Финансовая стратегия 2013 tildikov рабочая тетрадь
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Финансовая стратегия 2013 Tildikov рабочая тетрадь, 0.5 MbTRANSCRIPT
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2013:
, 27 2013 .
-
/
/
, 27 2013 .
-
1
1 : , . .
100%100%100%100%100%100%100%100%100%100%
1 2
:
:
3
, 1 2 .
, 27 2013 .
-
:
, .3
, 27 2013 .
-
=
- ( )
(ROA)=
(ROA) - ( ) . .
1
2
EBIT -
EBIT -
, 27 2013 .
-
Profit margin (PM)
- -
/
Price
Revenue
Assortment
Costs
R&D
Administration costs
Marketing costs
Production costs
Financial expenses
Salary costs
Revenue
Income Tax
Earnings before tax
Net income
Other costs
EBIT
-
, 27 2013 .
-
EBIT (5) - (6)
(1)
1. , , $
2. , , VC, $
3. , , $1 - 2
4. , FC, ,$
5. , EBIT, ,$3-4
6. , .,$.
7. , .,$.
8. , .,$.
9. , .,$.
2
2 : , , , .
1
1
=
... :
1
=3 =
2
=
:
2
( )
(1)
(8)
ROA =
1
-3
=
ROE
=
EBIT (5) - (6)- (7)
(9)
=
2
14
, 27 2013 .
-
=
- , , , , .
() .
3
4
5 =
-
/ 365
/ 365
+ -
/ 365
=
, 27 2013 .
-
1. , , $
2. , , VC, $
3. , , $1 - 2
4. , .3 / 1
5. , FC, ,$
6. , EBIT, ,$3-5
7. , , $
8. , , $
9. , , $
3
3 : , . , .
1
1
:
2
(5)
2
= (4)
= =
= 4
(6)
=
(3)
=
(1)
(1)
-
=
=
5
=
(7)
= =
=
365
(2)
(8) 365
(1)
=
(9) 365
(2)
= =
+ -
, 27 2013 .
-
:
= + +
- .
=
- .
6
7
/ 365
8 NPV= CF CF
(1+r)+
, , .
, 27 2013 .
-
NPV
NPV
, 27 2013 .
-
+
(7)
(10)
(9)
1. , , $
2. , ,$
3. , ,$
4. , .,$.
5. , , $(2+3+4)/365
6. , , $
7. , , $
8. , , $
9. , , $
10. , , $
4
4 : , , , .
1
1
=
? ? ? ? ?
6
=
7
=
:
2
=
2
(6)
+ (8)
+
(5)
(10)
(7)
(6)
(8)
+
, 27 2013 .
-
:
=EBIT+
- , . - , , .
=EBIT+
+ -
- , .
9
10
11 = (1-t) (ROA- )
ROE
WACC= (Ke) (We) + (Kd) (Wd) (1-t)
(WACC) - .
12
, 27 2013 .
-
(9)
(5)
1. , EBIT, ,$
2. , ,$
3. , .,$.
4. , , $
5. , , $
6. , .,$.
7. , .,$.
8. , .,$.7-6
9. , %(3/8) 100%
10. , %
5
5 : , , , .
1
1
9
=10 =
:
2
=
2
(3)
EBIT (1) + (2)= =
(4)-
11 ROA2 (8) (6)
( - )
12 (10)
(6)
EBIT (1) + (2)
(7)
(7)+
(8) (9)
? .. , . :
, 27 2013 .
-
-
13 1= EBITDA -
14
ROE -
ROE=
ROE=
EBIT -
EBIT -
EBIT - -
, 27 2013 .
-
ROE6,3%
0,56
ROA5,5%
2,16
4,9%
1,13
EBIT- $1 070
$19 400
$22 000
$9 000
$250
$500
EBIT- $1 070
0.53
1
2
3
44WACC11.2%12
14
11
120 5
9*
10
SGR3,5%
, 27 2013 .