NOPAT分析法.docVIP

税后净营业利润的计算 　　税后净营业利润 = 息税前利润 ×（1 - 所得税率）+ 递延税款的增加 　　也可以这样计算： NOPAT＝EBITDA + 股息收入 - 折旧及摊销 + NOPAT调整事项- EVA所得税计算NOPAT，是因为在给公司估值时，我们关心的只是经营活动，所以税收我们也只考虑经营活动产生收益部分所需缴税，至于非经营活动产生税收跟企业持久的发展是没有必然联系的，所以不予考虑。因此便有了这么一个公式：NOPAT = Operating Profit - Taxes on Operating Profit，用EBIT来简单等价Operating Profit的话，就得到NOPAT = EBIT*(1-tax rate)，这还不够准确，因为还有递延税款等在税上面的影响。所以精确的说法应该是：If OP=EBIT, NOPAT = EBIT*(1-t) + change in deferred taxes. 首先值得高兴的是，今天纠正了一个小错误，根本来说，Operating Income/Profit ≠ EBIT Operating income is sales minus COGS, SGA and depreciation. This sounds like EBIT but isnt always EBIT: companies often include nonoperating income in EBIT. 看一下间接计算EBIT的公式就清楚了： EBIT = 销售收入－成本－营业费用－管理费用＋营业外收支净额＋投资净收益，而确切定义的OP是不包括最后两项的，这就是两者的差别所在。也就是说OP=EBIT- nonoperating income当然，我们常常可以看到把EBIT和OP近似处理的情形，但是定义上一定要搞清！另外，我也知道为什么一直处于混沌状态的原因了，因为西方报表自上而下读下来，看起来似乎OP就是EBIT嘛，但这只是简化了的报表，由此也得到一个教训：学东西还是一步到位，从最复杂的看起，这样起码不会犯以偏概全的错误了。 GROSS SALES – (SALES) DISCOUNTS, RETURNS, AND ALLOWANCES = NET SALES – COST OF GOODS SOLD = GROSS PROFIT or GROSS MARGIN - OPERATING EXPENSES (Selling, Gen. Adm.) [*excluding Dep. Amort.] = EARNINGS BEFORE INTEREST, TAXES, DEP., AMORT. ?(EBITDA) - DEPRECIATION AMORTIZATION = NET OPERATING INCOME (NOI) or EARNINGS BEFORE INTEREST AND TAXES (EBIT) - INTEREST EXPENSE = EARNINGS BEFORE TAXES (EBT) - TAX EXPENSE = NET INCOME BEFORE PREFERRED DIVIDENDS or NET INCOME AFTER TAXES - PREFERRED DIVIDENDS = NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (NIACS) 下面是微软的IS，这个就比较全面了： Total Revenue Cost of Revenue Gross Profit ??????????????????????????????????????????????????????????????? Operating Expenses Research and Development Selling General and Administrative Expense Non Recurring Other Operating Expenses ?????????????????????????????????????????????????????????? Operating Income Total Other Income and Expenses Net EBIT Interest Expense Income Before Tax Income Tax Expense Equity Earnings or Loss Unconsolidated Subsidiary Minority Interest Net In