def annual_capiq_stmts(annual_capiq_income_stmt,
annual_capiq_bs_stmt) -> FinancialStatements:
try:
stmts = FinancialStatements(annual_capiq_income_stmt,
annual_capiq_bs_stmt)
except MismatchingDatesException:
pass
else:
assert False
dates = annual_capiq_income_stmt.dates
stmts = FinancialStatements(annual_capiq_income_stmt,
annual_capiq_bs_stmt[dates])
return stmts
def test_quarterly(self,
quarterly_stockrow_stmts_mar: FinancialStatements):
stmts = quarterly_stockrow_stmts_mar.copy()
stmts.config.update('cash', ['forecast_config', 'plug'], False)
stmts.config.update('cash_and_st_invest', ['forecast_config', 'plug'],
True)
super().test_quarterly(stmts, ignore_keys=['gross_ppe', 'dep'])
def test_annual_change_make_forecast_and_plug(
self, annual_stockrow_stmts_cat: FinancialStatements):
stmts = annual_stockrow_stmts_cat.copy()
stmts.config.update('total_debt', ['forecast_config', 'make_forecast'],
True)
stmts.config.update('st_debt', ['forecast_config', 'make_forecast'],
False)
stmts.config.update('def_tax_lt', ['forecast_config', 'method'],
'manual')
stmts.config.update('def_tax_lt',
['forecast_config', 'manual_forecasts'], {
'levels': [],
'growth': [4, 5]
})
try:
super().test_annual(stmts)
except BalanceSheetNotBalancedException:
pass
else:
assert False
stmts.config.update("total_debt", ["forecast_config", "plug"], True)
stmts.config.update("lt_debt", ["forecast_config", "plug"], False)
super().test_annual(
stmts,
data=FCST_STOCKROW_CAT_PLUG_MAKE_FORECAST_A_INDEX_DATA_DICT,
name='fcst_stockrow_cat_plug_make_forecast',
ignore_keys=['gross_ppe', 'dep'])
def test_config_load_cat_annual_stockrow_no_adjust(
annual_stockrow_income_stmt_cat: IncomeStatements,
annual_stockrow_bs_stmt_cat: BalanceSheets
):
stmts = FinancialStatements(annual_stockrow_income_stmt_cat, annual_stockrow_bs_stmt_cat, auto_adjust_config=False)
json_path = EXPECT_CONFIG_PATH / 'no-adjust-cat-annual-stockrow.json'
check_config(stmts.config, json_path)
def test_config_load_cat_annual_capiq_no_adjust(
annual_capiq_income_stmt: IncomeStatements,
annual_capiq_bs_stmt: BalanceSheets
):
dates = annual_capiq_income_stmt.dates
stmts = FinancialStatements(annual_capiq_income_stmt, annual_capiq_bs_stmt[dates], auto_adjust_config=False)
json_path = EXPECT_CONFIG_PATH / 'no-adjust-cat-annual-capiq.json'
check_config(stmts.config, json_path)
def test_multi_forecast_changing_assumptions(
self, annual_stockrow_stmts_cat: FinancialStatements):
stmts = annual_stockrow_stmts_cat.copy()
stmts.config.update_all(['forecast_config', 'method'], 'cagr')
fcst = stmts.forecast()
stmts.config.update('revenue', ['forecast_config', 'method'], 'trend')
stmts.config.update('cogs', ['forecast_config', 'method'], 'mean')
fcst = stmts.forecast()
def test_quarterly(self,
stmts: FinancialStatements,
data: Optional[Dict[str, pd.Series]] = None,
name: Optional[str] = None,
ignore_keys: Optional[Sequence[str]] = None,
**kwargs):
if name is None:
name = self.name
fcst_kwargs = FORECAST_KWARGS.copy()
fcst_kwargs.update(kwargs)
adjust_forecast_methods(stmts, self.q_adjust_dict)
fcst = stmts.forecast(**fcst_kwargs)
if DEVELOPMENT_MODE:
fig = fcst.plot()
out_path = os.path.join(GENERATED_PATH, f'{name}_quarterly.pdf')
fig.savefig(out_path)
super().test_quarterly(fcst,
data=data,
name=name,
ignore_keys=ignore_keys)
def quarterly_stockrow_stmts_cat(quarterly_stockrow_income_stmt_cat, quarterly_stockrow_bs_stmt_cat) -> FinancialStatements:
stmts = FinancialStatements(quarterly_stockrow_income_stmt_cat, quarterly_stockrow_bs_stmt_cat)
return stmts
def annual_stockrow_stmts_cat(annual_stockrow_income_stmt_cat, annual_stockrow_bs_stmt_cat) -> FinancialStatements:
stmts = FinancialStatements(annual_stockrow_income_stmt_cat, annual_stockrow_bs_stmt_cat)
return stmts
def quarterly_capiq_stmts(quarterly_capiq_income_stmt,
quarterly_capiq_bs_stmt) -> FinancialStatements:
stmts = FinancialStatements(quarterly_capiq_income_stmt,
quarterly_capiq_bs_stmt)
return stmts
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_stmts_mar(quarterly_stockrow_income_stmt_mar, quarterly_stockrow_bs_stmt_mar) -> FinancialStatements:
stmts = FinancialStatements(quarterly_stockrow_income_stmt_mar, quarterly_stockrow_bs_stmt_mar)
return stmts
def annual_stockrow_stmts_mar(annual_stockrow_income_stmt_mar, annual_stockrow_bs_stmt_mar) -> FinancialStatements:
stmts = FinancialStatements(annual_stockrow_income_stmt_mar, annual_stockrow_bs_stmt_mar)
return stmts