--

t/5~L~ 'Uvnv nl5L3'U * Cl1L";lVl£I'bif'l1lJAlf'l1lJL51 G1£lvc:lnGfvlh~L~'UAlf'l1lJ * 'W'::I15rn 'lf£l3;j t-fv L 1 ~ 1lvl.l~lJl rn LL~~qrn.fll'W *1.l~)J1rn1~~lLtI'UGl1L~'lJtG1 5%,10%,1001J1Vl *q rn.fll'Wt~~llJ15()1~ tG1fLL~ lJln/'lIml 'li£l1J/t~'li£lv m L'::IVl 'l%1.l5~Lii'U3:J n '::I l 5/51 m If'U £It ~ ~1 n ~v viG1lv'W £ '::I15rn1 l.tJ'5~lih.lij&lFhtfUil,)jf\lGi'1t1'l6 FCF -( Vll NPV U'UL£lv G1£lvVll 1. CF (CIF/COF) 2.Discount Rate (WACC) 5~t1~L1m l.lnmn'::lnl5ii£l1£!~'U~ilGf

Gi/t~Gi

rn

.('3.

4.IV

G1'::11n1.l5~lJlrnnl5'::11nv1J P&L t:l1L'::IVl£rt'l%Format G11'U~lv Operating 0 1 income 9 LL'Wvni151mVlfl1:t{j
,... .""

( ('I p'l ) PV Net Cashflow - Total Debt -:jl'U1'Ulf'U~vVllJ~ LL~~vi151mlf'Ut'U~~1~Over Value l 51mlf'Ut'U~~1~
____ .J'_.d)_o____

LL'Wv/t~oli£l ':2 1\/

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.

3.t1'ittiiUijilFh\fU&l1~fYGl'1t1 Relative Valuation tl'i~Ljj'U1;!~~1t{'U~1£..1 PIE Ratio

PE ratio \1'1£) Price - Earning Ratio - PIE \1'1£) PER UlJi1LtI'U1fivlJl£..1v1~~U~1L'Unl'itl'i~Ljj'U1;!~~1t{'UvlL'il~'UL';j P E Ratio ~G'l'i lJ£)ni1 'il~1t{'UL'UGl~1~Gl£)'Ui.htl'U~Lv11'lJ£)"'i1'1.'iGi£)t{'U fgGl'i PIE = 'il~lt{'Uif';j'::j1T'U * EPS(Earning Per Share) *'ilmt{'U ru. 1'UvI

I EPS

= fil'1.'i~V1fi I -;:jl'U1'Ut{'U~1,r'1:!

10 jj.£..I.Lv11nlJ 4.28lJ1V1 c:i1'U EPS= 0.67 lJ1V1/t{'U

PIE

= 4.28 I 0.67 = 6.38 tvh
PIE L'Unl'iLm£..llJLVI£..IlJlJ~~V1Gil\l" vlL'il~'Uh'1.~'U~~~lJ
L'l1'ULm£..llJL VI£..IlJt{'UvI'il~'Uh L

\ P E ratio lJDnDtl'it'i11Gl1.J1\1
L 'il';j~'1.~ L'UtlGl 1\1 n'i'ilJ LGl n'Ui1Gl1'1. ~ £..11 \1'UfJ n\1'1£) L nil £J\l'1.\l L 'W\l

MVA: Market Value Added ...nl'i1~~~nl'il9ilLU'U\l1'U'lJ£)\l~lJ~\11'i

Iif\lLLGiL~lJf1£)Gf\llJ~~V1

'tGl£..I nl'ivl ~lJ~\11'i'W£..11 lJvi 1L £..11 'Itf~~ bbGl nGil\l'lJ £)\l1;!~~ll9l1mlmGl m~ L'Uc:i1'U'lJ -;l1'lJ £)\lb £)\l nlJ b3'UVJ'Uvi~ l\11lJ1';jlnun ~\lVJ'UL'Uc:i1'U'lJ -;l1'lJ G £)\lb £)\l,f'UGg\l~~ \11'1.~';jl n ~lJ nl'i

MVA
=

Market value of equity - Equity capital supplied by investors (Shares outstanding)(Stock price) - Total common equity
';jl n~lJnl'.i

EVA: Economic Value Added ... ';j~b u'U()\ltl'i~~V1fi.f11'W'lJ )\l~lJ~\11'iL'UtlLGltlwd\l £
';j~btl'Unl'itl'i~bjj'Ufh '1.iV11\lbPl'i~:§P11 Glfvl bb ' ~ vr';j~\l'lJ£l\l~'itl';j L'U'i~\1i1\ltl

EVA
=

After-tax operating profit - After-tax cost of capital EBIT (1- Corporate tax rate) - (Total Capital)(After-tax cost of capital) btl'U~'U fr-.r.::>MS
~ n~ru.~'t~'i\l nl'i

.

