Ratios

ROE: how well managers are employing the funds invested by the firm’s shareholders to generate returns

Profit or loss/Shareholder’s Equity

ROE = ROA x

Equity multiplier

ROA%: how much profit a company can generate for each euro of assets invested

PL/Total assets

Equity multiplier: how many euros of assets the firm can deploy for each euro invested by its shareholders

Total asset/Equity

ROA = PL/Rev x

Rev/Total Assets

ROE % = Return on invested capital +

Spread x Financial leverage

Interest expense after tax

Interest expense × (1 − Tax rate)

Net investment profit after tax (NIPAT)

(Investment income + Interest income) × (1 − Tax rate)

Net operating profit after tax (NOPAT)

Profit or loss – Net investment profit after tax (NIPAT) + Interest expense after tax

Operating working capital (OWC): vốn lưu động hoạt động
= TSNH hoạt động - Nợ NH hoạt động
= (TSNH hoạt động - tiền ko hoạt động) - (Nợ NH hoạt động - debt ngắn hạn hoặc % nợ dài hạn)

(Current assets – Excess cash and cash equivalents) − (Current liabilities − Current debt and current portion of non-current debt)

Net non-current operating assets (NNOA): TSDH hoạt động thuần
= Tổng TSDH + derivatives - Thuế hoãn lại liability - Nợ DH ko sinh lãi

Non-current tangible and intangible assets + (Net) derivatives − (Net) deferred tax liability − Non-interest-bearing non-current liabilities

Net operating assets (NOA): tất cả TS hoạt động

OWC + NNOA

Non-operating investments (NOI): Đầu tư ngoài hđkd chính
= đầu tư nhỏ + đầu tư ko hđ khác + cash dư

Minority equity investments + Other non-operating investments + Excess cash and cash equivalents

Business assets: tất cả tài sản
= tất cả TS hđ + đầu tư ngoài hoạt động

NOA + NOI

Debt: nợ có lãi
= nợ DH có lãi + nợ NH có lãi (% nợ DH có lãi)

Total interest-bearing non-current liabilities + Current debt and current portion of non-current debt

Invested capital

= nợ + nhóm vốn chủ

Debt + Group equity (shareholders’ equity + Non-controlling interest in equity - Net assets held for sale)

Return on invested capital

(nopat + nipat)/invested capital

Spread

Return on invested capital - Effective interest rate

Effective interest rate

Interest expense after tax/debt

Financial leverage

Debt/equity

ROIC

Return on net operating assets x Net operating assets/invested capital + Return on non-operating investments x Non-operating investments/invested capital

RNOA: return on net operating assets

NOPAT/Revenue x Revenue/Net operating assets