JFW 464 Analisis Penyata Kewangan Bab 8 - Pulangan Atas Pelaburan Modal Dan Analisis Keberuntungan Sidang Webex 4
JFW 464 Analisis Penyata Kewangan Bab 8 - Pulangan Atas Pelaburan Modal Dan Analisis Keberuntungan Sidang Webex 4
Penyata Kewangan
Bab 8 – Pulangan Atas
Pelaburan Modal dan
Analisis Keberuntungan
Sidang Webex 4
2018/2019
K.R. Subramanyam
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
8-2
8
CHAPTER
8-3
• Management is
responsible for all
company activities
• Planning
• Budgeting
• Coordinating activities
• Evaluating opportunities
• Control
8-9
Components of ROI
• Return on invested capital is defined as:
Income
Invested Capital
8-10
Components of ROI
Invested Capital Defined
• No universal measure
of invested capital
• Different measures of
invested capital reflect
user’s different
perspectives
8-11
Components of ROI
Alternative Measures of Invested Capital
Common Measures:
• Stockholders’ Equity
8-12
Components of ROI
Net Operating Assets
• Perspective is that of the company
as a whole
• Called return on net operating
assets (RNOA)
RNOA:
measures operating efficiency/
performance
reflects return on net operating
assets (excluding financial
assets/liabilities)
8-13
Components of ROI
Common Equity Capital
• Perspective is that of common
equity holders
• Captures the effect of leverage
(debt) capital on equity holder
return
• Excludes all debt financing and
preferred equity
net income less preferred dividends
average common equity
8-14
Components of ROI
Computing Invested Capital
Components of ROI
Adjustments to Invested Capital and Income Numbers
Components of ROI
Return on Net Operating Assets -- RNOA
NOPAT
(Beginning NOA + Ending NOA) / 2
Where
• NOPAT = Operating income x (1- tax rate)
• NOA = net operating assets
8-17
Components of ROI
Operating and nonoperating activities - Distinction
BALANCE SHEET
Operating assets ..................... OA Financial liabilities .................. FL
Less operating liabilities ........ (OL) Less financial assets ............. (FA)
Net financial obligations......... NFO
Stockholders’ equity................ SE
Components of ROI
Return on Common Equity -- ROCE
Where
• Equity is stockholder’s equity less preferred
stock
8-19
OA = operating assets
OLLEV = operating liabilities leverage ratio
(operating liabilities / NOA)
8-21
NOPAT
Operating profit margin (OPM) =
Sales
Sales
average net operating assets
8-28
Disaggregating ROCE
8-32
The End