\llJ il\l\llU~.. btl'Unl'iGl~~'Uh~\lVJ'UL'U~'UV1~'W tJfI11'itof\l\1m£..l b'l1'U viGl'U L'i\l\ll'UU~~b~~£)\l~n'i

1. 2. 3.
4.

ell£) ~~£)\l~n'iLmJ b ellm~~£)\l~ n'iL mJ

V1 bb ~ V1'Ub~~£)\l~'ibf11v1\1lJ £l1£.! n ~ V1 bL ~ V1'Ub~~£)\l~'ibf11v1 n £J\lhf\ll'U '1.~£) ~

'lJ£..11 ~ Gl,n -rl bGllJ £..I ~ ru. 'lJ£..11~ ~Gl,n -rlL\11.l £..I ru. 't~'i\l nl'iL

5.
6.

Vi £)mllJtl~

£)~,n£..l bL~~~lJ~'i£)\l~\l bb ~£)lJ 1~

~'U"

t1'ittll\1"1JD\I'iA'i\ln1'i
1. 2. 't~'i\lnl'ivlV1~ bb V1'Un'U'1.~

A m~£)n't~'i\lnl'i\1i.i\l A £)

fh~'1.1.lb~ £)n't~'i\lnl'ivl

b \1~£)

't~'i\l nl'ivl btl'U5~'i~Gi£)n'U 't~'i\lnl'ivlVl'\l'Wl £l1~£..1 n'U

~llJ1'if'l~lJ'1.~VJn't~'i\l nl'i

61 LtI'U '1.tlGlllJbnru.-rlL'Unl'iGl ~ ~'Uh £..11 b ii£)\l n'U~1 £..I

3.

61~lJ't~'i\lnl'i\1i.i\ln~£)\l~lJ~nL~'i\lnl'ivlb~

l) Iin1'1t.l'1~L:OU'iA·h'l n 1'1 ih'l\1U 1. Payback Period: PB ...G.rjl\1~v·;nn~vvl'lll1JnflU\1UvLLE:l1 L~£Jv"lfUGlulGl j:)IU1rnrJvlv? ihh~L£J"liurJvlv? £J Period: DPB ...'i~£J~L 1~I~UVlULGl £Jj:)Ii:Ivnv~~~hif';l':prU'lJ£lvn'i~LL~L:5u~GlGl1 PV"LI n'i~LL~L:5u~Glri flU flv ... Ltlu'ifini'iviGlflv~Gl PV "LIflvn'i~LL~L:5U~Gl~V1fi~v\111Gl £Jtll11I~';lI'irnl kd tu VTM) ·H~£J~L1~lU1ULVhtGl~v';l~~UVluvi~vll.l ~ fl j:)lu1rn\ll£J LGl£JllJj:)l'i1vnv~~~h"LI flvL:5UGll11L~1 1 ~1111'i('l1Jfl nnv mill LL~~~~1.l'i~L£J"liU\1~v';lln~UVlULLE:l1 ihiflGl

*

vil~1111L'lhh11~Gl'iLtlumhvl'i? Payback LLGl Glflv\11

2. Discounted

.nv~Gl L flu'ifiLL'in \1jj

~ 3. Net Present
~vL 'Ii, LL~~flfln 4. Internal

Value: NPV ...~~~11h·:prU~V1fi

'\Xnn~1J~1JnuLLE:l1fhl 'i\1~fl"LIIGlVlU mmIfl IRR ...~flni'i\11elGl'iI~1U~Gl LGl£Jni'iiJ flU

Rate of Return:

vivilh.fn'i~LL~L:5U~Gl~V1fi (~E:lI£J"l n1Jni'i\11 (LtlU~1 L~"LIGiGl~1J)

