Help - How to Use Our Calculators - Investment Calculator

What It Does

This calculator estimates a stock’s true value using a Discounted Cash Flow (DCF) model. The DCF model projects future cash flows and discounts them to their present value, helping you determine if a stock is undervalued or overvalued.

How to Use It

Follow these steps to calculate a stock’s intrinsic value accurately:

Choose Years of Cash Flow: Select how many years of historical Free Cash Flow (FCF) data to use (3-5 years).
- For stable companies, like utility firms such as GRIDCo in Ghana, 3 years may suffice.
- For volatile companies, like tech startups, use 5 years for a reliable average.
- Where to Find Data: FCF is cash available after capital expenditures. Check cash flow statements in annual reports on gse.com.gh or annualreportsghana.com. Use our FCF Calculator if needed.
Enter FCF Amounts: Input the FCF for each year.
- Example: For 2022-2024, enter 1,000,000 GHS, 1,200,000 GHS, 1,500,000 GHS.
- Where to Find Data: Look under "Cash from Operating Activities" minus "Capital Expenditures" in cash flow statements on gse.com.gh, annualreportsghana.com, or afx.kwayisi.org/gse/.
- If FCF isn’t listed, calculate it: Operating Cash Flow - Capital Expenditures.
Select Growth Model: Choose a model for future cash flows.
- Perpetual Growth: For mature firms like GCB Bank with stable growth (e.g., 2-3%, tied to inflation or GDP).
- Two-Stage Growth: For growing firms like tech startups (e.g., 10% for 5 years, then 3% long-term).
- Where to Find Data: Base rates on historical growth from gse.com.gh.
Pick Discount Rate Method: Set the rate to discount cash flows.
- CAPM:
  - Risk-Free Rate: Ghana’s 10-year bond yield (e.g., 20%) from bog.gov.gh.
  - Expected Market Return: Estimate 10-15% from GSE historical returns on gse.com.gh.
  - Beta: Find on afx.kwayisi.org/gse/ or use our Beta Calculator.
- Manual: Enter a custom rate (e.g., 8%).
Enter Additional Details: Add shares outstanding, debt, and cash (optional).
- Example: 10 million shares, 500,000 GHS debt, 200,000 GHS cash.
- Where to Find Data: Check balance sheets on gse.com.gh or annualreportsghana.com.
Set Growth Rates: Define growth based on your model.
- Perpetual Growth: One rate (e.g., 3%, tied to Ghana’s GDP from data.worldbank.org).
- Two-Stage Growth: High rate (e.g., 10% for 5 years), then terminal rate (e.g., 3%).
Calculate: Get the intrinsic value per share.
- Example: If intrinsic value is 60 GHS and market price is 50 GHS from gse.com.gh, the stock may be undervalued.

Tips

Use annualreportsghana.com for FCF data.
Keep growth rates conservative (2-3%) using gse.com.gh.
Adjust discount rates: 10-12% for risky stocks, 6-8% for stable ones.

Common Mistakes to Avoid

Don’t assume high growth (e.g., 10%) forever—verify with gse.com.gh.
Include debt/cash from annualreportsghana.com.
Match the growth model to the company type.

Go to Intrinsic Value Calculator

What It Does

This calculator estimates the intrinsic value of bank stocks using the Dividend Discount Model (DDM) for dividend-paying banks or the Residual Income Model (RIM) for growth-focused banks.

How to Use It

Follow these steps to value a bank stock accurately:

Choose Valuation Model: Select based on the bank’s profile.
- DDM: For banks with consistent dividends, like Standard Chartered Ghana (check history on gse.com.gh).
- RIM: For banks reinvesting earnings, like Access Bank Ghana (verify on annualreportsghana.com).
Set Forecast Period: Choose 3-5 years for projections.
- Use 3 years in uncertain markets (common in Ghana); 5 years if trends are stable (check gse.com.gh).
Enter CAPM Inputs: Provide discount rate components.
- Risk-Free Rate: Yield on 10-year government bonds (e.g., 24%) from bog.gov.gh.
- Expected Market Return: Estimate 10-15% from GSE data on gse.com.gh or afx.kwayisi.org/gse/.
- Beta: Find on afx.kwayisi.org/gse/ or use our Beta Calculator.
Input Financial Data: Enter model-specific data.
- For DDM:
  - Expected dividends: e.g., 0.50 GHS (2025), 0.55 GHS (2026), 0.60 GHS (2027).
  - Where to Find Data: Historical dividends on gse.com.gh.
  - Estimate growth: If 2024 is 0.48 GHS with 4% growth, 2025 = 0.48 × 1.04 = 0.50 GHS.
- For RIM:
  - Book value: e.g., 5.00 GHS (from balance sheet).
  - EPS: e.g., 0.80 GHS (2025), 0.90 GHS (2026), 1.00 GHS (2027).
  - Where to Find Data: Balance sheet and income statement on annualreportsghana.com.
Specify Terminal Growth Rate: Set a long-term rate.
- Example: 3-5%, reflecting Ghana’s GDP growth from data.worldbank.org.
Optional: Current Market Price: Add for comparison.
- Example: 10 GHS from gse.com.gh.
Calculate: Get the intrinsic value.
- Example: If 12 GHS vs. 10 GHS market price, the stock may be undervalued.

