10 показателей рентабельности | Школа финансового анализа и инвестиционной оценки Жданова Василия и Жданова Ивана

Автор Administrator На чтение 3 мин. Просмотров 35 Опубликовано 25.02.2013

В статье будут рассмотрены основные показатели рентабельности предприятия.

1 Показатель рентабельности акционерного капитала (ROCE) определяется через отношение чистой прибыли за вычетом дивидендов по привилегированным акциям к средней за год величине обыкновенного акционерного капитала. Формула расчета:

ROCE = (чистая прибыль – дивиденды по привилегированным акциям) / средняя за год величина обыкновенного акционерного капитала *100%

Среднегодовая величина акционерного капитала рассчитывается как сумма его значения на начало года и на конец года деленное на 2. Показатель ROCE (Return on Capital Employed) используется как показатель доходности, которая приносит предприятия на вложенный капитал. Если предприятие не имеет привилегированных акций или не связано обязательством платить дивиденды, то в данном случает значение ROCE эквивалентно значение  ROE.

2 Рентабельность инвестированного капитала (ROIC). Показатель рассчитывается как отношение чистой операционной прибыли за вычетом скорректированных налогов (NOPLAT) к инвестированному капиталу. Формула расчета:

ROIC = NOPLAT / инвестированный капитал *100%

Инвестированный капитал – капитал, который инвестирован в основную деятельность предприятия.
Инвестированный капитал  = оборотные активы + чистые основные средства + чистые прочие активы
или другой способ определения данного показателя:
Инвестированный капитал = собственный капитал + долгосрочные обязательства.

3 Рентабельность суммарных активов (ROTA). Показатель рассчитывается как отношение операционная прибыль с активам предприятия. Показатель используется в целях увеличения выручки и снижения себестоимости и непроизводственных расходов. Формула расчета:

ROTA = EBIT / средние активы предприятия * 100%

ROTA очень похож на показатель ROA. Отличие заключается в том, что при определении ROATA используется операционная прибыль, а не чистая как в ROA. Один из существенных недостатков показателя заключается в его заметном ухудшении при привлечении заемного капитала, кроме того в нем не учитывается сезонная специфика и вид деятельности. Его хорошо применять в качестве «дополнительного».

4 Рентабельность собственного капитала (ROE). Показатель является одним из важных для оценки инвестиционной привлекательности предприятия. Он определяет прибыль в расчете на вложенный в предприятие рубль. Формула расчета:

ROE = чистая прибыль / собственный капитал * 100%

Также ROE можно определить по следующей формуле:

ROE = ROA * коэффициент финансового рычага

5 Рентабельность активов предприятия ROA. Показатель определять количество чистой прибыли, которое приносит единица активов предприятия. Показатель позволяет оценить качество работы менеджеров.

ROA = (чистая прибыль + процентные платежи)* (1 – налоговая ставка) / активы предприятия * 100%

Чистая прибыль = выручка – затраты предприятия.
Активы предприятия – сумма имущества и денежных средств принадлежащих предприятию.

6 Рентабельность валовой прибыли (GPM). Определяет долю валовой прибыли в объеме продаж. Формула расчета:

GPM = GP / NS = Валовая прибыль / суммарная выручка

7 Рентабельность операционной прибыли (OPM). Доля операционной прибыли в объеме продаж. Формула расчета:

OPM = OP / NS = операционная прибыль / суммарная выручка

8 Рентабельность чистой прибыли (NPM). Доля чистой прибыли в объеме продаж. Формула расчета:

NPM = NI / NS = чистая прибыль / суммарная выручка

9 Рентабельность оборотных активов (RCA). Формула расчета:

RCA = NI / CA = чистая прибыль / оборотные средства

10 Рентабельность внеоборотных активов (RFA). Формула расчета:

RFA = NI / FA = чистая прибыль / оборотные средства

Автор: Жданов Василий, к.э.н.

