- published: 21 Aug 2009
- views: 138122
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Review of Enterprise Value and comparing it to EBITDA
More free lessons at: http://www.khanacademy.org/video?v=v4Fq9LEspzw
Sooner or later an equity investor will come across the term EBITDA. Here Tim Bennett explains how it is used and asks whether it should be so popular.
- published: 28 May 2014
- views: 4025
A walk-through on how to calculate EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization) for Steel Dynamics.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
EBITDA is important NOT because it is a good "proxy for cash flow" - as is commonly claimed by financiers and some academic sources - but rather because it lets you more easily compare different companies' valuations, especially companies with different capital structures, tax rates, and depreciation policies.
To calculate it, you start with Operating Income (EBIT) on the Income Statement, and then add back Depreciation & Amortization (D&A;) on the Cash Flow Statement, and then any other one-time or non-recurring charges you find on the financial statements or in the Notes to the Financial Statements.
To qualify as an add-back, an item MUST:
1. Actually be non-recurring. A Restructuring Charge that has recurred every year over the past 10 years is NOT "non-recurring" even if the company claims it's just temporary.
2. Impact Operating Income. You would never add back something like Deferred Income Taxes because they're "below the line" and only impact the company's Income Taxes, not its Operating Income.
Sometimes, items could go either way; for example, some banks and groups add back Stock-Based Compensation while others do not. We keep things as simple as possible and ONLY add back charges that are truly non-recurring and ones that actually impact Operating Income in this example.
You'll learn how to tell whether or not an item meets those criteria above, even when it's a tricky case such as deciding if Gains / (Losses) truly affect the Operating Income line.
WANT MORE FREE FINANCIAL MODELLING TUTORIALS? Receive a Free 3-Part Tutorial on How to Build Your First Merger Model based on the $16B United / Goodrich deal. Visit: www.breakingintowallstreet.com/biws
- published: 18 Oct 2013
- views: 21397
Don't miss out on Tim Bennett's video tutorials -- get the latest video sent straight to your inbox each week, before it's released on YouTube: http://bit.ly/TimBSubscribe
To receive Tim's 50 FREE MoneyWeek Basics emails: http://bit.ly/mwk-basics
Watch over 100 of Tim's videos for free: http://MoneyWeek.com/tutorials
Or download them to your mobile device: http://bit.ly/TimBpodcast
For the most important financial stories and how to profit from them: http://MoneyWeek.com
http://Facebook.com/pages/MoneyWeek/110326662354766
http://Twitter.com/moneyweek
Video series by CFA UK Highly Commended journalist Tim Bennett. http://twitter.com/TimMoneyweek
- published: 17 Dec 2010
- views: 73009
Why Do You Care About This? It's a very common interview question! Q: "How does EBIT differ from EBITDA? What about EV / EBIT vs. EV / EBITDA? When do you use which one? How does P / E compare to those?"
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
And it's very common on the job as well -- you must decide how to value companies and which metrics / multiples to focus on.
What are the Differences Between EBIT, EBITDA, and Net Income?
These metrics differ in terms of:
1. Who the Money is Available to -- Equity investors, debt investors, and the government? Just equity investors? Someone else?
2. Operating Expenses vs. Capital Expenditures -- Some metrics reflect the impact of both of these, whereas others only reflect the impact of Operating Expenses and ignore spending on long-term assets.
3. Interest, Taxes, and Non-Core Business Activities -- Some metrics include these, and some exclude them.
4. When They're Useful -- Sometimes you WANT to reflect the impact of CapEx, approximating Free Cash Flow, and sometimes you don't. Same for interest and taxes.
Here's the summary of differences, by category:
How Do You Calculate It?
EBIT = Operating Income on the Income Statement
EBITDA = Operating Income on the Income Statement + Depreciation & Amortization from the CFS
Net Income = Net Income on the Income Statement
They Correspond To...
EBIT corresponds to Enterprise Value. EV / EBIT is the multiple.
EBITDA corresponds to Enterprise Value. EV / EBITDA is the multiple.
Net Income corresponds to Equity Value. P / E is the multiple.
Who Has a Claim on the Money?
For EBIT and EBITDA, equity investors, debt investors, and the government all have a claim.
For Net Income, only equity investors have a claim because debt investors have been paid with interest, and the government has been paid with taxes.
What Does It Mean?
EBIT = Core, recurring business profitability, before the impact of capital structure and taxes.
EBITDA = Proxy for core, recurring business cash flow from operations, before the impact of capital structure and taxes.
Net Income = Profit after taxes, the impact of capital structure, AND non-core business activities.
Which Expenses Does It Reflect?
EBIT reflects operating expenses and the impact of CapEx, but EXCLUDES interest, taxes, and non-core business activities.
EBITDA is almost the same, but does NOT include the impact of CapEx.
Net Income reflects everything -- operating expenses, CapEx, interest, taxes, and non-core business activities.
Which Cash Flow-Based Metric Is It Closer To?
EBIT is *sometimes* closer to Free Cash Flow, AKA Cash Flow from Operations -- CapEx, because they both reflect CapEx - but really, only *sometimes* is it closer...
EBITDA is *sometimes* closer to Cash Flow from Operations because NEITHER one includes CapEx - but really, only *sometimes* is it closer...
And Net Income is generally not close to either one.
Which One Do You Use And Why?
This is a question with a FALSE premise - you're not just picking one or the other! You'll almost always use a variety of metrics and multiples when valuing companies.
So, for example, you might look at EV / Revenue, EV / EBITDA, and P / E all for the same company.
But generally speaking, if you WANT to reflect the impact of capital expenditures and it's important to do so for the company/industry you're in, EBIT is better than EBITDA.
Whereas EBITDA might be better in an industry where CapEx is less important, such as software/Internet/services/anything else where R&D; exceeds investments in hard assets.
But it also depends on a company's state of development -- CapEx is almost always more important to quickly growing companies, whereas it is less important for mature, stable companies! Regardless of the industry.
As for Net Income, you usually look at it as a *supplement* to other metrics and multiples -- on its own, it doesn't necessarily give you a great / accurate view of a company because it's distorted by different tax rates, capital structures, and so on.
Further Resources
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/STLD-LNKD-EBIT-EBITDA-Net-Income.xlsx
- published: 23 Jan 2014
- views: 34748
EBITDA o que é? Para que serve? - Sevilha Contabilidade -- Vicente Sevilha Jr. -- abraços para Rodrigo Ricardo
A sigla corresponde a "Earning Before Interests, Taxes, Depreciation and Amortization", ou seja, lucro antes dos juros, impostos, depreciação e amortização
- published: 22 Jun 2011
- views: 26803
Acesse os Indicadores fundamentalistas em http://www.uibo.com.br
Você já ouviu falar em Ebit e Ebitda?
Isso tudo faz parte da análise fundamentalista de ações que auxilia os investidores a descobrir que ações comprar e neste vídeo vamos mostrar:
O que é ebit, o que é ebitda, o que é margem ebitda, como calcular o ebitda, o significado de ebit de uma empresa e ensinar algumas estratégias para esses indicadores fundamentalistas.
Esse vai ser um passo importante aprender como fazer uma analise fundamentalista de ações!
Compre agora os Guias do Curinga Econômico: http://www.curingaeconomico.com.br
Curso de análise fundamentalista completo em http://www.uibo.com.br
- published: 25 Jun 2013
- views: 14813
El EBITDA (o UAFIDA) es una métrica que nos ayuda conocer la rentabilidad de una empresa.
Puede utilizarse para comparar la rentabilidad entre varias empresas de una misma industria, para medir el apalancamiento de una empresa contra su capacidad de pago, con la razón deuda neta a EBITDA y para calcular el múltiplo EV/EBITDA del cual hablaremos en próximas entregas. Y poder prepararnos para los reportes.
El Canal de Youtube de GBMhomebroker te da herramientas prácticas para aprender a tradear y entender los mercados.
Comienza a invertir hoy: http://goo.gl/azSN8X
https://www.gbmhomebroker.com
https://www.gbmhomebroker.com/blog
GBM la casa de bolsa más importante de México con 30 años de liderazgo en le mercado de capitales te ofrece la oportunidad de ser tu propio operador a través de GBMhomebroker.
- published: 21 Feb 2013
- views: 11175
http://www.valuationstlouis.com (314) 541-8163 What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? St. Louis
Sometimes there is confusion about what is EBITDA or earnings before interest taxes depreciation and amortization. Small business owners also want to know why is an EBITDA multiple important in a company valuation?
My name is Melissa Gragg and I am a business valuation expert in St. Louis Missouri.
Let's start with explaining what EBITDA really is and then we will understand how it's important in determining the value of a company. Many people are familiar with the term EBITDA, a business owner just may not understand the EBITDA calculation.
First, you need to start with your earnings, which could also be called net income, income after taxes, profits, profits after taxes. You get the idea, it's basically what you have left over from your company revenues after you take out all of the expenses.
Now you want to start to add back some items such as interest on loans or debt and corporate taxes. You also want to add back depreciation and amortization which are basically non-cash expenses.
Now you have determined an earnings level which you can compare to other companies in your industry.
The point of EBITDA is to eliminate the factors a business owner has discretion over, such as the type of debt financing and capital structure, whether it's taxed as an S-corp or C-corp and if the assets are depreciated using acceleration methods such as Sect 179 depreciation.
Once you eliminate some of these items then you can look at you company's EBITDA level and compare it to an EBITDA multiple derived from industry transactions, mergers and acquisitions or industry reports.
In the valuation of the company there are many methods to consider and one of them is the market approach. This is the approach that uses various market multiples, basically what companies have sold for in the open market, to determine the value of company and one of them is a multiple of EBITDA.
For example, there may be consolidation in your industry and private equity groups or large industry players may pay 6 to 7 times EBITDA. This means that the value of the company would be in the range of six to seven times the EBITDA number.
Of course it's not that simple, because a buyer would have to consider many factors in order to determine what they would pay for particular company but it does give the business owner an idea of the range of value.
Buyers will also look at adjusted EBITDA, which is calculated by reviewing the financial statements in determining if there are owners discretionary items such as higher salaries for management, perquisites such as cars and any other nonoperating items, such as vacation home expenses or nonrecurring income or expenses such as loss from a fire or income from the sale of an asset.
Basically a buyer would look to normalize EBITDA for all of the expenses and/or income, which may not continue into the future.
This is why it's not only important to understand what the market multiples or EBITDA multiples are in your industry but also to understand what does your EBITDA look like for this year, in the past and going forward.
If you'd like to know more about how to value a company, or if you are selling a business and have some questions about the value give us a call at 314-541-8163 or check out our website at http://www.ValuationStLouis.com
- published: 25 Apr 2014
- views: 3189
Em 4 minutos entenda o conceito do Ebitda (Lajida) e acompanhe um exemplo prático de cálculo. Neste vídeo você irá entender o que devemos considerar para cada linha do Ebitda ao analisar o negócio. Adicionalmente estamos comentando sobre o Ebit ou LAJIR.
Google play store
https://play.google.com/store/apps/details?id=br.com.martinlabs.contabilidade.android
Grupo no linkedin:
http://www.linkedin.com/groups/CPC-IFRS-USGAAP-6609601?trk=my_groups-b-grp-v
Fan page:
https://www.facebook.com/pages/Contabilidade-CPC-IFRS-US-GAAP/258130081018682
Traduzir
- published: 01 Apr 2014
- views: 10568
A lot of people have heard this term, but don't really know what it means. This video gives you the definition of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), and briefly explains its use by accountants, financial professionals, and anyone that wants to understand how a company is performing in its core business.
- published: 23 May 2013
- views: 3123
EBITDA (/iːbɪtˈdɑː/,/əˈbɪtdɑː/,) or /ˈɛbɪtdɑː/ is an acronym for earnings before interest, taxes, depreciation, and amortization. It is a non-GAAP metric that is measured exactly as stated. All interest payments, tax, depreciation and amortization entries in the income statement are reversed out from the bottom-line net income. It purports to measure cash earnings canceling tax-jurisdiction effects, and canceling the effects of different capital structures.
EBITDA differs from the operating cash flow in a cash flow statement primarily by excluding payments for taxes or interest as well as changes in working capital. EBITDA also differs from free cash flow because it excludes cash requirements for replacing capital assets (capex).
EBITDA margin refers to EBITDA divided by total revenue. EBITDA margin measures the extent to which cash operating expenses use up revenue.
EBITDA is widely used in loan covenants. The theory is that it measures the cash earnings that can be used to pay interest and repay the principal. Since interest is paid before income tax is calculated, the debtholder can ignore taxes. They are not interested in whether the business can replace its assets when they wear out, therefore can ignore capital amortization and depreciation.
This page contains text from Wikipedia, the Free Encyclopedia -
http://en.wikipedia.org/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
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14:07EBITDA
EBITDAEBITDA
Review of Enterprise Value and comparing it to EBITDA More free lessons at: http://www.khanacademy.org/video?v=v4Fq9LEspzw -
8:09Tim Bennett Explains: What is EBITDA?
Tim Bennett Explains: What is EBITDA?Tim Bennett Explains: What is EBITDA?
Sooner or later an equity investor will come across the term EBITDA. Here Tim Bennett explains how it is used and asks whether it should be so popular. -
14:12How to Calculate EBITDA - Complete Investment Banking Tutorial & Walkthrough
How to Calculate EBITDA - Complete Investment Banking Tutorial & WalkthroughHow to Calculate EBITDA - Complete Investment Banking Tutorial & Walkthrough
A walk-through on how to calculate EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization) for Steel Dynamics. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" EBITDA is important NOT because it is a good "proxy for cash flow" - as is commonly claimed by financiers and some academic sources - but rather because it lets you more easily compare different companies' valuations, especially companies with different capital structures, tax rates, and depreciation policies. To calculate it, you start with Operating Income (EBIT) on the Income Statement, and then add back Depreciation & Amortization (D&A;) on the Cash Flow Statement, and then any other one-time or non-recurring charges you find on the financial statements or in the Notes to the Financial Statements. To qualify as an add-back, an item MUST: 1. Actually be non-recurring. A Restructuring Charge that has recurred every year over the past 10 years is NOT "non-recurring" even if the company claims it's just temporary. 2. Impact Operating Income. You would never add back something like Deferred Income Taxes because they're "below the line" and only impact the company's Income Taxes, not its Operating Income. Sometimes, items could go either way; for example, some banks and groups add back Stock-Based Compensation while others do not. We keep things as simple as possible and ONLY add back charges that are truly non-recurring and ones that actually impact Operating Income in this example. You'll learn how to tell whether or not an item meets those criteria above, even when it's a tricky case such as deciding if Gains / (Losses) truly affect the Operating Income line. WANT MORE FREE FINANCIAL MODELLING TUTORIALS? Receive a Free 3-Part Tutorial on How to Build Your First Merger Model based on the $16B United / Goodrich deal. Visit: www.breakingintowallstreet.com/biws -
10:02What is EV / EBITDA? - MoneyWeek Investment Tutorials
What is EV / EBITDA? - MoneyWeek Investment TutorialsWhat is EV / EBITDA? - MoneyWeek Investment Tutorials
Don't miss out on Tim Bennett's video tutorials -- get the latest video sent straight to your inbox each week, before it's released on YouTube: http://bit.ly/TimBSubscribe To receive Tim's 50 FREE MoneyWeek Basics emails: http://bit.ly/mwk-basics Watch over 100 of Tim's videos for free: http://MoneyWeek.com/tutorials Or download them to your mobile device: http://bit.ly/TimBpodcast For the most important financial stories and how to profit from them: http://MoneyWeek.com http://Facebook.com/pages/MoneyWeek/110326662354766 http://Twitter.com/moneyweek Video series by CFA UK Highly Commended journalist Tim Bennett. http://twitter.com/TimMoneyweek -
19:26EBIT vs. EBITDA vs. Net Income: Valuation Metrics and Multiples
EBIT vs. EBITDA vs. Net Income: Valuation Metrics and MultiplesEBIT vs. EBITDA vs. Net Income: Valuation Metrics and Multiples
Why Do You Care About This? It's a very common interview question! Q: "How does EBIT differ from EBITDA? What about EV / EBIT vs. EV / EBITDA? When do you use which one? How does P / E compare to those?" By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" And it's very common on the job as well -- you must decide how to value companies and which metrics / multiples to focus on. What are the Differences Between EBIT, EBITDA, and Net Income? These metrics differ in terms of: 1. Who the Money is Available to -- Equity investors, debt investors, and the government? Just equity investors? Someone else? 2. Operating Expenses vs. Capital Expenditures -- Some metrics reflect the impact of both of these, whereas others only reflect the impact of Operating Expenses and ignore spending on long-term assets. 3. Interest, Taxes, and Non-Core Business Activities -- Some metrics include these, and some exclude them. 4. When They're Useful -- Sometimes you WANT to reflect the impact of CapEx, approximating Free Cash Flow, and sometimes you don't. Same for interest and taxes. Here's the summary of differences, by category: How Do You Calculate It? EBIT = Operating Income on the Income Statement EBITDA = Operating Income on the Income Statement + Depreciation & Amortization from the CFS Net Income = Net Income on the Income Statement They Correspond To... EBIT corresponds to Enterprise Value. EV / EBIT is the multiple. EBITDA corresponds to Enterprise Value. EV / EBITDA is the multiple. Net Income corresponds to Equity Value. P / E is the multiple. Who Has a Claim on the Money? For EBIT and EBITDA, equity investors, debt investors, and the government all have a claim. For Net Income, only equity investors have a claim because debt investors have been paid with interest, and the government has been paid with taxes. What Does It Mean? EBIT = Core, recurring business profitability, before the impact of capital structure and taxes. EBITDA = Proxy for core, recurring business cash flow from operations, before the impact of capital structure and taxes. Net Income = Profit after taxes, the impact of capital structure, AND non-core business activities. Which Expenses Does It Reflect? EBIT reflects operating expenses and the impact of CapEx, but EXCLUDES interest, taxes, and non-core business activities. EBITDA is almost the same, but does NOT include the impact of CapEx. Net Income reflects everything -- operating expenses, CapEx, interest, taxes, and non-core business activities. Which Cash Flow-Based Metric Is It Closer To? EBIT is *sometimes* closer to Free Cash Flow, AKA Cash Flow from Operations -- CapEx, because they both reflect CapEx - but really, only *sometimes* is it closer... EBITDA is *sometimes* closer to Cash Flow from Operations because NEITHER one includes CapEx - but really, only *sometimes* is it closer... And Net Income is generally not close to either one. Which One Do You Use And Why? This is a question with a FALSE premise - you're not just picking one or the other! You'll almost always use a variety of metrics and multiples when valuing companies. So, for example, you might look at EV / Revenue, EV / EBITDA, and P / E all for the same company. But generally speaking, if you WANT to reflect the impact of capital expenditures and it's important to do so for the company/industry you're in, EBIT is better than EBITDA. Whereas EBITDA might be better in an industry where CapEx is less important, such as software/Internet/services/anything else where R&D; exceeds investments in hard assets. But it also depends on a company's state of development -- CapEx is almost always more important to quickly growing companies, whereas it is less important for mature, stable companies! Regardless of the industry. As for Net Income, you usually look at it as a *supplement* to other metrics and multiples -- on its own, it doesn't necessarily give you a great / accurate view of a company because it's distorted by different tax rates, capital structures, and so on. Further Resources http://youtube-breakingintowallstreet-com.s3.amazonaws.com/STLD-LNKD-EBIT-EBITDA-Net-Income.xlsx -
7:31EBITDA o que é? Para que serve? - Sevilha Contabilidade
EBITDA o que é? Para que serve? - Sevilha ContabilidadeEBITDA o que é? Para que serve? - Sevilha Contabilidade
EBITDA o que é? Para que serve? - Sevilha Contabilidade -- Vicente Sevilha Jr. -- abraços para Rodrigo Ricardo A sigla corresponde a "Earning Before Interests, Taxes, Depreciation and Amortization", ou seja, lucro antes dos juros, impostos, depreciação e amortização -
4:42O que é Ebit e Ebitda
O que é Ebit e EbitdaO que é Ebit e Ebitda
Acesse os Indicadores fundamentalistas em http://www.uibo.com.br Você já ouviu falar em Ebit e Ebitda? Isso tudo faz parte da análise fundamentalista de ações que auxilia os investidores a descobrir que ações comprar e neste vídeo vamos mostrar: O que é ebit, o que é ebitda, o que é margem ebitda, como calcular o ebitda, o significado de ebit de uma empresa e ensinar algumas estratégias para esses indicadores fundamentalistas. Esse vai ser um passo importante aprender como fazer uma analise fundamentalista de ações! Compre agora os Guias do Curinga Econômico: http://www.curingaeconomico.com.br Curso de análise fundamentalista completo em http://www.uibo.com.br -
6:08Ebitda explained CNN
Ebitda explained CNNEbitda explained CNN
-
1:46Preparándonos para los reportes - ¿Qué es el EBITDA?
Preparándonos para los reportes - ¿Qué es el EBITDA?Preparándonos para los reportes - ¿Qué es el EBITDA?