Tips

Find data on gse.com.gh or afx.kwayisi.org/gse/.
Use modest growth rates (2-5%).
Match DDM to dividend payers, RIM to growth banks.

Common Mistakes to Avoid

Verify dividend patterns on gse.com.gh for model choice.
Use higher discount rates (e.g., 10-12%) in risky markets.
Don’t overestimate growth—cap at 2-8% per afx.kwayisi.org/gse/.

Go to Bank Stock Calculator

What It Does

This calculator computes a stock’s beta, measuring its price volatility relative to the market. A beta > 1 indicates higher volatility, < 1 indicates lower volatility, and = 1 matches market movement. Beta is key for risk assessment in tools like our Intrinsic Value Calculator.

How to Use It

Follow these steps to calculate beta:

Gather Historical Returns: Collect percentage returns for the stock and market over matching periods (e.g., monthly). A return is the percentage price change (e.g., from 100 GHS to 105 GHS = 5%).
- For Ghanaian stocks, use gse.com.gh or financial news sites.
- For global stocks, check finance.yahoo.com.
Input Stock Returns: Enter stock returns, comma-separated (e.g., 5.2, -3.1, 4.7).
Input Market Returns: Enter market returns, comma-separated, matching stock returns (e.g., 4.1, -2.8, 5.0).
Calculate Beta: Click “Calculate Beta” to view the result.

Tips

Use 12-24 months of data for accuracy.
Ensure stock and market returns align in time periods (e.g., all monthly).
Select the right market index (e.g., GSE All-Share Index for Ghana, S&P 500 for US).
Use beta in our calculators for risk-adjusted returns.

Common Mistakes to Avoid

Ensure equal numbers of stock and market returns.
Enter returns as percentages (e.g., 5 for 5%), not decimals (e.g., 0.05).
Avoid mixing time periods (e.g., monthly and quarterly).

Go to Beta Calculator

What It Does

This calculator estimates the value of private companies or startups using three methods: Discounted Cash Flow (DCF) for stable businesses, Venture Capital Method for high-growth startups, and ARR Multiple for subscription-based firms.

How to Use It

Choose a valuation method and follow these steps:

Discounted Cash Flow (DCF) - Best for firms with predictable cash flows.
1. Input Free Cash Flows for 1–5 years. FCF is cash after expenses and investments. For public firms, find FCF in cash flow statements on gse.com.gh or finance.yahoo.com. For private firms, estimate using industry averages or advisors. Try our FCF Calculator.
2. Provide risk-free rate (e.g., 10-year bond yield from bog.gov.gh), market return (e.g., 10-15%), and beta (from afx.kwayisi.org/gse/ or our Beta Calculator).
3. Enter debt, equity, tax rate, and growth rate or exit multiple for terminal value. Find debt and equity on balance sheets, tax rates from financials.
Venture Capital Method - Ideal for early-stage startups.
1. Specify expected exit value (e.g., sale or IPO valuation), target return (e.g., 10x), investment amount, exit timeline (e.g., 5 years), and dilution factor (e.g., 0.8 for 20% dilution). Use industry reports or advisor estimates.
ARR Multiple - Suitable for subscription-based firms.
1. Input Annual Recurring Revenue (ARR) and ARR multiple (e.g., 10x for high-growth). Estimate ARR from sales data or benchmarks. Adjust for control premium or illiquidity discount. Find multiples in industry reports.

Tips

Use conservative growth rates and exit values.
Match method to company type: DCF for stable firms, Venture Capital for startups, ARR for subscription models.
Cross-check results with other methods or market data.

