伊娃管理系統(tǒng)介紹(編輯修改稿)
2025-02-06 03:10 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 s in similar industries and business environments. ? Peer parisons are used to : – Derive Betas for the respective business units and the corporation to facilitate cost of capital (COC) calculations. Nonlisted panies, whollyowned subsidiaries and business units do not have publicly traded shares from which to measure the levered Betas. Where possible, a pureplay analysis of publicly traded peer panies is used to estimate the unlevered Beta, or BRI. This is then translated into the levered Beta for that pany, using the capital structure and the cost of debt. – Benchmark EVA performance and identify value drivers. Contents ? What is EVA? ? The calculation of EVA ? The EVA management system Strategy Formation Goal Setting Planning Budgeting Execution Evaluation Motivation EVA EVA EVA EVA EVA Value Based Management EVA provides a prehensive value management framework to translate strategy into action Goal setting and benchmarking In the EVA framework, Market Value can be broken down into Future Growth Value and Current Operations Value Capital PV of current EVA in perpetuity PV of EVA Improvement MVA = Present Value of Current EVA + Present Value of Expected Improvements to Current EVA Future Growth Value (FGV) Current Operations Value (COV) Market Value Market Value Added (MVA) Capital Future growth value represents an expectation of increase in EVA Market Value Current Operations Value (COV) Future Growth Value (FGV) Expected Improvements in EVA ? Future Growth Value represents the premium on the value of current operations (Capital + EVA/c*). ? The presence of a Future Growth Value, which equals PV of all future EVA improvements, signals the managers that owners/investors expect increases in EVA. ? Increases in EVA will also drive increases in MVA. As a result Investor Wealth will go up as well. Applying “industry average growth expectations” to {Client’s} 1999 EVA, we estimate an FGV of $691m FGV 39% COV 61% 1999 {Client} EVA 1999 COV 1,069m FGV ? ? If we know {Client’s} 1999 COV is $1060m (COV = 1999 capital + 1999 EVA / WACC) then we can calculate FGV based on the industry average COV:FGV ratio of 69:31 ? 1999 EVA could be considered an abnormally good year for {Client}, so applying an average EVA from 9700 (a lower EVA), the FGV for {Client} would e out to $319M Estimated FGV (using 1999 EVA) FGV 691m Conservative {Client’s} Industry Ratio 1999 COV 1,069m CAPITAL 526m EVA / C 544m Estimated FGV (using avg. 9700 EVA) FGV 319m 9700 COV 493m Taking {Client’s} FGV of $691m, we convert it into implied annual Expected Improvements in EVA (EI) 2023 COV $(18m) FGV $691m 2023 2023
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