El EBITDA (o UAFIDA) es una métrica que nos ayuda conocer la rentabilidad de una empresa. Puede utilizarse para comparar la rentabilidad entre varias empresas de una misma industria, para medir el apalancamiento de una empresa contra su capacidad de pago, con la razón deuda neta a EBITDA y para calcular el múltiplo EV/EBITDA del cual hablaremos en próximas entregas. Y poder prepararnos para los reportes. El Canal de Youtube de GBMhomebroker te da herramientas prácticas para aprender a tradear y entender los mercados. Comienza a invertir hoy: http://goo.gl/azSN8X https://www.gbmhomebroker.com https://www.gbmhomebroker.com/blog GBM la casa de bolsa más importante de México con 30 años de liderazgo en le mercado de capitales te ofrece la oportunidad de ser tu propio operador a través de GBMhomebroker. -
4:14What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? Expert St. Louis
What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? Expert St. LouisWhat is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? Expert St. Louis
http://www.valuationstlouis.com (314) 541-8163 What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? St. Louis Sometimes there is confusion about what is EBITDA or earnings before interest taxes depreciation and amortization. Small business owners also want to know why is an EBITDA multiple important in a company valuation? My name is Melissa Gragg and I am a business valuation expert in St. Louis Missouri. Let's start with explaining what EBITDA really is and then we will understand how it's important in determining the value of a company. Many people are familiar with the term EBITDA, a business owner just may not understand the EBITDA calculation. First, you need to start with your earnings, which could also be called net income, income after taxes, profits, profits after taxes. You get the idea, it's basically what you have left over from your company revenues after you take out all of the expenses. Now you want to start to add back some items such as interest on loans or debt and corporate taxes. You also want to add back depreciation and amortization which are basically non-cash expenses. Now you have determined an earnings level which you can compare to other companies in your industry. The point of EBITDA is to eliminate the factors a business owner has discretion over, such as the type of debt financing and capital structure, whether it's taxed as an S-corp or C-corp and if the assets are depreciated using acceleration methods such as Sect 179 depreciation. Once you eliminate some of these items then you can look at you company's EBITDA level and compare it to an EBITDA multiple derived from industry transactions, mergers and acquisitions or industry reports. In the valuation of the company there are many methods to consider and one of them is the market approach. This is the approach that uses various market multiples, basically what companies have sold for in the open market, to determine the value of company and one of them is a multiple of EBITDA. For example, there may be consolidation in your industry and private equity groups or large industry players may pay 6 to 7 times EBITDA. This means that the value of the company would be in the range of six to seven times the EBITDA number. Of course it's not that simple, because a buyer would have to consider many factors in order to determine what they would pay for particular company but it does give the business owner an idea of the range of value. Buyers will also look at adjusted EBITDA, which is calculated by reviewing the financial statements in determining if there are owners discretionary items such as higher salaries for management, perquisites such as cars and any other nonoperating items, such as vacation home expenses or nonrecurring income or expenses such as loss from a fire or income from the sale of an asset. Basically a buyer would look to normalize EBITDA for all of the expenses and/or income, which may not continue into the future. This is why it's not only important to understand what the market multiples or EBITDA multiples are in your industry but also to understand what does your EBITDA look like for this year, in the past and going forward. If you'd like to know more about how to value a company, or if you are selling a business and have some questions about the value give us a call at 314-541-8163 or check out our website at http://www.ValuationStLouis.com -
4:13Ebitda / Lajida (o que é e como calcular com um exemplo prático em 4 minutos)
Ebitda / Lajida (o que é e como calcular com um exemplo prático em 4 minutos)Ebitda / Lajida (o que é e como calcular com um exemplo prático em 4 minutos)
Em 4 minutos entenda o conceito do Ebitda (Lajida) e acompanhe um exemplo prático de cálculo. Neste vídeo você irá entender o que devemos considerar para cada linha do Ebitda ao analisar o negócio. Adicionalmente estamos comentando sobre o Ebit ou LAJIR. Google play store https://play.google.com/store/apps/details?id=br.com.martinlabs.contabilidade.android Grupo no linkedin: http://www.linkedin.com/groups/CPC-IFRS-USGAAP-6609601?trk=my_groups-b-grp-v Fan page: https://www.facebook.com/pages/Contabilidade-CPC-IFRS-US-GAAP/258130081018682 Traduzir -
3:17What is EBITDA?
What is EBITDA?What is EBITDA?
A lot of people have heard this term, but don't really know what it means. This video gives you the definition of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), and briefly explains its use by accountants, financial professionals, and anyone that wants to understand how a company is performing in its core business. -
1:45Que es el indice ebitda
Que es el indice ebitdaQue es el indice ebitda
Para que nos sirve y Que es el ebitda. En términos generales, lo que el Ebitda hace, es determinar las ganancias o la utilidad obtenida por una empresa o proyecto, sin tener en cuenta los gastos financieros, los impuestos y demás gastos contables que no implican salida de dinero en efectivo, como las depreciaciones y las amortizaciones -
8:3912 FNF El EBITDA. ( Finanzas para no Financieros)
12 FNF El EBITDA. ( Finanzas para no Financieros)12 FNF El EBITDA. ( Finanzas para no Financieros)
El ebitda, como indicador de los resultados de una empresa, puede ayudar a evitar el efecto de la contabilidad creativa sobre la cuenta de resultados de la empresa. Se ofrece esta unidad dentro del curso de finanzas para no financieros. Realizado por Sotero Amador
- Accountant
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EBITDA
Review of Enterprise Value and comparing it to EBITDA More free lessons at: http://www.khanacademy.org/video?v=v4Fq9LEspzw -
Tim Bennett Explains: What is EBITDA?
Sooner or later an equity investor will come across the term EBITDA. Here Tim Bennett explains how it is used and asks whether it should be so popular. -
How to Calculate EBITDA - Complete Investment Banking Tutorial & Walkthrough
A walk-through on how to calculate EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization) for Steel Dynamics. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" EBITDA is important NOT because it is a good "proxy for cash flow" - as is commonly claimed by financiers and some academic sources - but rather because it lets you more easily compare different companies' valuations, especially companies with different capital structures, tax rates, and depreciation policies. To calculate it, you start with Operating Income (EBIT) on the Income Statement, and then add back Depreciation & Amortization (D&A;) on the Cash Flow Statement, and then any other one-time or non-recurring charges you find on the financial s... -
What is EV / EBITDA? - MoneyWeek Investment Tutorials
Don't miss out on Tim Bennett's video tutorials -- get the latest video sent straight to your inbox each week, before it's released on YouTube: http://bit.ly/TimBSubscribe To receive Tim's 50 FREE MoneyWeek Basics emails: http://bit.ly/mwk-basics Watch over 100 of Tim's videos for free: http://MoneyWeek.com/tutorials Or download them to your mobile device: http://bit.ly/TimBpodcast For the most important financial stories and how to profit from them: http://MoneyWeek.com http://Facebook.com/pages/MoneyWeek/110326662354766 http://Twitter.com/moneyweek Video series by CFA UK Highly Commended journalist Tim Bennett. http://twitter.com/TimMoneyweek -
EBIT vs. EBITDA vs. Net Income: Valuation Metrics and Multiples
Why Do You Care About This? It's a very common interview question! Q: "How does EBIT differ from EBITDA? What about EV / EBIT vs. EV / EBITDA? When do you use which one? How does P / E compare to those?" By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" And it's very common on the job as well -- you must decide how to value companies and which metrics / multiples to focus on. What are the Differences Between EBIT, EBITDA, and Net Income? These metrics differ in terms of: 1. Who the Money is Available to -- Equity investors, debt investors, and the government? Just equity investors? Someone else? 2. Operating Expenses vs. Capital Expenditures -- Some metrics reflect the impact of both of these, whereas others only... -
EBITDA o que é? Para que serve? - Sevilha Contabilidade
EBITDA o que é? Para que serve? - Sevilha Contabilidade -- Vicente Sevilha Jr. -- abraços para Rodrigo Ricardo A sigla corresponde a "Earning Before Interests, Taxes, Depreciation and Amortization", ou seja, lucro antes dos juros, impostos, depreciação e amortização -
O que é Ebit e Ebitda
Acesse os Indicadores fundamentalistas em http://www.uibo.com.br Você já ouviu falar em Ebit e Ebitda? Isso tudo faz parte da análise fundamentalista de ações que auxilia os investidores a descobrir que ações comprar e neste vídeo vamos mostrar: O que é ebit, o que é ebitda, o que é margem ebitda, como calcular o ebitda, o significado de ebit de uma empresa e ensinar algumas estratégias para esses indicadores fundamentalistas. Esse vai ser um passo importante aprender como fazer uma analise fundamentalista de ações! Compre agora os Guias do Curinga Econômico: http://www.curingaeconomico.com.br Curso de análise fundamentalista completo em http://www.uibo.com.br -
Ebitda explained CNN
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Preparándonos para los reportes - ¿Qué es el EBITDA?
El EBITDA (o UAFIDA) es una métrica que nos ayuda conocer la rentabilidad de una empresa. Puede utilizarse para comparar la rentabilidad entre varias empresas de una misma industria, para medir el apalancamiento de una empresa contra su capacidad de pago, con la razón deuda neta a EBITDA y para calcular el múltiplo EV/EBITDA del cual hablaremos en próximas entregas. Y poder prepararnos para los reportes. El Canal de Youtube de GBMhomebroker te da herramientas prácticas para aprender a tradear y entender los mercados. Comienza a invertir hoy: http://goo.gl/azSN8X https://www.gbmhomebroker.com https://www.gbmhomebroker.com/blog GBM la casa de bolsa más importante de México con 30 años de liderazgo en le mercado de capitales te ofrece la oportunidad de ser tu propio operador a través de ... -
What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? Expert St. Louis
http://www.valuationstlouis.com (314) 541-8163 What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? St. Louis Sometimes there is confusion about what is EBITDA or earnings before interest taxes depreciation and amortization. Small business owners also want to know why is an EBITDA multiple important in a company valuation? My name is Melissa Gragg and I am a business valuation expert in St. Louis Missouri. Let's start with explaining what EBITDA really is and then we will understand how it's important in determining the value of a company. Many people are familiar with the term EBITDA, a business owner just may not understand the EBITDA calculation. First, you need to start with your earnings, which could also be called net income, income after taxes, profits, ... -
Ebitda / Lajida (o que é e como calcular com um exemplo prático em 4 minutos)
Em 4 minutos entenda o conceito do Ebitda (Lajida) e acompanhe um exemplo prático de cálculo. Neste vídeo você irá entender o que devemos considerar para cada linha do Ebitda ao analisar o negócio. Adicionalmente estamos comentando sobre o Ebit ou LAJIR. Google play store https://play.google.com/store/apps/details?id=br.com.martinlabs.contabilidade.android Grupo no linkedin: http://www.linkedin.com/groups/CPC-IFRS-USGAAP-6609601?trk=my_groups-b-grp-v Fan page: https://www.facebook.com/pages/Contabilidade-CPC-IFRS-US-GAAP/258130081018682 Traduzir -
What is EBITDA?
A lot of people have heard this term, but don't really know what it means. This video gives you the definition of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), and briefly explains its use by accountants, financial professionals, and anyone that wants to understand how a company is performing in its core business. -
Que es el indice ebitda
Para que nos sirve y Que es el ebitda. En términos generales, lo que el Ebitda hace, es determinar las ganancias o la utilidad obtenida por una empresa o proyecto, sin tener en cuenta los gastos financieros, los impuestos y demás gastos contables que no implican salida de dinero en efectivo, como las depreciaciones y las amortizaciones -
12 FNF El EBITDA. ( Finanzas para no Financieros)
El ebitda, como indicador de los resultados de una empresa, puede ayudar a evitar el efecto de la contabilidad creativa sobre la cuenta de resultados de la empresa. Se ofrece esta unidad dentro del curso de finanzas para no financieros. Realizado por Sotero Amador -
EBITDA ▌Finance
EBITDA ::: copyright © INVESTOPEDIA -
¿Cómo calcular el EBITDA?
¿Cómo calcular el EBITDA? -
WST: 1.3 Accounting - EBIT & EBITDA Explanation
Wall St. Training Self-Study Instructor, Hamilton Lin, CFA explains the importance of EBITDA and EBIT as profitability and valuation metrics. EBITDA is perhaps one of the most importance terms, although not an official accounting statement item. When junior professionals ask "why EBITDA", all too often, the reply is "that's just the way it is". We explain the "why" in easy to understand terms and dig into the detail of such important terms. For more information of the video courses previewed here, go to: http://www.wstselfstudy.com/modules.html Over 80 hours of online, interactive Self-Study Videos! ***YOUTUBE VISITORS ONLY*** 10% off any online course, use Discount code: youtube http://www.wstselfstudy.com Wall St. Training Self-Study provides online, video-based, self-study... -
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EBITDA : Прибыль до вычета налогов, процентов, износа и амортизации
EBITDA -
Múltiplo EV/EBITDA - Asegura tu inversión y obtén más rendimiento.
El EV/EBITDA es un múltiplo que permite comparar cuánto cuesta una empresa contra cuánto genera. Se le denomina EV o Enterprise Value a la suma de la Capitalización del Mercado, la Deuda Neta y la Participación Minoritaria multiplicada por el P/VL. Este EV posteriormente se divide entre el EBITDA de un año para obtener el múltiplo EV/EBITDA. A diferencia del PU, incorpora el apalancamiento y otros factores para indicar que tan cara o barata está la acción de una empresa en función del EBITDA que puede generar. Permite saber cuánto tardaría una emisora en reponer una inversión, por lo que siempre se prefieren las empresas con múltiplos EV/EBITDA bajos. Comienza a invertir hoy: https://goo.gl/yWW8wx https://www.gbmhomebroker.com https://www.gbmhomebroker.com/blog GBM, la casa de bols... -
O que é EBITDA?
Um indicador financeiro bastante utilizado pelas empresas de capital aberto e pelos analistas de mercado é o chamado EBITDA, também conhecido como Lajida. A sigla corresponde a Earning Before Interests, Taxes, Depreciation and Amortization, ou seja, Lucro Antes dos Juros, Impostos, Depreciação e Amortização. O EBITDA representa a geração operacional de caixa da companhia, ou seja, o quanto a empresa gera de recursos apenas pelas suas atividades operacionais, sem levar em consideração os efeitos financeiros e de impostos. -
Показатель EBITDA
Почему многие финансовые аналитики так любят использовать показатель EBITDA и зачастую игнорируют чистую прибыль? EBITDA — Earnings Before Interest, Taxes, Depreciation and Amortization — это показатель прибыли компании без учета налогов, процентов (как полученных, так и уплаченных) и амортизации. А также до переоценки активов. -
Cálculo del Ebitda y del Eva
Cómo calcular el Ebitda y el EVA en una organización
EBITDA
- Order: Reorder
- Duration: 14:07
- Updated: 21 Aug 2009
- views: 138122
Review of Enterprise Value and comparing it to EBITDA
More free lessons at: http://www.khanacademy.org/video?v=v4Fq9LEspzw
Review of Enterprise Value and comparing it to EBITDA
More free lessons at: http://www.khanacademy.org/video?v=v4Fq9LEspzw
wn.com/Ebitda
Review of Enterprise Value and comparing it to EBITDA
More free lessons at: http://www.khanacademy.org/video?v=v4Fq9LEspzw
- published: 21 Aug 2009
- views: 138122
Tim Bennett Explains: What is EBITDA?
- Order: Reorder
- Duration: 8:09
- Updated: 28 May 2014
- views: 4025
Sooner or later an equity investor will come across the term EBITDA. Here Tim Bennett explains how it is used and asks whether it should be so popular.
Sooner or later an equity investor will come across the term EBITDA. Here Tim Bennett explains how it is used and asks whether it should be so popular.
wn.com/Tim Bennett Explains What Is Ebitda
Sooner or later an equity investor will come across the term EBITDA. Here Tim Bennett explains how it is used and asks whether it should be so popular.
- published: 28 May 2014
- views: 4025
How to Calculate EBITDA - Complete Investment Banking Tutorial & Walkthrough
- Order: Reorder
- Duration: 14:12
- Updated: 18 Oct 2013
- views: 21397
A walk-through on how to calculate EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization) for Steel Dynamics.
By http://breakingintowallstreet.co...
A walk-through on how to calculate EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization) for Steel Dynamics.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
EBITDA is important NOT because it is a good "proxy for cash flow" - as is commonly claimed by financiers and some academic sources - but rather because it lets you more easily compare different companies' valuations, especially companies with different capital structures, tax rates, and depreciation policies.
To calculate it, you start with Operating Income (EBIT) on the Income Statement, and then add back Depreciation & Amortization (D&A;) on the Cash Flow Statement, and then any other one-time or non-recurring charges you find on the financial statements or in the Notes to the Financial Statements.
To qualify as an add-back, an item MUST:
1. Actually be non-recurring. A Restructuring Charge that has recurred every year over the past 10 years is NOT "non-recurring" even if the company claims it's just temporary.
2. Impact Operating Income. You would never add back something like Deferred Income Taxes because they're "below the line" and only impact the company's Income Taxes, not its Operating Income.
Sometimes, items could go either way; for example, some banks and groups add back Stock-Based Compensation while others do not. We keep things as simple as possible and ONLY add back charges that are truly non-recurring and ones that actually impact Operating Income in this example.
You'll learn how to tell whether or not an item meets those criteria above, even when it's a tricky case such as deciding if Gains / (Losses) truly affect the Operating Income line.
WANT MORE FREE FINANCIAL MODELLING TUTORIALS? Receive a Free 3-Part Tutorial on How to Build Your First Merger Model based on the $16B United / Goodrich deal. Visit: www.breakingintowallstreet.com/biws
wn.com/How To Calculate Ebitda Complete Investment Banking Tutorial Walkthrough
A walk-through on how to calculate EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization) for Steel Dynamics.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
EBITDA is important NOT because it is a good "proxy for cash flow" - as is commonly claimed by financiers and some academic sources - but rather because it lets you more easily compare different companies' valuations, especially companies with different capital structures, tax rates, and depreciation policies.
To calculate it, you start with Operating Income (EBIT) on the Income Statement, and then add back Depreciation & Amortization (D&A;) on the Cash Flow Statement, and then any other one-time or non-recurring charges you find on the financial statements or in the Notes to the Financial Statements.
To qualify as an add-back, an item MUST:
1. Actually be non-recurring. A Restructuring Charge that has recurred every year over the past 10 years is NOT "non-recurring" even if the company claims it's just temporary.
2. Impact Operating Income. You would never add back something like Deferred Income Taxes because they're "below the line" and only impact the company's Income Taxes, not its Operating Income.
Sometimes, items could go either way; for example, some banks and groups add back Stock-Based Compensation while others do not. We keep things as simple as possible and ONLY add back charges that are truly non-recurring and ones that actually impact Operating Income in this example.
You'll learn how to tell whether or not an item meets those criteria above, even when it's a tricky case such as deciding if Gains / (Losses) truly affect the Operating Income line.
WANT MORE FREE FINANCIAL MODELLING TUTORIALS? Receive a Free 3-Part Tutorial on How to Build Your First Merger Model based on the $16B United / Goodrich deal. Visit: www.breakingintowallstreet.com/biws
- published: 18 Oct 2013
- views: 21397
What is EV / EBITDA? - MoneyWeek Investment Tutorials
- Order: Reorder
- Duration: 10:02
- Updated: 17 Dec 2010
- views: 73009
Don't miss out on Tim Bennett's video tutorials -- get the latest video sent straight to your inbox each week, before it's released on YouTube: http://bit.ly/Ti...
Don't miss out on Tim Bennett's video tutorials -- get the latest video sent straight to your inbox each week, before it's released on YouTube: http://bit.ly/TimBSubscribe
To receive Tim's 50 FREE MoneyWeek Basics emails: http://bit.ly/mwk-basics
Watch over 100 of Tim's videos for free: http://MoneyWeek.com/tutorials
Or download them to your mobile device: http://bit.ly/TimBpodcast
For the most important financial stories and how to profit from them: http://MoneyWeek.com
http://Facebook.com/pages/MoneyWeek/110326662354766
http://Twitter.com/moneyweek
Video series by CFA UK Highly Commended journalist Tim Bennett. http://twitter.com/TimMoneyweek
wn.com/What Is Ev Ebitda Moneyweek Investment Tutorials
Don't miss out on Tim Bennett's video tutorials -- get the latest video sent straight to your inbox each week, before it's released on YouTube: http://bit.ly/TimBSubscribe
To receive Tim's 50 FREE MoneyWeek Basics emails: http://bit.ly/mwk-basics
Watch over 100 of Tim's videos for free: http://MoneyWeek.com/tutorials
Or download them to your mobile device: http://bit.ly/TimBpodcast
For the most important financial stories and how to profit from them: http://MoneyWeek.com
http://Facebook.com/pages/MoneyWeek/110326662354766
http://Twitter.com/moneyweek
Video series by CFA UK Highly Commended journalist Tim Bennett. http://twitter.com/TimMoneyweek
- published: 17 Dec 2010
- views: 73009
EBIT vs. EBITDA vs. Net Income: Valuation Metrics and Multiples
- Order: Reorder
- Duration: 19:26
- Updated: 23 Jan 2014
- views: 34748
Why Do You Care About This? It's a very common interview question! Q: "How does EBIT differ from EBITDA? What about EV / EBIT vs. EV / EBITDA? When do you use ...
Why Do You Care About This? It's a very common interview question! Q: "How does EBIT differ from EBITDA? What about EV / EBIT vs. EV / EBITDA? When do you use which one? How does P / E compare to those?"
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
And it's very common on the job as well -- you must decide how to value companies and which metrics / multiples to focus on.
What are the Differences Between EBIT, EBITDA, and Net Income?
These metrics differ in terms of:
1. Who the Money is Available to -- Equity investors, debt investors, and the government? Just equity investors? Someone else?
