Once the applicant has met his or her burden at Step 4 to show that he or she is unable to do past work due

Once the applicant has met his or her burden at Step 4 to show that he or she is unable to do past work due to the significant limitation, the Commissioner then has the burden at Step 5 of coming forward with evidence of specific jobs in the national economy that the applicant can still perform. 670 F.2d 374, 375 (1st Cir.1982). If the applicant’s limitations are exclusively exertional, then the Commissioner can meet her burden through the use of a chart contained in the Social Security regulations. 20 C.F.R. § 416.969; Medical-Vocational Guidelines, 20 C.F.R. pt. 404, subpt. P, App. 2, tables 1-3 (2001), cited in 20 C.F.R. § 416.969; 461 U.S. 458, 103 S.Ct. 1952, 76 L.Ed.2d 66 (1983). “The Grid,” as it is known, consists of a matrix of the applicant’s exertional capacity, age, education, and work experience. If the facts of the applicant’s situation fit within the Grid’s categories, the Grid “directs a conclusion as to whether the individual is or is not disabled.” 20 C.F.R. pt. 404, subpt. P, App. 2, § 200.00(a), cited in 20 C.F.R. § 416.969. However, if the applicant has nonexertional limitations (such as mental, sensory, or skin impairments, or environmental restrictions such as an inability to tolerate dust, § 200(e)) that restrict his ability to perform jobs he would otherwise be capable of performing, then the Grid is only a “framework to guide [the] decision,” 20 C.F.R. § 416.969a(d) (2001). 94 F.3d 34, 39 (2d Cir.1996) (discussing use of Grid when applicant has nonexertional limitations). 51. Does the book value of the debt always coincide with its market value? 52. Is the Free Cash Flow (FCF) the sum of the equity cash flow and the debt cash flow? 53. What is NOPAT (Net Operating Profit After Tax)? 54. What is EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)? 55. I do not understand the meaning of Working Capital Requirements. I think it should be similar to Working Capital (Current Assets – Current Liabilities). Am I right? 56. Why can we not calculate the required return (Ke) from the Gordon-Shapiro model [P0 = Div0 (1+g) / (Ke – g)] instead of using the CAPM? As we know the current dividend (Div0) and the current share price (P0), we can obtain the growth rate of the dividend from the formula g = ROE (1-p)/(1 – ROE (1-p)), p being the payout. 57. Assume I calculate g as ROE (1-p)/(1-ROE (1-p)) and the Ke from the CAPM. I replace both values in the formula PER = (ROE (1+g) – g)/ROE (Ke-g) but the PER I obtain is totally different from the one I get by dividing the quotation of the share to the earnings per share. Is it possible to interpret that difference as an overvaluation or undervaluation of that share on the market? 58. I was assigned a valuation of the shares of a pharmaceutical laboratory. Which valuation method is more convenient? 59. I need to know how to value a company well, but I cannot clearly see the valuation process of a company starting from its past income statements. What are the systematical steps I need to take? Firstly, I think I should elaborate the provisional statements for the following fiscal years and then calculate the cash flows, discount them at the present moment (with a discount factor), add the terminal value to it and the difference between the book net value and the market value of intangibles. I really need that these steps be methodical and easy to understand so I can use them as a guide when valuing a company. 60. What is a 3 x 1 Split?

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