Common Mistakes to Avoid

For DCF, avoid overestimating cash flows.
For Venture Capital, note exit value uncertainty.
For ARR, choose multiples matching growth stage and market trends.

Go to PE & VC Valuation Calculator

What It Does

The Multi-Method Stock Valuation Calculator estimates a stock’s intrinsic value per share using three methods: Dividend Discount Model (DDM), Discounted Cash Flow (DCF), and Price-to-Earnings (P/E). It combines these with customizable weights to produce a weighted average intrinsic value, helping you determine if a stock is overvalued or undervalued against its market price. A sensitivity toggle offers three weighting scenarios—Conservative (dividend and cash flow focus), Balanced (cash flow emphasis), and Growth (market potential focus)—to suit different investment perspectives.

How to Use It

Follow these steps to calculate a stock’s intrinsic value, using examples like Access Bank Ghana (174 million shares) or MTN Ghana (13.2 billion shares):

Access the Calculator: Go to younginvestorcalculator.com/multi-method-valuation or select “Multi-Method Stock Valuation” from the homepage.
Choose Weighting Scenario: Select a scenario from the dropdown to set method weights.
- Conservative: 30% DDM Base, 20% DDM Sensitivity, 30% DCF, 20% P/E. Suits dividend-focused firms like Standard Chartered Ghana.
- Balanced: 20% DDM Base, 20% DDM Sensitivity, 40% DCF, 20% P/E. Ideal for cash flow-strong firms like MTN Ghana.
- Growth: 20% DDM Base, 20% DDM Sensitivity, 30% DCF, 30% P/E. Best for growth stocks like Access Bank Ghana.
- Tip: Test all scenarios to assess how weights impact the intrinsic value, especially for banks (DDM-heavy) or growth firms (P/E-heavy).
Enter General Parameters: Input market and growth assumptions.
- Current Stock Price (GHS): Obtain from gse.com.gh. Example: 9.20 GHS for Access Bank (2025 estimate).
- Number of Years for High Growth: Choose 3–5 years based on growth phase. Use 5 years for expanding firms like Access Bank or MTN Ghana.
- High-Growth Rate (%): Estimate from historical revenue or earnings growth on annualreportsghana.com. Example: 12% for Access Bank (bank sector), 15% for MTN Ghana.
- Terminal Growth Rate (%): Align with Ghana’s GDP growth (e.g., 5.7% in 2025, data.worldbank.org) or industry average. Example: 4% for MTN Ghana.
- Discount Rate (%): Calculate cost of equity using CAPM:
  - Discount Rate = Risk-Free Rate + Beta × (Market Return - Risk-Free Rate)
  - Risk-Free Rate: Ghana’s 10-year bond yield (e.g., 9.9%) from bog.gov.gh.
  - Market Return: GSE historical returns (e.g., 22%) from afx.kwayisi.org/gse/.
  - Beta: Obtain from afx.kwayisi.org/gse/ or our Beta Calculator. Example: 0.50 for Access Bank (low risk), 1.314 for MTN Ghana.
  - Example: For Access Bank, 9.9% + 0.50 × (22% - 9.9%) ≈ 16%; for MTN Ghana, 31.01%.
- Where to Find Data: Financial reports on gse.com.gh or analyst estimates.
Enter DDM Parameters: Input dividend data for the Dividend Discount Model.
- Base Dividend per Share (GHS): Current or projected dividend per share from gse.com.gh. Example: 0.50 GHS for Access Bank (40% payout on EPS of 1.25 GHS), 0.12 GHS for MTN Ghana.
- Sensitivity Dividend per Share (GHS): Higher dividend scenario (e.g., special dividend). Example: 0.75 GHS for Access Bank, 0.2208 GHS for MTN Ghana (147.2% payout).
