Some of the graphs and statistics reproduced in the book
ALL GRAPHS
- FINANCIAL ANALYSIS
- INVESTORS AND MARKETS
- VALUE
- CAPITAL STRUCTURE POLICIES
- FINANCIAL MANAGEMENT
By nature and by fonction P&Ls worldwide
See chapter 3
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
EBITDA / SALES
See chapter 9
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
EBIT / SALES
See chapter 9
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Breakeven points
See chapter 10
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Working capital /Sales
See chapter 11
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Working capital as % of sales
See chapter 11
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Example of investment policy analysis
See chapter 11
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
NET DEBT/EBITDA
See chapter 12
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
How the wealth created is apportioned
See chapter 13
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
ROCE
See chapter 13
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Number of listed companies
See chapter 15
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Market capitalisation of listed companies as of 31 December 2020
See chapter 15
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Event study
See chapter 15
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Bank balance sheet and income statement
See chapter 15
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Volume of trades on stock exchange in the world
See chapter 15
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Discounting and capitalisation at 15%
See chapter 16
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Value of 1 euro capitalized at various rates
See chapter 16
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Capitalisation and discounting
See chapter 16
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Net Present Value and the discount rate
See chapter 16
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Investment with multiple IRR
See chapter 17
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Investment with no IRR
See chapter 17
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Nominal returns in UK since 1900
See chapter 18
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Impact of the correlation coefficient on risk and return
See chapter 18
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Efficient frontier
See chapter 18
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Capital market line
See chapter 18
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Evolution of the value of a few financial assets since 1996
See chapter 18
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Compared evolution Bouygues Deutsche Telekom Eurostoxx
See chapter 18
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Beta of Orange
See chapter 18
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Beta of the Eurostoxx 50
See chapter 18
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Worldwide Investment Fund Assets
See chapter 18
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Liquidity premium
See chapter 19
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Market risk premium in Europe and the USA
See chapter 19
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
SML for the Euro zone
See chapter 19
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Some yield curves as of 2008 and 2021
See chapter 20
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Eurozone corporate bond issuance
See chapter 20
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Spreads in Europe, according to ratings
See chapter 20
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Cumulative average default rate
See chapter 20
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Spreads in the USA, according to ratings
See chapter 20
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Outstanding Commercial Paper in the UK and the Eurozone
See chapter 21
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Syndicated loans worldwide
See chapter 21
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Securitisation
See chapter 21
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Dividend yield
See chapter 22
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
P/E ratios
See chapter 22
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
EBIT multiples versus growth rates
See chapter 22
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
PBR
See chapter 22
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Binomial tree
See chapter 23
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Call option
See chapter 23
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Put option
See chapter 23
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Value of a call option
See chapter 23
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Value of a put option
See chapter 23
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Stock index volatility
See chapter 23
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Real distribution versus Gaussian
See chapter 23
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Value of a convertible bond
See chapter 24
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Example of the 2026 Remy Cointreau convertible bond
See chapter 24
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Issue of convertibles bonds in Europe
See chapter 24
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
ROCE, WACC for large liste European companies and stock market prices
See chapter 24
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Complexity of the deal
See chapter 25
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Book-building
See chapter 25
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Value creation for main European telecom companies
See chapter 26
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Evolution of financial indicators
See chapter 27
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
The weighted average cost of capital
See chapter 29
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Impact of debt level on betas of food stocks
See chapter 29
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Cash flow fade
See chapter 31
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Overview the different valuation methods
See chapter 31
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
The life cycle of value
See chapter 31
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
EV/EBITDA multiples for change of control
See chapter 31
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Conventional approach to optimal capital structure
See chapter 32
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Modern theory of capital structure
See chapter 32
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Trade-off model
See chapter 33
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Debt holders position
See chapter 34
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
A decomposition of the underlying asset value
See chapter 34
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Market value balance sheet of Holding SA
See chapter 34
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Shareholders position
See chapter 34
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Asset liability refinancing gap
See chapter 34
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Financing alternatives and their impact on EPS
See chapter 35
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Net debt / Book equity
See chapter 35
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Net debt / Market value of equity
See chapter 35
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Inflation rate, real interest rate and real growth rate in the UK
See chapter 35
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
The lifecycle of a company and its capital structure
See chapter 35
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Impact of a dividend payment on share price
See chapter 36
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Payout ratio for European groups
See chapter 37
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Payout ratio in Europe and in the USA
See chapter 37
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Payout ratio for Nestlé
See chapter 37
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Payout ratio for Ford
See chapter 37
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 share Buy-backs in Europe
See chapter 37
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Dividends and share buy-backs for the top 40 French listed groups
See chapter 37
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Cash return to Total shareholders
See chapter 37
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Capital increases since 1999
See chapter 38
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Bank debts as a percentage of total bank and market debts of corporates
See chapter 39
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Cash and cash equivalent as a percentage of total assets
See chapter 39
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Cumulative start-up business failure rate in the USA
See chapter 40
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Share price of Innate Pharma and Sanofi
See chapter 40
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Median European VC deal sizes
See chapter 40
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
The stage of financing of a successful start-up
See chapter 40
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Value and funds raised
See chapter 40
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Number of listed companies
See chapter 41
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Global private capital raised
See chapter 41
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Private market assets under management
See chapter 41
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Simplified organigram of the Frère Group
See chapter 42
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
CEOs compensation
See chapter 43
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Is the chairman a former CEO
See chapter 43
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
IPOs worlwide
See chapter 44
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Worldwide merger activity
See chapter 45
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
The lifecycle of the firm
See chapter 45
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Steps of an M&A process
See chapter 45
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Structures for business combinations
See chapter 46
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
LBO debt structuring
See chapter 46
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
LBO exits in Europe since 2007
See chapter 47
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Buy-outs and buy-ins in continental Europe
See chapter 47
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
LBO financing ratios to EBITDA
See chapter 47
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Spreads on senior LBO debt
See chapter 47
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Bankruptcy rate of companies rated by Moody's
See chapter 48
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Average recovery rate on bank loans and bonds of default American companies
See chapter 48
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Payment periods are the result of 4 factors
See chapter 49
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Breakdown of payments tools in 2019
See chapter 50
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Interest rate Swap
See chapter 50
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Notional pooling and the risk of bankruptcy
See chapter 50
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
International cash pooling
See chapter 50
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Global credit derivatives market excluding asset swap
See chapter 51
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Example of volatility
See chapter 51
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
CDS outstanding
See chapter 51
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - Benelux
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - Brazil
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - China
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - France
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - Germany
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - India
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - Italy
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - Japan
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - Morocco and Tunisia
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - Russia
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - Spain
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - Switzerland
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - United Kingdom
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)
Top 20 Largest Listed Companies (€bn) - United States
See chapter 53
![](https://www.vernimmen.com/rsrc/m/bgTabOmbre.png)