| [: Ʒ Ư ũ(valuewalk.com) 2023 5 5 Դϴ. ֽĿ ǰ Դϴ. Ǵܿ å ο ֽϴ.]
ϱ ǥ м ִٸ, ںͷ(Return on Invested Capital: ROIC) ̴. ⺻ ڷκ ں(ڱں* Ÿں**) Ƽ ̸ ̷ 帧 âν ġ âѴ.* ڱں: 繫ǥ ںѰ
** Ÿں: 繫ǥ äѰ
̶ âϴ ġ ø (ROIC) ں ̿ ϴ ں(WACC: ں) ̴. ں ̷ 帧 ϴ ȴ. ROIC âϴ , ñ âϴ 帧 Ŀ. ROIC ա ġâ ȴ.
ROIC() WACC(ں) ں ıϰ ִ. ϴ. 10% ں( ) ϰ ں ϰų ؼ ̸ 8% (ROIC) øٸ, ̴ 100¥ ̰ ִ Ͱ .
״ ̴. ̷ Ȳ ູ ڰ ִٸ, װ ں̵ ä ϴ Ḧ , M&A ŷ ߱ и డ ̴.
ŸԵ ROIC ϴ پϴ. ĸ Ŭ ν(Michael Mauboussin) 2022 10 ROIC Ȯϰ ϴ 44¥ ߰ϱ ߴ. 츮 ϱ ر ڼ ʿ . ڷμ 츮 ´ ȣϴ ROIC .
ROIC = (EBIT ں) X 100%
EBIT =
ں = ڻ – ä + ܱԱ
EBIT , Աݿ ϱ ̴. ̴ Ʈ(Joel Greenblatt) (Magic Formula) Ͱ Ǵ.
Ʈ ȴٸ, װ ݵ Ŵ ̶ ͵ ̴. ROIC ֽ м Ǹ ȴٰ ϴ´.
Ϲ ROIC 15% ̻ ֵȴ. Ʈ ROIC 15% ̻ θ Ǿ ִ. м 12 ROIC ߿, 5 ROIC мؾ Ѵ.
Ʒ ǥ 迡 ϳ ϰ ִ (Apple Inc: NASDAQ--AAPL) 5 ROIC Ÿ ̴. ROIC ƴ϶, ¼ ̰ ִٴ Ϳ ָؾ Ѵ. ROIC ¼ ̴ ֵ鿡 ̻ ó.
( ֱ 5 ROIC: ̻ )
Ʒ ƩƮ(Intuit: NSADAQ—INTU) 츦 . 2022 7 31 ֱ ȸ迬 ƩƮ ROIC ġ 鿡 ƴ϶, ֱ 5 ϶ ̴ Ϳ ָ. ƩƮ ұ ȸ Ʈ (QuickBooks) ϴ ü. ƩƮ ݺ ڸ Ǹ ̴. ROIC ϶ ϱ? ƩƮ ü ִ ϱ? ̿ ؼ м(DuPont analysis) ȹ̴.
(ƩƮ ֱ 5 ROIC: ü ִ ɱ?)
* ó: (Ankur Shah), < κ ε Ʈ(Value Investing India Report)> , "Return on Invested Capital: One Metric To Rule Them All," 2023 5 5, https://www.valuewalk.com/return-on-invested-capital-one-metric-to-rule-them-all/
( 0)