Ch 10 Managing for Shareholder Value
28
9-1 CHAPTER 10 Managing for Shareholder Value
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Transcript of Ch 10 Managing for Shareholder Value
Value Driers
%oal of the &r"' Mai"ie shareholder wealth*alue
Market Value Added (MVA) Fir" Value – +nested Ca,ital
Fir" Value . "arket alues of outstanding de/ts and e0uities
Business Valuation
3ow &r"s are alued the &nancial "arket – the alue of &r"4s co""on stock
Two "odels' The Accounting Method
Free Cash Flow Valuation Model
Model
!0uit$ Value 5,rice earnings ratio6#!78 9 5earning ,er share6 !#S8
#V of Future CF
The accounting "odel
Focus on re,orted earnings and the ,rice6earnings ratio to deter"ine e0uit$ alue
;sing accounting nu"/ers – historical
Free Cash Flow Valuation Model
Focus on e,ected future cash :ow and cost of ca,ital in esti"ating alue
3ae to forecast all future cash :ow for in&nite ,eriod (which is not ,ossi/le)1 therefore' A ,lanning ,eriod1 and
A Ter"inal alue
Fir" Value .
5FCF?*(<=kwacc)?8 = 5FCF@*(<=kwacc)@8 =
rest are all e0ual1 then discounted as a ,er,etuit$)
$C$ &
#lus' De,reciation !,enses =
ess inest"ents'
6 +n new ca,ital (CA#!9) ()
$ree Ca#h $lo' ($C$) ***
Value Driers
+alue "r,er# +alue-enhancn! #trate!e#
Sales growth ew ,ro"otion ca",aignE ac0uire co",etitor &r"E create new "arket
O,erating ,ro&t "argin 7educe o,erating and ad"inistratie e,enses
et working ca,ital to sales ratio
Tight inentor$ control ,olic$E engage credit anal$sis to decrease custo"er ,a$"ent ti"eE negotiate shorter new credit ter" with custo"ers
!cono"ic Value Added (!VA)
Market Value Added (MVA) the dierence in the "arket alue of the &r" and the inested ca,ital at a ,articular ,oint in ti"e2
!VA .
5 et O,erating #ro&t After Taes (O#AT)t 8
minus
Ca,ital charge . the &r"4s inested ca,ital in the
/eginning ,eriod "ulti,lied /$ the &r"4s ACC
!VA .
kwacc 8
multiply by
Bonus ,a$"ent De,end u,on &r" ,erfor"ance /ased
on certain target
shareholders in the long ter"
3ow "uch to ,a$
inking ,a$ to ,erfor"ance
Co",etitie leel of ,a$"ent
The right "i /etween /ase ,a$ and +ncenties co",ensation
Fied co",ensation s aria/le co",ensation
Cash Bonus or !0uit$
#a$ ,erfor"ance in for" of Cash1 !0uit$1 or "iture of the"
#a$ing with !0uit$' 7ewarded for current ,erfor"ance
and also ,roide a long6ter" incenties to i",roe ,erfor"ance
+ncrease Gownershi, feelingH to the co",an$1 /etter ,erfor"ance