{"id":1522,"date":"2024-12-02T14:16:22","date_gmt":"2024-12-02T11:16:22","guid":{"rendered":"https:\/\/market-monitor.staginghub.net\/?p=1522"},"modified":"2024-12-02T15:25:24","modified_gmt":"2024-12-02T12:25:24","slug":"sectiunea-de-educatie-indicatorii-ebitda-si-ev-ebitda","status":"publish","type":"post","link":"https:\/\/market-monitor.staginghub.net\/ro\/2024\/12\/02\/sectiunea-de-educatie-indicatorii-ebitda-si-ev-ebitda\/","title":{"rendered":"SECTIUNEA DE EDUCATIE: INDICATORII EBITDA SI EV\/EBITDA"},"content":{"rendered":"\n<p>ANALIZA FUNDAMENTALA<\/p>\n\n\n\n<p>Articol publicat in nr. 15 al Newsletter-ului din data de 2 decembrie 2024.<\/p>\n\n\n\n<p>\u00cen acest articol vom vorbi despre doi indicatori de profitabilitate care sunt folosi\u021bi \u00een analiza fundamental\u0103 a unei companii : EBITDA \u0219i indicatorul calculat pe baza acestuia, EV\/EBITDA.<\/p>\n\n\n\n<p><strong>Ce este \u0219i cum se calculeaza EBITDA ?<\/strong><\/p>\n\n\n\n<p>EBITDA (earnings before interest, taxes, depreciation and amortization) s-ar traduce prin castiguri \u00eenainte de dob\u00e2nzi, taxe, depreciere \u0219i amortizare.<\/p>\n\n\n\n<p>Dup\u0103 cum sugereaz\u0103 \u0219i numele, formula de calcul este urm\u0103toarea :<\/p>\n\n\n\n<p><strong>EBITDA = profit net + dob\u00e2nzi + taxe + depreciere + amortizare<\/strong><\/p>\n\n\n\n<p><strong>Cum a aparut EBITDA?<\/strong><\/p>\n\n\n\n<p>Deoarece profitul net poate fi influen\u021bat de politici locale privind rata de taxare a acestuia precum \u0219i rata de depreciere \u0219i amortizare a activelor fixe, EBITDA elimina aceste neajunsuri.<\/p>\n\n\n\n<p>Aten\u021bie \u00eens\u0103 : EBITDA nu este un indicator standard inclus \u00een situa\u021biile financiare publicate de companiile listate. Prezentarea lui este op\u021bional\u0103 \u0219i uneori trebuie calculat separat.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>EBITDA utilizat \u00een evaluare (EV\/EBITDA)<\/strong><\/p>\n\n\n\n<p>Un indicator derivat din EBITDA este Enterprise Value\/EBITDA&nbsp; (EV \/EBITDA).<\/p>\n\n\n\n<p><strong>Cum se calculeaz\u0103 EV\/EBITDA ?<\/strong><\/p>\n\n\n\n<p><strong>EV\/ EBITDA = \u200bValoarea companiei (EV)\/ EBITDA<\/strong><\/p>\n\n\n\n<p>Unde :<\/p>\n\n\n\n<p>EV = Enterprise Value (valoarea companiei) = capitalizarea companiei + total \u00eemprumuturi \u2212 numerar \u0219i echivalente de numerar<br><\/p>\n\n\n\n<p><strong>Interpretarea indicatorului EV\/ EBITDA :<\/strong><\/p>\n\n\n\n<p>Atunci c\u00e2nd se compar\u0103 dou\u0103 companii, raportul Enterprise Value\/EBITDA poate fi utilizat pentru a ar\u0103ta investitorilor dac\u0103 o companie este supraevaluat\u0103 (raport ridicat) sau subevaluat\u0103 (raport sc\u0103zut).<\/p>\n\n\n\n<p>Este important s\u0103 compar\u0103m companii din acela\u0219i sector \u0219i industrie, deoarece diferitele industrii au indicatori EV\/ EBITDA foarte diferi\u021bi (valori mari pentru industriile cu cre\u0219tere mare, rate sc\u0103zute pentru industriile cu cre\u0219tere sc\u0103zut\u0103).&nbsp;<\/p>\n\n\n\n<p><strong>Exemplu de calcul EBITDA \u0219i EV\/EBITDA<\/strong><\/p>\n\n\n\n<p><strong>Calculul EBITDA<\/strong><\/p>\n\n\n\n<p>Ca exemplu vom calcula cei doi indicatori pentru compania AppLovin Corporation (simbol APP) la 30 septembrie 2024.<\/p>\n\n\n\n<p>Pentru calculul indicatorilor avem nevoie de datele publicate \u00een situa\u021biile financiare pentru ultimele 12 luni (TTM) :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1. Profitul net pentru ultimele 12 luni (TTM) \u00eel g\u0103sim \u00een Contul de profit \u0219i pierdere (cifrele sunt exprimate in mii USD) :\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"670\" height=\"421\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_1_net-income.png\" alt=\"\" class=\"wp-image-1525\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_1_net-income.png 670w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_1_net-income-300x189.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_1_net-income-150x94.png 150w\" sizes=\"(max-width: 670px) 100vw, 670px\" \/><\/figure>\n\n\n\n<p>Sursa:<a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/financials\/\"> AppLovin Corporation (APP) Income Statement &#8211; Yahoo Finance<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2. Cheltuielile cu dob\u00e2nzile, precum \u0219i cheltuielile cu taxele la ultimele 12 luni le g\u0103sim de asemenea \u00een Contul de profit \u0219i pierdere :&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"542\" height=\"219\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_2_int.-exp.png\" alt=\"\" class=\"wp-image-1527\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_2_int.-exp.png 542w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_2_int.-exp-300x121.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_2_int.