2. Operating Expenses vs. Capital Expenditures -- Some metrics reflect the impact of both of these, whereas others only reflect the impact of Operating Expenses and ignore spending on long-term assets.
3. Interest, Taxes, and Non-Core Business Activities -- Some metrics include these, and some exclude them.
4. When They're Useful -- Sometimes you WANT to reflect the impact of CapEx, approximating Free Cash Flow, and sometimes you don't. Same for interest and taxes.
Here's the summary of differences, by category:
How Do You Calculate It?
EBIT = Operating Income on the Income Statement
EBITDA = Operating Income on the Income Statement + Depreciation & Amortization from the CFS
Net Income = Net Income on the Income Statement
They Correspond To...
EBIT corresponds to Enterprise Value. EV / EBIT is the multiple.
EBITDA corresponds to Enterprise Value. EV / EBITDA is the multiple.
Net Income corresponds to Equity Value. P / E is the multiple.
Who Has a Claim on the Money?
For EBIT and EBITDA, equity investors, debt investors, and the government all have a claim.
For Net Income, only equity investors have a claim because debt investors have been paid with interest, and the government has been paid with taxes.
What Does It Mean?
EBIT = Core, recurring business profitability, before the impact of capital structure and taxes.
EBITDA = Proxy for core, recurring business cash flow from operations, before the impact of capital structure and taxes.
Net Income = Profit after taxes, the impact of capital structure, AND non-core business activities.
Which Expenses Does It Reflect?
EBIT reflects operating expenses and the impact of CapEx, but EXCLUDES interest, taxes, and non-core business activities.
EBITDA is almost the same, but does NOT include the impact of CapEx.
Net Income reflects everything -- operating expenses, CapEx, interest, taxes, and non-core business activities.
Which Cash Flow-Based Metric Is It Closer To?
EBIT is *sometimes* closer to Free Cash Flow, AKA Cash Flow from Operations -- CapEx, because they both reflect CapEx - but really, only *sometimes* is it closer...
EBITDA is *sometimes* closer to Cash Flow from Operations because NEITHER one includes CapEx - but really, only *sometimes* is it closer...
And Net Income is generally not close to either one.
Which One Do You Use And Why?
This is a question with a FALSE premise - you're not just picking one or the other! You'll almost always use a variety of metrics and multiples when valuing companies.
So, for example, you might look at EV / Revenue, EV / EBITDA, and P / E all for the same company.
But generally speaking, if you WANT to reflect the impact of capital expenditures and it's important to do so for the company/industry you're in, EBIT is better than EBITDA.
Whereas EBITDA might be better in an industry where CapEx is less important, such as software/Internet/services/anything else where R&D; exceeds investments in hard assets.
But it also depends on a company's state of development -- CapEx is almost always more important to quickly growing companies, whereas it is less important for mature, stable companies! Regardless of the industry.
As for Net Income, you usually look at it as a *supplement* to other metrics and multiples -- on its own, it doesn't necessarily give you a great / accurate view of a company because it's distorted by different tax rates, capital structures, and so on.
Further Resources
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/STLD-LNKD-EBIT-EBITDA-Net-Income.xlsx
wn.com/Ebit Vs. Ebitda Vs. Net Income Valuation Metrics And Multiples
Why Do You Care About This? It's a very common interview question! Q: "How does EBIT differ from EBITDA? What about EV / EBIT vs. EV / EBITDA? When do you use which one? How does P / E compare to those?"
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
And it's very common on the job as well -- you must decide how to value companies and which metrics / multiples to focus on.
What are the Differences Between EBIT, EBITDA, and Net Income?
These metrics differ in terms of:
1. Who the Money is Available to -- Equity investors, debt investors, and the government? Just equity investors? Someone else?
2. Operating Expenses vs. Capital Expenditures -- Some metrics reflect the impact of both of these, whereas others only reflect the impact of Operating Expenses and ignore spending on long-term assets.
3. Interest, Taxes, and Non-Core Business Activities -- Some metrics include these, and some exclude them.
4. When They're Useful -- Sometimes you WANT to reflect the impact of CapEx, approximating Free Cash Flow, and sometimes you don't. Same for interest and taxes.
Here's the summary of differences, by category:
How Do You Calculate It?
EBIT = Operating Income on the Income Statement
EBITDA = Operating Income on the Income Statement + Depreciation & Amortization from the CFS
Net Income = Net Income on the Income Statement
They Correspond To...
EBIT corresponds to Enterprise Value. EV / EBIT is the multiple.
EBITDA corresponds to Enterprise Value. EV / EBITDA is the multiple.
Net Income corresponds to Equity Value. P / E is the multiple.
Who Has a Claim on the Money?
For EBIT and EBITDA, equity investors, debt investors, and the government all have a claim.
For Net Income, only equity investors have a claim because debt investors have been paid with interest, and the government has been paid with taxes.
What Does It Mean?
EBIT = Core, recurring business profitability, before the impact of capital structure and taxes.
EBITDA = Proxy for core, recurring business cash flow from operations, before the impact of capital structure and taxes.
Net Income = Profit after taxes, the impact of capital structure, AND non-core business activities.
Which Expenses Does It Reflect?
EBIT reflects operating expenses and the impact of CapEx, but EXCLUDES interest, taxes, and non-core business activities.
EBITDA is almost the same, but does NOT include the impact of CapEx.
Net Income reflects everything -- operating expenses, CapEx, interest, taxes, and non-core business activities.
Which Cash Flow-Based Metric Is It Closer To?
EBIT is *sometimes* closer to Free Cash Flow, AKA Cash Flow from Operations -- CapEx, because they both reflect CapEx - but really, only *sometimes* is it closer...
EBITDA is *sometimes* closer to Cash Flow from Operations because NEITHER one includes CapEx - but really, only *sometimes* is it closer...
And Net Income is generally not close to either one.
Which One Do You Use And Why?
This is a question with a FALSE premise - you're not just picking one or the other! You'll almost always use a variety of metrics and multiples when valuing companies.
So, for example, you might look at EV / Revenue, EV / EBITDA, and P / E all for the same company.
But generally speaking, if you WANT to reflect the impact of capital expenditures and it's important to do so for the company/industry you're in, EBIT is better than EBITDA.
Whereas EBITDA might be better in an industry where CapEx is less important, such as software/Internet/services/anything else where R&D; exceeds investments in hard assets.
But it also depends on a company's state of development -- CapEx is almost always more important to quickly growing companies, whereas it is less important for mature, stable companies! Regardless of the industry.
As for Net Income, you usually look at it as a *supplement* to other metrics and multiples -- on its own, it doesn't necessarily give you a great / accurate view of a company because it's distorted by different tax rates, capital structures, and so on.
Further Resources
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/STLD-LNKD-EBIT-EBITDA-Net-Income.xlsx
- published: 23 Jan 2014
- views: 34748
EBITDA o que é? Para que serve? - Sevilha Contabilidade
- Order: Reorder
- Duration: 7:31
- Updated: 22 Jun 2011
- views: 26803
EBITDA o que é? Para que serve? - Sevilha Contabilidade -- Vicente Sevilha Jr. -- abraços para Rodrigo Ricardo
A sigla corresponde a "Earning Before Interests, ...
EBITDA o que é? Para que serve? - Sevilha Contabilidade -- Vicente Sevilha Jr. -- abraços para Rodrigo Ricardo
A sigla corresponde a "Earning Before Interests, Taxes, Depreciation and Amortization", ou seja, lucro antes dos juros, impostos, depreciação e amortização
wn.com/Ebitda O Que É Para Que Serve Sevilha Contabilidade
EBITDA o que é? Para que serve? - Sevilha Contabilidade -- Vicente Sevilha Jr. -- abraços para Rodrigo Ricardo
A sigla corresponde a "Earning Before Interests, Taxes, Depreciation and Amortization", ou seja, lucro antes dos juros, impostos, depreciação e amortização
- published: 22 Jun 2011
- views: 26803
O que é Ebit e Ebitda
- Order: Reorder
- Duration: 4:42
- Updated: 25 Jun 2013
- views: 14813
Acesse os Indicadores fundamentalistas em http://www.uibo.com.br
Você já ouviu falar em Ebit e Ebitda?
Isso tudo faz parte da análise fundamentalista de ações ...
Acesse os Indicadores fundamentalistas em http://www.uibo.com.br
Você já ouviu falar em Ebit e Ebitda?
Isso tudo faz parte da análise fundamentalista de ações que auxilia os investidores a descobrir que ações comprar e neste vídeo vamos mostrar:
O que é ebit, o que é ebitda, o que é margem ebitda, como calcular o ebitda, o significado de ebit de uma empresa e ensinar algumas estratégias para esses indicadores fundamentalistas.
Esse vai ser um passo importante aprender como fazer uma analise fundamentalista de ações!
Compre agora os Guias do Curinga Econômico: http://www.curingaeconomico.com.br
Curso de análise fundamentalista completo em http://www.uibo.com.br
wn.com/O Que É Ebit E Ebitda
Acesse os Indicadores fundamentalistas em http://www.uibo.com.br
Você já ouviu falar em Ebit e Ebitda?
Isso tudo faz parte da análise fundamentalista de ações que auxilia os investidores a descobrir que ações comprar e neste vídeo vamos mostrar:
O que é ebit, o que é ebitda, o que é margem ebitda, como calcular o ebitda, o significado de ebit de uma empresa e ensinar algumas estratégias para esses indicadores fundamentalistas.
Esse vai ser um passo importante aprender como fazer uma analise fundamentalista de ações!
Compre agora os Guias do Curinga Econômico: http://www.curingaeconomico.com.br
Curso de análise fundamentalista completo em http://www.uibo.com.br
- published: 25 Jun 2013
- views: 14813
Ebitda explained CNN
- Order: Reorder
- Duration: 6:08
- Updated: 18 Mar 2012
- views: 13577
- published: 18 Mar 2012
- views: 13577
Preparándonos para los reportes - ¿Qué es el EBITDA?
- Order: Reorder
- Duration: 1:46
- Updated: 21 Feb 2013
- views: 11175
El EBITDA (o UAFIDA) es una métrica que nos ayuda conocer la rentabilidad de una empresa.
Puede utilizarse para comparar la rentabilidad entre varias empresas ...
El EBITDA (o UAFIDA) es una métrica que nos ayuda conocer la rentabilidad de una empresa.
Puede utilizarse para comparar la rentabilidad entre varias empresas de una misma industria, para medir el apalancamiento de una empresa contra su capacidad de pago, con la razón deuda neta a EBITDA y para calcular el múltiplo EV/EBITDA del cual hablaremos en próximas entregas. Y poder prepararnos para los reportes.
El Canal de Youtube de GBMhomebroker te da herramientas prácticas para aprender a tradear y entender los mercados.
Comienza a invertir hoy: http://goo.gl/azSN8X
https://www.gbmhomebroker.com
https://www.gbmhomebroker.com/blog
GBM la casa de bolsa más importante de México con 30 años de liderazgo en le mercado de capitales te ofrece la oportunidad de ser tu propio operador a través de GBMhomebroker.
wn.com/Preparándonos Para Los Reportes ¿Qué Es El Ebitda
El EBITDA (o UAFIDA) es una métrica que nos ayuda conocer la rentabilidad de una empresa.
Puede utilizarse para comparar la rentabilidad entre varias empresas de una misma industria, para medir el apalancamiento de una empresa contra su capacidad de pago, con la razón deuda neta a EBITDA y para calcular el múltiplo EV/EBITDA del cual hablaremos en próximas entregas. Y poder prepararnos para los reportes.
El Canal de Youtube de GBMhomebroker te da herramientas prácticas para aprender a tradear y entender los mercados.
Comienza a invertir hoy: http://goo.gl/azSN8X
https://www.gbmhomebroker.com
https://www.gbmhomebroker.com/blog
GBM la casa de bolsa más importante de México con 30 años de liderazgo en le mercado de capitales te ofrece la oportunidad de ser tu propio operador a través de GBMhomebroker.
- published: 21 Feb 2013
- views: 11175
What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? Expert St. Louis
- Order: Reorder
- Duration: 4:14
- Updated: 25 Apr 2014
- views: 3189
http://www.valuationstlouis.com (314) 541-8163 What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? St. Louis
Sometimes there is confusi...
http://www.valuationstlouis.com (314) 541-8163 What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? St. Louis
Sometimes there is confusion about what is EBITDA or earnings before interest taxes depreciation and amortization. Small business owners also want to know why is an EBITDA multiple important in a company valuation?
My name is Melissa Gragg and I am a business valuation expert in St. Louis Missouri.
Let's start with explaining what EBITDA really is and then we will understand how it's important in determining the value of a company. Many people are familiar with the term EBITDA, a business owner just may not understand the EBITDA calculation.
First, you need to start with your earnings, which could also be called net income, income after taxes, profits, profits after taxes. You get the idea, it's basically what you have left over from your company revenues after you take out all of the expenses.
Now you want to start to add back some items such as interest on loans or debt and corporate taxes. You also want to add back depreciation and amortization which are basically non-cash expenses.
Now you have determined an earnings level which you can compare to other companies in your industry.
The point of EBITDA is to eliminate the factors a business owner has discretion over, such as the type of debt financing and capital structure, whether it's taxed as an S-corp or C-corp and if the assets are depreciated using acceleration methods such as Sect 179 depreciation.
Once you eliminate some of these items then you can look at you company's EBITDA level and compare it to an EBITDA multiple derived from industry transactions, mergers and acquisitions or industry reports.
In the valuation of the company there are many methods to consider and one of them is the market approach. This is the approach that uses various market multiples, basically what companies have sold for in the open market, to determine the value of company and one of them is a multiple of EBITDA.
For example, there may be consolidation in your industry and private equity groups or large industry players may pay 6 to 7 times EBITDA. This means that the value of the company would be in the range of six to seven times the EBITDA number.
Of course it's not that simple, because a buyer would have to consider many factors in order to determine what they would pay for particular company but it does give the business owner an idea of the range of value.
Buyers will also look at adjusted EBITDA, which is calculated by reviewing the financial statements in determining if there are owners discretionary items such as higher salaries for management, perquisites such as cars and any other nonoperating items, such as vacation home expenses or nonrecurring income or expenses such as loss from a fire or income from the sale of an asset.
Basically a buyer would look to normalize EBITDA for all of the expenses and/or income, which may not continue into the future.
This is why it's not only important to understand what the market multiples or EBITDA multiples are in your industry but also to understand what does your EBITDA look like for this year, in the past and going forward.
If you'd like to know more about how to value a company, or if you are selling a business and have some questions about the value give us a call at 314-541-8163 or check out our website at http://www.ValuationStLouis.com
wn.com/What Is Ebitda Why Is An Ebitda Multiple Important In A Company Valuation Expert St. Louis
http://www.valuationstlouis.com (314) 541-8163 What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? St. Louis
Sometimes there is confusion about what is EBITDA or earnings before interest taxes depreciation and amortization. Small business owners also want to know why is an EBITDA multiple important in a company valuation?
My name is Melissa Gragg and I am a business valuation expert in St. Louis Missouri.
Let's start with explaining what EBITDA really is and then we will understand how it's important in determining the value of a company. Many people are familiar with the term EBITDA, a business owner just may not understand the EBITDA calculation.
First, you need to start with your earnings, which could also be called net income, income after taxes, profits, profits after taxes. You get the idea, it's basically what you have left over from your company revenues after you take out all of the expenses.
Now you want to start to add back some items such as interest on loans or debt and corporate taxes. You also want to add back depreciation and amortization which are basically non-cash expenses.
Now you have determined an earnings level which you can compare to other companies in your industry.
The point of EBITDA is to eliminate the factors a business owner has discretion over, such as the type of debt financing and capital structure, whether it's taxed as an S-corp or C-corp and if the assets are depreciated using acceleration methods such as Sect 179 depreciation.
Once you eliminate some of these items then you can look at you company's EBITDA level and compare it to an EBITDA multiple derived from industry transactions, mergers and acquisitions or industry reports.
In the valuation of the company there are many methods to consider and one of them is the market approach. This is the approach that uses various market multiples, basically what companies have sold for in the open market, to determine the value of company and one of them is a multiple of EBITDA.
For example, there may be consolidation in your industry and private equity groups or large industry players may pay 6 to 7 times EBITDA. This means that the value of the company would be in the range of six to seven times the EBITDA number.
Of course it's not that simple, because a buyer would have to consider many factors in order to determine what they would pay for particular company but it does give the business owner an idea of the range of value.
Buyers will also look at adjusted EBITDA, which is calculated by reviewing the financial statements in determining if there are owners discretionary items such as higher salaries for management, perquisites such as cars and any other nonoperating items, such as vacation home expenses or nonrecurring income or expenses such as loss from a fire or income from the sale of an asset.
Basically a buyer would look to normalize EBITDA for all of the expenses and/or income, which may not continue into the future.
This is why it's not only important to understand what the market multiples or EBITDA multiples are in your industry but also to understand what does your EBITDA look like for this year, in the past and going forward.
If you'd like to know more about how to value a company, or if you are selling a business and have some questions about the value give us a call at 314-541-8163 or check out our website at http://www.ValuationStLouis.com
- published: 25 Apr 2014
- views: 3189
Ebitda / Lajida (o que é e como calcular com um exemplo prático em 4 minutos)
- Order: Reorder
- Duration: 4:13
- Updated: 01 Apr 2014
- views: 10568
Em 4 minutos entenda o conceito do Ebitda (Lajida) e acompanhe um exemplo prático de cálculo. Neste vídeo você irá entender o que devemos considerar para cada l...
Em 4 minutos entenda o conceito do Ebitda (Lajida) e acompanhe um exemplo prático de cálculo. Neste vídeo você irá entender o que devemos considerar para cada linha do Ebitda ao analisar o negócio. Adicionalmente estamos comentando sobre o Ebit ou LAJIR.
Google play store
https://play.google.com/store/apps/details?id=br.com.martinlabs.contabilidade.android
Grupo no linkedin:
http://www.linkedin.com/groups/CPC-IFRS-USGAAP-6609601?trk=my_groups-b-grp-v
Fan page:
https://www.facebook.com/pages/Contabilidade-CPC-IFRS-US-GAAP/258130081018682
Traduzir
wn.com/Ebitda Lajida (O Que É E Como Calcular Com Um Exemplo Prático Em 4 Minutos)
Em 4 minutos entenda o conceito do Ebitda (Lajida) e acompanhe um exemplo prático de cálculo. Neste vídeo você irá entender o que devemos considerar para cada linha do Ebitda ao analisar o negócio. Adicionalmente estamos comentando sobre o Ebit ou LAJIR.
Google play store
https://play.google.com/store/apps/details?id=br.com.martinlabs.contabilidade.android
Grupo no linkedin:
http://www.linkedin.com/groups/CPC-IFRS-USGAAP-6609601?trk=my_groups-b-grp-v
Fan page:
https://www.facebook.com/pages/Contabilidade-CPC-IFRS-US-GAAP/258130081018682
Traduzir
- published: 01 Apr 2014
- views: 10568
What is EBITDA?
- Order: Reorder
- Duration: 3:17
- Updated: 23 May 2013
- views: 3123
A lot of people have heard this term, but don't really know what it means. This video gives you the definition of EBITDA (Earnings Before Interest, Taxes, Depre...
A lot of people have heard this term, but don't really know what it means. This video gives you the definition of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), and briefly explains its use by accountants, financial professionals, and anyone that wants to understand how a company is performing in its core business.
wn.com/What Is Ebitda
A lot of people have heard this term, but don't really know what it means. This video gives you the definition of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), and briefly explains its use by accountants, financial professionals, and anyone that wants to understand how a company is performing in its core business.
- published: 23 May 2013
- views: 3123
Que es el indice ebitda
- Order: Reorder
- Duration: 1:45
- Updated: 19 May 2014
- views: 2246
Para que nos sirve y Que es el ebitda.
En términos generales, lo que el Ebitda hace, es determinar las ganancias o la utilidad obtenida por una empresa o pro...
Para que nos sirve y Que es el ebitda.
En términos generales, lo que el Ebitda hace, es determinar las ganancias o la utilidad obtenida por una empresa o proyecto, sin tener en cuenta los gastos financieros, los impuestos y demás gastos contables que no implican salida de dinero en efectivo, como las depreciaciones y las amortizaciones
wn.com/Que Es El Indice Ebitda
Para que nos sirve y Que es el ebitda.
En términos generales, lo que el Ebitda hace, es determinar las ganancias o la utilidad obtenida por una empresa o proyecto, sin tener en cuenta los gastos financieros, los impuestos y demás gastos contables que no implican salida de dinero en efectivo, como las depreciaciones y las amortizaciones
- published: 19 May 2014
- views: 2246
12 FNF El EBITDA. ( Finanzas para no Financieros)
- Order: Reorder
- Duration: 8:39
- Updated: 16 Feb 2012
- views: 9960
El ebitda, como indicador de los resultados de una empresa, puede ayudar a evitar el efecto de la contabilidad creativa sobre la cuenta de resultados de la empr...
