标题: RI Recap [打印本页] 作者: dvilayphet 时间: 2011-7-13 16:09 标题: RI Recap
RI = NI - equity charge
RI = NOPAT - $WACC = (Operating Margin - WACC) * Total Captial = EVA = EP
RI = Earnings per share - r*beginning book value per share
RI = (ROE - r) * beginning book value
EVA = NOPAT - $WACC = EP economic profit
MVA = NPV = Sum ( EP / (1+WACC)^t)
V = Bv + PV of all RI
V = Bv + (ROE - r)*Bv / (r-g) <== Also single-stage RI model
I am tripping now.
Edited 1 time(s). Last edit at Wednesday, June 1, 2011 at 09:33PM by pepp.作者: ningning1984 时间: 2011-7-13 16:09
I thought MVA was just Equity - Invested Capital. Gives you the entire amount of residual income accumulated to date.作者: random_walker47 时间: 2011-7-13 16:09
Yeah MVC = Market value of Debt and Equity - book value of debt equity to give you the total amount of value creation since incorporation.作者: RepoToronto 时间: 2011-7-13 16:09
What is the equation for Economic Profit again? Change in market value over the period right
= PV CF at end of period - PV CF at begining + CF for the period作者: Rasec 时间: 2011-7-13 16:09
that is economic income. Economic profit is nopat - $ wacc.作者: OmarAdnan 时间: 2011-7-13 16:09
EP is listed above, see you didn't realize th equivalences. lol.
RI = NOPAT - $WACC = (Operating Margin - WACC) * Total Captial = EVA = EP
