LA FUSIÓN CARULLA-VIVERO, ¿CREÓ VALOR?

2014 ◽  
Vol 5 (10) ◽  
pp. 93
Author(s):  
Andrés Villegas Cortés ◽  
Luz Ángela Rojas La Rota
Keyword(s):  
Average Cost ◽  
Cost Of Capital ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Economic Value Added ◽  
Estudio De Caso

El presente trabajo busca determinar si la fusión de las empresas Carulla-Vivero ocurrida en el año 2000 generó valor. Para esto, se estudia el conceptode valor, posteriormente se explica el estudio de caso como metodología deinvestigación para concluir con la exposición del caso mismo de la fusión, ysu resultado. Una vez realizado el análisis de las dos empresas, se hace unacomparación y una valoración por dos metodologías ampliamente aceptadas:los métodos Economic Value Added (EVA) - Weighted Average Cost of Capital(WACC) y Flujo de Caja Histórico, con lo cual se explora en su interior la fusióny se explican los resultados obtenidos en ella. Finalmente, se hace una seriede observaciones, conclusiones y recomendaciones sobre la fusión, asícomo de la metodología del estudio de caso, para el abordaje de temas de laadministración.

scholarly journals Analyzing Islamic Micro Finance Performance with Economic Value Added (EVA): Learning from Baitul Wat Tamwil (BMT) Usaha Gabungan Terpadu Sidogiri Indonesia

2014 ◽  
Vol 2 (2) ◽  
pp. 29
Author(s):  
Titik Inayati ◽  
Bambang Subroto ◽  
Achmad Fachan ◽  
Atim Djazuli
Keyword(s):  
Financial Performance ◽  
Average Cost ◽  
Cost Of Capital ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Economic Value Added ◽  
The Real ◽  
Operating Profit

Analyzing Islamic Micro Finance Performance with Economic Value Added (EVA). EVA analysis is used for deciding the regulations of investment of BMT. Monetary report is analyzed with  EVA, Net Operating Profit After Tax (NOPAT), Weighted Average Cost of Capital (WACC), and Invested Capital. The result of performance using EVA shows that BMT can create value. NOPAT underwent a significant increase compare with the capital fund. The profit that is created is higher than accounting profit which shows that BMT has a very good performance. The capital which is consists of debt and equity has been used efficiently and effectively so that it can increase the profit. The BMT officer should pay attention to the financial performance in order to decide the regulation and investment that will be done. Investment and activity which is done by BMT should be resulted more value so that it can give the real profit for the development of BMT.

scholarly journals Índice de especulação de valor agregado: IEVA

2002 ◽  
Vol 13 (30) ◽  
pp. 32-45 ◽  
Author(s):  
José Roberto Kassai ◽  
Sílvia Kassai ◽  
Alexandre Assaf Neto
Keyword(s):  
Stock Prices ◽  
Average Cost ◽  
Cost Of Capital ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Market Value ◽  
National Association ◽  
Economic Value Added ◽  
Market Value Added

Por meio deste artigo propõe-se a criação de um modelo de análise de balanços denominado de Índice de Especulação de Valor Agregado (IEVA), estabelecido com base em uma formulação matemática que envolve conceitos relacionados com a riqueza econômica de um empreendimento, tais como economic value added (EVA), market value added (MVA), weighted average cost of capital (WACC). Comparativamente a um outro modelo já existente na literatura: o Tobin's Q, contribui com novas análises; permite identificar o nível de especulação atribuído ao valor de uma empresa (market value), estabelecido em função do mercado de capitais (stock prices) e, de acordo com a análise proposta dos quadrantes do IEVA, evidencia o ciclo de vida das empresas. Mostra, por exemplo, como o valor das empresas que têm suas ações negociadas na The National Association of Securities Dealer Automated Quotation (NASDAQ) estaria "superestimado".

scholarly journals The Relationship Between Economic Value Added, Market Value Added And Return On Cost Of Capital In Measuring Corporate Performance

2019 ◽  
Vol 2 (1) ◽  
Author(s):  
Suwinto Johan
Keyword(s):  
Cost Of Capital ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Market Value ◽  
Company Performance ◽  
Economic Value Added ◽  
Investment Performance ◽  
Market Value Added ◽  
The Relationship

