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Erstellt / Aktualisiert 11.12.2012 / 14.07.2016
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Fenster schliessen

Equity_value

BVE0 = (NI1 - (re*BVE0))/(1+re) + (NI2 - (re * BVE1))/(re -g)/(1+re)^2

Fenster schliessen

Asset_Value

Asset_Value = NOA0 + (NOPAT1 - (WACC*NOA0))/(1+WACC)

Fenster schliessen

WACC

WACC = Vd / (Vd + Ve) * rd(1-T) + Ve / (Vd + Ve) * re

Fenster schliessen

ROE (Return on Equity)

ROE = Net Income / Equity =

(1) Net Income / Sales * (2) Sales / Assets * (3) (1 + Debt / Equity)

(1) Return on Sales

(2) Asset turnover

(3) Leverage

Fenster schliessen

Limitations to ROE

-ROA numerator only includes net income available to equity holders

-Assets and net income are not split between operating and financing components

-Financial leverage ratio fails to recognize the cash and short term investments are, in essence, negative debt Can be used to pay down debt on a company´s balance sheet almost immediately

Fenster schliessen

ROE advanced approach

ROE = Operating ROA + Spread * Net financial leverage

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Operating ROA

Operating ROA = NOPAT / Net Assets

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NOPAT

NOPAT = Net income + Net interest expense after tax