\1~fl~~lh~L£J"liU~v\111GltUflUI~Gl~Gl~~~lif';l':prULLE:l1 'ifi~Glvi\ll£Jvi~Gl~ flni'inGl L~~flv\11 LLE:l1nGl CF1~j LLE:l1nGlj:)IU1rn\11 IRR LLE:l1tll~1

CFO= L:5U~vVlULiiflvGlU MIRR ~fl

IRR "LIflvLLGl~~L~'ivni'illILll£JULV1£J1JnU L:5u~GlvilGl~1JtuilLL'in"l £J11 Lvhn1JL:5u~vVlu~~vLL 'in NPV ';l~tll~~~I"L1 flv L:5U~GlVl nil'i111 nu LGl£Jt'lI CFj Lv:ifl\11 NPV LL~~tll~1

5. Modified
LtlU~~~1 rn

Internal

Rate of Return:

MIRR ...ifini'i"LIflv \1 ~v';ll mXu (nGlL~~flv

';l~tlI11.l ~vVlU ';lunvil~Glvrl LL~~\11elGl'iI~1U~Gl ,fumj:)IU1rnn~1J\11 A-~1~1111 n13J GliUJ ( ,fun~fl

£J"LI flvL~'iv ni'i MIRR ,xULflv

i1~Glvrl £J"LI flvL~'ivni'i FV ~n'ifl1J,xULflv)

LL~~';l~\11elGl'iI~1U~Glvivilt'\..f~~~I~Glvrl

L'Ii1t ';l\1~ n!p1,\'ifi\11 @11J

l.l'i~L£J"liU ni'itlI11.lt'lI - discount n~1Jm

~\1jjflunu\1~flllJ? LLGl NPV LtlUni'iLll£JUL V1£J1J'i~\111vn'i~LL~L:5U~GlviL 'i11~1Jn1Jvioil£J CfiLtlU rfiLtlu ~1 + ~£lL:5U~1J > L:5uoil£J

'PV ~flni'i\11~~~lif';l':prULvh,fu

.BL: v,
()-t\)

a

~1JL~'ivni'i,fu

- ~£lL:5U~1J < L:5uoil£J NPV ';l~jjmbmtlu~IL:5u

a

l.l.oL~fiL~'ivni'i

L'l1U 1J1V1 discount fl~~LL~L:j'U~Glfl~1J)J11'UU':l:pr'ULLc:r1Vil1lf NPV

IRR At!

elGl~l~~Glt!1HLVl'l!'vhLVr':l~\lLlJ'UelGl~lvi

ii~h = 0

~

~ IRR jj~ILtlU 'Ii£lL~£J"LIflv IRR 1. fll';ljj 2. llJ~1Jf LUflv';lln

%
2 ~11Gl IRR £lj';ljj (Multiple) cost 2 ~1 -

Opportunity

t'lI~1 rate IRR L~£J

~vLLn""LIGl1£J'ifi MIRR n~1Jlll

MIRR Glflv\11L:5UtUflUI~Gl"l.f~riflULLE:l1~fl£J discount Total Value LLE:l1 discount 'l11mLn'Ii£lL~£J"LIflv IRR ~fl 1. jj~ILGl£J1 2. t'lIL'iGl~l k - ~1Jf Opportunity £iflUn~1JllIL1Juif';l':l'l1ut'\..f

NPV = 0

cost

A"13JA;i'1uA~"n'IJn1'1t.l'1~L:OU'11A1",ernVl"ivuf 1. 2. l.l'i~LjJUGlUVlU\1~fl~1 t'lIoil £J~v\111Gl mGlni'inl~~1.l'i~L£J"liuvimGl11';l~lGl~1J l.l'i~LjJuml11L~£Jv
,~

! .)! ,w Jrv.j t--J J vJ 1

3.
4.

~~c- '

.

nl\1UGl elGl'iI~1U~GlV1L \1111~~1l \11~~~lif';l':l'l1u

... GlUVlU"LI L:5UVlUV1tll11l~vVlut ULmv ni'i flv

5.

"LI n'i~LL~L:5U~Gl~v\111Gl vi~IGl11';l~lGl~1J Lll£JUL V1 flv £J1J

1.l'i~LjJU'rlm~1mhv

World winde paper Nike.,... """- '1"v

1.l'i~LjJuL~')dn1'iSh1Vp~Ii.1~1mhv 1.l~~LjJun~ni~Ii.1~1 £l£.hv Timken