Yazi i-ROIC yeNkampani ukuba uyihlole njenge-Investment
Ukubuyela kwi-Capital Investment (ROIC) yinkalo yenzuzo okanye intsebenzo ebonisa ukuba ngaba abatyala-mali abashishino bafumana imali-mali. Njengomzekelo wohlalutyo lwezezimali, ukubuyela kwintengo- mali eyimali-mali inomlinganiselo wokuxabisa oxabisekileyo. Ngokomzekelo, imarike yesitokisi ibuyele malunga neepesenti ezingama-9 ngonyaka iminyaka engaphezu kwe-100.
Inika uphawu lokunceda - ukuba uhlala ufumana ukubuyiswa okubetha ukunyuka kwamaxabiso (i-9% yesibalo ayithathi ixabiso lentengo kwi-akhawunti) enye i-5 ukuya kwi-7 yeepesenti iyabuya, ayikho into embi. Ukuba, ngakolunye uhlangothi, ukubuyela kwakho ekutyalweni kutshaba ukunyuka kwamaxabiso okanye nokuba kwehla ngaphantsi kwexabiso lokunyuka kwamaxabiso, i-ROI ayinelisekanga.
Ukubuyiselwa kwiNgcali-mali yokuBalwa kweMali
Kufuneka ukhangele iinkcazo zemali zeenkampani ukuqonda ukubuyela kwi-capital investment. Jonga kwingxelo yengeniso . Uza kubona umgca wento yokufumana imivuzo ngaphambi kweNzala kunye neNtlawulo (i-EBIT). Ukuba uninzi lwe-EBIT ngo-(intela yerhafu ye-1), ufika kwi-Net Operating Incit emva kweThafu okanye i-NOPAT. I-NOPAT yilezibalo kwinani lokubala. Ngamanye amaxesha, i-EBIT ithathelwa endaweni njengemanani.
I-NOPAT = I-EBIT (1 - irhafu yentlawulo) = Inombolo
Sinayo inombolo kwi-equation ukubala ukubuyisela kwi-Capital Capital, ngoko ngoku sidinga i-denominator.
I-denominator yi-Operating Capital. Sibheka kwiphepha le- balance sheet kule nkcazelo kubeni i-akhawunti eyenziwa yile mali.
I-Capital Capital yenziwa ngamanqaku ahlawulwayo, iibhondi zexesha elide, isitokhwe esikhethiweyo kunye nokulingana okufanayo. Apha siza kuthatha i- balance sheet elula ehlawulwayo kuphela (ukungena kwebhanki yexesha elide) kunye neengxelo ezilinganayo zamanani.
Iphepha lokulinganisela elincinci linokuthi linamabhonkco kunye nesitokhwe esikhethwayo kuso. Inkunzi enkulu yokusebenza, i-denominator, ibalwa ngokufaka i-debt average debt to the equity stockholder equity:
Imisebenzi Yomkhulu = Umyinge weMatyala amatyala + Umyinge we-Stockholder Equity = iDominator
Ukunikezela ngolu lwazi, nantsi ifom ye-Return to Investment Capital:
ROIC okanye i-ROCE = i-NOPAT / i-Capital Capital
Uyakuchaza njani ukubuyisela ukubuyisela kwi-Capital Capital ?
Ukubuyela kwi-Capital Investment isilinganiso somsebenzi esibonisa ukuba ubuyisela bukhulu bunikezwa yi-dollar nganye yomsebenzi. Ukuba i-ROIC ingaphezu kweendleko ezilinganisiweyo zemali yexabiso, ke ishishini longeza ixabiso.
Ukubala ixabiso elilinganisiweyo leendleko ze-capital (WACC) akunzima, kodwa ukuqokelela ulwazi oluyimfuneko olufunekayo ukwenzela ukuba ukubalwa kube nzima (iindleko eziqhelekileyo zamatyala, izinga lokuhlawula irhafu, ishishini lokulingana kunye nokunye). Kodwa, ngenhlanhla, akukho mfuneko. Nayiphi na i-brokerage enkulu, kuquka ininzi ye-brokerages online, iya kuba neengxelo zayo zohlalutyo kuwo wonke amaqumrhu amakhulu, kwaye ingxelo nganye iya kubandakanya i-WACC.
Xa unayo iWACC, unesixhobo esibalulekileyo sokwenza izigqibo. Masithi, umzekelo, ukuba inkampani ine-ROIC ye-15% kunye ne-WACC ye-8%.
Kuthetha ukuba inkampani ibuyisela umnatha 7% kubatyalomali bayo. Ngokuxhomekeke kwimo engqongileyo yezoqoqosho, oku kuya kuba kuhle okanye kubi - mhlawumbi kwindawo ephakathi. Ukuba, ngakolunye uhlangothi, i-ROIC yenkampani ibe yi-8% kwaye i-WACC yayo i-9%, ayilungileyo, kwaye isigqibo sakho esifanelekileyo asiyi kuthenga i-stock yenkampani.