Residual Income Valuation

Valuation: 중앙대학교 경영학부 박창헌 교수

The Concept of Residual Income

1

Calculating Residual Income

2

Calculating Residual Income

3

EVA (Economic Value Added)

(Invested Capital)

4

Adjustments to F/S before Calculating EVA

5

EVA (Economic Value Added)

6

MVA (Market Value Added)

[book value of

invested capital]

7

Calculating EVA and MVA

8

Calculating EVA and MVA

9

Uses of Residual Income Models

10

Forecasting Residual Income

11

Forecasting Residual Income: Example

12

Forecasting Residual Income: Example

13

Residual Income Valuation Model

14

Residual Income Valuation Model

15

Computing Intrinsic Value with RIM: Example

16

Computing Intrinsic Value with RIM: Example

17

Computing Intrinsic Value with RIM: Example

18

Single-stage Residual Income Valuation Model

19

Single-stage Residual Income Valuation Model

20

Single-stage Residual Income Valuation Model

21

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

22

Single-stage Residual Income Model: Example 1a

23

Single-stage Residual Income Model: Example 1b

24

Valuation: 중앙대학교 경영학부 박창헌 교수

The Concept of Residual Income

1

Calculating Residual Income

2

Calculating Residual Income

3

EVA (Economic Value Added)

(Invested Capital)

4

Adjustments to F/S before Calculating EVA

5

EVA (Economic Value Added)

6

MVA (Market Value Added)

[book value of

invested capital]

7

Calculating EVA and MVA

8

Calculating EVA and MVA

9

Uses of Residual Income Models

10

Forecasting Residual Income

11

Forecasting Residual Income: Example

12

Forecasting Residual Income: Example

13

Residual Income Valuation Model

14

Residual Income Valuation Model

15

Computing Intrinsic Value with RIM: Example

16

Computing Intrinsic Value with RIM: Example

17

Computing Intrinsic Value with RIM: Example

18

Single-stage Residual Income Valuation Model

19

Single-stage Residual Income Valuation Model

20

Single-stage Residual Income Valuation Model

21

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

22

Single-stage Residual Income Model: Example 1a

23

Single-stage Residual Income Model: Example 1b

24

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