El ebitda, como indicador de los resultados de una empresa, puede ayudar a evitar el efecto de la contabilidad creativa sobre la cuenta de resultados de la empresa. Se ofrece esta unidad dentro del curso de finanzas para no financieros. Realizado por Sotero Amador
wn.com/12 Fnf El Ebitda. ( Finanzas Para No Financieros)
El ebitda, como indicador de los resultados de una empresa, puede ayudar a evitar el efecto de la contabilidad creativa sobre la cuenta de resultados de la empresa. Se ofrece esta unidad dentro del curso de finanzas para no financieros. Realizado por Sotero Amador
- published: 16 Feb 2012
- views: 9960
EBITDA ▌Finance
- Order: Reorder
- Duration: 1:17
- Updated: 04 Nov 2012
- views: 2669
EBITDA :::
copyright © INVESTOPEDIA
EBITDA :::
copyright © INVESTOPEDIA
wn.com/Ebitda ▌Finance
¿Cómo calcular el EBITDA?
- Order: Reorder
- Duration: 1:27
- Updated: 07 Feb 2014
- views: 16620
¿Cómo calcular el EBITDA?
¿Cómo calcular el EBITDA?
wn.com/¿Cómo Calcular El Ebitda
WST: 1.3 Accounting - EBIT & EBITDA Explanation
- Order: Reorder
- Duration: 7:59
- Updated: 07 Jul 2008
- views: 46459
Wall St. Training Self-Study Instructor, Hamilton Lin, CFA explains the importance of EBITDA and EBIT as profitability and valuation metrics. EBITDA is perhaps ...
Wall St. Training Self-Study Instructor, Hamilton Lin, CFA explains the importance of EBITDA and EBIT as profitability and valuation metrics. EBITDA is perhaps one of the most importance terms, although not an official accounting statement item. When junior professionals ask "why EBITDA", all too often, the reply is "that's just the way it is". We explain the "why" in easy to understand terms and dig into the detail of such important terms.
For more information of the video courses previewed here, go to: http://www.wstselfstudy.com/modules.html
Over 80 hours of online, interactive Self-Study Videos!
***YOUTUBE VISITORS ONLY***
10% off any online course, use Discount code: youtube
http://www.wstselfstudy.com
Wall St. Training Self-Study provides online, video-based, self-study financial modeling training solutions to Wall Street. Our interactive course modules are Excel-based and specialize in advanced and complex financial modeling, valuation modeling, investment banking, mergers & acquisitions and leveraged buyout training topics. Enhance your skills and master the content required by Wall Street investment banks, M&A;, research, asset management, credit, and private equity firms.
wn.com/Wst 1.3 Accounting Ebit Ebitda Explanation
Wall St. Training Self-Study Instructor, Hamilton Lin, CFA explains the importance of EBITDA and EBIT as profitability and valuation metrics. EBITDA is perhaps one of the most importance terms, although not an official accounting statement item. When junior professionals ask "why EBITDA", all too often, the reply is "that's just the way it is". We explain the "why" in easy to understand terms and dig into the detail of such important terms.
For more information of the video courses previewed here, go to: http://www.wstselfstudy.com/modules.html
Over 80 hours of online, interactive Self-Study Videos!
***YOUTUBE VISITORS ONLY***
10% off any online course, use Discount code: youtube
http://www.wstselfstudy.com
Wall St. Training Self-Study provides online, video-based, self-study financial modeling training solutions to Wall Street. Our interactive course modules are Excel-based and specialize in advanced and complex financial modeling, valuation modeling, investment banking, mergers & acquisitions and leveraged buyout training topics. Enhance your skills and master the content required by Wall Street investment banks, M&A;, research, asset management, credit, and private equity firms.
- published: 07 Jul 2008
- views: 46459
EBITDA : Прибыль до вычета налогов, процентов, износа и амортизации
- Order: Reorder
- Duration: 14:10
- Updated: 04 Dec 2014
- views: 1318
Múltiplo EV/EBITDA - Asegura tu inversión y obtén más rendimiento.
- Order: Reorder
- Duration: 2:49
- Updated: 24 Apr 2013
- views: 6782
El EV/EBITDA es un múltiplo que permite comparar cuánto cuesta una empresa contra cuánto genera.
Se le denomina EV o Enterprise Value a la suma de la Capitali...
El EV/EBITDA es un múltiplo que permite comparar cuánto cuesta una empresa contra cuánto genera.
Se le denomina EV o Enterprise Value a la suma de la Capitalización del Mercado, la Deuda Neta y la Participación Minoritaria multiplicada por el P/VL. Este EV posteriormente se divide entre el EBITDA de un año para obtener el múltiplo EV/EBITDA.
A diferencia del PU, incorpora el apalancamiento y otros factores para indicar que tan cara o barata está la acción de una empresa en función del EBITDA que puede generar.
Permite saber cuánto tardaría una emisora en reponer una inversión, por lo que siempre se prefieren las empresas con múltiplos EV/EBITDA bajos.
Comienza a invertir hoy: https://goo.gl/yWW8wx
https://www.gbmhomebroker.com
https://www.gbmhomebroker.com/blog
GBM, la casa de bolsa más importante de México con 30 años de liderazgo en el mercado de capitales, te ofrece la oportunidad de ser tu propio operador a través de GBMhomebroker.
wn.com/Múltiplo Ev Ebitda Asegura Tu Inversión Y Obtén Más Rendimiento.
El EV/EBITDA es un múltiplo que permite comparar cuánto cuesta una empresa contra cuánto genera.
Se le denomina EV o Enterprise Value a la suma de la Capitalización del Mercado, la Deuda Neta y la Participación Minoritaria multiplicada por el P/VL. Este EV posteriormente se divide entre el EBITDA de un año para obtener el múltiplo EV/EBITDA.
A diferencia del PU, incorpora el apalancamiento y otros factores para indicar que tan cara o barata está la acción de una empresa en función del EBITDA que puede generar.
Permite saber cuánto tardaría una emisora en reponer una inversión, por lo que siempre se prefieren las empresas con múltiplos EV/EBITDA bajos.
Comienza a invertir hoy: https://goo.gl/yWW8wx
https://www.gbmhomebroker.com
https://www.gbmhomebroker.com/blog
GBM, la casa de bolsa más importante de México con 30 años de liderazgo en el mercado de capitales, te ofrece la oportunidad de ser tu propio operador a través de GBMhomebroker.
- published: 24 Apr 2013
- views: 6782
O que é EBITDA?
- Order: Reorder
- Duration: 4:38
- Updated: 28 Jun 2011
- views: 7387
Um indicador financeiro bastante utilizado pelas empresas de capital aberto e pelos analistas de mercado é o chamado EBITDA, também conhecido como Lajida.
A ...
Um indicador financeiro bastante utilizado pelas empresas de capital aberto e pelos analistas de mercado é o chamado EBITDA, também conhecido como Lajida.
A sigla corresponde a Earning Before Interests, Taxes, Depreciation and Amortization, ou seja, Lucro Antes dos Juros, Impostos, Depreciação e Amortização.
O EBITDA representa a geração operacional de caixa da companhia, ou seja, o quanto a empresa gera de recursos apenas pelas suas atividades operacionais, sem levar em consideração os efeitos financeiros e de impostos.
wn.com/O Que É Ebitda
Um indicador financeiro bastante utilizado pelas empresas de capital aberto e pelos analistas de mercado é o chamado EBITDA, também conhecido como Lajida.
A sigla corresponde a Earning Before Interests, Taxes, Depreciation and Amortization, ou seja, Lucro Antes dos Juros, Impostos, Depreciação e Amortização.
O EBITDA representa a geração operacional de caixa da companhia, ou seja, o quanto a empresa gera de recursos apenas pelas suas atividades operacionais, sem levar em consideração os efeitos financeiros e de impostos.
- published: 28 Jun 2011
- views: 7387
Показатель EBITDA
- Order: Reorder
- Duration: 3:27
- Updated: 27 Apr 2012
- views: 12158
Почему многие финансовые аналитики так любят использовать показатель EBITDA и зачастую игнорируют чистую прибыль?
EBITDA — Earnings Before Interest, Taxes, Depr...
Почему многие финансовые аналитики так любят использовать показатель EBITDA и зачастую игнорируют чистую прибыль?
EBITDA — Earnings Before Interest, Taxes, Depreciation and Amortization — это показатель прибыли компании без учета налогов, процентов (как полученных, так и уплаченных) и амортизации. А также до переоценки активов.
wn.com/Показатель Ebitda
Почему многие финансовые аналитики так любят использовать показатель EBITDA и зачастую игнорируют чистую прибыль?
EBITDA — Earnings Before Interest, Taxes, Depreciation and Amortization — это показатель прибыли компании без учета налогов, процентов (как полученных, так и уплаченных) и амортизации. А также до переоценки активов.
- published: 27 Apr 2012
- views: 12158
Cálculo del Ebitda y del Eva
- Order: Reorder
- Duration: 12:09
- Updated: 21 Oct 2013
- views: 11221
Cómo calcular el Ebitda y el EVA en una organización
Cómo calcular el Ebitda y el EVA en una organización
wn.com/Cálculo Del Ebitda Y Del Eva
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EBITDA explained
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PRESS TELECOM
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27% Increase in EBITDA, within 1.5 years
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מצגת נייר חדרה: תהליכי התייעלות ב-2015, השיפור המשמעותי ב-EBITDA ומנועי הצמיחה העתידיים של החברה
מ"מ מנכ"ל נייר חדרה, גדי קוניא, מציג את מגזרי הפעילות העסקית של החברה, המהלכים שהביאו לשיפור ב-EBITDA וירידת המינוף הפיננסי שלה, ואת מנוע הצמיחה החדש – הנייר הממוחזר. -
תקציר מצגת נייר חדרה: תהליכי התייעלות ב-2015, השיפור המשמעותי ב-EBITDA ומנועי הצמיחה העתידיים
מ"מ מנכ"ל נייר חדרה, גדי קוניא, מציג את מגזרי הפעילות העסקית של החברה, המהלכים שהביאו לשיפור ב-EBITDA וירידת המינוף הפיננסי שלה, ואת מנוע הצמיחה החדש – הנייר הממוחזר. -
PE MB EV EBITDA versus growth and IRR
Demonstrates how to create a data table using a macro that demonstrates the interaction between growth, return and cost of capital. Uses the corporate model simulation -
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021 4 6 Video 3 3 2 Cash Flow vs Earnings vs EBITDA Examples 24 45)
An Introduction to Financial Accounting by Brian J Bushee Week Three: Cash Flows: Video lectures posted on September 30, 2013 Homework #3 based on this material due by October 12, 2013 Cash is King! In what will be our last "foundations" week (i.e., hard and not that much fun), we will talk about cash flows. We will start with the classification of cash flows into operating, investing, and financing activities. Then, we will work on preparing and analyzing the Statement of Cash Flows. We will wrap up the case on the start-up company by preparing and analyzing its Statement of Cash Flows. Finally, we will discuss the differences between Earnings, Cash from Operations, EBITDA, and Free Cash Flow. -
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Lupin Q2: EBITDA Margins At 3 Year Lows -Nov 20
Ramesh Swaminathan the President Finance & Planning, Lupin speaks about the co's quarterly performance -
Understanding the Enterprise Value EV EBITDA Stocks Options Trading Guru Tutorials - binary
http://tinyurl.com/ou8qoiewau5i Understanding the Enterprise Value EV EBITDA Stocks Options Trading Guru Tutorials binary option trading strategies that work option trading basics binary options trading definition the binary options forex options trading best binary option signals Prior to investing Currency trading for the first time make sure you discover how it operates. Even if you are an experienced supply investor you should understand the variations in investing foreign currencies. Foreign currencies are dealt all day long, each day so currencies rise and drop with world activities instantly. Study from your mistakes on the forex market. Assess your losses and attempt to figure out the causes for your loss. Although it is luring to avoid considering losses, refrain from the imp... -
ČEZ firma snižuje výhled celoročního zisku EBITDA na 64 miliard Kč
Energetická společnost ČEZ dosáhla v letošním třetím čtvrtletí upraveného čistého zisku 3,2 miliardy Kč a provozního zisku EBITDA 12,9 miliardy Kč. Za první tři čtvrtletí roku firma dosáhla zisku EBITDA 48,4 miliardy Kč a upraveného čistého zisku 18,6 miliardy Kč. Firma současně oznámila, že snižuje výhled celoročního zisku EBITDA na 64 miliard Kč z dosavadních 68 miliard Kč. Analytici čekali, že ČEZ výhled sníží na 65 miliard Kč. Hospodářské výsledky skupiny ČEZ pro Investiční web komentuje Renáta Ďurčová, analytička České spořitelny. -
SkipperLimited posts 53% rise in working EBITDA: Feature story ChartBusters CNBCTV18
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Resolviendo Ejercicio Ebitda
Para que se quien un poco en sus exámenes!! -
Problems With Only Looking at EBITDA in an Acquisition (G5)
-
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EBITDA - Borja Durán
Diccionarios LID te acerca de la mano de sus mejores expertos los conceptos que necesitas. La colección cuenta con diccionarios temáticos multilingües de empresa y medicina, ahora también disponibles en línea: www.diccionarioslid.com -
คู่หูนักลงทุน ช่วง กระดานดำ สอนเรื่อง Enterprise Value และ EBITDA
Credit: NOw26 CH26 ติดตามข้อมูลดีๆฟรีๆง่ายๆ จะไปเสียเงินซื้ออยู่ทำไมเมื่อมี ที่อัพเดทฟรีๆทุกวันที่ชุมชน http://inves789.blogspot.com Google+ https://plus.google.com/communities/100625774721641933309 https://google.com/+InvestmentNewsfree https://youtube.com/c/InvestmentNewsfree https://www.facebook.com/inves789 https://twitter.com/inves789 คุณสามารถนำไปแชร์เพื่อบอกต่อเป็นบุญกุศลจากการทำให้นักลงทุนด้วยกันมีเกาะมีข้อมูลเป็นฐานสร้างฐานะ ขอให้คุณและเพื่อนคุณโชคดีตลอดกาล สาธุ -
Excel 2013 Tutorial - How to Calculate EBIT and EBITDA
In this tutorial you will learn how to calculate EBIT and EBITDA EBIT = Earnings before Interest and Taxes. EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization. EBIT and EBITDA are common calculations for evaluating the results of a business. Both are computed by adding back certain expenses to earnings also known as net profit. -
Šta je EBITDA?
EBITDA ili Earnings Before Interest Taxes Depreciation Amortisation je profit pre nego što odbijemo 3 stvari: 1. Kamatu, 2. Amortizaciju i 3. Porez na dobit. EBITDA je približna mera operativnog keša. Normalna EBITDA% (EBITDA/Prodaja) je u trgovinskim kompanijama 5-10%, u proizvodnim 10-25% a u visoko profitabilnim preko 30%.
EBITDA explained
- Order: Reorder
- Duration: 25:07
- Updated: 04 Mar 2016
- views: 4
- published: 04 Mar 2016
- views: 4
PRESS TELECOM
- Order: Reorder
- Duration: 13:43
- Updated: 03 Mar 2016
- views: 4
- published: 03 Mar 2016
- views: 4
27% Increase in EBITDA, within 1.5 years
- Order: Reorder
- Duration: 2:11
- Updated: 15 Feb 2016
- views: 6
- published: 15 Feb 2016
- views: 6
Best desciption of EBITDA EVER!
- Order: Reorder
- Duration: 7:03
- Updated: 07 Feb 2016
- views: 111
What is EV EBITDA Investment Strategies
- Order: Reorder
- Duration: 10:06
- Updated: 06 Feb 2016
- views: 1
מצגת נייר חדרה: תהליכי התייעלות ב-2015, השיפור המשמעותי ב-EBITDA ומנועי הצמיחה העתידיים של החברה
- Order: Reorder
- Duration: 35:39
- Updated: 01 Feb 2016
- views: 13
מ"מ מנכ"ל נייר חדרה, גדי קוניא, מציג את מגזרי הפעילות העסקית של החברה, המהלכים שהביאו לשיפור ב-EBITDA וירידת המינוף הפיננסי שלה, ואת מנוע הצמיחה החדש – הנייר המ...
מ"מ מנכ"ל נייר חדרה, גדי קוניא, מציג את מגזרי הפעילות העסקית של החברה, המהלכים שהביאו לשיפור ב-EBITDA וירידת המינוף הפיננסי שלה, ואת מנוע הצמיחה החדש – הנייר הממוחזר.
wn.com/מצגת נייר חדרה תהליכי התייעלות ב 2015, השיפור המשמעותי ב Ebitda ומנועי הצמיחה העתידיים של החברה
מ"מ מנכ"ל נייר חדרה, גדי קוניא, מציג את מגזרי הפעילות העסקית של החברה, המהלכים שהביאו לשיפור ב-EBITDA וירידת המינוף הפיננסי שלה, ואת מנוע הצמיחה החדש – הנייר הממוחזר.
- published: 01 Feb 2016
- views: 13
תקציר מצגת נייר חדרה: תהליכי התייעלות ב-2015, השיפור המשמעותי ב-EBITDA ומנועי הצמיחה העתידיים
- Order: Reorder
- Duration: 6:18
- Updated: 31 Jan 2016
- views: 13
מ"מ מנכ"ל נייר חדרה, גדי קוניא, מציג את מגזרי הפעילות העסקית של החברה, המהלכים שהביאו לשיפור ב-EBITDA וירידת המינוף הפיננסי שלה, ואת מנוע הצמיחה החדש – הנייר המ...
מ"מ מנכ"ל נייר חדרה, גדי קוניא, מציג את מגזרי הפעילות העסקית של החברה, המהלכים שהביאו לשיפור ב-EBITDA וירידת המינוף הפיננסי שלה, ואת מנוע הצמיחה החדש – הנייר הממוחזר.
wn.com/תקציר מצגת נייר חדרה תהליכי התייעלות ב 2015, השיפור המשמעותי ב Ebitda ומנועי הצמיחה העתידיים
מ"מ מנכ"ל נייר חדרה, גדי קוניא, מציג את מגזרי הפעילות העסקית של החברה, המהלכים שהביאו לשיפור ב-EBITDA וירידת המינוף הפיננסי שלה, ואת מנוע הצמיחה החדש – הנייר הממוחזר.
- published: 31 Jan 2016
- views: 13
PE MB EV EBITDA versus growth and IRR
- Order: Reorder
- Duration: 24:35
- Updated: 02 Jan 2016
- views: 18
Demonstrates how to create a data table using a macro that demonstrates the interaction between growth, return and cost of capital. Uses the corporate model sim...
Demonstrates how to create a data table using a macro that demonstrates the interaction between growth, return and cost of capital. Uses the corporate model simulation
wn.com/Pe Mb Ev Ebitda Versus Growth And Irr
Demonstrates how to create a data table using a macro that demonstrates the interaction between growth, return and cost of capital. Uses the corporate model simulation
- published: 02 Jan 2016
- views: 18
EBIT und EBITDA
- Order: Reorder
- Duration: 2:53
- Updated: 23 Dec 2015
- views: 5
http://www.lernlocker.de - digitale Lernkarteikarten, MP3-Hörbücher und Videocoachings zur IHK-Prüfungsvorbereitung
Was verbindet EBIT und EBITDA?
http://www.lernlocker.de - digitale Lernkarteikarten, MP3-Hörbücher und Videocoachings zur IHK-Prüfungsvorbereitung
Was verbindet EBIT und EBITDA?
wn.com/Ebit Und Ebitda
021 4 6 Video 3 3 2 Cash Flow vs Earnings vs EBITDA Examples 24 45)
- Order: Reorder
- Duration: 24:45
- Updated: 06 Dec 2015
- views: 9
An Introduction to Financial Accounting
by Brian J Bushee
Week Three: Cash Flows:
Video lectures posted on September 30, 2013
Homework #3 based on this ...
An Introduction to Financial Accounting
by Brian J Bushee
Week Three: Cash Flows:
Video lectures posted on September 30, 2013
Homework #3 based on this material due by October 12, 2013
Cash is King! In what will be our last "foundations" week (i.e., hard and not that much fun), we will talk about cash flows. We will start with the classification of cash flows into operating, investing, and financing activities. Then, we will work on preparing and analyzing the Statement of Cash Flows. We will wrap up the case on the start-up company by preparing and analyzing its Statement of Cash Flows. Finally, we will discuss the differences between Earnings, Cash from Operations, EBITDA, and Free Cash Flow.
wn.com/021 4 6 Video 3 3 2 Cash Flow Vs Earnings Vs Ebitda Examples 24 45)
An Introduction to Financial Accounting
by Brian J Bushee
Week Three: Cash Flows:
Video lectures posted on September 30, 2013
Homework #3 based on this material due by October 12, 2013
Cash is King! In what will be our last "foundations" week (i.e., hard and not that much fun), we will talk about cash flows. We will start with the classification of cash flows into operating, investing, and financing activities. Then, we will work on preparing and analyzing the Statement of Cash Flows. We will wrap up the case on the start-up company by preparing and analyzing its Statement of Cash Flows. Finally, we will discuss the differences between Earnings, Cash from Operations, EBITDA, and Free Cash Flow.
- published: 06 Dec 2015
- views: 9
Premiação do EBITDA
- Order: Reorder
- Duration: 5:41
- Updated: 20 Nov 2015
- views: 44
Dia 16 de novembro foi realizado o sorteio na matriz da Cr Diementz do concurso O QUE É EBITDA?
Confira os vencedores!!!
Dia 16 de novembro foi realizado o sorteio na matriz da Cr Diementz do concurso O QUE É EBITDA?