- Where to Find Data: Dividend history in annual reports on annualreportsghana.com. Calculate as: Total Dividends ÷ Shares Outstanding (e.g., Access Bank: 174 million; MTN Ghana: 13.2 billion).
Enter DCF Parameters: Input free cash flow data for the Discounted Cash Flow model.
- Current FCFE per Share (GHS): Free Cash Flow to Equity per share, calculated as:
  - FCFE = Net Income - Net Capex - Change in Working Capital + Net Borrowing
  - FCFE per Share = FCFE ÷ Shares Outstanding
- Example: 0.80 GHS for Access Bank (estimated), 0.0430 GHS for MTN Ghana.
- Where to Find Data: Income statement, cash flow statement, and balance sheet on annualreportsghana.com. Use our FCF Calculator for guidance.
- Note: For banks like Access Bank, adjust FCFE for loan provisions and regulatory capital; for telecoms like MTN Ghana, account for high capex.
Enter P/E Parameters: Input earnings data for the Price-to-Earnings approach.
- Current EPS (GHS): Earnings per Share = Net Income ÷ Shares Outstanding. Example: 1.25 GHS for Access Bank, 0.15 GHS for MTN Ghana.
- EPS Growth Rate (%): Align with high-growth rate or historical earnings growth. Example: 12% for Access Bank, 15% for MTN Ghana.
- P/E Multiple: Reflects market valuation of earnings. Obtain as follows:
  - Industry Average: Check sector P/E ratios on afx.kwayisi.org/gse/ or financial platforms like finance.yahoo.com. Example: 8–12x for banks (Access Bank), 15–20x for telecoms (MTN Ghana).
  - Historical P/E: Review the company’s past P/E ratios on gse.com.gh or afx.kwayisi.org/gse/. Use the average over 3–5 years.
  - Analyst Targets: Use forward P/E from analyst reports or platforms like Bloomberg. Example: 10x for Access Bank, 20x for MTN Ghana.
  - Tip: Choose a conservative multiple for stable firms, higher for growth firms.
- Projection Years for P/E: Number of years to project EPS growth, typically 1–3 years. Determine as follows:
  - Short-Term (1 Year): Default for stable firms or uncertain markets. Use if analyst forecasts are reliable for 1 year (check gse.com.gh).
  - Medium-Term (2–3 Years): Suitable for growth firms with predictable earnings trends. Base on historical growth stability or analyst projections from annualreportsghana.com.
  - Example: 1 year for Access Bank (bank sector volatility), 1 year for MTN Ghana (default).
  - Tip: Shorter periods reduce forecasting errors; longer periods suit high-growth firms.
- Where to Find Data: Income statement for EPS, market data for P/E on annualreportsghana.com or afx.kwayisi.org/gse/.
Calculate: Click “Calculate” to generate results.
- Output: “Table 1: Intrinsic Value Summary” displays:
  - Intrinsic values per share for DDM Base, DDM Sensitivity, DCF, and P/E.
  - Weights (e.g., 20%, 20%, 40%, 20% for Balanced).
  - Weighted average intrinsic value per share.
  - Over/undervaluation percentage: ((Current Price ÷ Intrinsic Value) - 1) × 100%.
- Example: For Access Bank, intrinsic value of 12.50 GHS vs. 9.20 GHS suggests ~35.9% undervaluation. For MTN Ghana, 1.6862 GHS vs. 2.83 GHS indicates ~67.8% overvaluation.
Interpret Results: Analyze the output to make decisions.
- If intrinsic value > market price, the stock may be undervalued (buy opportunity).
- If intrinsic value < market price, the stock may be overvalued (sell or hold).
- Compare across scenarios (Conservative, Balanced, Growth) to gauge sensitivity.