90000 A long-term look at ROIC 90001 90002 90003 Savvy executives 90004 know that the decision to invest in a project often hangs on reasonable expectations of its return on invested capital. But what constitutes «reasonable»? Companies that rely on the wrong benchmark can overlook good investments or pursue bad ones. We find that empirical analyses of ROICs-particularly those illustrating industry-specific patterns over time-can help executives ground their expectations in the collective long-term experience of other companies.90005 90002 Audio 90005 A long-term look at ROIC 90002 We analyzed the ROIC histories of about 7,000 publicly listed nonfinancial US companies from 1963 to 2004. These companies had revenues of more than $ 200 million in 2003 dollars, adjusted for inflation. Our sample included active companies as well as companies that were acquired or dissolved, and we looked at patterns that both included and excluded goodwill. The revenues of the companies we studied account for 99 percent of those of all nonfinancial US publicly traded companies in 2004, or some 82 percent if financial ones are included.Our work had several key findings. 90005 90002 First, the average US company has returned its cost of capital over time. From 1963 to 2004, the US market’s median ROIC, excluding goodwill, averaged nearly 10 percent. That level of performance was relatively constant and in line with the long-term cost of capital (Exhibit 1). The stable median ROIC may reflect a balance between investment and consumption. Companies that drive innovations in technology or business systems may earn above-average returns initially, but competition eventually compels most businesses to pass the savings along to consumers.90005 90002 Exhibit 1 90005 90014 ROIC is fairly stable. 90015 We strive to provide individuals with disabilities equal access to our website. If you would like information about this content we will be happy to work with you. Please email us at: McKinsey_Website_Accessibility @ mckinsey.com 90002 Second, historical ROICs can vary widely by industry. In the United States, the pharmaceutical and consumer packaged-goods industries, among others, have sustainable barriers, such as patents and brands, that reduce competitive pressure and contribute to consistently high ROICs. Conversely, capital-intensive sectors (such as basic materials) and highly competitive sectors (including retailing) tend to generate low ROICs. 90005 90002 These differences in the way industries perform have not changed substantially over time.In Exhibit 2, the ROIC ranking, based on the ranking for тисяча дев’ятсот шістьдесят три to 2004 as a whole, largely mirrors the average for the period from 1995 to 2004. In general, the persistence of differences in ROIC across sectors suggests that individual companies should be benchmarked against comparable ones operating in similar or adjacent industries. 90005 90002 Exhibit 2 90005 90014 Industry variation in ROIC 90015 We strive to provide individuals with disabilities equal access to our website.If you would like information about this content we will be happy to work with you. Please email us at: [email protected] 90002 Finally, we found that the median or mean returns of general, broadly defined industry groups can be downright misleading. Executives who look at the mean or median ROIC of an industry without understanding the distribution of ROIC performance within it may not have sufficient information to assess a company or to project its ROIC accurately.90005 90002 Indeed, intra-industry differences are sometimes far more dramatic than those among sectors (Exhibit 3). Take the software and services industry. Its median ROIC from 1963 to 2004 was 18 percent, but the spread between the top and bottom quartile of companies averaged 31 percent. In fact, the industry’s performance was so uneven as to render this metric meaningless. These wide variations suggest that the industry comprises many distinct subgroups that have very different structures and are subject to very different competitive forces.To form reasonable expectations, it is often necessary to dig down to more refined subindustry groupings. By contrast, the utility industry’s median ROIC is only 7 percent, but the spread from the best to the worst companies is a slim 2 percent. Any executive encountering projected returns outside those of this relevant benchmark industry range would do well to look on those forecasts with a gimlet eye. 90005 90002 Exhibit 3 90005 90014 Intra-industry variations in ROIC 90015 We strive to provide individuals with disabilities equal access to our website.If you would like information about this content we will be happy to work with you. Please email us at: [email protected] 90032 About the author (s) 90033 90002 90003 Bin Jiang 90004 is a consultant in McKinsey’s New York office, where 90003 Tim Koller 90004 is a principal. 90005 .90000 Return on Invested Capital (ROIC) 90001 90002 Return on Invested Capital (ROIC) is another popular metric that is used widely in financial analysis. The reason for its popularity is that like ROA, ROIC can be used by both equity and debt holders. Also, like ROA, it provides data about return to the company as a whole and is not affected by leverage. Here is more about Return on Invested Capital; 90003 90004 Formula 90005 90002 The formula for calculating ROIC is as follows: 90003 90002 90009 Return on Invested Capital = EBIT / Invested Capital 90010 90003 90012 90013 90009 Deriving Invested Capital: 90010 Note that Invested Capital is not the same as Capital listed on the balance sheet.Neither is it the balance sheet total. Invested Capital is a term analysts have coined in the recent past to denote capital that has been listed for the long term in the company s operations. Invested capital is derived by starting from the Balance Sheet Liabilities total and then subtracting the current liabilities from it. This is because current liabilities are not sustainable sources of long term financing and therefore can not qualify as capital. 