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© Wall St. Training www.wallst-training.com Cash Flow Metrics Comparison EBIT EBITDA EBITDAR Net Income NOPAT / NOPLAT aka Operating Income Net Profit Tax-Effected EBIT Calculation On Income Statement Operating Income + D&A Operating Income + D&A + Rent Expense On Income Statement EBIT * (1 – T) Valuation Metric Enterprise Value Enterprise Value Adjusted Enterprise Value Equity Value Enterprise Value Valuation Multiple TEV / EBIT TEV / EBITDA Adjusted TEV / EBITDAR Equity Value / NI TEV / NOPAT Financial Stakeholders Equity, Debt, Preferred, Gov’t, MI s/h Equity, Debt, Preferred, Gov’t, MI s/h Equity, Debt, Preferred, Gov’t, MI s/h Equity only Equity, Debt, Preferred, MI s/h Explanation Recurring sustainable profit from core operations before the effects of capital structure & leverage Proxy for cash flow to all financial stakeholders before effects of capital structure & leverage Important for industries in which there is a lease vs. buy decision in COGS, typically transport (but not ...