--1??2,=-

3-4(WC)(IBD)(PPE)(E)(OA)(IC)(IC)5-(Sales):(CGS):(OE):(DEP(EBIT)6-(CFO)/:(CFI)/:(CFF)? (Generally Accepted Accounting Principles,GAAP):

7? (1)Ex:(+)8

? (2)

9Ex:(return On Invested Capital , ROIC)ROIC=()/10-11 ? (3)GAAPGAAP?

12?13 ()()Michael Porter-

14SWOT(Strengths)(Weaknesses)(Opportunities)(Threats)15()16

SWOT(1)--

17CEO Ex:,

=/ 18(Free Cash Flow,FCF)

19

()

20GAAP2122WACC

23

n(1)24

By taking a weighted average, we can see how much interest the company has to pay for every dollar it finances.WACCA40%10%50%Rd = 12%Rpf = 15%Rs = 20% =25% WACC = ( 0.4 ) ( 12% ) ( 1 - 0.25 ) + ( 0.1 ) (15% ) + ( 0.5 )(20% ) = 3.6% + 1.5% + 10% = 15.1% 25

26period12NOPAT()100105Period1: gnopat = (105-100)/100 = 5%NOPAT=100ROIC=20%RI=25%gnopat=20%*25%g=ROIC*RI27

27(Present Value of Future Growth Opportunity,PVGO)28

(1)29

EVA(NOPAT)ROIC30

31 3132The End33