Tips

Use accurate per-share data from gse.com.gh or annualreportsghana.com. Divide financials by shares outstanding (e.g., 174 million for Access Bank, 13.2 billion for MTN Ghana) to get EPS, FCFE, dividends per share.
Keep growth rates conservative: 5–15% for high growth, 3–6% for terminal, per data.worldbank.org.
Use sector-specific P/E multiples: 8–12x for banks, 15–20x for telecoms.
For banks like Access Bank, adjust FCFE for loan provisions and regulatory capital; for telecoms like MTN Ghana, account for high capex.
Test all weighting scenarios to understand valuation range in volatile markets (e.g., GSE’s 56.17% return in 2024).

Common Mistakes to Avoid

Use current financials (2024 or 2025) from gse.com.gh, not outdated data.
Justify high discount rates (e.g., 31.01% for MTN Ghana due to beta 1.314; 16% for Access Bank is typical).
Avoid overestimating dividends or FCFE, especially for banks with regulatory constraints.
Ensure P/E multiples align with industry and market conditions on afx.kwayisi.org/gse/.
Enter positive monetary values and rates between 0–100%, as the calculator validates inputs.

Go to Multi-Method Stock Valuation Calculator

What It Does

This calculator estimates the cost of equity, the return shareholders require for investing in a stock. It uses two methods: CAPM (Cost = Risk-Free Rate + Beta * (Market Return - Risk-Free Rate)) and DDM (Cost = (Dividend per Share / Stock Price) + Growth Rate). The cost of equity is key for DCF valuations and WACC calculations.

How to Use It

Follow these steps to calculate the cost of equity for a company like Access Bank Ghana (174 million shares):

Access the Calculator: Navigate to younginvestorcalculator.com/calculate-cost-of-equity or select “Cost of Equity Calculator” from the homepage.
Gather Financial Data: Collect data for CAPM and DDM inputs.
- CAPM Inputs:
  - Risk-Free Rate: Yield on 10-year Ghana government bond, found on bog.gov.gh. Example: 25% in 2024.
  - Beta: Stock’s volatility, from afx.kwayisi.org/gse/ or your Beta Calculator. Example: 1.2 for Access Bank.
  - Market Return: Historical GSE return, estimated at 12–15%. Example: 15%.
- DDM Inputs:
  - Dividend per Share: Annual dividend, from annual reports on annualreportsghana.com. Example: 0.12 GHS.
  - Current Stock Price: Market price from gse.com.gh. Example: 2.83 GHS.
  - Dividend Growth Rate: Historical or projected growth, estimated at 5%.
- Weights: Assign weights to CAPM and DDM (e.g., 60% CAPM, 40% DDM). Total must be 100%.
Enter Data: Input values in the form.
- Example: Risk-Free Rate: 25%, Beta: 1.2, Market Return: 15%, Dividend: 0.12 GHS, Stock Price: 2.83 GHS, Growth Rate: 5%, CAPM Weight: 60%, DDM Weight: 40%.
Calculate: Click “Calculate” to view results.
- Output: Table shows CAPM cost (e.g., 30%), DDM cost (e.g., 9.24%), and weighted average (e.g., 21.7%).
Use Results: Apply the weighted cost of equity as the discount rate in DCF or WACC models, or compare to expected returns.

Tips

Use reliable sources like gse.com.gh or bog.gov.gh for data.
For banks, verify dividends for stability; for growth firms, rely more on CAPM.
Adjust weights based on data reliability (e.g., higher CAPM weight if dividends are inconsistent).

Common Mistakes to Avoid

Don’t use outdated data—check 2024/2025 figures on gse.com.gh.
Ensure weights sum to 100%.
Avoid zero stock price in DDM calculations.

Go to Cost of Equity Calculator

What It Does

This calculator computes Free Cash Flow to Equity (FCFE), the cash available to shareholders after all expenses, investments, and debt obligations. It uses the formula: FCFE = Net Income - Net Capex - Change in Working Capital + Net Borrowing. FCFE is key for valuing stocks, especially in DCF models.

How to Use It

Follow these steps to calculate FCFE for a company like Access Bank Ghana listed on the Ghana Stock Exchange :

Access the Calculator: Navigate to younginvestorcalculator.com/calculate-fcfe or select “FCFE Calculator” from the homepage.

Gather Financial Data: You’ll need five years of data (e.g., 2020–2024) for four key metrics: Net Income, Net Capex, Change in Working Capital, and Net Borrowing. These feed into the FCFE formula: FCFE = Net Income - Net Capex - Change in Working Capital + Net Borrowing. Here’s how to find and understand each one, using Access Bank Ghana as an example:

