, , , , , . : 1) ( ), , ; 2) , , .
, , , - . , - . . .
, (ROIC) ( 17.1):
ROIC = =
= (17.1)
, ROIC , - , NOPAT , () , . , , ROIC (RO) ( 17.2):
ROIC = RO= (17.2)
, RO
, RO.
, , . , . , , , , , , RO . , .
, : 1) ; 2) ; 3) ; 4) ; 5) ; 6) , ; 7) ( ).
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, , . , , , , . / . , , , , , , . .
, , , - , RO. , , . , , , . , , , . , .
, , . , (RO).
17.1 , ̻ . 20 . .. , , , . : 2 .. , . , , 60 . .. , 1,5 .. . 60 . 40 . .
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, , ( 17.3):
EBIT = PQ-VQ-F=0 (17.3)
( ), Q , V , F , EBIT .
, . . | , . .. | , . . | (EBIT) . . | , . .. | ROE, % | , . . | (EBIT) . .. | , . . | ROE, % | ||
0,05 | 20,0 | (20,0) | (12,0) | (6,00) | 60,0 | (60,0) | (36,0) | (18,0) | |||
0,20 | 40,0 | 80,0 | 80,0 | 0,00 | 100,0 | (20,0) | (12,0) | (6,0) | |||
0,50 | 100,0 | 200,0 | 170,0 | 30,0 | 18,0 | 9,00 | 160,0 | 40,0 | 24,0 | 12,0 | |
0,20 | 160,0 | 320,0 | 260,0 | 60,0 | 36,0 | 18,00 | 220,0 | 100,0 | 60,0 | 30,0 | |
0,05 | 200,0 | 400,0 | 320,0 | 80,0 | 48,0 | 24,00 | 260,0 | 140,0 | 84,0 | 42,0 | |
100,0 | 200,0 | 170,0 | 30,0 | 18,0 | 9,00 | 160,0 | 40,0 | 24,0 | 12,0 | ||
24,698 | 7,41 | 49,396 | 14,82 | ||||||||
0,82 | 0,82 | 1,23 | 1,23 |
. 17.1
QBE, ( 17.4):
QBE=F/(P-V)
(17.4)
,
QBE=20000/(2,00-1,50)=40000 ,
QBE=60000/(2,00-1,00)=60000 .
? , , . . 17.2 ROE .
, ROE , , .. . , , , , .
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. 17.2
? . , , , , , . , , , , , .
, , , . , , , . , . , , , . , , ( ) , , . , .
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, , .. . , , , .
, ̻. , , . (EPS) . EPS, . 17.1, , ( ) ̻ . , , ,
, 100% - 50% 50% . , , 10 . , . , , , 20 ..
. 17.1
, $ | DIA, % | d |
8,0 | ||
8,3 | ||
9,0 | ||
10,0 | ||
12,0 | ||
15,0 |
. 17.2., , .
. 17.2. : 50% ..
I. | |
, % | |
( ..) | |
( ..) | |
, . |
EBIT | (40)2 | ROE,% | EPS | |||||
0,05 | (60000) | (60000) | (24000) | (36000) | (18,00) | (3,60) | ||
0,20 | (20000) | (20000) | (8000) | (12000) | (6,00) | (1,20) | ||
0,50 | 12,00 | 24,0 | ||||||
0,20 | 30,00 | 6,00 | ||||||
0,05 | 42,00 | 8,40 | ||||||
12,00 | 2,40 | |||||||
14,82 | 2,96 | |||||||
1,23 | 1,23 |
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II. 50% 50% | |
, % | |
, . |
EBIT | (40)2 | ROE,% | EPS | |||||
0,05 | (60000) | (72000) | (28800) | (43200) | (43,20) | (8,64) | ||
0,20 | (20000) | (32000) | (12800) | (19200) | (19,20) | (3,84) | ||
0,50 | 16,80 | 3,36 | ||||||
0,20 | 52,80 | 10,56 | ||||||
0,05 | 76,80 | 15,36 | ||||||
16,80 | 3,36 | |||||||
29,64 | 5,93 | |||||||
CVEPS | 1,76 | 1,76 |
. 17.2. , . , , , ( , ), , , , . , ROE 12% - , . 17.1.
. 17.2. (EPS), . 10 . , . , , , EPS EPS=2,96 .. CVEPS=1,23.
, 50% - , - . 17.2. , 12%. , , EBIT , 100 . .. 12 . .. ; , , . 12 . .. . , 5 . 100 . .. ( ). ROE 16,8%.
, , . ROE 12 16,8%, : CVEPS 1,23 1,76.
17.3 . 17.2. , ROE, , , , .
, . 17.4. , EPS , 50% .
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. 17.3. ROE
. 17.4. EPS,
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, , . EPS 50%, , EPS , .
. 17.4 , EPS, , , .
, , : ( , D/ 50%), .