for advance..5ดาว ***** THE MACHANICS OF ECONOMICS MODEL:
ROIC, WACC,EVA,MVA & CAP defined
by By: Andrew Chan/McGill University 2001 http://www.rbcpa.com/economicmodelv20a.pdf
จะเป็น ความสัมพันธ์ ของ ROIC, WACC, EVA and MVA,
และ CAP{Competitive Advantage Period}.
World airlines return on invested capital and their weighted average cost of capital (WACC)
ROIC is consistently below WACC
Airlines have one of the lowest levels of ROIC of any industry Industry median ROIC* *calculated without goodwill 1 ROIC after tax, excluding goodwill
Source: McKinsey & Company for IATA
While a myriad of factors can affect industry profitability in the short run—including the weather and the business cycle—industry structure,
manifested in the competitive forces, sets industry profitability in the medium and long run. (See the exhibit “Differences in Industry Profitability.”)
และ
ขอต่อด้วย
..
Myth ข้อ 1 หน้า 18
"Growth is good"
เป็น pdf ตาม link ล่างนี้
ของ คุณ Andrew Chan
อีกครั้ง
source: http://www.rbcpa.com/economicmodelv20a.pdf THE MACHANICS OF ECONOMICS MODEL:
ROIC, WACC,EVA,MVA & CAP defined
by By: Andrew Chan/McGill University 2001
..
While Company B grew its NOPAT by an impressive 50%, it nonetheless destroyed value in year 2 because its ROIC has gone below its cost of capital.
As for Company A, its NOPAT growth (25%) was financed by a growth in
capital of only 10%.
Despite its impressive growth rate, Company B destroyed value and that’s something you can’t
see by simply looking at EPS growth. Growth is good under one condition: that it creates value. Therefore, the myth
that growth is good is not always true. There is something fundamentally more important than growth: value
creation.
Economic losses of USD16-18 billion across the supply chain
If the ROIC percentages are translated into economic profits in absolute terms (economic profit is the amount of profit earned over and above that needed to pay the WACC), the IATA/McKinsey study calculates that the entire aviation supply chain made economic losses of around USD16 billion to USD18 billion annually in the period 2004 to 2011.
An economic loss does not necessarily mean there was an accounting loss, but the aviation industry made USD16 billion to USD18 billion less profit than investors required to reward them adequately for their investment. Investors could have made more profit by investing their capital elsewhere. This shortfall is called an economic loss.
Economic profits* in the air transport value chain (excluding fuel and labour) Source: McKinsey & Company for IATA
*Average economic profit1, (ROIC-WACC) x invested capital, USD billion, 2004-2011.
1 Based on invested capital excluding goodwill, extrapolated to total industry.
2 Sample too small to give meaningful estimate.
3 Economic profit for airport sector extrapolated based on weighted average of sample excluding AENA; AENA subsequently added back to sector estimate
...
Return on capital and weighted average cost of capital through the aviation value chain ROIC excluding goodwill 2004-2011 1 Limited sample
Source: McKinsey & Company for IATA
ในกรณีนี้
airline ROIC เฉลี่ยประมาณ 4
แต่ cost of capital 7-10
..
IATA believes that new technology and process standards can help to improve returns, but it is calling for a partnership approach with other players in the aviation value chain to find “the most productive way forward”. This could include vertical integration “on a case by case basis” (for example Delta’s purchase of an oil refinery - although that experiment is far from proven). IATA also argues that more transparent information and cost benchmarking can improve supply chain efficiency.
ถามว่า
ถ้า
ไม่สนใจว่า
โรงกลั่นก็ เป็น capital intensive และ commodities business ด้วย
(และราคาซื้อสมเหตุผล)
ถามว่า
โรงกลั่นนั้น ควรจะต้องมี ROIC ต่ำสุด เท่าไร?
วันนี้จะไปต่อ Myth-ข้อ2
เลย
สำคัญมาก
เกี่ยวกับ ROIC กับAsset Turnover
..
มันดีมาก
เอามาเต็มๆเลยแล้วกัน
p19 ของคุณ Andrew Chan เช่นเคย THE MACHANICS OF ECONOMICS MODEL:
ROIC, WACC,EVA,MVA & CAP defined
by By: Andrew Chan/McGill University 2001 http://www.rbcpa.com/economicmodelv20a.pdf
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