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Income Statement
Balance Sheet
• TA = D + E
• PM = NOI/S
• TAU = S/TA
• ROI = NOI/TA
• Note that ROI = PM * TAU
• ROE = NIAT/E
• i = I/D
DuPont analysis equations
• ROE is partitioned into two additive components - that which can be ascribed to
operations and an additional component due to financial leverage. It is an
analytical tool and not a computational tool.
Definitions
• DOL = [dNOI/NOI]/[dS/S]
• = [dNOI/dS] * [S/NOI]
• = (1-vc/s)*S/NOI
• = (NOI+FC)/NOI
• DFL = [dNIAT/NIAT]/[dNOI/NOI]
• = [dNIAT/dNOI]*[NOI/NIAT]
• = (1-t)*NOI/NIAT
• = [(1-t)*NOI]/[(1-t)*(NOI-I)]
• = NOI/(NOI-I)
• ROI = NOI/TA
• = (NOI/S)*(S/TA)
• = PM*TAU
• ROE = NIAT/E
• = (1-t)*(NOI-I)/E
• = (1-t)*(ROI*TA - I)/E
• = (1-t)*(ROI*(D+E) - I)/E
• = (1-t)*(ROI*D + ROI*E - I)/E
• = (1-t)*(ROI*D + ROI*E - i*D)/E
• = (1-t)*(ROI*D/E + ROI*E/E - i*D/E)
• = (1-t)*[ROI + (D/E)*(ROI-i)]