주주 입장에서 바라보는 실질적인 기업의 가치, feat. EVA

오늘 이야기 할 키워드는 EVA (Economic Added Value)이다. EVA의 의미는 경제적 부가가치를 의미하며 기업이 실질적으로 주주가 원하는 방향으로 가치를 만들어가고 있는가를 판단하는 중요한 지표이다. 

 

일반적으로 시장및 대중은 기업의 가치를 판단할때 재무제표에 공시되어 있는 매출총이익 (Gross profit), 영업이익 (Operating profit), 순이익 (Net profit) 등 회계적인 수익성 지표들을 보고 기업의 가치를 판단하곤한다. 하지만 이것은 어디까지나 회계학적 관점에서 측정해서 쓰이는 지표이다. 

 

이러한 지표들은 주주 입장에서 실질적인 기업가치를 판단할 때 제한되는 부분이 (i.e 경영성과에 대한 평가가 왜곡) 있으므로 그것을 보완하는 지표가 바로 오늘 이야기할 경제적 부가가치 (EVA)이다.  앞서 말한 회계적 지표와는 다르게 EVA는 경제적인 관점에서 바라보는 경제적 지표이다.

 

 

 

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경제적 부가가치 (EVA)

공식: NOPAT - FINANCE CHARGE (WACC * CAPITAL EMPLOYED) = EVA

 

 

NOPAT

• 세후순영업이익, 영업이익에서 법인세를 제외한 금액
• Adjust effects of accouting items and take into account economic items

 

 

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WACC

• 가중평균자본비용, 타인자본과 자기자본의 구성비율로 가중평균해서 계산한 자본비용으로, 기업이 투자의사결정과 자금조달의사결정을 할 때 사용 됨. 즉, 자금조달비용이라고 보면된다. (요구수익률)

 

 

더 자세하게 WACC를 알고 싶다면 아래 해당 링크를 참고하자.

 

WACC (가중평균자본비용) 의미 및 공식

 

 

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CAPITAL EMPLOYED

• 사용자본 (기업에 투입된 자본의 총량)
• 총 자산 (Total assets) - 유동부채 (current liabilities) = 사용자본 (Capital Employed)
• EVA 계산에서 쓰이는 CE는 opening balance를 사용한다.

 

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How to arrive at NOPAT? 

 

Example

PBIT	1,000
INTEREST	(100)
PBT	900
TAX @ 30%	(270)
PAT	630

 

Method 1: when starting with PAT to arrive at NOPAT

PAT	630
ADD:
AFTER TAX INTEREST  (100 * 70%)	70
NOPAT	700

 

Method 2: when starting with PBIT to arrive at NOPAT

PBIT (operating profit)	1,000
LESS:
LOST TAX RELIEF ON INTEREST (100 * 30%)	(30)
TAX PAID	(270)
NOPAT	700

 

 

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1. NOPAT

How to adjust itmes from P/L to arrive at NOPAT?

 

Example

PAT	X
Adjustments:
ADD: AFTER TAX INTEREST	X
Non - cash expenses	X
*Receivables charges	X
Accounting depreciation	X
Accounting amortizaition	X
Capitalized marketing cost	X
Long-term brand	X
R&D cost	X
LESS: Economic depreciation	(X)
Economic amortization	(X)
**Receivable incomes	(X)
NOPAT	X

 

*Receivables charges

Receivable allowance
2020 ($m)	2019 ($m)
900	800

 

*회계적관점에서 비용으로 잡히나 실질적으로 현금지출이 아니므로 EVA를 계산할 때 다시 ADD 해준다.

 

 

 

**Receivables incomes

Receivable allowance
2020 ($m)	2019 ($m)
800	900

**회계적관점에서 수익으로 잡히나 실질적으로 현금유입이 아니므로 EVA를 계산할 때 다시 DEDUCT 해준다.

 

 

+쉽게 생각하면 회계학점관점에서 비용/수익으로 처리한 항목들이 실질적 현금유입및지출이 없거나 기업의 장기적인 관점에서 자본화해야하는 항목들은 조정이 필요한 것이다.

