_df_mar)
return stmt