咨询最好的公司-思腾思特的培训资料.ppt

Contents What is EVA? The calculation of EVA The EVA management system Contents What is EVA? The calculation of EVA The EVA management system EVA? is Earnings After the Cost of Capital The intrinsic value is the determinant of the market value in efficient capital market As a measure of business intrinsic value, EVA correlates with stock price better than other measures EVA measure gives more insights into the business Contents What is EVA? The calculation of EVA The EVA management system From the traditional accounting model to the economic model of the firm Optimizing the EVA Measure Materiality Difference in EVA with or without adjustment – Is it material? Set a rule of thumb and use common sense Motivation Adjustment must motivate managers to do the right thing Start with dysfunctional behaviors in standard operating procedures Data Availability Cost of collecting information must be reasonable Simplicity EVA is for operating people – keep it simple A fully adjusted EVA is too complicated to use and communicate The EVA Calculation Precision Varies In the EVA framework, we must turn the accounting model into an economic model The cost of capital comprises both debt equity costs A Beta value is required to determine cost of equity In general, a higher business risk implies higher beta value, hence higher cost of equity To calculate Beta, a list of peers need to be identified for {Client} A peer company is not necessarily a competitor, but rather a company engaged in principally similar business subject to the same underlying economic forces. They may be competitors or companies in similar industries and business environments. Peer comparisons are used to : Derive Betas for the respective business units and the corporation to facilitate cost of capital (COC) calculations. Non-listed companies, wholly-owned subsidiaries and business units do not have publicly traded shares from which to measure the levered Betas. Where possible, a pure-play analysis of pu