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1、RESIDUALINCOMEVALUATIONI.PRINCIPLESA.Conceptually,residualincomeis1.Shareholdercashflowlessachargeforthecostofshareholdercapital(rE),or2.Firmcashflowlessachargeforthecostoffirmcapital(usingWACC)B.AlthoughNetIncomeincludesachargefordebtcapital(i.e.,interes
2、texpense),itdoesnotincludeachargeforequitycapital1.ResidualincomemakesadeductionforthismissingchargeC.Conceptually,residualincomemodelsviewtheintrinsicvalueofafirmastheinitialbook(i.e.,investedcapital)plusthepresentvalueofresidualincome(i.e.,valuecreated)
3、D.Example5-1(p.263)1.UsingEquityCapitalApproacha.ResidualIncome=NI–EquityChargeb.ResidualIncome=NI–EquityCapitalxrE(%)c.ResidualIncome=(ROE–rE)xEquityCapital1.ROE=ReturnonEquity2.ROE=NI/EquityCapital3.ResidualIncome=(ROE–rE)xEquityCapital2.UsingInvestedCa
4、pitalApproacha.ResidualIncome=EBIT(1–T)–InvestedCapitalChargeb.ResidualIncome=NOPAT–InvestedCapitalChargec.ResidualIncome=NOPAT–InvestedCapitalxWACC(%)1.NOPAT=NetOperatingProfitAfterTax2.ROIC=ReturnonInvestedCapital3.ROIC=NOPAT/InvestedCapitald.ResidualIn
5、come=(ROIC–WACC)xInvestedCapital3.Thesesimpleexpressionsshowveryclearlywhatcreatesanddestroysvalueinacompanyingeneralterms.E.References1.TheQuestforValuebyG.BennettStewart,III(HarperBusiness,?1991.a.HeintroducesEconomicValueAdded(EVA),abrandnameforresidua
6、lincome.2.Valuation:MeasuringandManagingtheValueofCompanies,3rdeditionbyCopeland,KollerandMurrin(Wiley?2000)a.SimilartoStewart’sbook,butperhapsabitmoretractable10USINGRESIDUALINCOMEFORVALUATIONA.EquityCapitalApproach.Conceptually,residualincomemodelsviewt
7、heintrinsicvalueofafirm’sequityastheinitialbook(i.e.,investedequitycapital)plusthepresentvalueoffutureresidualincome(i.e.,valuecreated),or1.CanbeimplementedusingeitheranaggregateorpershareapproachB.EquityCapitalApproach.Alternatively,onecanvaluetheintrins
8、icvalueoftheentirefirmastheinitialbook(i.e.,investedcapital)plusthepresentvalueoffutureresidualincome(i.e.,valuecreated),or1.Onewouldthendeducttheoutstandingdebttoarriveatequityvalue.C.IntheEVAvernacular,thevalueofa