90016 90017 90004 Meaning 90005 90002 The Return on Invested Capital (ROIC) metric measures the company s efficiency at allocating its resources to generate the maximum return.Thus ROIC shows the relationship between invested capital and return. It must be thought about as having Rs X in earnings for every rupee in invested capital. 90003 90004 Assumptions 90005 90012 90013 90009 Tax Planning not Considered: 90010 The Return on Invested Capital (ROIC) used EBIT which is a pre-tax figure. This ratio does not consider that companies can make significant differences to their profitability with the help of tax planning strategies. Some analysts use both pre-tax and post-tax ROIC numbers to get a better picture of the company s operations.90016 90013 90009 Accurate Book Values: 90010 The Return on Invested Capital (ROIC) assumes that the book values ​​stated are accurate. In many cases, the book values ​​and the market values ​​of assets are very different. One such example is land. Thus, ROIC becomes a misleading figure. This is because many times analysts consider the opportunity cost based on market value and the ROIC drops drastically. 90016 90017 90004 Interpretation 90005 90012 90002 90009 No Break-Up Provided: 90010 ROIC does not provide break up about whether income has been earned from regular operations or from one time activities.90003 90002 90009 Used to Evaluate Acquisitions: 90010 Return on Invested Capital (ROIC) is useful in case of companies that have done many acquisitions. Since it is difficult to segregate the cash flows of the two merged companies, ROIC with and without the acquisition serves as a measure of gauging success. 90003 90017 90046 90046 90046 90004 90009 90010 Authorship / Referencing — About the Author (s) 90005 90053 90054 90055 The article is Written By Prachi Juneja and Reviewed By 90009 Management Study Guide Content Team 90010.MSG Content Team comprises experienced Faculty Member, Professionals and Subject Matter Experts. We are a 90009 ISO 2001 діє до: 2015 Certified Education Provider 90010. To Know more, click on About Us. The use of this material is free for learning and education purpose. Please reference authorship of content used, including link (s) to ManagementStudyGuide.com and the content page url. 90060 90061 90046 90046 .90000 ROIC — Efficiency & performance 90001 90002 Return on invested capital (ROIC) is closely related to ROCE. Like ROCE it looks at returns (usually EBITA) free of the effects of capital structure. There are a number of definitions of ROIC in use which incorporate various refinements: 90003 90004 90005 Stripping out assets not used in the business (such as cash and financial investments) 90006 90005 Stripping out free funding (most often trade creditors) 90006 90005 Adding back the cost of assets that have been written off (most often goodwill impairment) 90006 90005 Adjusting for the effect of financial structure on tax paid.90006 90013 90002 The point of all these is the same: to give investors a better idea of ​​the return the company makes on the money it has invested in the past. ROCE is flattered by writing off assets, ROIC is not. There are a number of definitions of ROIC. A good starting point is: 90003 90016 90017 ROIC = EBITA ÷ (A — C — X + W) 90018 90019 90002 where 90017 A 90018 is total assets (equivalent to debt plus equity), 90023 90017 C 90018 is cash holdings, 90023 90017 X 90018 is non-interest bearing current liabilities, and 90023 90017 W 90018 is the cost of assets that have been written off.90003 90002 It can sometimes be useful to refine this further by replacing EBITA with 90017 EBITA × (1 — tax rate) 90018. This shows what the total return would be if the company was purely equity funded. This variant is preferable if comparing companies with permanently different tax rates (e.g., operations in different countries). Total assets includes all fixed assets and current assets. 90003 90002 NOPAT can be used instead of EBITA. 90003 90002 Although some references suggest excluding goodwill from ROIC, there is a very strong case of including it.It is an investment that has been made and that requires a return. The cash balance is excluded as it is not invested in the business, the same reason cash is not included when calculating EV. 90003 90002 Non-interest bearing current liabilities are excluded as they are free sources of funds for the company. If a company is funding a part of its assets by borrowing at no cost (often from trade creditors). By obtaining free funding a company is boosting returns to shareholders and this should be reflected in the ROIC.90003 90002 The most difficult adjustment is the addition of assets that have been written off. How far into the past should once go? Should we add back an appropriately amortised value rather than the full value? Should amortisation of long lived intangibles in reversed? 90003 90002 ROIC is used to compare the efficiency of companies within a sector. Cross sector comparisons will not be meaningful: an aircraft manufacturer needs more assets than a software company. However, whatever industry the company is in, ROIC must be more than the WACC — otherwise the company is destroying rather than creating wealth.90003 90002 ROIC is not perfect. As described above, it is still subject to the vagaries of asset values ​​shown on the balance sheet. These depend on depreciation policies and the age of a company’s assets. ROIC does nonetheless give investors a useful way of assessing how well run a company has been. 90003 90002 CROIC is similar to ROIC but measures cash returns. 