, / (Price-to-Erning, /), / ( P/CF). (Return On Equity- ROE), (MVA)
5. GAAP , , .
( 1)
3.1 , ..
1. (MCAP-): 1.1 1.2 | 55 650 55,650 | 54 075 54,075 |
2. (S) | 156 701 | 186 587 |
3. (.) | 152 431 | 178 617 |
4. , (EBITDA) | 4 270 | 7 970 |
5. | 1 699 | 1 228 |
6. (EBIT) | 2 571 | 6 742 |
7. | - | 2 327 |
8 (EBT) | 2 571 | 4 415 |
9. (E), =24% | 1 953 | 3 355 |
10. P/S / | 0,35 | 0,29 |
11. P/E: / | 28,5 | 16,1 |
12. | 23 728 | 29 914 |
13. MVA | ||
14 MVA /EBIT | ||
13. MVA /S | ||
14. P/CF | ||
15. ROA: NI/ | ||
16. ROE- : NI/ |
.
/ (Price-to-Erning, /) , ( ):
/ = /
/ , /CF) , :
/ CF = /
, , , .
(Return On Assets, ROA):
ROA = /
(Return On Equity, ROE):
ROE = /
(MVA) = *
(Cash flow), (Free Cash Flow- FCF), (operating activities), (investing activities), (financing activities),
|
|
(cash flow):
= + ( )
(Free Cash Flow- FCF)- , .
= -
( ). . .
(operating activities): , . - , . , .
(investing activities)- .
(financing activities): () , , , .
7. , ( 1, ), . ,
.
( 4. 1)..
4.1 (..)
1. | ||
1.1 (.-) | ||
1.2 | ||
2. | ||
2.1 2.2 2.3 - , .. 2.4 | 3,5 - | |
3. | ||
3.1 | ||
3.2 * | ||
4. | - | |
5. | ||
5.1 5.2 5.3 5.4 | ||
*: 2 4,5 .. 2,5 .., 2,0 .. 5 7 ..
|
|
4.2- , ..
(+) | (-) | |
1. | ||
4,5 | ||
: | ||
: | 2,0 | - |
: | ||
- | (11,0) | |
- | - | (8,0) |
(1) | ||
1,0 | ||
2,0 | ||
3,0 | ||
12,5 | (20,0) (7,5) | |
2. | ||
- | (17,0) | |
: | (17,0) | |
3. | ||
20,0 | ||
8,0 | ||
. | (2,5) | |
31,0 28,5 | (2,5) | |
: | 28,5 4,0 | (24,5) |
, . , , . , 4.2 , : , (28,5 ..).
7,5 ..: - . ( , ..).
4 .. .
( + ) 6,5 ..
(Free Cash Flow- FCF) = 6,5 ( ) -7,5( )- 17( ) =-18,5(..).
: FCF , . . , - , . , . , .