The aim of the paper is to assess the relationship between Economic Value Added (EVA), Market Value Added (MVA) and the traditional financial ratio in measuring investment performance by a holding company. The sample is PT. Astra International, Tbk in Indonesia. Astra is one of the largest conglomerate in Indonesia with diversify business from automotive, financial service, agro, infrastructure and technology. All of the investments are consolidated under single company, which is PT. Astra International, Tbk. The research assessed the financial performance from 2009 – 2016. The research will use Economic Value Added (EVA), Market Value Added (MVA) and Return on Weighted Average Cost of Capital (ROC) as financial measurement tools. The research found that there was a direct relationship between ROC and EVA. Negative EVA and negative ROC did not reflect the MVA on company performance. Negative EVA and ROC, could have positive Market Value Added (MVA). However negative MVA value will also reflect on negative EVA and ROC.

scholarly journals Factors Creating Economic Value Added of Mining Company

2016 ◽  
Vol 61 (1) ◽  
pp. 109-123 ◽  
Author(s):  
Anna Bluszcz ◽  
Anna Kijewska
Keyword(s):  
Cost Of Capital ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Decision Makers ◽  
Economic Value Added ◽  
Mining Company ◽  
Factors Affecting ◽  
Levels Of Detail ◽  
The Cost

Abstract The company’s strategy that focuses on the growth of the company represented by the economic value added (EVA) requires the identification of factors affecting the size of the EVA. For this purpose, in the paper the formula for EVA was transformed in such a way as to reveal the determinants affecting its value. Three levels of disaggregation of EVA were assumed. At the first level EVA depends on the amount of invested capital (IC) and economic spread (EC). At the second level economic spread is expressed using the weighted average cost of capital (WACC) and the return on invested capital (ROIC). The third level takes into account the capital structure (wi), the cost of capital (ki), the profit margin (NOPAT/S) and invested capital turnover ratio (S/IC). Such disaggregation can be continued on the next levels of detail. Using the method of successive substitutions an analysis of the cause and effect of the mining company, was conducted. In this way, we can indicate which factors and to what extent affected negatively and positively the change of EVA in the analysed year compared to the previous year. Such analysis allows decision makers to determine a strategy directed to the increase of the mining company’s value.

Financial Behaviour in a Mandatory Conversion Process: Empirical Evidence from Colombia

2020 ◽  
pp. 097215092096400
Author(s):  
Juan David González-Ruiz ◽  
Maria Isabel Acosta-García ◽  
Ramón Villa-García
Keyword(s):  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Convertible Bonds ◽  
Economic Value Added ◽  
Operating Profit ◽  
Financing Costs ◽  
Financial Behaviour ◽  
A Company

Convertible bonds are attractive because they offer alternatives for both issuers and investors. Therefore, several companies have used this financial mechanism to raise capital. Although several studies have been published on this topic, mandatory convertible bonds (MCBs), which are subsets of convertible bonds, and their effect on economic value added (EVA) have not been explored deeply. This study analyses what happens to the EVA before, during and after the issuance when investors are involved as shareholders of a company issuing MCBs. A Colombian company is used as a case study. The results reveal that one of the main reasons behind the change in the EVA is not only the weighted average cost of capital or the invested capital but also the operating profit. The net operating profit after tax (NOPAT) depends on operating profit. Therefore, to generate a positive EVA, the NOPAT margin needs to be higher than the margin of financing costs.

scholarly journals The Impact of the General Level of Prices and Operating Profit on Economic Value Added (EVA) (Analytical Study: ASE 2001 - 2015)

2017 ◽  
Vol 13 (11) ◽  
pp. 142
Author(s):  
Ebraheem Al Taha'at ◽  
Mohammad Abdel Mohsen Al-Afeef ◽  
Saqer Al Tahat ◽  
Muhannad Akram Ahmad
Keyword(s):  
Analytical Study ◽  
Cost Of Capital ◽  
Positive Impact ◽  
Economic Value ◽  
Value Added ◽  
General Level ◽  
Sales Volume ◽  
Economic Value Added ◽  
Operating Profit ◽  
The Impact

This study aims to show the importance of the economic value added as one of the most modern to measure the financial performance for firms, then to know the effect of the general prices level and earnings before interest and taxes on EVA in the companies listed in (ASE) (2006-2015), the researcher addresses a random sample consisting of (46) Company, and uses regression model, which connects the dependent and independent variables.The results of the study shows that There is a significant impact for the general prices level and the earnings before interest and taxes on the economic value added, and also shows that 22% of the changes in the economic value added are due to general prices level and earnings before interest and taxes, and 78% of the changes are due to other factors.This study also recommends the need to manage of operating expenses because of the positive impact of operating profit on EVA value, and to take inflation into account when calculating the value of EVA, and also searching for other factors that could affect the value of EVA such as sales volume, cost of capital, and the growth in the total assets of the company's financial leverage, etc…

scholarly journals Economic Value-Added Creation by Optimizing Capital Structure in Project Finance

