ġǥ - ںͷ (return on invested capital: ROIC)
Ʈ 2004 01 28Ͽ ö '[ġ ǥ] ںͷ (ROIC)' /Դϴ.
ںͷ(ROIC) Ȱ Ե ں Ȱ ŭ âϿ° Ÿ ͼ̸ ȴ.
ںͷ = ļ(NOPAT)/ں(IC)
⼭ ļ(net operating profit after tax: NOPAT) Ȱ ȹ ϸ(*(1-μ)), ں(operating invested capital: IC) Ȱ Ե ں ϸ, IC ڱں 繫ä հ .
ROIC ں Ȱ Ե ں Ѿ(Ÿں+ڱں) Ȱ ϴ ͷ̹Ƿ ROIC Ȱ ʰ ν Ȱ ٰ ͼ üȭ ִ. ϻ ں ٸ ͼ ROE ROIC ִ.
Ⱓ ROIC Ǿ ũ⸦ ִ ں(weighted average cost of capital: WACC)̴. WACC Ÿں(cost of debt) ڱں(cost of equity) ں μ, ̴ 忡 Ȱ ں 밡(capital charge) ǹѴ. ROIC WACC ٸ Ȱ ͼ ְڴ.
ֱ ġâ濵 ǥ Կ ־ ΰġ(economic value added: EVA) Ȱǰ ִµ, ROIC ߰ ִ.
EVA = NOPAT(ļ) – WACC * ں
= (ROIC-WACC) * ں
EVA Ȱ ȹ ļ(NOPAT) Ȱ Ե ں 밡 ǵȴ. ROIC WACC ġ Ͽ EVA ̸ ̴ ġ ǵ صȴ.
ROIC ġ â θ ϴ ߿ ִ. EVA ũ⸦ ϴ ROIC ں Ը̴. , ROIC WACC Ŭ, ں Ը Ŭ EVA ũ ȴ.
ROE ROIC
Ȱ ͼ ROIC ROE Ÿ , ROIC ROE ũ ȴ. ROE ROIC 繫ȿ ݿ ̸, 繫ȿ ROIC .
繫ȿ Ÿں ȿ Ÿµ Ȱͷ ROIC Ÿں ROE ȴ. ݸ鿡 ROIC Ÿں ROE ҽŲ. ̷ ȿ Ÿں ũⰡ Ȯǰ ȴ. , [繫ä/ڱں] ϰ 繫ȿμ ROE Ϻΰ ǰ ִ.
ӰǼ ϽøƮ ָ
(1) ӰǼ
ӰǼ 1968 ΰӵ ÿ ӹ ۾ Ͽ, ̵ Ǽ Ͽ ðǼ , , ö Ǽ ϰ ִ. ۺι Ǽι ִ ŵξ. Ⱓ з س ־ ȴ. ؼ ü ø ٴ SOC, ްι Ʈ Ͽ ũ ϴ å ġ ִ.
繫ǥ 캸 ä ټ ̴µ Ǽ ð翡 쿡 ٰ Ѵٰ Ѵ. ̷ Ա ܱԱ Ǵ ̴. Ǽ 簡 ܱԱ þ ϼ Բ ڿ ܱԱ ҸѴ.
ðѾ 415ε ڻ길 ص 1,500 ϰ ־ ڻ ġ ϰ ִ δ.
ȸ D&T motors Ǹȣ й ũ þ ϰ ִ.
ǥε ŷ ġ Ȯ ִµ PER=1.43, PBR=0.32, ROE=25.39%, ͷ=6.03% ν ŷ ġ ϰ ִ.
ٸ 翡 ū Ҵ нǾ 翡 ѱ鼭 ̴. ְ ߽ å ϴ ൿ и οӿ Ʋ.
(2) ϽøƮ
ϽøƮ 1961 ΰ 1 ȹ Ͽ ΰں ȸ̴. øƮ ȸδ 2° ϽøƮ ʱ 40 Ը 715 ɷ ǥ øƮ ȸ Դ.
ϽøƮ dz 帧 濵 ߴ. Ŀ ȸ 1,200 ̻ 帧 â ̴. ſ 迭翡 ڵ ȴ. δ ϱ űԻ ڿ ſ ȸ簡 ϴ ɼ ٰ Ǵܵȴ. 90 Ĺݿ ̹ ٰȭ ϴ ֱ ̴.
History 캸 ϽøƮ 2002 4 Űѵ ̾ 11 2 ǥ ߴ KF Tech ûϿ. εþ öٻü ھ Ű ϰ ִ. ̷ν 90 ߹ Ǿ ȸ źо ؿܺι ٰȭ öȸ Ǵܵȴ. ȸ簡 پ Ѵٰ ִ.
ٶ ó ũ ְġ ȯ ڷ 뺰 ִ. dz 帧 Ϲֵ 밨 δ ڻ ̳ ְġ å ȴ. űڴ õ 켱 Ѵٰ 䰡 ϰ ִ ٶ δ.
øƮ ؼ δ. ̴ űڰ ɼ ϰ ڵ鰣 ü ߰ϱ ̴. øƮ ϰ ְ ߱ øƮ ¸ ԽøƮ Ե ɼ ٰ Ǵܵȴ.
øƮ ŷ¿δ 1) ݱ 췮 繫 2) ְ PER 4.5 PBR 0.62 valuation 3) ڻȿ 14.8% ROE 4) νǰ迭 繫 Ҿ ؼ 5) ī ǸŴܰ λ̶ ī带 ȿ Ȱϰ ִ ݸ, ߰ øƮ ںδ㿡 ũ ٴ ̴.
̰DZ bluemoon@viptooza.com
( 0)