These illustrations use conservative forecasting of NOPAT
and NOA, and therefore FCF, for stock valuation.
The research framework sees ERM framework as an independent variable whose implementation will have an impact on the firm NOPAT
, WACC and ROIC the dependent variables.
This research was carried out to study the relative and incremental information content between MVA and accounting performance measures (NI, NOPAT
and EPS) with stock return in Bursa Malaysia.
Asi, una disminucion en el sobrecosto de las obligaciones con los proveedores se reflejara en un incremento del NOPAT
y, por ende, en un aumento del EVA.
Table 1 Table Showing Comparisons of Important Financial Metrics (2) Includes Includes Rupees/ cost of cost of Measure percentage debt equity EVA Rs Yes Yes CVA Rs Yes Yes EBIT Rs No No EBITDA Rs No No NOPAT
Rs No No RONA % No No TSR % * * MVA Rs.
Cash Flow Model Projects Cash Flow Project i Year 0 Year 1 Year 2 Revenue Rev 1 Rev 2 EBITDA EBITDA 1 EBITDA 2 Depreciation Dep 1 Dep 2 EBIT EBIT 1 EBIT 2 Taxes Taxes 1 Taxes 2 NOPAT NOPAT
2 +Depreciation Dep 1 Dep 2 CAPEX Capex WC Increase WC Increase 1 WC Increase 2 Cash Flow Available Cash Flow 0 Cash Flow 1 Cash Flow 2 Cash Flow Project i Year 3 Year 4 Revenue Rev 3 Rev 4 EBITDA EBITDA 3 EBITDA 4 Depreciation Dep 3 Dep 4 EBIT EBIT 3 EBIT 4 Taxes Taxes 3 Taxes 4 NOPAT NOPAT
4 +Depreciation Dep 3 Dep 4 CAPEX WC Increase WC Increase 3 WC Increase 4 Cash Flow Available Cash Flow 3 Cash Flow 4 Table 3.
According to Kramer and Peters (2001), NOPAT
, a readily available measure of financial performance, is tied more closely with MVA than with EVA.
It is observed from Table 6 that the absolute figure of NOPAT
registered a continuous rising trend except in the year 2004-5, when it was showing a decreasing tendency, though it was higher than that of the base year.
La primera genera una Utilidad Antes de Intereses e Impuestos que al no considerar el apalancamiento financiero se convierte en una Utilidad Operativa Despues de Impuestos (UODI o NOPAT
por sus siglas en ingles).
Exhibit 3 DuPont Model Earnings Target (in millions) Balance Sheet Income Statement NOA NFO Revenue $59,490 $9,955 Operating Expenses 54,421 Operating Income 5,069 $24,874 SE Income Taxes 1,928 $14,919 NOPAT
3,141 NFE 354 Net Income 2,787 Costco (in millions) Balance Sheet Income Statement NOA NFO Revenue $64,400 $445 Operating Expenses 62,626 Operating Income 1,774 $9,329 SE Income Taxes 650 $8,884 NOPAT
1,124 NFE 41 Net Income 1,083 NOA = net operating assets NFO = net financial obligations SE = stockholders equity NOPAT
= net operating profit after taxes NFE = net financial expense (after tax)
This database comes in the form of an Excel file that includes 20 years of historical data for MVA, EVA, NOPAT
, return on capital, cost of capital, industry classification, and ticker symbol, as well as a trademarked variable called Future Growth Value[TM] (FGV).
is calculated as net operating income after depreciation, adjusted for items that move the profit measure closer to an economic measure of profitability.