90003 .90000 ROIC vs Growth: What drives PE Ratios? | Intrinsic Investing 90001 90002 Most investors are familiar with PE ratios as a basic approach to valuing stocks. But what drives PE ratios? Why do some stocks trade at high PEs while others trade at low PEs? 90003 90002 Conventional wisdom holds that PE ratios are a function of potential growth. High growth companies should have high PEs and low growth companies should have low PEs. In his book, 90005 One Up On Wall Street 90006, legendary mutual fund manager Peter Lynch popularized a way to codify this relationship using the PEG Ratio (PE ratio divided by earnings growth rate).Lynch argued that a stock is fairly valued when its PE ratio is equal to its growth rate (ie. The PEG Ratio is equal to 1.0). 90003 90002 Lynch had a brilliant track record, but it seems hard to believe that he followed his own advice on the PEG Ratio closely. If a 1.0 PEG ratio is fair value, the US stock market, with its long-term average earnings growth rate of around 5% should command a PE ratio of 5x, about a third of the actually observed average valuation. On the other hand, very few companies have ever grown earnings by 20% + for more than a decade, yet many companies trade at PE ratios of over 20x and sustain this valuation level over long periods of time.90003 90002 So while growth potential clearly influences PE ratios (you do not need an Excel spreadsheet to tell you a quickly growing company is worth more than a slow-growing company, 90005 all else equal 90006), something else is a meaningful driver of PE ratios. 90003 90002 At Ensemble Capital, we believe that a company’s long-term sustainable return on invested capital is a much larger driver of valuation ratios (such as the PE ratio) than growth rates, despite most investors (and particularly Wall Street research) focusing their attention on growth potential and rarely discussing returns on capital.90003 90002 The most simplified valuation model is the Gordon Growth model, which can be used to accurately value any steady, predictable stream of cash flows. 90003 90002 90019 90003 90002 P = price, D1 = distributable cash *, r = required rate of return, g = growth 90003 90002 The model says that a company generating $ 1.00 of distributable cash and growing at 5% a year will be worth $ 25.00 if investors demand a 9% ** rate of return to own the stock (1.00 / (. 09-.05) = 25.00 ). A company growing at just 3% a year would be worth $ 16.67 (1.00 / (. 09-.03) = $ 16.67). In other words, the company growing 5% a year is worth 25x distributable cash flow while the one growing 3% a year is worth 16.7x distributable cash flow. 90003 90002 But note that these multiples are not price to earnings ratios, but price to distributable cash flow ratios. This is where return on invested capital comes in. See this post on the details of ROIC, but the basic message is that the higher a company’s ROIC, the less cash flow they need to reinvest to achieve a given level of growth.90003 90002 Historically, the average US company has generated ROIC of about 10%. In order to grow 5%, a company with a 10% ROIC needs to reinvest 50% of their earnings (0.10 * .50 = 5.0%) and therefore only the other half of their earnings is available to distribute to shareholders. A company that generates 25% ROIC, on the other hand, only needs to reinvest 20% of their earnings to achieve 5% growth (0.25 * 0.2 = 5%) allowing them to distribute 80% of their earnings to shareholders. 90003 90002 Therefore the 10% ROIC company that earns $ 1.00 can distribute $ 0.50 to shareholders while growing 5%, while the 25% ROIC company earning $ 1.00 can distribute $ 0.80 to shareholders while growing 5%. Clearly, the higher ROIC business is more valuable. In fact, it is 90005 60% more valuable 90006 than the 10% ROIC business (10% ROIC = 0.50 / (. 09-0.5) = $ 12.50 | 25% ROIC = 0.80 / (. 09-.05) = $ 20.00). 90003 90002 This dynamic is what leads to high ROIC businesses trading at high PE multiples, even when they do not offer a lot of growth potential.Investors do not get a share of earnings, they get a share of distributable cash. Since high ROIC businesses generate more distributable cash per dollar of earnings, their earnings are worth more to investors and thus their stocks are assigned higher PE ratios. 90003 90002 So we see that PE ratios are driven by both growth and return on invested capital. In our next post on this topic, we plan to show how high returns on capital persist for much longer periods of time than high growth rates, meaning that while both ROIC and growth generate value, high ROIC has a much more lasting impact.90003 90002 * Readers familiar with the Gordon Growth model will notice we’ve redefined D1 as distributable cash rather than the dividend. The Gordon model assumes that distributable cash is paid as a dividend, but by redefining D1 to distributable cash directly, we allow the model to generate consistent valuations whether a company uses excess cash generation to pay dividends, buy back stock, pay down debt or buy other companies. 90003 90002 ** A 9% required rate of return implies a 100% equity financed business.This example ignores the impact of financial leverage. Close readers will note that the example of a 10% ROIC business yields a PE of 12.5x. While this is below the market’s historical average PE, it is in line with the unlevered multiple. The average company’s ability to take on debt at a lower cost than equity reduces their cost of capital (r in the Gordon model) and increases their PE ratio. 90003 90002 90005 While we do not accept public comments on this blog for compliance reasons, we encourage readers to contact us with their thoughts.90006 90003 90002 90005 Past performance is no guarantee of future results. All investments in securities carry risks, including the risk of losing one’s entire investment. The opinions expressed within this blog post are as of the date of publication and are provided for informational purposes only. Content will not be updated after publication and should not be considered current after the publication date. 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