Confira os vencedores!!!
wn.com/Premiação Do Ebitda
Lupin Q2: EBITDA Margins At 3 Year Lows -Nov 20
- Order: Reorder
- Duration: 8:48
- Updated: 20 Nov 2015
- views: 17
Ramesh Swaminathan the President Finance & Planning, Lupin speaks about the co's quarterly performance
Ramesh Swaminathan the President Finance & Planning, Lupin speaks about the co's quarterly performance
wn.com/Lupin Q2 Ebitda Margins At 3 Year Lows Nov 20
Ramesh Swaminathan the President Finance & Planning, Lupin speaks about the co's quarterly performance
- published: 20 Nov 2015
- views: 17
Understanding the Enterprise Value EV EBITDA Stocks Options Trading Guru Tutorials - binary
- Order: Reorder
- Duration: 10:49
- Updated: 19 Nov 2015
- views: 22
http://tinyurl.com/ou8qoiewau5i Understanding the Enterprise Value EV EBITDA Stocks Options Trading Guru Tutorials
binary option trading strategies that work...
http://tinyurl.com/ou8qoiewau5i Understanding the Enterprise Value EV EBITDA Stocks Options Trading Guru Tutorials
binary option trading strategies that work
option trading basics
binary options trading definition
the binary options
forex options trading
best binary option signals
Prior to investing Currency trading for the first time make sure you discover how it operates. Even if you are an experienced supply investor you should understand the variations in investing foreign currencies. Foreign currencies are dealt all day long, each day so currencies rise and drop with world activities instantly.
Study from your mistakes on the forex market. Assess your losses and attempt to figure out the causes for your loss. Although it is luring to avoid considering losses, refrain from the impulse. By learning through your faults you are able to steer clear of repeating them, thus avoid burning off more cash on the market.
On the foreign exchange market it can be attractive to respond enthusiastically to great reports for any country by buying and selling in its currrency. It is a blunder. Well-known media is ultimately additional to the foreign currency market, and it has not nearly as much related to the forex trading along with the action from the market place alone. Very good news for any country does not constantly suggest good news for its foreign currency - make investments consequently!
binaryoptions.net.au
binary options trading site
what is binary options
wn.com/Understanding The Enterprise Value Ev Ebitda Stocks Options Trading Guru Tutorials Binary
http://tinyurl.com/ou8qoiewau5i Understanding the Enterprise Value EV EBITDA Stocks Options Trading Guru Tutorials
binary option trading strategies that work
option trading basics
binary options trading definition
the binary options
forex options trading
best binary option signals
Prior to investing Currency trading for the first time make sure you discover how it operates. Even if you are an experienced supply investor you should understand the variations in investing foreign currencies. Foreign currencies are dealt all day long, each day so currencies rise and drop with world activities instantly.
Study from your mistakes on the forex market. Assess your losses and attempt to figure out the causes for your loss. Although it is luring to avoid considering losses, refrain from the impulse. By learning through your faults you are able to steer clear of repeating them, thus avoid burning off more cash on the market.
On the foreign exchange market it can be attractive to respond enthusiastically to great reports for any country by buying and selling in its currrency. It is a blunder. Well-known media is ultimately additional to the foreign currency market, and it has not nearly as much related to the forex trading along with the action from the market place alone. Very good news for any country does not constantly suggest good news for its foreign currency - make investments consequently!
binaryoptions.net.au
binary options trading site
what is binary options
- published: 19 Nov 2015
- views: 22
ČEZ firma snižuje výhled celoročního zisku EBITDA na 64 miliard Kč
- Order: Reorder
- Duration: 1:43
- Updated: 10 Nov 2015
- views: 196
Energetická společnost ČEZ dosáhla v letošním třetím čtvrtletí upraveného čistého zisku 3,2 miliardy Kč a provozního zisku EBITDA 12,9 miliardy Kč. Za první tři...
Energetická společnost ČEZ dosáhla v letošním třetím čtvrtletí upraveného čistého zisku 3,2 miliardy Kč a provozního zisku EBITDA 12,9 miliardy Kč. Za první tři čtvrtletí roku firma dosáhla zisku EBITDA 48,4 miliardy Kč a upraveného čistého zisku 18,6 miliardy Kč. Firma současně oznámila, že snižuje výhled celoročního zisku EBITDA na 64 miliard Kč z dosavadních 68 miliard Kč. Analytici čekali, že ČEZ výhled sníží na 65 miliard Kč. Hospodářské výsledky skupiny ČEZ pro Investiční web komentuje Renáta Ďurčová, analytička České spořitelny.
wn.com/Čez Firma Snižuje Výhled Celoročního Zisku Ebitda Na 64 Miliard Kč
Energetická společnost ČEZ dosáhla v letošním třetím čtvrtletí upraveného čistého zisku 3,2 miliardy Kč a provozního zisku EBITDA 12,9 miliardy Kč. Za první tři čtvrtletí roku firma dosáhla zisku EBITDA 48,4 miliardy Kč a upraveného čistého zisku 18,6 miliardy Kč. Firma současně oznámila, že snižuje výhled celoročního zisku EBITDA na 64 miliard Kč z dosavadních 68 miliard Kč. Analytici čekali, že ČEZ výhled sníží na 65 miliard Kč. Hospodářské výsledky skupiny ČEZ pro Investiční web komentuje Renáta Ďurčová, analytička České spořitelny.
- published: 10 Nov 2015
- views: 196
SkipperLimited posts 53% rise in working EBITDA: Feature story ChartBusters CNBCTV18
- Order: Reorder
- Duration: 4:38
- Updated: 04 Nov 2015
- views: 301
- published: 04 Nov 2015
- views: 301
Resolviendo Ejercicio Ebitda
- Order: Reorder
- Duration: 11:41
- Updated: 24 Oct 2015
- views: 15
Para que se quien un poco en sus exámenes!!
Para que se quien un poco en sus exámenes!!
wn.com/Resolviendo Ejercicio Ebitda
Problems With Only Looking at EBITDA in an Acquisition (G5)
- Order: Reorder
- Duration: 3:28
- Updated: 24 Oct 2015
- views: 7
- published: 24 Oct 2015
- views: 7
Segment 5 How EBITDA Affects Business Valuation
- Order: Reorder
- Duration: 4:09
- Updated: 15 Oct 2015
- views: 447
http://www.equicapita.com/equicapita_newsletter_signup
Join Equicapita's distribution list to learn about topics like this and other financial related news and...
http://www.equicapita.com/equicapita_newsletter_signup
Join Equicapita's distribution list to learn about topics like this and other financial related news and views.
wn.com/Segment 5 How Ebitda Affects Business Valuation
EBITDA - Borja Durán
- Order: Reorder
- Duration: 0:39
- Updated: 09 Oct 2015
- views: 38
Diccionarios LID te acerca de la mano de sus mejores expertos los conceptos que necesitas.
La colección cuenta con diccionarios temáticos multilingües de empres...
Diccionarios LID te acerca de la mano de sus mejores expertos los conceptos que necesitas.
La colección cuenta con diccionarios temáticos multilingües de empresa y medicina, ahora también disponibles en línea: www.diccionarioslid.com
wn.com/Ebitda Borja Durán
Diccionarios LID te acerca de la mano de sus mejores expertos los conceptos que necesitas.
La colección cuenta con diccionarios temáticos multilingües de empresa y medicina, ahora también disponibles en línea: www.diccionarioslid.com
- published: 09 Oct 2015
- views: 38
คู่หูนักลงทุน ช่วง กระดานดำ สอนเรื่อง Enterprise Value และ EBITDA
- Order: Reorder
- Duration: 9:10
- Updated: 05 Oct 2015
- views: 158
Credit: NOw26 CH26
ติดตามข้อมูลดีๆฟรีๆง่ายๆ จะไปเสียเงินซื้ออยู่ทำไมเมื่อมี ที่อัพเดทฟรีๆทุกวันที่ชุมชน http://inves789.blogspot.com
Google+ https://plus.google...
Credit: NOw26 CH26
ติดตามข้อมูลดีๆฟรีๆง่ายๆ จะไปเสียเงินซื้ออยู่ทำไมเมื่อมี ที่อัพเดทฟรีๆทุกวันที่ชุมชน http://inves789.blogspot.com
Google+ https://plus.google.com/communities/100625774721641933309
https://google.com/+InvestmentNewsfree
https://youtube.com/c/InvestmentNewsfree
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คุณสามารถนำไปแชร์เพื่อบอกต่อเป็นบุญกุศลจากการทำให้นักลงทุนด้วยกันมีเกาะมีข้อมูลเป็นฐานสร้างฐานะ ขอให้คุณและเพื่อนคุณโชคดีตลอดกาล สาธุ
wn.com/คู่หูนักลงทุน ช่วง กระดานดำ สอนเรื่อง Enterprise Value และ Ebitda
Credit: NOw26 CH26
ติดตามข้อมูลดีๆฟรีๆง่ายๆ จะไปเสียเงินซื้ออยู่ทำไมเมื่อมี ที่อัพเดทฟรีๆทุกวันที่ชุมชน http://inves789.blogspot.com
Google+ https://plus.google.com/communities/100625774721641933309
https://google.com/+InvestmentNewsfree
https://youtube.com/c/InvestmentNewsfree
https://www.facebook.com/inves789
https://twitter.com/inves789
คุณสามารถนำไปแชร์เพื่อบอกต่อเป็นบุญกุศลจากการทำให้นักลงทุนด้วยกันมีเกาะมีข้อมูลเป็นฐานสร้างฐานะ ขอให้คุณและเพื่อนคุณโชคดีตลอดกาล สาธุ
- published: 05 Oct 2015
- views: 158
Excel 2013 Tutorial - How to Calculate EBIT and EBITDA
- Order: Reorder
- Duration: 3:28
- Updated: 04 Oct 2015
- views: 601
In this tutorial you will learn how to calculate EBIT and EBITDA
EBIT = Earnings before Interest and Taxes.
EBITDA = Earnings before Interest, Taxes, Deprecia...
In this tutorial you will learn how to calculate EBIT and EBITDA
EBIT = Earnings before Interest and Taxes.
EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization.
EBIT and EBITDA are common calculations for evaluating the results of a business.
Both are computed by adding back certain expenses to earnings also known as net profit.
wn.com/Excel 2013 Tutorial How To Calculate Ebit And Ebitda
In this tutorial you will learn how to calculate EBIT and EBITDA
EBIT = Earnings before Interest and Taxes.
EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization.
EBIT and EBITDA are common calculations for evaluating the results of a business.
Both are computed by adding back certain expenses to earnings also known as net profit.
- published: 04 Oct 2015
- views: 601
Šta je EBITDA?
- Order: Reorder
- Duration: 6:29
- Updated: 15 Sep 2015
- views: 84
EBITDA ili Earnings Before Interest Taxes Depreciation Amortisation je profit pre nego što odbijemo 3 stvari: 1. Kamatu, 2. Amortizaciju i 3. Porez na dobit. EB...
EBITDA ili Earnings Before Interest Taxes Depreciation Amortisation je profit pre nego što odbijemo 3 stvari: 1. Kamatu, 2. Amortizaciju i 3. Porez na dobit. EBITDA je približna mera operativnog keša. Normalna EBITDA% (EBITDA/Prodaja) je u trgovinskim kompanijama 5-10%, u proizvodnim 10-25% a u visoko profitabilnim preko 30%.
wn.com/Šta Je Ebitda
EBITDA ili Earnings Before Interest Taxes Depreciation Amortisation je profit pre nego što odbijemo 3 stvari: 1. Kamatu, 2. Amortizaciju i 3. Porez na dobit. EBITDA je približna mera operativnog keša. Normalna EBITDA% (EBITDA/Prodaja) je u trgovinskim kompanijama 5-10%, u proizvodnim 10-25% a u visoko profitabilnim preko 30%.
- published: 15 Sep 2015
- views: 84
-
05 ANALISIS FINANCIERO Y CONTABLE Punto muerto EBITDA y apalancamiento operativo
En este video estudiaremos el análisis del punto muerto o umbral de rentabilidad. Veremos también el concepto del EBITDA como forma de medir los márgenes e ingresos en una empresa, y también estudiaremos qué es el apalancamiento operativo -
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Valuation Multiples, Growth Rates, and Margins
In this Valuation Multiples, Growth Rates, and Margins tutorial, you’ll learn about the relationship between valuation multiples such as EV / EBITDA and companies’ growth rates and margins, and you’ll see which factors influence the valuation multiples. http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" Table of Contents: 3:11 Why Valuation Multiples are Shorthand for a Full DCF Analysis 14:06 Does This Correlation Hold Up in Real Life? 19:40 Recap and Summary Question that came in the other day… “I’m confused about how to interpret valuation multiples. If one company’s EV / EBITDA multiple is higher than another’s, does that mean it is growing more quickly? Or does that just mean its EBITDA margins are higher?” “I... -
Valuations: EV/EBITDA Model (case study FBR)
Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization. Not just a scary acronym, but a powerful valuation tool! Explanation and theory of the EV/EBITDA model - this webcast is the case study (find the theory video here) and we'll be using Famous Brands (FBR). -
Como calcular o LAJIR e o LAJIDA
Como calcular o LAJIR e o LAJIDA utilizando a Demonstração do Resultado do Exercício -
Valuations: EV/EBITDA Model (Theory)
Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortisation. Not just a scary acronym, but a powerful valuation tool! Explanation and theory of the EV/EBITDA model - this video is followed up with a practical example. -
P&L; Concepts EBITDA Ammortisation Depreciation.DAT
In these lectures i have simplified the Profit and loss concepts of EBITDA Ammortisation and Depreciation. Hope that after viewing this video all your doubts on the above concepts should be clarified. So please sitback and understand these concepts in the simplified form. -
-
SPARK '14: Energy Drives EBITDA
Martin Sieh, VP of Operations, Expense & Data Management at Ecova, speaks to the SPARK '14 audience about the financial side of energy. -
Hotel 3 - Calculation of EBITDA and Cap Exp
This file shows how to compute revenues, operating expenses and capital expenditures using the time line and the assumptions. LOOKUP functions and use of switches is explained -
How Business Valuations Work Knowledge is Power and More Than EBITDA
-
EV/EBITDA multiple for company policies
http://www.qcfinance.in/ Follow on Hangout by qcfinance.in Part 2 Our Courses: http://www.wiziq.com/course/7225-matlab-for-financial-engineering http://www.wiziq.com/course/19620-vba-for-financial-engineering-and-modeling http://www.wiziq.com/course/7526-bloomberg-assessment-test-bat-exam-prep -
How to Pick the Terminal Multiple to Calculate Terminal Value in a DCF
You’ll learn how to select a Terminal Multiple for use in a DCF in this lesson. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" This training includes how you can check the long-term Free Cash Flow growth rate implied by the Terminal Multiple, how to use data from the comparable public companies, and how to draw conclusions about your analysis with these formulas. Table of Contents: 2:16 Why Most Sources Get This Explanation Wrong 6:33 How to Determine the Growth Rate Implied by a Terminal Multiple 14:46 How to Use the Implied Growth Rate in a DCF 17:09 Conclusions From This Analysis 20:03 Summary Lesson Outline: How Do You Pick the Terminal Multiple in a DCF? Idea: For the Terminal Value, you need to estimat... -
Seminario: Cómo analizar una empresa en 20 minutos
#AlumniDay y Borja Roibas muestran cómo identificar las claves financieras de una empresa en sólo 20 minutos -
Free Cash Flow vs. Unlevered Free Cash Flow vs. Levered Free Cash Flow
You'll learn about metrics and multiples based on cash flow in this lesson, and you'll understand how each of them is subtly different from the others. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" You will also learn the problems and draw-backs with these metrics, and why they are not used as frequently to value companies. Table of Contents: 1:28 The Problems with Cash Flow-Based Metrics 4:10 FCF vs. Levered FCF vs. Unlevered FCF -- Key Differences 8:23 Example FCF Calculations for Steel Dynamics 11:07 Practice Exercise -- Cash Flow Metrics for LinkedIn 15:14 Which Metric Do You Use, and Why? 17:04 Recap and Summary Why Should You Care About Cash Flow-Based Metrics? Could come up in interviews - VERY comm... -
Sales and Profit Growth
How to measure and understand sales, profits, costs and cash to drive your growth and attract buyers. Strong, predictable growth in Revenue, Gross Margin and EBITDA, underpinned by good day rates and utilisation, are highly sought after by buyers of consulting firms. Find out how EBITDA value and growth rate drives up the profit multiple, business value and attractiveness. -
Qareat Al Fengan - Abd El Halim قارئة الفنجان - عبد الحليم حافظ
▶ Qareat Al Fengan - Abd El Halim Hafez قارئة الفنجان - حفلة - عبد الحليم حافظ ▶ https://facebook.com/mazzika ▶ https://twitter.com/mazzika ▶ https://instagram.com/mazzikatv ▶ https://plus.google.com/+Mazzika (C) 2014 Mazzika Group. Artist Booking: +201000842222 - booking@mazzikatv.com to license this music contact us at license@mazzikatv.com -
GSC - Comité Diario 20 Noviembre de 2015
COLOMBIA • Alpina sigue registrando incremento en la participación de mercado, las ventas, el ebitda y las utilidades. La utilidad neta alcanzó los COP 17 mil millones (+10%), el Ebitda los COP 57 mil millones (+17%) y las ventas COP 416 mil millones (+7.8%) • De acuerdo a Ministro de Minas el consumo de energía parece estar moderándose en noviembre 2015 un 10% luego de un preocupante crecimiento del 5.7% registrado en octubre, justo en medio de la temporada más seca de los últimos 25 años. Lo preocupante es que el descenso se viene presentando en la demanda empresarial. Embalses siguen en un nivel bajo 66% para el estándar histórico (70 – 80)% • Ministra de Comercio afirmó que Colombia está lista para ingresar a la APEC, luego de haber sido invitada a la última reunión de esta agrupación ... -
งบ INTUCH Q4/58 17 ก.พ. 2559
งบ INTUCH Q4/58 17 ก.พ. 2559 ปีนี้กำไรก็ออกมาไม่หลุดจากที่คาด มีกำไรดีต่อเนื่องแต่ปี 2559 กำไรอาจตกลงจาก EBITDA ของ ADVANC ลดลง ข้อมูลหุ้น INTUCH ดูได้ที่ http://www.panphol.com/data/page/stoc... COACH & FOUNDER OF Panphol.com ---------------------------------------------- เงินปันผลรายรับที่ไม่มีวันหยุด สั่งซื้อวีดีโอหุ้นเสี่ยงต่ำ ปันผลสูง http://goo.gl/hXOXQg ปันผลทูโฮม เรียนไม่ทัน สร้างแบบเรียนส่วนตัวด้วย ปันผลทูโฮม http://goo.gl/RxGHjA Facebook : www.facebook.com/panphol Line : @fgq6512b "ใส่ @ ด้วยนะครับ" Tel : 081-689-3750 Email : info@panphol.com
05 ANALISIS FINANCIERO Y CONTABLE Punto muerto EBITDA y apalancamiento operativo
- Order: Reorder
- Duration: 21:08
- Updated: 16 Feb 2012
- views: 6881
En este video estudiaremos el análisis del punto muerto o umbral de rentabilidad. Veremos también el concepto del EBITDA como forma de medir los márgenes e ingr...
En este video estudiaremos el análisis del punto muerto o umbral de rentabilidad. Veremos también el concepto del EBITDA como forma de medir los márgenes e ingresos en una empresa, y también estudiaremos qué es el apalancamiento operativo
wn.com/05 Analisis Financiero Y Contable Punto Muerto Ebitda Y Apalancamiento Operativo
En este video estudiaremos el análisis del punto muerto o umbral de rentabilidad. Veremos también el concepto del EBITDA como forma de medir los márgenes e ingresos en una empresa, y también estudiaremos qué es el apalancamiento operativo
- published: 16 Feb 2012
- views: 6881
4 6 Video 3 3 2 Cash Flow vs EBITDA Examples
- Order: Reorder
- Duration: 21:23
- Updated: 19 Sep 2014
- views: 164
Valuation Multiples, Growth Rates, and Margins
- Order: Reorder
- Duration: 22:41
- Updated: 01 Sep 2015
- views: 4516
In this Valuation Multiples, Growth Rates, and Margins tutorial, you’ll learn about the relationship between valuation multiples such as EV / EBITDA and compani...
In this Valuation Multiples, Growth Rates, and Margins tutorial, you’ll learn about the relationship between valuation multiples such as EV / EBITDA and companies’ growth rates and margins, and you’ll see which factors influence the valuation multiples.
http://breakingintowallstreet.com/
"Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
Table of Contents:
3:11 Why Valuation Multiples are Shorthand for a Full DCF Analysis
14:06 Does This Correlation Hold Up in Real Life?
19:40 Recap and Summary
Question that came in the other day…
“I’m confused about how to interpret valuation multiples. If one company’s EV / EBITDA multiple is higher than another’s, does that mean it is growing more quickly? Or does that just mean its EBITDA margins are higher?”
“In other words, are multiples more strongly correlated with growth rates or margins?”
This is actually a tough question to answer, but the short answer is that valuation multiples are generally correlated with growth rates because multiples are “shorthand” for a full DCF analysis.
So higher FCF growth implies a higher multiple: with higher growth, you could AFFORD to pay more for a company’s cash flows.
Multiples: Shorthand for DCF Valuation
Remember the formula for Terminal Value: Final Year FCF * (1 + FCF Growth Rate) / (Discount Rate – FCF Growth Rate).
This implies that you can get a higher Terminal Value by boosting the FCF growth rate or by reducing the Discount Rate.
But when you’re looking a set of comparable public companies, the Discount Rate *should* be about the same for all the companies in the set, since the risk/return profile will be similar for companies of a similar size in the same industry.
