weightedaveragecostofcapital(英文版)-展示頁
2025-03-02 02:04本頁面
【正文】 sed with permission. Residual Ine EVA Quayle City Subduction Plant ($mil) Given COC = 12% milli onEV A10$)000,112(.130 Inco me Resid ual?????? Economic Profit Economic Profit = capital invested multiplied by the spread between return on investment and the cost of capital. Inves ted Capital)( ProfitEconomic????rROIEP169。 EVA is copyrighted by SternStewart Consulting Firm and used with permission. Quayle City Subduction Plant ($mil) Example at 12% COC continued. Message of EVA + Managers are motivated to only invest in projects that earn more than they cost. + EVA makes cost of capital visible to managers. + Leads to a reduction in assets employed. EVA does not measure present value Rewards quick paybacks and ignores time value of money EVA of US firms 1997 ,30347yWalt Disn e,13298UAL,4335Safeway,423,1 19 Mor risPhili p,51,7 27Micr osof t .0219,221,6 88Merck .8138,181,3 27Joh nso n Joh nso n ,43 12,7 43IBM .224 ,18 599Pack ardHewlett ,88 73,5 27 Mot orsGeneral .753 ,56 72,5 15 Elect ricGeneral .158 ,27 21,7 19 Mot orFord .223 ,02 46,8 1Chem icalDow %36 .0%$1 0,8 14$2 ,44 2Col aCoca Capi tal ofCost Capi talon Retu rnInv estedCapi talEVA$ in millions) CFROI (Building a better mouse trap) ? Developed by Holt Value Associates, Inc. in Chicago ? Modified NPV approach ? Basically a “deposed” DCF model ? Utilizes objective data inputs CFROI (Building a better mouse trap) Assets operati ngNonof Value Realizabl eRateDiscou nt 1 Value WarrantedFirm Total ???NCRsNCRs = Net Cash Receipts (from operations) – are derived from sources and uses of funds statements – Are calculated in 2 parts (existing operations future investments) Discount Rates – Implied from market, using valuation models – Adjusted for Capital structure Nonoperating Assets = Land others CFROI (Building a better mouse trap) Share /Equity Common Value Equity Common Value Equity Tota lValue Firm Tota l Share s Adju sted Int erest Mino rity St
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