2020 ◽  
Vol 3 (2) ◽  
pp. 46-60
Author(s):  
Bryan Charisma ◽  
Encep Amir
Keyword(s):  
Capital Structure ◽  
Economic Value ◽  
Balance Sheet ◽  
Weighted Average ◽  
Value Added ◽  
Project Finance ◽  
Economic Value Added ◽  
Operating Profit ◽  
Debt Repayment ◽  
Physical Asset

Infrastructure Projects are large investment by the public and/or private sector that required enormous financial resource commitment to build physical asset and facilities needed for economic development so that the company need project financing to support with. Project finance is based on debt repayment from project companies’ revenue and not on the sponsors or the developer’s balance sheet, so the project companies should assure the cash flow is sufficient for debt repayment and dividend payment. Beside that investors still have to analyze the value created in that project with highest positive Economic Value Added. Net Operating Profit After Tax (NOPAT) need to cover cost of invested capital to create value so that the ratio of NOPAT to total Project Cost (Return on Invested Capital) is should be more than the weighted average cost of capital (WACC). The capital structure doesn’t have an optimum weight and cost as long as the Return on Invested Capital (ROIC) higher than WACC.

scholarly journals Analisis Kinerja Keuangan Perusahaan dengan Metode Economic Value Added (EVA) (Studi Kasus Perusahaan Otomotif Go Publik)

2016 ◽  
Vol 1 (2) ◽  
pp. 106
Author(s):  
Rahman Mubarok ◽  
Farida Ratna Dewi
Keyword(s):  
Capital Structure ◽  
Stock Price ◽  
Cost Of Capital ◽  
Corporate Performance ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Stock Indexes ◽  
Global Economics ◽  
A Performance

<p><em>Global economics crisis causes the fall of world stock. This is causes weakens it share in BEI, including sector otomotif.  BEI has some stock indexes as movement indicator of stock price, one of them is index Kompas 100.  This Index represents of  about 70-80 percent market capitalization value total of share  in BEI.  However, that can be different with other index, so that be necessary to measure of each corporate performance with using Economic Value Added (EVA) method.    EVA is used to measure of corporate performance based of the value.  value added will be create, if the retained earning more than cost of capital.  From two company analized during the 2007 to 2008 period,  there is only one of corporate have a performance increase at 2008, that is PT Multistrada Arah Sarana Tbk, this is mean the corporate has been investor expectation filled.  Differ from PT Multistrada, PT Gajah Tunggal at 2008 have a performance decrease. At 2007 it have positive value of EVA, but at 2008 value of EVA get down to negative. This is happen cause of dead loss in consequence of global economics crisis. For the companies that give the negative value, it  better find out more strategies so it  can make their profit rise and also to push the capital cost with choosing the lowest capital structure. Beside that, the companies also should erase the activities that can caused the value of the company becoming less.</em><strong></strong></p>

scholarly journals Analisis Pengaruh Antara Economic Value Edded (EVA), Net Operating Profit After Tax (NOPAT),dan Weighted Average Cost of Captal (WACC) terhadap Market Value Added (MVA) pada perusahaan LQ-45

2009 ◽  
Vol 2 (1) ◽  
Author(s):  
Soedewi Soedorowedi ◽  
Adelia Savitri
Keyword(s):  
Average Cost ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Market Value ◽  
Purposive Sampling ◽  
Operating Profit ◽  
Market Value Added

Penelitian ini bertujuan untuk membuktikan hasil perdebatan Steren Stewart dengan Pablo Fernandez dan D.V. Ramana mengenai hubungan EVA dan unsur-unsur yang membentuk EVA meliputi NOPAT dan WACC terhadap MVA melalui pendekatan secara kuantitatif, dengan metode purposive sampling diperoleh 10 perusahaan yang masuk dalam kategori perusahaan LQ-45 yang layak diteliti sesuai dengan syarat yang ditentukan. Berdasarkan hasil pengujian hipotesis dapat disimpulkan terdapat hubungan posotif yang kuat antara variabel EVA denan MVA. Sedangkan untuk model yang kedua diperoleh bahwa variabel NOPAT dan WACC secara simultan mampu menjelaskan MVA sebesar 80,1% dan sisanya sebesar19,9% dijelaskan oleh variabel lain. Untuk penelitian secara parsial didapatkan NOPAT berpengaruh signifikan terhadap MVA begitu juga dengan WACC berpengaruh signifikan terhadap MVA

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