So… in reality, it is mostly FCF growth that drives a company’s Terminal Value, implied value from a DCF, and therefore its implied valuation multiple(s) as well.
What determines FCF and FCF growth?
Revenue growth, operating margin, taxes, non-cash charges, Working Capital and CapEx requirements…
…But the MAJOR drivers are revenue growth and operating margins (or EBITDA margins).
When taken together, Revenue Growth and the Operating or EBITDA margin give you an indication of the company’s Operating Income Growth or EBITDA growth.
If margins stay the same, revenue growth will flow down directly to EBITDA growth…. so a company growing revenue at 5% will see EBITDA growth of 5% if its EBITDA margin stays the same.
If margins change, anything could happen. Increasing margins and holding revenue growth at the same level will result in FCF growth above revenue growth, for example.
But the key point is that it’s NOT about the specific margin the company has – instead, it’s about how those margins are changing over time and how they’re influencing Operating Income or EBITDA growth.
For example, a 40% EBITDA margin company and a 20% EBITDA margin company, if they’re growing EBITDA and FCF at about the same rates and they’re in the same industry with a similar size, should be valued at similar multiples.
Why?
Because investors are willing to pay more for more GROWTH, not more simply because a company currently has more free cash flow.
Does This Correlation Hold Up in Real Life?
Sometimes it does, but often it does not.
For example, in our set of biotech/pharmaceutical comps, we get the following numbers:
United: 10% EBITDA Growth, 7x EV / EBITDA
Cubist: 14% EBITDA Growth, 21x EV / EBITDA
Alexion: 22% EBITDA Growth, 23x EV / EBITDA
JAZZ: 36% EBITDA Growth, 11x EV / EBITDA
Salix: 41% EBITDA Growth, 10x EV / EBITDA
MDCO: 137% EBITDA Growth, 9x EV / EBITDA
These are off in real life because of the following factors:
Acquisitions – These can distort the EBITDA growth figures and create misleadingly high numbers.
EBITDA and FCF Differing Dramatically – They’re often quite far apart, so EBITDA growth doesn’t necessarily trend with FCF growth.
Speculative Valuations – In markets like tech startups and biotech/pharmaceuticals, valuation is often highly speculative and linked to the results of clinical trials and so on rather than the pure fundamentals.
Mispriced Asset – Or perhaps the company in question really is mispriced and the market is overvaluing it or undervaluing it.
RESOURCES:
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/107-12-Valuation-Multiples-Growth-Rates-Margins-Slides.pdf
wn.com/Valuation Multiples, Growth Rates, And Margins
In this Valuation Multiples, Growth Rates, and Margins tutorial, you’ll learn about the relationship between valuation multiples such as EV / EBITDA and companies’ growth rates and margins, and you’ll see which factors influence the valuation multiples.
http://breakingintowallstreet.com/
"Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
Table of Contents:
3:11 Why Valuation Multiples are Shorthand for a Full DCF Analysis
14:06 Does This Correlation Hold Up in Real Life?
19:40 Recap and Summary
Question that came in the other day…
“I’m confused about how to interpret valuation multiples. If one company’s EV / EBITDA multiple is higher than another’s, does that mean it is growing more quickly? Or does that just mean its EBITDA margins are higher?”
“In other words, are multiples more strongly correlated with growth rates or margins?”
This is actually a tough question to answer, but the short answer is that valuation multiples are generally correlated with growth rates because multiples are “shorthand” for a full DCF analysis.
So higher FCF growth implies a higher multiple: with higher growth, you could AFFORD to pay more for a company’s cash flows.
Multiples: Shorthand for DCF Valuation
Remember the formula for Terminal Value: Final Year FCF * (1 + FCF Growth Rate) / (Discount Rate – FCF Growth Rate).
This implies that you can get a higher Terminal Value by boosting the FCF growth rate or by reducing the Discount Rate.
But when you’re looking a set of comparable public companies, the Discount Rate *should* be about the same for all the companies in the set, since the risk/return profile will be similar for companies of a similar size in the same industry.
So… in reality, it is mostly FCF growth that drives a company’s Terminal Value, implied value from a DCF, and therefore its implied valuation multiple(s) as well.
What determines FCF and FCF growth?
Revenue growth, operating margin, taxes, non-cash charges, Working Capital and CapEx requirements…
…But the MAJOR drivers are revenue growth and operating margins (or EBITDA margins).
When taken together, Revenue Growth and the Operating or EBITDA margin give you an indication of the company’s Operating Income Growth or EBITDA growth.
If margins stay the same, revenue growth will flow down directly to EBITDA growth…. so a company growing revenue at 5% will see EBITDA growth of 5% if its EBITDA margin stays the same.
If margins change, anything could happen. Increasing margins and holding revenue growth at the same level will result in FCF growth above revenue growth, for example.
But the key point is that it’s NOT about the specific margin the company has – instead, it’s about how those margins are changing over time and how they’re influencing Operating Income or EBITDA growth.
For example, a 40% EBITDA margin company and a 20% EBITDA margin company, if they’re growing EBITDA and FCF at about the same rates and they’re in the same industry with a similar size, should be valued at similar multiples.
Why?
Because investors are willing to pay more for more GROWTH, not more simply because a company currently has more free cash flow.
Does This Correlation Hold Up in Real Life?
Sometimes it does, but often it does not.
For example, in our set of biotech/pharmaceutical comps, we get the following numbers:
United: 10% EBITDA Growth, 7x EV / EBITDA
Cubist: 14% EBITDA Growth, 21x EV / EBITDA
Alexion: 22% EBITDA Growth, 23x EV / EBITDA
JAZZ: 36% EBITDA Growth, 11x EV / EBITDA
Salix: 41% EBITDA Growth, 10x EV / EBITDA
MDCO: 137% EBITDA Growth, 9x EV / EBITDA
These are off in real life because of the following factors:
Acquisitions – These can distort the EBITDA growth figures and create misleadingly high numbers.
EBITDA and FCF Differing Dramatically – They’re often quite far apart, so EBITDA growth doesn’t necessarily trend with FCF growth.
Speculative Valuations – In markets like tech startups and biotech/pharmaceuticals, valuation is often highly speculative and linked to the results of clinical trials and so on rather than the pure fundamentals.
Mispriced Asset – Or perhaps the company in question really is mispriced and the market is overvaluing it or undervaluing it.
RESOURCES:
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/107-12-Valuation-Multiples-Growth-Rates-Margins-Slides.pdf
- published: 01 Sep 2015
- views: 4516
Valuations: EV/EBITDA Model (case study FBR)
- Order: Reorder
- Duration: 25:42
- Updated: 11 Jul 2015
- views: 86
Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization.
Not just a scary acronym, but a powerful valuation tool! Explanation and theor...
Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization.
Not just a scary acronym, but a powerful valuation tool! Explanation and theory of the EV/EBITDA model - this webcast is the case study (find the theory video here) and we'll be using Famous Brands (FBR).
wn.com/Valuations Ev Ebitda Model (Case Study Fbr)
Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization.
Not just a scary acronym, but a powerful valuation tool! Explanation and theory of the EV/EBITDA model - this webcast is the case study (find the theory video here) and we'll be using Famous Brands (FBR).
- published: 11 Jul 2015
- views: 86
Como calcular o LAJIR e o LAJIDA
- Order: Reorder
- Duration: 34:41
- Updated: 28 Mar 2014
- views: 9271
Como calcular o LAJIR e o LAJIDA utilizando a Demonstração do Resultado do Exercício
Como calcular o LAJIR e o LAJIDA utilizando a Demonstração do Resultado do Exercício
wn.com/Como Calcular O Lajir E O Lajida
Como calcular o LAJIR e o LAJIDA utilizando a Demonstração do Resultado do Exercício
- published: 28 Mar 2014
- views: 9271
Valuations: EV/EBITDA Model (Theory)
- Order: Reorder
- Duration: 27:08
- Updated: 11 Jul 2015
- views: 62
Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortisation.
Not just a scary acronym, but a powerful valuation tool! Explanation and theor...
Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortisation.
Not just a scary acronym, but a powerful valuation tool! Explanation and theory of the EV/EBITDA model - this video is followed up with a practical example.
wn.com/Valuations Ev Ebitda Model (Theory)
Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortisation.
Not just a scary acronym, but a powerful valuation tool! Explanation and theory of the EV/EBITDA model - this video is followed up with a practical example.
- published: 11 Jul 2015
- views: 62
P&L; Concepts EBITDA Ammortisation Depreciation.DAT
- Order: Reorder
- Duration: 32:29
- Updated: 18 Jul 2011
- views: 390
In these lectures i have simplified the Profit and loss concepts of EBITDA Ammortisation and Depreciation. Hope that after viewing this video all your doubts on...
In these lectures i have simplified the Profit and loss concepts of EBITDA Ammortisation and Depreciation. Hope that after viewing this video all your doubts on the above concepts should be clarified. So please sitback and understand these concepts in the simplified form.
wn.com/P L Concepts Ebitda Ammortisation Depreciation.Dat
In these lectures i have simplified the Profit and loss concepts of EBITDA Ammortisation and Depreciation. Hope that after viewing this video all your doubts on the above concepts should be clarified. So please sitback and understand these concepts in the simplified form.
- published: 18 Jul 2011
- views: 390
Street Light PPP - EBITDA
- Order: Reorder
- Duration: 31:44
- Updated: 31 Mar 2015
- views: 32
Shows how to set up model assumptions for operations and compute EBITDA. Uses street lights PPP for an Example
Shows how to set up model assumptions for operations and compute EBITDA. Uses street lights PPP for an Example
wn.com/Street Light Ppp Ebitda
SPARK '14: Energy Drives EBITDA
- Order: Reorder
- Duration: 23:35
- Updated: 12 Nov 2014
- views: 28
Martin Sieh, VP of Operations, Expense & Data Management at Ecova, speaks to the SPARK '14 audience about the financial side of energy.
Martin Sieh, VP of Operations, Expense & Data Management at Ecova, speaks to the SPARK '14 audience about the financial side of energy.
wn.com/Spark '14 Energy Drives Ebitda
Martin Sieh, VP of Operations, Expense & Data Management at Ecova, speaks to the SPARK '14 audience about the financial side of energy.
- published: 12 Nov 2014
- views: 28
Hotel 3 - Calculation of EBITDA and Cap Exp
- Order: Reorder
- Duration: 35:52
- Updated: 06 May 2015
- views: 133
This file shows how to compute revenues, operating expenses and capital expenditures using the time line and the assumptions. LOOKUP functions and use of switc...
This file shows how to compute revenues, operating expenses and capital expenditures using the time line and the assumptions. LOOKUP functions and use of switches is explained
wn.com/Hotel 3 Calculation Of Ebitda And Cap Exp
This file shows how to compute revenues, operating expenses and capital expenditures using the time line and the assumptions. LOOKUP functions and use of switches is explained
- published: 06 May 2015
- views: 133
How Business Valuations Work Knowledge is Power and More Than EBITDA
- Order: Reorder
- Duration: 34:17
- Updated: 15 May 2015
- views: 5
- published: 15 May 2015
- views: 5
EV/EBITDA multiple for company policies
- Order: Reorder
- Duration: 24:21
- Updated: 02 Feb 2014
- views: 19
http://www.qcfinance.in/
Follow on Hangout by qcfinance.in Part 2
Our Courses:
http://www.wiziq.com/course/7225-matlab-for-financial-engineering
http://www...
http://www.qcfinance.in/
Follow on Hangout by qcfinance.in Part 2
Our Courses:
http://www.wiziq.com/course/7225-matlab-for-financial-engineering
http://www.wiziq.com/course/19620-vba-for-financial-engineering-and-modeling
http://www.wiziq.com/course/7526-bloomberg-assessment-test-bat-exam-prep
wn.com/Ev Ebitda Multiple For Company Policies
http://www.qcfinance.in/
Follow on Hangout by qcfinance.in Part 2
Our Courses:
http://www.wiziq.com/course/7225-matlab-for-financial-engineering
http://www.wiziq.com/course/19620-vba-for-financial-engineering-and-modeling
http://www.wiziq.com/course/7526-bloomberg-assessment-test-bat-exam-prep
- published: 02 Feb 2014
- views: 19
How to Pick the Terminal Multiple to Calculate Terminal Value in a DCF
- Order: Reorder
- Duration: 21:34
- Updated: 23 Dec 2014
- views: 6309
You’ll learn how to select a Terminal Multiple for use in a DCF in this lesson.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Re...
You’ll learn how to select a Terminal Multiple for use in a DCF in this lesson.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
This training includes how you can check the long-term Free Cash Flow growth rate implied by the Terminal Multiple, how to use data from the comparable public companies, and how to draw conclusions about your analysis with these formulas.
Table of Contents:
2:16 Why Most Sources Get This Explanation Wrong
6:33 How to Determine the Growth Rate Implied by a Terminal Multiple
14:46 How to Use the Implied Growth Rate in a DCF
17:09 Conclusions From This Analysis
20:03 Summary
Lesson Outline:
How Do You Pick the Terminal Multiple in a DCF?
Idea: For the Terminal Value, you need to estimate the company's value in the "far future" period… what are all those cash flows worth if you go past Year 5 here, or if you go past Year 10 in a 10-year model?
Two methods: the Multiples Method, where you assign an EBITDA multiple to the final year EBITDA, assume the company gets sold, and value it like that; or the Gordon Growth or Perpetual Growth or Long-Term Growth Method, where you assume it operates
indefinitely.
Need to make sure both methods make sense by themselves, and that the implied multiple and the implied growth rate from both methods seem reasonable.
The Multiples Method – Selecting a Multiple
You might START by getting the median EBITDA multiple or range of multiples from the set of public comps, and then applying them to this company’s appropriate figure in the final projection year… BUT…
You generally want to assume a discount over historical multiples, and even over forward multiples. Why?
1. Multiples generally decline over time as companies get bigger and growth slows down, so investors won't pay as much.
2. The "Terminal Multiple" must imply a reasonable Terminal Growth Rate… if you get something like a 10% FCF growth rate implied by your Multiple, you should be VERY suspicious - no company has ever grown at that rate for decades!
(Of course, this also depends on the discount rate - with a higher discount rate, higher growth might be justified.)
3. You also care more about the RANGE of Terminal Values and implied Enterprise Values from a RANGE of reasonable multiples (ex: 25th to 75th percentile of comps, modestly discounted).
How do you get the implied Terminal Growth Rate from a Terminal Multiple?
Implied Terminal Growth Rate = (Terminal Value * Discount Rate – Final Year FCF) / (Final Year FCF + Terminal Value)
Derivation: Please see the PowerPoint slides or PDF at the top. You start out with the familiar Terminal Value formula, Final Year FCF * (1 + Growth Rate) / (Discount Rate – Growth Rate), and then use algebra to get the Growth Rate on one side of the equation.
You have to go through a few steps to do this, but it’s fairly simple algebra.
How do you decide if this is an “appropriate” implied Growth Rate?
It should ideally be LESS than the GDP growth rate of the country this company is in, which means a very low percentage in most developed countries (e.g., less than 3% in the US) because all companies slow down to the rate of growth of the overall economy, or less, in the long-term.
You could also look at the expected long-term FCF growth rates of comparables, or the growth rates implied by their multiples. Some people also use other macroeconomic indicators like the inflation rate as a guideline.
Conclusions From This Analysis:
The baseline multiple of 5.9x we used isn't "wrong" necessarily, but we should probably project further into the future and create a 10-year DCF because the NPV of the Terminal Value comprises over 70% of the total implied value right now – it should ideally be ~50% or less.
We should also probably pick narrower ranges for these tables – 4.5x to 8.5x is too wide a range and may not even be meaningful.
And… the company was almost certainly overvalued at the time we did this analysis, since nearly all the values were below the current share price of $17.87.
We only get values above $17.87 if the assumptions are *very* optimistic, indicating that the company is overvalued or that our assumptions such as the discount rate are incorrect.
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/107-07-Terminal-Multiple-DCF.xlsx
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/107-07-Terminal-Multiple-DCF.pptx
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/107-07-Terminal-Multiple-DCF.pdf
wn.com/How To Pick The Terminal Multiple To Calculate Terminal Value In A Dcf
You’ll learn how to select a Terminal Multiple for use in a DCF in this lesson.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
This training includes how you can check the long-term Free Cash Flow growth rate implied by the Terminal Multiple, how to use data from the comparable public companies, and how to draw conclusions about your analysis with these formulas.
Table of Contents:
2:16 Why Most Sources Get This Explanation Wrong
6:33 How to Determine the Growth Rate Implied by a Terminal Multiple
14:46 How to Use the Implied Growth Rate in a DCF
17:09 Conclusions From This Analysis
20:03 Summary
Lesson Outline:
How Do You Pick the Terminal Multiple in a DCF?
Idea: For the Terminal Value, you need to estimate the company's value in the "far future" period… what are all those cash flows worth if you go past Year 5 here, or if you go past Year 10 in a 10-year model?
Two methods: the Multiples Method, where you assign an EBITDA multiple to the final year EBITDA, assume the company gets sold, and value it like that; or the Gordon Growth or Perpetual Growth or Long-Term Growth Method, where you assume it operates
indefinitely.
Need to make sure both methods make sense by themselves, and that the implied multiple and the implied growth rate from both methods seem reasonable.
The Multiples Method – Selecting a Multiple
You might START by getting the median EBITDA multiple or range of multiples from the set of public comps, and then applying them to this company’s appropriate figure in the final projection year… BUT…
You generally want to assume a discount over historical multiples, and even over forward multiples. Why?
1. Multiples generally decline over time as companies get bigger and growth slows down, so investors won't pay as much.
2. The "Terminal Multiple" must imply a reasonable Terminal Growth Rate… if you get something like a 10% FCF growth rate implied by your Multiple, you should be VERY suspicious - no company has ever grown at that rate for decades!
(Of course, this also depends on the discount rate - with a higher discount rate, higher growth might be justified.)
3. You also care more about the RANGE of Terminal Values and implied Enterprise Values from a RANGE of reasonable multiples (ex: 25th to 75th percentile of comps, modestly discounted).
How do you get the implied Terminal Growth Rate from a Terminal Multiple?
Implied Terminal Growth Rate = (Terminal Value * Discount Rate – Final Year FCF) / (Final Year FCF + Terminal Value)
Derivation: Please see the PowerPoint slides or PDF at the top. You start out with the familiar Terminal Value formula, Final Year FCF * (1 + Growth Rate) / (Discount Rate – Growth Rate), and then use algebra to get the Growth Rate on one side of the equation.
You have to go through a few steps to do this, but it’s fairly simple algebra.
How do you decide if this is an “appropriate” implied Growth Rate?
It should ideally be LESS than the GDP growth rate of the country this company is in, which means a very low percentage in most developed countries (e.g., less than 3% in the US) because all companies slow down to the rate of growth of the overall economy, or less, in the long-term.
You could also look at the expected long-term FCF growth rates of comparables, or the growth rates implied by their multiples. Some people also use other macroeconomic indicators like the inflation rate as a guideline.
Conclusions From This Analysis:
The baseline multiple of 5.9x we used isn't "wrong" necessarily, but we should probably project further into the future and create a 10-year DCF because the NPV of the Terminal Value comprises over 70% of the total implied value right now – it should ideally be ~50% or less.
We should also probably pick narrower ranges for these tables – 4.5x to 8.5x is too wide a range and may not even be meaningful.
And… the company was almost certainly overvalued at the time we did this analysis, since nearly all the values were below the current share price of $17.87.
We only get values above $17.87 if the assumptions are *very* optimistic, indicating that the company is overvalued or that our assumptions such as the discount rate are incorrect.
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/107-07-Terminal-Multiple-DCF.xlsx
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/107-07-Terminal-Multiple-DCF.pptx
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/107-07-Terminal-Multiple-DCF.pdf
- published: 23 Dec 2014
- views: 6309
Seminario: Cómo analizar una empresa en 20 minutos
- Order: Reorder
- Duration: 52:54
- Updated: 26 Feb 2014
- views: 56815
#AlumniDay y Borja Roibas muestran cómo identificar las claves financieras de una empresa en sólo 20 minutos
#AlumniDay y Borja Roibas muestran cómo identificar las claves financieras de una empresa en sólo 20 minutos
wn.com/Seminario Cómo Analizar Una Empresa En 20 Minutos
#AlumniDay y Borja Roibas muestran cómo identificar las claves financieras de una empresa en sólo 20 minutos
- published: 26 Feb 2014
- views: 56815
Free Cash Flow vs. Unlevered Free Cash Flow vs. Levered Free Cash Flow
- Order: Reorder
- Duration: 20:15
- Updated: 08 Jul 2014
- views: 15908
You'll learn about metrics and multiples based on cash flow in this lesson, and you'll understand how each of them is subtly different from the others.
By http:...
You'll learn about metrics and multiples based on cash flow in this lesson, and you'll understand how each of them is subtly different from the others.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
You will also learn the problems and draw-backs with these metrics, and why they are not used as frequently to value companies.
Table of Contents:
1:28 The Problems with Cash Flow-Based Metrics
4:10 FCF vs. Levered FCF vs. Unlevered FCF -- Key Differences
8:23 Example FCF Calculations for Steel Dynamics
11:07 Practice Exercise -- Cash Flow Metrics for LinkedIn
15:14 Which Metric Do You Use, and Why?
17:04 Recap and Summary
Why Should You Care About Cash Flow-Based Metrics?
