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dandman

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tT
发表于 2011-7-13 15:00 | 只看该作者

EVA vs MVA

income, someone, capital, economic
Can someone critique:

1) Economic Profit = EVA = NOPAT - (WACC*capital)

2) MVA = NPV the EVA/(1+WACC)

3) economic income = NI - economic depreciation (which is the diffrence in NPV at beginign and end of a year)
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genuinecfa

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2#
发表于 2011-7-13 15:00 | 只看该作者
"That is Economic income = cash flow (for that year) - economic depreciation."

thanks.

After tax cash flow - economic dep = economic income

MVA = market value of D and E - Book value of D and E. But it is also computed by doing an NPV of the EVA using WACC as the discount rate (I think). In all the MVA ?'s I've seen (most of um at least), they don't give you market value of D and E or Book value of D and E. that would be too easy i think.

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