Net Income: This is the company’s profit after all expenses, taxes, and interest, found in the income statement (often called “Profit After Tax”). It’s the starting point for FCFE, showing earnings available to shareholders.
- Where to Find It: Check annual reports on annualreportsghana.com or gse.com.gh. Look for “Net Profit” or “Profit for the Year.” Alternatively, use afx.kwayisi.org/gse/ for summaries.
- Example: Access Bank’s 2023 Net Income might be 200 million GHS (based on 174 million shares and 1.15 GHS EPS).
- For Banks: Adjust for loan loss provisions (check financial statement notes), as these can reduce reported profit.
- Tip: Ensure values are in Ghanaian Cedi (GHS). If projecting 2024, use historical growth (e.g., 10% annual increase).
Net Capex: This is the cash spent on long-term assets (Capital Expenditures, or Capex) minus cash from selling assets. It shows how much the company invests in growth or maintenance, reducing cash for shareholders.
- Where to Find It: In the cash flow statement (Investing Activities), find “Purchases of Property, Plant, and Equipment” (Capex) and “Proceeds from Sale of Assets.” Calculate: Net Capex = Capex - Asset Sales. Sources: annualreportsghana.com, gse.com.gh, or afx.kwayisi.org/gse/.
- Example: In 2024, Access Bank spends 600,000 GHS on new branches and IT systems (Capex) and sells old equipment for 100,000 GHS, so Net Capex is 500,000 GHS.
- For Banks: Capex is often lower, focusing on software or branches. Include intangible assets (e.g., IT licenses).
- Tip: If asset sales are zero, Net Capex equals Capex. For projections, assume steady Capex or check management plans in reports.
Change in Working Capital: This tracks year-over-year changes in current assets (e.g., cash, receivables) minus current liabilities (e.g., payables). An increase ties up cash (reducing FCFE); a decrease frees it.
- Where to Find It: Use the cash flow statement (Operating Activities) for “Change in Working Capital” or line items like “Increase in Receivables.” Alternatively, calculate from balance sheets: Change = (Current Assets - Current Liabilities)_year - (Current Assets - Current Liabilities)_previous year. Sources: annualreportsghana.com, gse.com.gh.
- Example: In 2024, Access Bank’s working capital rises from 1.2 million GHS (2023) to 1.4 million GHS, so Change is +200,000 GHS (cash outflow).
- For Banks: Working capital is less relevant, as loans (assets) and deposits (liabilities) dominate. Focus on cash flow statement changes in receivables or payables.
- Tip: In FCFE, increases are subtracted, decreases added. Use annual data to avoid seasonal fluctuations.
Net Borrowing: This is new debt issued minus debt repaid, showing cash from borrowing (added to FCFE) or repayments (reducing FCFE).
- Where to Find It: In the cash flow statement (Financing Activities), find “Proceeds from Borrowings” and “Repayment of Borrowings.” Calculate: Net Borrowing = New Debt - Repayments. Sources: annualreportsghana.com, gse.com.gh.
- Example: In 2024, Access Bank issues 400,000 GHS in bonds and repays 100,000 GHS, so Net Borrowing is 300,000 GHS.
- For Banks: Focus on external borrowings (e.g., bonds, interbank loans), not customer deposits. Check financial statement notes for debt details.
- Tip: Cross-check with balance sheet debt changes. For projections, assume stable debt unless reports suggest otherwise.

Organize Your Data: Create a table for clarity, e.g.:

Year	Net Income (GHS)	Net Capex (GHS)	Change in WC (GHS)	Net Borrowing (GHS)
2020	150,000,000	400,000	150,000	250,000
2021	165,000,000	420,000	180,000	270,000
2022	180,000,000	450,000	190,000	280,000
2023	200,000,000	480,000	200,000	290,000
2024	217,500,000	500,000	200,000	300,000

Handle Missing Data: If reports are incomplete, estimate using quarterly reports, interpolate from trends, or check afx.kwayisi.org/gse/. For projections, use conservative growth rates (e.g., 5–10% based on past data or GDP from data.worldbank.org).

Enter Data: Input values for each year.
- Example for Year 1: Net Income: 1,000,000 GHS, Net Capex: 500,000 GHS, Change in Working Capital: 200,000 GHS, Net Borrowing: 300,000 GHS.
- Repeat for Years 2–5, using historical or projected data.
Calculate: Click “Calculate FCFE” to view results.
- Output: A table shows Net Income, Net Capex, Change in Working Capital, Net Borrowing, and FCFE for each year.
- Example: FCFE = 1,000,000 - 500,000 - 200,000 + 300,000 = 600,000 GHS for Year 1.
Use Results: Apply FCFE in valuation models (e.g., DCF) or divide by shares outstanding (e.g., 174 million for Access Bank) to get FCFE per share.

Tips

Use reliable sources like gse.com.gh or annualreportsghana.com for accurate financials.
For banks, adjust Net Income for loan provisions; for capital-intensive firms, verify Net Capex carefully.
Use 5 years of data for stable trends, or 3 years in volatile markets.

Common Mistakes to Avoid

Don’t use outdated financials—verify 2024 or 2025 data on gse.com.gh.
Ensure all inputs are in the same currency (e.g., GHS).
Double-check Change in Working Capital sign: increases are negative, decreases are positive.

Go to FCFE Calculator

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