 

 

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2. Capital Employed

 

Example

Economic capital employed (opening balance)	X
Adjustments:
Capitalized marketing cost	X
Leased asset	X
Opening receivable allowance	X
Other non-cash items	X

 

 

The adjustments can be summarised by the following table:

	Change to profit	Change to capital employed
Advertising, research and development items expensed, staff training	Increase current year profit Deduct economic depreciation on previous year’s EVA adjustment	Increase capital employed at the end of the year Increase capital employed in respect of similar add backs of previous year’s investments not treated as such in financial statements, net of economic depreciation
Depreciation	Add accounting depreciation Deduct economic depreciation	Adjust value of non-current assets (and capital employed) to reflect economic depreciation not accounting depreciation
Operating leases	Add back lease payments to profit Deduct depreciation on assets	Add present value of future lease payments to capital employed
Provisions	Add increases in provision/ Deduct decreases in provisions to/from profits	Add back the value of provisions to capital employed
Non-cash expenses	Add back to profit	Add to retained profits at the end of the year

 

 

 

3. WACC

• (Debt) + (Equity) = WACC
• *Debt should consider the effect of tax rate
• 자세한 계산방법은 아래 링크를 참고

 

WACC (가중평균자본비용) 의미 및 공식

 

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Question 

 

You are the business consultant. The finance director has asked you to calculate EVA for the company, based on the following financial information for the year ending 30 Sept 2019:

 

 

Income statement

	$m
Revenue	345
Operating costs	(277)
Operating profit	68
Finance charges	(23)
PBT	45
TAX @ 25%	(9.5)
PAT	35.5

 

Captial Employed

	2019 ($m)	2018 ($m)
Measured from publised accounts	657	637

 

Notes

1. Total operating costs include:

	2019 ($m)	2018 ($m)
Depreciation	59	57
Provision for doubtful debts	2	0.5
Research and development	12	-
Other non-cash items	7	6

 

2. Economic depreciation is assess to be $83m in 2019

Economic depreciation includes any appropriate amortization adjustments

In previous years, it can be assumed that economic and accounting depreciation were the same

 

3. Tax is the cash paid in the current year ($9m) and an adjustment of $0.5m for deferred tax provisions. There was no deferred tax balance pror to 2019.

 

4. The provision for doubtful debts was $4.5m on the 2019 statement of financial position 

 

5. Research and development is not capitalized in the accounts. It relates to a new project that will be developed over five years and is expected to be of long-term benefit to the company. 2019 is the first year of this project

 

6. Cost of capital 

Equity 16%

Debt (pre-tax) 5%

 

7. Gearing

40% equity

60% debt

 

Calculate EVA by using the information above

 

 

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Solution:

 

NOPAT

	$m
Operating profit	68
Add: depreciation	59
Add: provision for doubt	2
Add: research and development	12
Add: other non-cash items	7
	148
Less: *Lost tax relief	(5.75)
Less: tax paid	(9)
Less: economic depreciation	(83)
	(97.75)
NOPAT	50.25

 

*23 (FINANCE CHARGE) * 25% (TAX RATE)

 

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CAPITAL EMPLOYED

	($m)
Opening balance	637
*Provision	2.5
Other non-cash items	6
	645.5

* Provision = opening balance + 2 (movement during the year) = 4.5 (closing balance)

 

 

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WACC

(40% * 16%) + (60% * 5%) * 0.75 = 8.7%

 

 

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EVA

공식: NOPAT - FINANCE CHANRGE (WACC * CAPITAL EMPLOYED) = EVA

50.25 -  56.1585 (8.7% * 645.5) = - 5.91 (NEGATIVE)

 

 

Evaluate the performance of the company using EVA

Negative EVA figure for 2019 suggest that instead of creating for its shareholders, it is actually destrorying value. More specifically, the value which the company is generating (NOPAT) is NOT sufficient to cover the economic cost of the capital it has employed to generate that value. Such a position is NOT sustainable in the long run, and will lead to dissatisfaction among the company's shareholders.