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Residual Income Valuation

Residual Income Valuation
Valuation: 중앙대학교 경영학부 박창헌 교수


The Concept of Residual Income

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Calculating Residual Income

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Calculating Residual Income

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EVA (Economic Value Added)


(Invested Capital)
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Adjustments to F/S before Calculating EVA

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EVA (Economic Value Added)

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MVA (Market Value Added)

[book value of
invested capital]

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Calculating EVA and MVA

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Calculating EVA and MVA

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Uses of Residual Income Models

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Forecasting Residual Income

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Forecasting Residual Income: Example

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Forecasting Residual Income: Example

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Residual Income Valuation Model

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Residual Income Valuation Model

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Computing Intrinsic Value with RIM: Example

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Computing Intrinsic Value with RIM: Example

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Computing Intrinsic Value with RIM: Example

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Single-stage Residual Income Valuation Model

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Single-stage Residual Income Valuation Model

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Single-stage Residual Income Valuation Model

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RI Valuation and Justified P/B Ratio

The relation between residual income valuation and the justified
price-to-book (P/B) ratio based on forecasted fundamentals

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Single-stage Residual Income Model: Example 1a

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Single-stage Residual Income Model: Example 1b

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