Could come up in interviews - VERY common to get asked how you define Unlevered Free Cash Flow, Levered Free Cash Flow, Free Cash Flow...
And you need to know these metrics when valuing companies, especially in the Discounted Cash Flow (DCF) analysis - not AS useful for comparing different companies as metrics such as EBITDA and EBIT are.
Problems with Cash Flow-Based Metrics for Comparison Purposes:
1. They take longer to calculate - more complicated than just Operating Income + D&A;, for example - you need the whole CFS!
Plus: information on a company's tax rate, mandatory debt repayments, etc. etc.
2. They're more discretionary and vary more by individual company - in this case, for example, different Working Capital requirements create massive differences in cash flow between Steel Dynamics and LinkedIn.
Other issues: Different non-cash adjustments, different CapEx policies (3% of revenue vs. 18% of revenue here!), different ways of preparing the Cash Flow Statement! (Direct vs. indirect vs. starting with EBIT).
Bottom-Line: Cash Flow metrics have their uses, but they are more about approximating a company's cash flow, for use in other analyses such as the DCF, and they are LESS useful for comparing different companies.
FCF vs. Levered FCF vs. Unlevered FCF -- Key Differences
Basic idea is similar with all 3 metrics: "How much discretionary cash flow does this company generate?"
Remember: Items in the Financing section and most items in the Investing section of the Cash Flow Statement are "optional" -- the only one that's really required is CapEx, which represents re-investment in the business.
So UNLIKE metrics such as EBITDA, these cash flow metrics all directly reflect the impact of CapEx, taxes, and working capital.
The Difference: They all treat interest expense and debt repayment differently.
Free Cash Flow: Includes interest expense, but NOT debt issuances or repayments.
Unlevered Free Cash Flow: Excludes interest expense and ALL debt issuances and repayments.
Levered Free Cash Flow: Includes interest expense, and mandatory debt repayments (but opinions on this differ!).
Free Cash Flow: Cash Flow from Operations - CapEx.
Unlevered Free Cash Flow: NOPAT + Non-Cash Adjustments and Changes in Working Capital from CFS - CapEx
Levered Free Cash Flow: Net Income + Non-Cash Adjustments and Changes in Working Capital from CFS - CapEx - (Mandatory?) Debt Repayments
BUT... IFRS and the Direct Method of Cash Flow Statement preparation make these calculations trickier.
Problems: Companies may not always include Taxes and the Interest Expense within the Cash Flow from Operations section -- or they might start with EBIT and show these items separately, or scattered across the Cash Flow Statement.
So you need to be REALLY careful about how you run the numbers - we always recommend converting the CFS to the Indirect version, if possible.
Which Metric Do You Use, and Why?
Again, it's a question with a false premise (as we saw with EBIT vs. EBITDA vs. Net Income).
The issue here is that you could use any of these to create valuation multiples... even Cash Flow from Operations would be OK!
But you rarely do that because of all the issues discussed above - they take too long to calculate, they're harder to project, and they vary a lot by company and industry.
Better Question: WHEN do you use each metric, in most cases, and why?
Free Cash Flow: Standalone financial statement analysis (e.g., what is a company doing with its discretionary cash flow?).
Unlevered FCF: Very common in discounted cash flow (DCF) analysis.
Levered FCF: Quite rare; can use it in a DCF in some industries, and may also be used to assess a company's true debt service capabilities.
MENTIONED RESOURCES
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-08-Cash-Flow-Metrics.xlsx
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-08-LNKD-Financial-Statements.pdf
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-08-STLD-Financial-Statements.pdf
wn.com/Free Cash Flow Vs. Unlevered Free Cash Flow Vs. Levered Free Cash Flow
You'll learn about metrics and multiples based on cash flow in this lesson, and you'll understand how each of them is subtly different from the others.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
You will also learn the problems and draw-backs with these metrics, and why they are not used as frequently to value companies.
Table of Contents:
1:28 The Problems with Cash Flow-Based Metrics
4:10 FCF vs. Levered FCF vs. Unlevered FCF -- Key Differences
8:23 Example FCF Calculations for Steel Dynamics
11:07 Practice Exercise -- Cash Flow Metrics for LinkedIn
15:14 Which Metric Do You Use, and Why?
17:04 Recap and Summary
Why Should You Care About Cash Flow-Based Metrics?
Could come up in interviews - VERY common to get asked how you define Unlevered Free Cash Flow, Levered Free Cash Flow, Free Cash Flow...
And you need to know these metrics when valuing companies, especially in the Discounted Cash Flow (DCF) analysis - not AS useful for comparing different companies as metrics such as EBITDA and EBIT are.
Problems with Cash Flow-Based Metrics for Comparison Purposes:
1. They take longer to calculate - more complicated than just Operating Income + D&A;, for example - you need the whole CFS!
Plus: information on a company's tax rate, mandatory debt repayments, etc. etc.
2. They're more discretionary and vary more by individual company - in this case, for example, different Working Capital requirements create massive differences in cash flow between Steel Dynamics and LinkedIn.
Other issues: Different non-cash adjustments, different CapEx policies (3% of revenue vs. 18% of revenue here!), different ways of preparing the Cash Flow Statement! (Direct vs. indirect vs. starting with EBIT).
Bottom-Line: Cash Flow metrics have their uses, but they are more about approximating a company's cash flow, for use in other analyses such as the DCF, and they are LESS useful for comparing different companies.
FCF vs. Levered FCF vs. Unlevered FCF -- Key Differences
Basic idea is similar with all 3 metrics: "How much discretionary cash flow does this company generate?"
Remember: Items in the Financing section and most items in the Investing section of the Cash Flow Statement are "optional" -- the only one that's really required is CapEx, which represents re-investment in the business.
So UNLIKE metrics such as EBITDA, these cash flow metrics all directly reflect the impact of CapEx, taxes, and working capital.
The Difference: They all treat interest expense and debt repayment differently.
Free Cash Flow: Includes interest expense, but NOT debt issuances or repayments.
Unlevered Free Cash Flow: Excludes interest expense and ALL debt issuances and repayments.
Levered Free Cash Flow: Includes interest expense, and mandatory debt repayments (but opinions on this differ!).
Free Cash Flow: Cash Flow from Operations - CapEx.
Unlevered Free Cash Flow: NOPAT + Non-Cash Adjustments and Changes in Working Capital from CFS - CapEx
Levered Free Cash Flow: Net Income + Non-Cash Adjustments and Changes in Working Capital from CFS - CapEx - (Mandatory?) Debt Repayments
BUT... IFRS and the Direct Method of Cash Flow Statement preparation make these calculations trickier.
Problems: Companies may not always include Taxes and the Interest Expense within the Cash Flow from Operations section -- or they might start with EBIT and show these items separately, or scattered across the Cash Flow Statement.
So you need to be REALLY careful about how you run the numbers - we always recommend converting the CFS to the Indirect version, if possible.
Which Metric Do You Use, and Why?
Again, it's a question with a false premise (as we saw with EBIT vs. EBITDA vs. Net Income).
The issue here is that you could use any of these to create valuation multiples... even Cash Flow from Operations would be OK!
But you rarely do that because of all the issues discussed above - they take too long to calculate, they're harder to project, and they vary a lot by company and industry.
Better Question: WHEN do you use each metric, in most cases, and why?
Free Cash Flow: Standalone financial statement analysis (e.g., what is a company doing with its discretionary cash flow?).
Unlevered FCF: Very common in discounted cash flow (DCF) analysis.
Levered FCF: Quite rare; can use it in a DCF in some industries, and may also be used to assess a company's true debt service capabilities.
MENTIONED RESOURCES
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-08-Cash-Flow-Metrics.xlsx
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-08-LNKD-Financial-Statements.pdf
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-08-STLD-Financial-Statements.pdf
- published: 08 Jul 2014
- views: 15908
Sales and Profit Growth
- Order: Reorder
- Duration: 28:35
- Updated: 19 Oct 2015
- views: 17
How to measure and understand sales, profits, costs and cash to drive your growth and attract buyers.
Strong, predictable growth in Revenue, Gross Margin and ...
How to measure and understand sales, profits, costs and cash to drive your growth and attract buyers.
Strong, predictable growth in Revenue, Gross Margin and EBITDA, underpinned by good day rates and utilisation, are highly sought after by buyers of consulting firms. Find out how EBITDA value and growth rate drives up the profit multiple, business value and attractiveness.
wn.com/Sales And Profit Growth
How to measure and understand sales, profits, costs and cash to drive your growth and attract buyers.
Strong, predictable growth in Revenue, Gross Margin and EBITDA, underpinned by good day rates and utilisation, are highly sought after by buyers of consulting firms. Find out how EBITDA value and growth rate drives up the profit multiple, business value and attractiveness.
- published: 19 Oct 2015
- views: 17
Qareat Al Fengan - Abd El Halim قارئة الفنجان - عبد الحليم حافظ
- Order: Reorder
- Duration: 84:25
- Updated: 22 Apr 2013
- views: 1225756
▶ Qareat Al Fengan - Abd El Halim Hafez قارئة الفنجان - حفلة - عبد الحليم حافظ
▶ https://facebook.com/mazzika
▶ https://twitter.com/mazzika
▶ https://instagram...
▶ Qareat Al Fengan - Abd El Halim Hafez قارئة الفنجان - حفلة - عبد الحليم حافظ
▶ https://facebook.com/mazzika
▶ https://twitter.com/mazzika
▶ https://instagram.com/mazzikatv
▶ https://plus.google.com/+Mazzika
(C) 2014 Mazzika Group.
Artist Booking: +201000842222 - booking@mazzikatv.com
to license this music contact us at license@mazzikatv.com
wn.com/Qareat Al Fengan Abd El Halim قارئة الفنجان عبد الحليم حافظ
▶ Qareat Al Fengan - Abd El Halim Hafez قارئة الفنجان - حفلة - عبد الحليم حافظ
▶ https://facebook.com/mazzika
▶ https://twitter.com/mazzika
▶ https://instagram.com/mazzikatv
▶ https://plus.google.com/+Mazzika
(C) 2014 Mazzika Group.
Artist Booking: +201000842222 - booking@mazzikatv.com
to license this music contact us at license@mazzikatv.com
- published: 22 Apr 2013
- views: 1225756
GSC - Comité Diario 20 Noviembre de 2015
- Order: Reorder
- Duration: 30:23
- Updated: 20 Nov 2015
- views: 36
COLOMBIA
• Alpina sigue registrando incremento en la participación de mercado, las ventas, el ebitda y las utilidades. La utilidad neta alcanzó los COP 17 mil m...
COLOMBIA
• Alpina sigue registrando incremento en la participación de mercado, las ventas, el ebitda y las utilidades. La utilidad neta alcanzó los COP 17 mil millones (+10%), el Ebitda los COP 57 mil millones (+17%) y las ventas COP 416 mil millones (+7.8%)
• De acuerdo a Ministro de Minas el consumo de energía parece estar moderándose en noviembre 2015 un 10% luego de un preocupante crecimiento del 5.7% registrado en octubre, justo en medio de la temporada más seca de los últimos 25 años. Lo preocupante es que el descenso se viene presentando en la demanda empresarial. Embalses siguen en un nivel bajo 66% para el estándar histórico (70 – 80)%
• Ministra de Comercio afirmó que Colombia está lista para ingresar a la APEC, luego de haber sido invitada a la última reunión de esta agrupación (facilitará ingreso al TPP?). La APEC tiene 21 países miembros el TPP fue acordado por 12
• Colombia da un paso adicional para ingresar a la OCDE luego de que el comité técnico dio visto bueno a los indicadores económicos colombianos por su confiabilidad. Ya se han logrado aprobaciones de casi el 50% de los comités que están estudiando el ingreso de Colombia (11 de 23)
BRASIL
• Gobierno brasileño consideraría inyección de capital a Petrobras. Hace cinco años se había afirmado que la compañía no haría nuevas emisiones de acciones ni diluiría a los actuales propietarios, pero el escenario ha cambiado radicalmente por lo que la inyección de capital ya no sería vista como negativa sino más bien positivamente
EE.UU.
• Lockhart señaló en la jornada de ayer que el ritmo de aumento sería algo lento y posiblemente más vacilante que los episodios históricos de alzas de tasas. Adicionalmente expresó que la FED necesitaría ser cauto al surgir el debate de cuán rápido seguir subiendo las tasas luego de un incremento inicial.
• Datos publicados en la jornada de ayer mostraron que el número de estadounidenses que presentaron nuevas solicitudes de subsidios por desempleo disminuyó. 271 mil personas de la semana terminada el 14 de Nov vs 276 mil de la semana que terminó el 7 de nov. Esto apunta a un mercado laboral razonablemente robusto.
• Otros datos divulgados el jueves mostraron un repunte del indicador líder en Estados Unidos creciendo 0.6% frente a un esperado de 0.5% por el mercado.
ARGENTINA
• Elecciones de Argentina por segunda vuelta (balotaje) entre el ex empresario Mauricio Macri, que lidera las encuestas y el oficialista Daniel Scioli, al cual alguno le dan posibilidades.
• Según Bloomberg , el peso argentino podría caer hasta un 35% Mauricio Macri es elegido el domingo y cumple con su promesa de poner fin a los controles de divisas.
EUROPA
• Las minutas del Banco central europeo publicadas en la jornada de ayer, apuntaban a una expansión de la ampliación de las compras de activos. Adicionalmente, el presidente del banco central europeo, Mario Draghi, dijo que el BCE actuara para elevar la inflación "lo antes posible". Esperamos para la jornada de hoy discursos de miembros del BCE que posiblemente puedan aclarar el panorama
• El gobernador del banco de Italia aseguró que los atentados en Paris añaden peso negativo en la confianza y elevan el nivel de incertidumbre lo que amenaza con dañar a una ya frágil recuperación económica en Europa golpeada por la desaceleración en las economías emergente
wn.com/Gsc Comité Diario 20 Noviembre De 2015
COLOMBIA
• Alpina sigue registrando incremento en la participación de mercado, las ventas, el ebitda y las utilidades. La utilidad neta alcanzó los COP 17 mil millones (+10%), el Ebitda los COP 57 mil millones (+17%) y las ventas COP 416 mil millones (+7.8%)
• De acuerdo a Ministro de Minas el consumo de energía parece estar moderándose en noviembre 2015 un 10% luego de un preocupante crecimiento del 5.7% registrado en octubre, justo en medio de la temporada más seca de los últimos 25 años. Lo preocupante es que el descenso se viene presentando en la demanda empresarial. Embalses siguen en un nivel bajo 66% para el estándar histórico (70 – 80)%
• Ministra de Comercio afirmó que Colombia está lista para ingresar a la APEC, luego de haber sido invitada a la última reunión de esta agrupación (facilitará ingreso al TPP?). La APEC tiene 21 países miembros el TPP fue acordado por 12
• Colombia da un paso adicional para ingresar a la OCDE luego de que el comité técnico dio visto bueno a los indicadores económicos colombianos por su confiabilidad. Ya se han logrado aprobaciones de casi el 50% de los comités que están estudiando el ingreso de Colombia (11 de 23)
BRASIL
• Gobierno brasileño consideraría inyección de capital a Petrobras. Hace cinco años se había afirmado que la compañía no haría nuevas emisiones de acciones ni diluiría a los actuales propietarios, pero el escenario ha cambiado radicalmente por lo que la inyección de capital ya no sería vista como negativa sino más bien positivamente
EE.UU.
• Lockhart señaló en la jornada de ayer que el ritmo de aumento sería algo lento y posiblemente más vacilante que los episodios históricos de alzas de tasas. Adicionalmente expresó que la FED necesitaría ser cauto al surgir el debate de cuán rápido seguir subiendo las tasas luego de un incremento inicial.
• Datos publicados en la jornada de ayer mostraron que el número de estadounidenses que presentaron nuevas solicitudes de subsidios por desempleo disminuyó. 271 mil personas de la semana terminada el 14 de Nov vs 276 mil de la semana que terminó el 7 de nov. Esto apunta a un mercado laboral razonablemente robusto.
• Otros datos divulgados el jueves mostraron un repunte del indicador líder en Estados Unidos creciendo 0.6% frente a un esperado de 0.5% por el mercado.
ARGENTINA
• Elecciones de Argentina por segunda vuelta (balotaje) entre el ex empresario Mauricio Macri, que lidera las encuestas y el oficialista Daniel Scioli, al cual alguno le dan posibilidades.
• Según Bloomberg , el peso argentino podría caer hasta un 35% Mauricio Macri es elegido el domingo y cumple con su promesa de poner fin a los controles de divisas.
EUROPA
• Las minutas del Banco central europeo publicadas en la jornada de ayer, apuntaban a una expansión de la ampliación de las compras de activos. Adicionalmente, el presidente del banco central europeo, Mario Draghi, dijo que el BCE actuara para elevar la inflación "lo antes posible". Esperamos para la jornada de hoy discursos de miembros del BCE que posiblemente puedan aclarar el panorama
• El gobernador del banco de Italia aseguró que los atentados en Paris añaden peso negativo en la confianza y elevan el nivel de incertidumbre lo que amenaza con dañar a una ya frágil recuperación económica en Europa golpeada por la desaceleración en las economías emergente
- published: 20 Nov 2015
- views: 36
งบ INTUCH Q4/58 17 ก.พ. 2559
- Order: Reorder
- Duration: 25:06
- Updated: 18 Feb 2016
- views: 550
งบ INTUCH Q4/58 17 ก.พ. 2559
ปีนี้กำไรก็ออกมาไม่หลุดจากที่คาด มีกำไรดีต่อเนื่องแต่ปี 2559 กำไรอาจตกลงจาก EBITDA ของ ADVANC ลดลง
ข้อมูลหุ้น INTUCH ดูได้ที่...
งบ INTUCH Q4/58 17 ก.พ. 2559
ปีนี้กำไรก็ออกมาไม่หลุดจากที่คาด มีกำไรดีต่อเนื่องแต่ปี 2559 กำไรอาจตกลงจาก EBITDA ของ ADVANC ลดลง
ข้อมูลหุ้น INTUCH ดูได้ที่ http://www.panphol.com/data/page/stoc...
COACH & FOUNDER OF Panphol.com
----------------------------------------------
เงินปันผลรายรับที่ไม่มีวันหยุด
สั่งซื้อวีดีโอหุ้นเสี่ยงต่ำ ปันผลสูง http://goo.gl/hXOXQg
ปันผลทูโฮม เรียนไม่ทัน สร้างแบบเรียนส่วนตัวด้วย ปันผลทูโฮม http://goo.gl/RxGHjA
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Tel : 081-689-3750
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wn.com/งบ Intuch Q4 58 17 ก.พ. 2559
งบ INTUCH Q4/58 17 ก.พ. 2559
ปีนี้กำไรก็ออกมาไม่หลุดจากที่คาด มีกำไรดีต่อเนื่องแต่ปี 2559 กำไรอาจตกลงจาก EBITDA ของ ADVANC ลดลง
ข้อมูลหุ้น INTUCH ดูได้ที่ http://www.panphol.com/data/page/stoc...
COACH & FOUNDER OF Panphol.com
----------------------------------------------
เงินปันผลรายรับที่ไม่มีวันหยุด
สั่งซื้อวีดีโอหุ้นเสี่ยงต่ำ ปันผลสูง http://goo.gl/hXOXQg
ปันผลทูโฮม เรียนไม่ทัน สร้างแบบเรียนส่วนตัวด้วย ปันผลทูโฮม http://goo.gl/RxGHjA
Facebook : www.facebook.com/panphol
Line : @fgq6512b "ใส่ @ ด้วยนะครับ"
Tel : 081-689-3750
Email : info@panphol.com
- published: 18 Feb 2016
- views: 550
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14:07
EBITDA
Review of Enterprise Value and comparing it to EBITDA
More free lessons at: http://www.kha...
published: 21 Aug 2009
EBITDA
EBITDA
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- published: 21 Aug 2009
- views: 138122
8:09
Tim Bennett Explains: What is EBITDA?
Sooner or later an equity investor will come across the term EBITDA. Here Tim Bennett expl...
published: 28 May 2014
Tim Bennett Explains: What is EBITDA?
Tim Bennett Explains: What is EBITDA?
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- published: 28 May 2014
- views: 4025
14:12
How to Calculate EBITDA - Complete Investment Banking Tutorial & Walkthrough
A walk-through on how to calculate EBITDA (Earnings Before Interest, Taxes, Depreciation &...
published: 18 Oct 2013
How to Calculate EBITDA - Complete Investment Banking Tutorial & Walkthrough
How to Calculate EBITDA - Complete Investment Banking Tutorial & Walkthrough
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- published: 18 Oct 2013
- views: 21397
10:02
What is EV / EBITDA? - MoneyWeek Investment Tutorials
Don't miss out on Tim Bennett's video tutorials -- get the latest video sent straight to y...
published: 17 Dec 2010
What is EV / EBITDA? - MoneyWeek Investment Tutorials
What is EV / EBITDA? - MoneyWeek Investment Tutorials
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- published: 17 Dec 2010
- views: 73009
19:26
EBIT vs. EBITDA vs. Net Income: Valuation Metrics and Multiples
Why Do You Care About This? It's a very common interview question! Q: "How does EBIT diff...
published: 23 Jan 2014
EBIT vs. EBITDA vs. Net Income: Valuation Metrics and Multiples
EBIT vs. EBITDA vs. Net Income: Valuation Metrics and Multiples
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- published: 23 Jan 2014
- views: 34748
7:31
EBITDA o que é? Para que serve? - Sevilha Contabilidade
EBITDA o que é? Para que serve? - Sevilha Contabilidade -- Vicente Sevilha Jr. -- abraços ...
published: 22 Jun 2011
EBITDA o que é? Para que serve? - Sevilha Contabilidade
EBITDA o que é? Para que serve? - Sevilha Contabilidade
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- published: 22 Jun 2011
- views: 26803
4:42
O que é Ebit e Ebitda
Acesse os Indicadores fundamentalistas em http://www.uibo.com.br
Você já ouviu falar em E...
published: 25 Jun 2013
O que é Ebit e Ebitda
O que é Ebit e Ebitda
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- published: 25 Jun 2013
- views: 14813
6:08
Ebitda explained CNN
published: 18 Mar 2012
Ebitda explained CNN
Ebitda explained CNN
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1:46
Preparándonos para los reportes - ¿Qué es el EBITDA?
