3万亿美元的租赁：10个你应该问并知道答案的问题.docxVIP

Global Research 8 April 2019 Fundamental Analytics$3 trillion of leases: The io key questions you should be asking and know the answers toEquitiesGlobal Fundamental Analytics $3 trillion of leases: The io key questions you should be asking and know the answers to Equities Valuation, Modelling AccountingGeoff Robinson, CA FCA Analyst +44-20-7567 1706Guy Weyns, PhD Analyst +65-6495 3507Renier Swanepoel Analyst +44-20-7568 9025 We all know that leases are all on balance sheet (right?)The accounting rules for leases changed at the end of 2018. IASB estimates suggest that US$2.8 trillion of off-balance-sheet lease commitments will come onto the balance sheet, increasing the recognition of debt and right-of-use assets. The accounting does not directly change cash flow. But we believe the market is overly focused on financial metric opticsTime and again we see the market glossing over complication in search of simple mechanical models and judgemental heuristics. Leasing is no different. The issue is not addressed by taking the easy route, andjust saying that debt, assets, EBIT and EBITDA all go up. We wrote all about this in Are lease commitments reloaded and priced in? US$3 trillion of headwind leases hit the numbers. The 10 most important questions you should know the answers toDo the new leasing rules change fundamental value? What is the market missing? EBIT and EBITDA usually increase; what happens to net income? How can companies mitigate the impact of the new rules? Will companies default as a result of the new rules? How should we adjust our multiples? Which sectors are most affected? What w川 happen to return on invested capital? How will corporates transition between the old and the new rules, and how will these changes affect our day-to-day lives as analysts? Are the US GAAP rules the same? This report has been prepared by UBS AG London Branch. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 18. UBS does and seeks to do business with companies co