某咨询－业绩评估1.pptxVIP

Author: Patrick Cote; ; ;Executive Summary (2 of 2); ;Objectives; ; ; ; ; ; ;Measures; ; * Sometimes referred to as Return on Investment (ROI); ; * EVA=EVA with depreciation added back;; * Adjusted for all stock splits and assuming all dividends reinvested ; ; ; ; ; ;Next, The working capital requirements are the firm’s net investments in the operating cycle, or the net amount of short-term investment required to fund operations;When calculating MVA, Net Fixed Assets is defined as Net PPE plus other Investment (tangible and intangible). The third and final step to calculate Net Assets is Net PPE, which is the amount of long-term investment required to fund operations; ; ; ; ; ; ; ; ; ; ; ; ;Definition (1 of 2);Definition (2 of 2); ; ;Economic Profit Balance Sheet; ; ; ; ; ;Advantages;Advantages (1 of 3);Advantages (2 of 3);Advantages (3 of 3);Disadvantages; ; ;Agenda;Framework;NOPAT;Note: NOPAT = Net operating profit after tax; Invested capital = All debt equity invested in format at book value; WACC = Weighted average cost of capital ROIC = Return on invested capital = (NOPAT / invested capital) also known as: Return on Net Assets (RONA) or Return on Capital employed (ROCE) ; * May be referred to as Return on Capital (ROC) or Return on Investment (ROI);Discount Rates; ; ; ;Source: INSEAD; ;Agenda;Use in Strategy Work; ;Use in Strategy Work; ; ; ; ; ; ; ; ; ;EP;CFROI; ; ; Source: Harnischfeger’s 1996 Annual Report, INSEAD; ; ; ; ; ; ; ; ; ; ; ; ;63.600 181.761; ; ; ; ; ; ; ; ;