connection between sustainable growth rate and valley of death
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Transcript of connection between sustainable growth rate and valley of death
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8/20/2019 connection between sustainable growth rate and valley of death
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? T
P M, E F L
E = E1+NIDI
NIDI = EBIT∙(1T)( 1 1(NIDI) )
EBIT∙(1T)PM = EBIT∙(1T) ; E = S ; FL=(E+D)
S IK EIK = E+DEC ;
I PM = PM1 ; E = E 1 ; FL= FL1
(SS1) ∙ ( E 1 ∙ FL1 ) = S∙PM∙(1)
( SS1 ) ∙ ( E 1 ∙ FL1 ) = S ∙PM∙(1)
E = (C/S+APIC)1+∆(C/S+APIC)I + R/E1+NIDI
I ∆(C/S+APIC)I = 0, :
P = EBIT∙(1T)
S E = E1 + P ∙ (1)
S ∙E = S1∙E1 + P ∙ (1)
S S1
IK∙S ∙E = I1∙S1∙ E1 + P ∙ (1)
IK S IK1 S1
S ∙ (E 1) ∙ (FL1) = S1 ∙ (E 11) ∙ (FL11) + P ∙ (1)
S ∙ (E 1) ∙ (FL
1) = S1 ∙ (E 11) ∙ (FL1
1) + S ∙ PM(1)
1 1
* = (SS1) S1 ; 1+* = S S1
* = (1+*) ∙ PM ∙ E ∙ FL ∙ (1)
* = PM ∙ E ∙ FL ∙ (1)
1 PM ∙ E ∙ FL ∙ (1)
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B :
E ROIC ≠ O ROIC + C ROIC
I, O C ROIC % E+D :
E ROIC = IK/(E+D) O ROIC + EC/(E+D) C ROIC
E:
EBIT=$20, T=40%, E+D = $100, IK=$90 EC=$10
E (A T) EC = $0.6 ( E , )
I E EC=0.6, 12.6% 13.33%I E EC=0, 12.0% 13.33%
6%13.33%90% 10%
A EC0 ( %EC E+D 0%), E. ROIC EC E. ROIC EC
E ROIC , EC !N: S E ROIC O ROIC FL ( EC≠0) . F E, E=50, D=50 IK=90, EC=10. T, FL (50+50/50 = 2) IK FL (50+5010/5010/FL = 2 ).
$20(140%)+$0.6
$90+$10
$20(140%)
$90
$90
$90 + $10 * + *
$10
$90 + $10
$0.6
$90
12.6%
IK+EC = E+D
IK = E+EC
N E. ROIC ≈ O ROIC
12.0% 0.6%
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O ROIC = EBIT∙(1T)
IK
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O ROIC = EBIT∙(1T)
IK
IC = M*E
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O ROIC = EBIT∙(1T)
IK
IC = M*E
= EBIT S
S IK
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O ROIC = EBIT∙(1T)
IK
IC = M*E
= EBIT S
S IK
E+DEC=IKEC = E+DCC,
T IK = CC
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O ROIC = EBIT∙(1T)
IK
IC = M*E
= EBIT S
S IK
E+DEC=IKEC = E+DCC,
T IK = CC
= EBIT S
S CC
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O ROIC = EBIT∙(1T)
IK
IC = M*E IC = M*E G
= EBIT S
S IK
E+DEC=IKEC = E+DCC,
T IK = CC
= EBIT S
S CC
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O ROIC = EBIT∙(1T)
IK
IC = M*E IC = M*E G
= EBIT S
S IK
E+DEC=IKEC = E+DCC,
T IK = CC
= EBIT S
S CC
S, E=SIK=SCC. , FL FL = (E+D) E = (E+DEC) (EECFL)
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* > , E C E+DEC > CC
* = , E C E+DEC = CC
* < , E C E+DEC < CC
, , ( ). I
E C 0 ( ) E C
, DEFICI!!!
(
CC E+D ! C
? : (I) * E C (I) >* E C
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*
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*
$64,538
$81,601 $93,841
$102,025$110,923
$120,597$131,115
$142,550$154,982
$168,499
B F C F. , FCF ! ? B K C. A!!
, FCF K
FCF
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*
$64,538
$81,601 $93,841
$102,025$110,923
$120,597$131,115
$142,550$154,982
$168,499
B F C F. , FCF ! ? B K C. A!!
, FCF K
FCF
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T ,
$3,753, S
$64,538 (2015) $134,059 (2024)
S
1
*≈8.74%
C S/(D)A
!
Q: B ,
24
. 2 12% 2024 20% . 1?
I $4,490 (20% . 2), S
$64,538 (2015) $150,504 (2024)
S 2