Escolar Documentos
Profissional Documentos
Cultura Documentos
2009 $900,000 774,000 $126,000 31,500 $94,500 8,600 $85,900 34,360 $51,540 $41,230 $10,310
$94,500 47,250 26,262 $168,012 94,500 $262,512 444,600 99,938 $544,538 $807,050
$90,000 45,000 9,000 $144,000 90,000 $234,000 444,600 90,000 $534,600 $768,600
40%
2010 2010
NOWC = NOWC =
$472,500 $330,750
$141,750
Total net operating capital 2010 TOC = 2010 TOC = 2010 TOC = 2009 2009 2009 TOC = TOC = TOC =
+ +
+ +
Investment in total net operating capital 2010 2010 Inv. In TOC = TOC 2010 Inv. In TOC = $661,500 2010 Inv. In TOC = $31,500 Net operating profit after taxes 2010 NOPAT = 2010 NOPAT = 2010 NOPAT = Free cash flow 2010 2010 2010
x x
(1-T) 60%
/ /
b. Assume that there were 15 million shares outstanding at the end of the year, the year-end closing stock price was $65 per share, and the after-tax cost of capital was 8%. Calculate EVA and MVA for the most recent year. Additional Input Data Stock price per share # of shares (in thousands) After-tax cost of capital Market Value Added MVA = Stock price MVA = $65.00 MVA = MVA = $430,462
x x $975,000
# of shares 15,000
Economic Value Added EVA = NOPAT EVA = $59,520 EVA = $59,520 EVA = $6,600
x x $52,920