Czesc,
Szukalem na sieci prostego wyjasnienia, jak liczy sie ROE/ROIC/WACC/EVA. Natrafilem na:
www.fool.com/investing/beginni...Na swoje potrzeby skrocilem opis i zawarte tam przyklady. Moze komus sie przyda.
Example 1:
Balance sheet:
Total assets: $3,000
Total liabilities: $2,250
-Accounts payable: $200
-Accrued compensation (payroll) expenses: $200
-Current portion of long-term debt: $100
-Long-term debt: $1,750
Shareholders' equity: $750
P&L:
Revenues $1,875
Cost of Goods Sold $1,200
Gross Profit $675
Operating Expenses $298.42
Operating Profit $376.58
Net Interest Expense $203.50
Pre-Tax Income $173.08
Tax Expenses $60.58
Net Income $112.50
ROE: net income/average equity = net income/(assets-liabilities).
ROE = 112,50 / 750 = 15%.
ROIC = After-tax operating earnings / (total assets - non-interest-bearing current liabilities)
Taxed operating income = $376.58 * (1-tax rate 35%) = $244.78
Invested capital = Assets - non-interest-bearing current liabilities = 3000 – 200 – 200 = 2600.
ROIC = $244.78 / $2,600 = 9.4%.
Taxed operating income: we want to measure the income the company generates before considering what capital costs. This lets us look at the pure earnings power of a corporation, before we factor in the decisions it made to finance the business.
Example 2:
Suppose Wallace's Widgets has been able to grow operating earnings by 20% per year for five years. If you purchase it at a P/E of 10, you might think you've scored a great deal, since its growth rate is much higher than the P/E.
But ROIC is dropping like a stone.
kliknij, aby powiększyćAt start WW invests $500 in projects that produce a 20% return. In its first year, it invests another $200 in projects producing a 10% return. Every year afterward, it sinks money into an unlimited number of additional projects that all produce only a 5% return. Since its initial projects offer the highest rate of return, earnings look good at first. But to keep those earnings growing at the same rate, the company has to plow more and more cash into also-ran projects with far more meager returns.
At the end of the period, the company's operating income is up 150%. However, the company's invested capital has risen more than 550%. With the newest projects only earning 5%. That's probably why the stock only trades at 10 times earnings.
In the fifth and final year of our example, the company had after-tax operating earnings of $249 and was barely beating its cost of capital. At this point, the company had $3,277 in invested capital, which we'll assume came half from equity capital and half from debt.
If investors only considered the cost of debt, it would look like the company was adding value to the capital at its disposal.
Earnings before interest and taxes in year five would be $383 ($249 in earnings / (1 - 35% tax rate)), much higher than the cost of debt. With $1,639 (3,277 / 2) in debt, the company's interest expense (using an 8% loan rate = 8% * 1639) would be $131 in year seven, giving the company 2.9 times interest coverage (383 / 131 = 2,9 ). After a tax savings of $46 (tax rate * interest expense = 35% * 131) that the company receives from using debt rather than equity, the cost of debt capital is $85 ( 131- 46).
WW has an average debt-to-equity ratio of 1 in year five (1639 / 1639). We would demand a rate of return on equity of about 1.2 times the S&P 500's historical 10% return = 12%.
Company has $1,638 of equity in use. At 12% the cost of equity in use over the course of the year is $197. Combined with the after-tax cost of debt, the company's total cost of capital is $282 (197+85). This is higher than its after-tax operating earnings.
With capital of $3,277 and 50/50 equity and debt, half the capital costs 12% (free of tax), and the other half costs 5.2% [8%* (1-35%)], both after tax. The weighted average cost of capital:
WACC% = (0.5 x 12%) + (0.5 x 5.2%) = 8.6%
WACC$ = 8,6% * Invested Capital 3277 = 282
Because the WACC of 8.6% is greater than the ROIC of 7.6%, the business will eventually sap away all shareholders' equity, and its creditors will end up taking control.
EVA% = 7,6% - 8,6% = -1%
EVA$ = 249-282 = 33
Alternative calculation of ROIC:
a) ROIC = After-tax operating earnings / (total assets - non-interest-bearing current liabilities - cash )
Cash represents capital that hasn't been deployed in other assets or represents potential to reduce liabilities or owners' equity.
b) ROIC = After-tax operating earnings / (total assets - non-interest-bearing current liabilities – Good will ). Can be deducted from total assets and non-interest-bearing current liabilities. Since intangible assets are financial capital, not operating capital. Then we must add back amortization of goodwill out of operating expenses.