El EBITDA (o UAFIDA) es una métrica que nos ayuda conocer la rentabilidad de una empresa.
...
published: 21 Feb 2013
Preparándonos para los reportes - ¿Qué es el EBITDA?
Preparándonos para los reportes - ¿Qué es el EBITDA?
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4:14
What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? Expert St. Louis
http://www.valuationstlouis.com (314) 541-8163 What is EBITDA? Why is an EBITDA Multiple I...
published: 25 Apr 2014
What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? Expert St. Louis
What is EBITDA? Why is an EBITDA Multiple Important in a Company Valuation? Expert St. Louis
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4:13
Ebitda / Lajida (o que é e como calcular com um exemplo prático em 4 minutos)
Em 4 minutos entenda o conceito do Ebitda (Lajida) e acompanhe um exemplo prático de cálcu...
published: 01 Apr 2014
Ebitda / Lajida (o que é e como calcular com um exemplo prático em 4 minutos)
Ebitda / Lajida (o que é e como calcular com um exemplo prático em 4 minutos)
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3:17
What is EBITDA?
A lot of people have heard this term, but don't really know what it means. This video give...
published: 23 May 2013
What is EBITDA?
What is EBITDA?
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1:45
Que es el indice ebitda
Para que nos sirve y Que es el ebitda.
En términos generales, lo que el Ebitda hace, es...
published: 19 May 2014
Que es el indice ebitda
Que es el indice ebitda
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8:39
12 FNF El EBITDA. ( Finanzas para no Financieros)
El ebitda, como indicador de los resultados de una empresa, puede ayudar a evitar el efect...
published: 16 Feb 2012
12 FNF El EBITDA. ( Finanzas para no Financieros)
12 FNF El EBITDA. ( Finanzas para no Financieros)
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25:07
EBITDA explained
published: 04 Mar 2016
EBITDA explained
EBITDA explained
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13:43
PRESS TELECOM
published: 03 Mar 2016
PRESS TELECOM
PRESS TELECOM
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2:11
27% Increase in EBITDA, within 1.5 years
published: 15 Feb 2016
27% Increase in EBITDA, within 1.5 years
27% Increase in EBITDA, within 1.5 years
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7:03
Best desciption of EBITDA EVER!
Blair (and Jen in spirit) look at the wonder kid of all financial metrics - EBITDA.
published: 07 Feb 2016
Best desciption of EBITDA EVER!
Best desciption of EBITDA EVER!
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10:06
What is EV EBITDA Investment Strategies
BUS 730 Week 8
published: 06 Feb 2016
What is EV EBITDA Investment Strategies
What is EV EBITDA Investment Strategies
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35:39
מצגת נייר חדרה: תהליכי התייעלות ב-2015, השיפור המשמעותי ב-EBITDA ומנועי הצמיחה העתידיים של החברה
מ"מ מנכ"ל נייר חדרה, גדי קוניא, מציג את מגזרי הפעילות העסקית של החברה, המהלכים שהביאו לשיפ...
published: 01 Feb 2016
מצגת נייר חדרה: תהליכי התייעלות ב-2015, השיפור המשמעותי ב-EBITDA ומנועי הצמיחה העתידיים של החברה
מצגת נייר חדרה: תהליכי התייעלות ב-2015, השיפור המשמעותי ב-EBITDA ומנועי הצמיחה העתידיים של החברה
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6:18
תקציר מצגת נייר חדרה: תהליכי התייעלות ב-2015, השיפור המשמעותי ב-EBITDA ומנועי הצמיחה העתידיים
מ"מ מנכ"ל נייר חדרה, גדי קוניא, מציג את מגזרי הפעילות העסקית של החברה, המהלכים שהביאו לשיפ...
published: 31 Jan 2016
תקציר מצגת נייר חדרה: תהליכי התייעלות ב-2015, השיפור המשמעותי ב-EBITDA ומנועי הצמיחה העתידיים
תקציר מצגת נייר חדרה: תהליכי התייעלות ב-2015, השיפור המשמעותי ב-EBITDA ומנועי הצמיחה העתידיים
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24:35
PE MB EV EBITDA versus growth and IRR
Demonstrates how to create a data table using a macro that demonstrates the interaction be...
published: 02 Jan 2016
PE MB EV EBITDA versus growth and IRR
PE MB EV EBITDA versus growth and IRR
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2:53
EBIT und EBITDA
http://www.lernlocker.de - digitale Lernkarteikarten, MP3-Hörbücher und Videocoachings zur...
published: 23 Dec 2015
EBIT und EBITDA
EBIT und EBITDA
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2:53
EBIT u EBITDA
http://www.spasslerndenk-shop.de, EBIT u EBITDA
published: 21 Dec 2015
EBIT u EBITDA
EBIT u EBITDA
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24:45
021 4 6 Video 3 3 2 Cash Flow vs Earnings vs EBITDA Examples 24 45)
An Introduction to Financial Accounting
by Brian J Bushee
Week Three: Cash Flows:
Vid...
published: 06 Dec 2015
021 4 6 Video 3 3 2 Cash Flow vs Earnings vs EBITDA Examples 24 45)
021 4 6 Video 3 3 2 Cash Flow vs Earnings vs EBITDA Examples 24 45)
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5:41
Premiação do EBITDA
Dia 16 de novembro foi realizado o sorteio na matriz da Cr Diementz do concurso O QUE É EB...
published: 20 Nov 2015
Premiação do EBITDA
Premiação do EBITDA
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8:48
Lupin Q2: EBITDA Margins At 3 Year Lows -Nov 20
Ramesh Swaminathan the President Finance & Planning, Lupin speaks about the co's quarterly...
published: 20 Nov 2015
Lupin Q2: EBITDA Margins At 3 Year Lows -Nov 20
Lupin Q2: EBITDA Margins At 3 Year Lows -Nov 20
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10:49
Understanding the Enterprise Value EV EBITDA Stocks Options Trading Guru Tutorials - binary
http://tinyurl.com/ou8qoiewau5i Understanding the Enterprise Value EV EBITDA Stocks Opti...
published: 19 Nov 2015
Understanding the Enterprise Value EV EBITDA Stocks Options Trading Guru Tutorials - binary
Understanding the Enterprise Value EV EBITDA Stocks Options Trading Guru Tutorials - binary
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21:08
05 ANALISIS FINANCIERO Y CONTABLE Punto muerto EBITDA y apalancamiento operativo
En este video estudiaremos el análisis del punto muerto o umbral de rentabilidad. Veremos ...
published: 16 Feb 2012
05 ANALISIS FINANCIERO Y CONTABLE Punto muerto EBITDA y apalancamiento operativo
05 ANALISIS FINANCIERO Y CONTABLE Punto muerto EBITDA y apalancamiento operativo
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21:23
4 6 Video 3 3 2 Cash Flow vs EBITDA Examples
Computer courser, Business course, financial/accounting courses.
with Global Universities...
published: 19 Sep 2014
4 6 Video 3 3 2 Cash Flow vs EBITDA Examples
4 6 Video 3 3 2 Cash Flow vs EBITDA Examples
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22:41
Valuation Multiples, Growth Rates, and Margins
In this Valuation Multiples, Growth Rates, and Margins tutorial, you’ll learn about the re...
published: 01 Sep 2015
Valuation Multiples, Growth Rates, and Margins
Valuation Multiples, Growth Rates, and Margins
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25:42
Valuations: EV/EBITDA Model (case study FBR)
Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization.
Not just...
published: 11 Jul 2015
Valuations: EV/EBITDA Model (case study FBR)
Valuations: EV/EBITDA Model (case study FBR)
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34:41
Como calcular o LAJIR e o LAJIDA
Como calcular o LAJIR e o LAJIDA utilizando a Demonstração do Resultado do Exercício
published: 28 Mar 2014
Como calcular o LAJIR e o LAJIDA
Como calcular o LAJIR e o LAJIDA
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27:08
Valuations: EV/EBITDA Model (Theory)
Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortisation.
Not just...
published: 11 Jul 2015
Valuations: EV/EBITDA Model (Theory)
Valuations: EV/EBITDA Model (Theory)
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32:29
P&L; Concepts EBITDA Ammortisation Depreciation.DAT
In these lectures i have simplified the Profit and loss concepts of EBITDA Ammortisation a...
published: 18 Jul 2011
P&L; Concepts EBITDA Ammortisation Depreciation.DAT
P&L; Concepts EBITDA Ammortisation Depreciation.DAT
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31:44
Street Light PPP - EBITDA
Shows how to set up model assumptions for operations and compute EBITDA. Uses street ligh...
published: 31 Mar 2015
Street Light PPP - EBITDA
Street Light PPP - EBITDA
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23:35
SPARK '14: Energy Drives EBITDA
Martin Sieh, VP of Operations, Expense & Data Management at Ecova, speaks to the SPARK '14...
published: 12 Nov 2014
SPARK '14: Energy Drives EBITDA
SPARK '14: Energy Drives EBITDA
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- published: 12 Nov 2014
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35:52
Hotel 3 - Calculation of EBITDA and Cap Exp
This file shows how to compute revenues, operating expenses and capital expenditures using...
published: 06 May 2015
Hotel 3 - Calculation of EBITDA and Cap Exp
Hotel 3 - Calculation of EBITDA and Cap Exp
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34:17
How Business Valuations Work Knowledge is Power and More Than EBITDA
published: 15 May 2015
How Business Valuations Work Knowledge is Power and More Than EBITDA
How Business Valuations Work Knowledge is Power and More Than EBITDA
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24:21
EV/EBITDA multiple for company policies
http://www.qcfinance.in/
Follow on Hangout by qcfinance.in Part 2
Our Courses:
http://...
published: 02 Feb 2014
EV/EBITDA multiple for company policies
EV/EBITDA multiple for company policies
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21:34
How to Pick the Terminal Multiple to Calculate Terminal Value in a DCF
You’ll learn how to select a Terminal Multiple for use in a DCF in this lesson.
By http://...
published: 23 Dec 2014
How to Pick the Terminal Multiple to Calculate Terminal Value in a DCF
How to Pick the Terminal Multiple to Calculate Terminal Value in a DCF
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52:54
Seminario: Cómo analizar una empresa en 20 minutos
#AlumniDay y Borja Roibas muestran cómo identificar las claves financieras de una empresa ...
published: 26 Feb 2014
Seminario: Cómo analizar una empresa en 20 minutos
Seminario: Cómo analizar una empresa en 20 minutos
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05 ANALISIS FINANCIERO Y CONTABLE Punto muerto EBI...
4 6 Video 3 3 2 Cash Flow vs EBITDA Examples...
Valuation Multiples, Growth Rates, and Margins...
Valuations: EV/EBITDA Model (case study FBR)...
Como calcular o LAJIR e o LAJIDA...
Valuations: EV/EBITDA Model (Theory)...
P&L; Concepts EBITDA Ammortisation Depreciation.DAT...
Street Light PPP - EBITDA...
SPARK '14: Energy Drives EBITDA...
Hotel 3 - Calculation of EBITDA and Cap Exp...
How Business Valuations Work Knowledge is Power an...
EV/EBITDA multiple for company policies...
How to Pick the Terminal Multiple to Calculate Ter...
Seminario: Cómo analizar una empresa en 20 minutos...
Free Cash Flow vs. Unlevered Free Cash Flow vs. Le...
Sales and Profit Growth...
Qareat Al Fengan - Abd El Halim قارئة الفنجان - عب...
GSC - Comité Diario 20 Noviembre de 2015...
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Pentagon Silent Over Report Questioning If Air Strike Killed Top Islamic State Commander
Edit WorldNews.com 10 Mar 2016
A recent U.S. Defense Department claim an air strike “likely” killed a top Islamic State commander is untrue, a Reuters report on Inquistr said Thursday. The U.S ... The report is a direct contradiction with the U.S. Defense Department’s statement the group’s “minister of war” was “likely” killed when the attack occurred....
photo: GFDL / Nevit Dilmen
T-Rex Fossil Skull 'Discovery' on Mars Excites UFO Community On Earth
Edit WorldNews.com 09 Mar 2016
The UFO community is in a self-proclaimed state of gleeful commotion with the bizarre announcement by UFO blogger Scott C. Waring of a Tyrannosaurus Rex-type dinosaur discovered in an image of the Martian surface snapped by NASA’s Curiously rover, an Inquisitr report said Wednesday ... Waring announced the “discovery” of the fossilized skull of a T. Rex-type dinosaur in a Feb. 11 blog post ... – WN.com, Jack Durschlag....
photo: AP / Gerry Broome
The question Trump can't dodge in Florida
Edit CNN 10 Mar 2016
(CNN)On Thursday night, the remaining Republican presidential candidates -- led, of course, by Donald Trump -- will gather in the Miami area for yet another debate. South Florida, whether or not it's stated, is a crucial front line for climate change. And my hope is that the candidates, particularly Trump, won't be able to keep dismissing questions about this issue. For Trump, it's not only rhetoric and votes that are at stake ... Replay ... ....
photo: AP / Thibault Camus
Backlash: France’s New Hard Line on Terror
Edit Al Jazeera 10 Mar 2016
In 2015, two devastating attacks, claimed by the Islamic State of Iraq and the Levant (ISIL, also known as ISIS) killed 147 people in Paris. Nine of the 13 perpetrators were born in France, prompting the government to launch a national "de-radicalisation programme" and introduce a series of extra-judiciary measures against those considered a threat to national security ... By Victoria Baux and Charles Emptaz ... MORE TO THIS STORY ... Source ... ....
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Vail Resorts Reports Fiscal 2016 Second Quarter Results, Increases Fiscal 2016 Guidance and Increases Quarterly Dividend 30%
Edit PR Newswire 10 Mar 2016
Reported EBITDA, Reported EBITDA excluding the non-cash gain on the litigation settlement and Perisher EBITDA, Resort EBITDA Margin, Resort EBITDA Margin excluding the non-cash gain on the litigation settlement and Perisher EBITDA, Net Debt, and Net Real Estate Cash Flow are not measures of financial performance under GAAP, and they might not be comparable to similarly titled measures of other companies....
Vail Resorts Reports Fiscal 2016 Second Quarter Results, Increases Fiscal 2016 Guidance and Increases Quarterly Dividend 30% (Vail Resorts Inc)
Edit Public Technologies 10 Mar 2016
Reported EBITDA, Reported EBITDA excluding the non-cash gain on the Park City litigation settlement and Perisher EBITDA, Resort EBITDA Margin, Resort EBITDA Margin excluding the non-cash gain on the Park City litigation settlement and Perisher EBITDA, Net Debt, and Net Real Estate Cash Flow are not measures of financial performance under GAAP, and they might not be comparable to similarly titled measures of other companies....
Grupo Clarin announces its Results for the Fourth Quarter (4Q15) and Full Year of 2015 (FY15)
Edit PR Newswire 10 Mar 2016
Adjusted EBITDA (1) reached Ps ... Grupo Clarin's Adjusted EBITDA Margin (2) for 2015 was 30.1%, compared to 25.6% in 2014 ... Adjusted EBITDA (1) ... Adjusted EBITDA Margin (2) ... (1) We define Adjusted EBITDA as net sales minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization) ... (2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Net Sales....
Eldorado Resorts’ Fourth Quarter Combined Net Revenue Rises 2.3% to $214.3 Million and Combined Adjusted EBITDA Increases 21.1% to $32.2 Million (Eldorado Resorts Inc)
Edit Public Technologies 10 Mar 2016
- Full Year 2015 Combined Net Revenue for Eldorado Resorts, Silver Legacy and Circus Circus Reno Totaled $901.5 Million with Adjusted EBITDA of $160.2 Million ... ($ in thousands) Adjusted EBITDA Adjusted EBITDA ... Total Adjusted EBITDA (3) (4) $ 32,230 $ 26,613 21.1 % $ 160,160 $ 146,627 9.2 % ... Other companies that provide EBITDA information may calculate EBITDA differently than we do ... OPERATING INCOME (LOSS) TO ADJUSTED EBITDA ... EBITDA....
Diversified Restaurant Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2015 Results (DRH - Diversified Restaurant Holdings Inc)
Edit Public Technologies 10 Mar 2016
Adjusted Restaurant-Level EBITDA, Adjusted EBITDA, and Adjusted Net Income are presented because ... Adjusted Restaurant-Level EBITDA and Adjusted EBITDA as presented may not be comparable to other similarly titled measures of other companies and our presentation of Adjusted Restaurant-Level EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual items....
Korn Ferry International Announces Third Quarter Fiscal 2016 Results of Operations (Korn Ferry International)
Edit Public Technologies 10 Mar 2016
adjusted net income, adjusted to exclude restructuring charges, integration/acquisition costs, separation costs and includes the deferred revenue adjustment related to the Hay Group acquisition, net of income tax effect; adjusted basic and diluted earnings per share, adjusted to exclude restructuring charges, integration/acquisition costs, ......
Aleris Reports Fourth Quarter and Full Year 2015 Results (Aleris International Inc)
Edit Public Technologies 10 Mar 2016
However, EBITDA, Adjusted EBITDA, segment Adjusted EBITDA and commercial margin are not financial measurements recognized under GAAP, and when analyzing our operating performance, investors should use EBITDA, Adjusted EBITDA, segment Adjusted EBITDA and commercial margin in addition to, and not as an alternative for, net income and loss ......
Orion Marine Group, Inc. Reports Fourth Quarter and Full Year 2015 Results (Orion Marine Group Inc)
Edit Public Technologies 10 Mar 2016
EBITDA and EBITDA Margin. This press release includes the financial measures 'EBITDA' and 'EBITDA margin.' These measurements may be deemed 'non-GAAP financial measures' under rules of the Securities and Exchange Commission, including Regulation G ... The Company includes EBITDA and EBITDA margin to provide transparency to investors as they are commonly used by investors and others in assessing performance....
Vale's performance in 2015 (Vale SA)
Edit Public Technologies 10 Mar 2016
Adjusted EBITDA was US$ 7.081 billion in 2015, 47% lower than in 2014 mainly as a result of lower sales prices which impacted EBITDA negatively by US$ 14.005 billion. Higher sales volumes and lower costs and expenses partly offset the EBITDA impact of lower prices by US$ 1.237 billion and US$ 6.746 billion, respectively. Adjusted EBITDA margin was 27.7% in 2015 ... Adjusted EBITDA margin was 23.6% in 4Q15....
Stable EBITDA, net result impacted by impairment charges and provisions (TAURON Polska Energia SA)
Edit Public Technologies 10 Mar 2016
TAURON Polska Energia SA) Sales revenue was PLN 18.4bn EBITDA topped PLN 3.5bn, while EBITDA margin was 19.2 percent Consolidated net loss as a consequence of the impairment charge related to the Group's generation assets and provisions, reached PLN 1.8bn High volumes in Distribution (up 2.7 percent yoy) and Generation (up 8.2 percent yoy) Segments that made the largest contribution to the company's earnings ... EBITDA ... EBITDA....
Revolution Lighting Technologies Reports Fourth Quarter and Full Year 2015 Financial Results (Revolution Lighting Technologies Inc)
Edit Public Technologies 10 Mar 2016
Revenues of $44.3M for Q4, an increase of 61.3% over Q4 2014 Gross margin of 33.5% Adjusted EBITDA of $4.5M Positive earnings per share and positive cash flow Revenues of $129.7M for FY 2015, an increase of 68.7% over FY 2014 Gross margin of 33.4% Adjusted EBITDA of $8.6M 2016 Revenue Guidance of $170M representing 31% (23% proforma organic) growth and adjusted EBITDA of $17M representing a 100% increase ... Adjusted EBITDA....
The Board of Directors approves the 2015 Draft Financial Statements (Parmalat SpA)
Edit Public Technologies 10 Mar 2016
NET REVENUE AND EBITDA INCREASE ... EBITDA increase by 22.1% at constant scope of consolidation and exchange rates and excluding the effect of hyperinflation in Venezuela (+1.1% at current exchange rates and scope of consolidation) ... growth rate of about 5% for net revenue and about 10% for EBITDA at constant exchange rates, considering for the new acquisitions pro forma 2015 comparative data and excluding the Venezuelan subsidiary ... EBITDA....
2015 annual results (Elis Services SA)
Edit Public Technologies 10 Mar 2016
Solid +6.3% revenue growth, EBITDA in line with expectations and further international development. Solid revenue growth and EBITDA in line with expectations despite the impact of the terrorist attacks in Paris ... EBITDA ... EBITDA margin ... EBITDA ... The definitions of organic revenue growth, EBITDA, EBITDA margin, EBIT, headline free cash-flow and adjusted net debt are in the "Financial definitions" section of this release ... EBITDA....
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