-exp-150x61.png 150w\" sizes=\"(max-width: 542px) 100vw, 542px\" \/><\/figure>\n\n\n\n<p><strong>Sursa:<\/strong><a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/financials\/\"><strong> <\/strong><strong>AppLovin Corporation (APP) Income Statement &#8211; Yahoo Finance<\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"78\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_3_tax-provision.png\" alt=\"\" class=\"wp-image-1530\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_3_tax-provision.png 525w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_3_tax-provision-300x45.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_3_tax-provision-150x22.png 150w\" sizes=\"(max-width: 525px) 100vw, 525px\" \/><\/figure>\n\n\n\n<p><strong>Sursa:<\/strong><a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/financials\/\"><strong> <\/strong><strong>AppLovin Corporation (APP) Income Statement &#8211; Yahoo Finance<\/strong><\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>3. Cheltuielile cu deprecierea \u0219i amortizarea la ultimele 12 luni le g\u0103sim \u00een Situa\u021bia fluxurilor de Trezorerie :&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"530\" height=\"216\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_4_depreciation-and-amotiz.png\" alt=\"\" class=\"wp-image-1532\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_4_depreciation-and-amotiz.png 530w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_4_depreciation-and-amotiz-300x122.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_4_depreciation-and-amotiz-150x61.png 150w\" sizes=\"(max-width: 530px) 100vw, 530px\" \/><\/figure>\n\n\n\n<p><strong>Sursa:<\/strong><a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/cash-flow\/\"><strong> <\/strong><strong>AppLovin Corporation (APP) Cash Flow &#8211; Yahoo Finance &#8211; Yahoo Finance<\/strong><\/a><\/p>\n\n\n\n<p>Astfel, EBITDA calculat pe baza informa\u021biilor de mai sus este :<\/p>\n\n\n\n<p>EBITDA = 1.152.805 + 295.645 + 86.972+ 439.954 = &nbsp; 1.975.376 mii USD<\/p>\n\n\n\n<p><strong>Calculul EV \/EBITDA<\/strong><\/p>\n\n\n\n<p>Vom calcula \u00een continuare valoarea companiei APP la 30 septembrie 2024.<\/p>\n\n\n\n<p>Pentru aceasta avem nevoie&nbsp; de :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1. Capitalizarea companiei, care la data de 29 noiembrie 2024 este de 113,08 miliarde USD.<\/li>\n\n\n\n<li>2. Datoriile companiei la data de 30 septembrie 2024:<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"535\" height=\"314\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_6_debt-.png\" alt=\"\" class=\"wp-image-1534\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_6_debt-.png 535w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_6_debt--300x176.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_6_debt--150x88.png 150w\" sizes=\"(max-width: 535px) 100vw, 535px\" \/><\/figure>\n\n\n\n<p><strong>Sursa:<\/strong><a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/balance-sheet\/\"><strong> <\/strong><strong>AppLovin Corporation (APP) Balance Sheet &#8211; Yahoo Finance<\/strong><\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>3. Numerarul \u0219i echivalentele de numerar la data de 30 septembrie 2024:&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"531\" height=\"147\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_5_cash-.png\" alt=\"\" class=\"wp-image-1536\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_5_cash-.png 531w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_5_cash--300x83.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_5_cash--150x42.png 150w\" sizes=\"(max-width: 531px) 100vw, 531px\" \/><\/figure>\n\n\n\n<p><strong>Sursa:<\/strong><a href=\"https:\/\/finance.yahoo.com\/quote\/APP\/balance-sheet\/\"><strong> <\/strong><strong>AppLovin Corporation (APP) Balance Sheet &#8211; Yahoo Finance<\/strong><\/a><\/p>\n\n\n\n<p>Pentru simplificare lucram cu cifrele exprimate \u00een mii USD:<\/p>\n\n\n\n<p>EV = 113.080.000&nbsp; + 3.474.456&nbsp; &#8211; 567.596 = 115.986.860 mii USD<\/p>\n\n\n\n<p>Acum putem calcula EV\/ EBITDA:<\/p>\n\n\n\n<p>EV\/ EBITDA = &nbsp; 1.975.376 \/ 115.986.860 = 0,5872<\/p>\n\n\n\n<p>EV\/ EBITDA se exprima in procente adica 58,72%.<\/p>\n\n\n\n<p><strong>Cum interpretam indicatorul EV\/EBITDA?<\/strong><\/p>\n\n\n\n<p>Pentru aceasta avem nevoie de EV\/ EBITDA pentru companii similare din acelasi sector \u0219i respectiv&nbsp; industrie. Am comparat mai jos AppLovin cu companiile similare din sectorul Technology, industria Software Application care au capitalizare mai mare dec\u00e2t APP:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"575\" height=\"77\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_7_EV-average-.png\" alt=\"\" class=\"wp-image-1538\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_7_EV-average-.png 575w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_7_EV-average--300x40.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/12\/Analiza_7_EV-average--150x20.png 150w\" sizes=\"(max-width: 575px) 100vw, 575px\" \/><\/figure>\n\n\n\n<p><strong><\/strong>Sursa: Yahoo finance<\/p>\n\n\n\n<p>Observam ca APP are o valoare EV\/EBITDA peste media celorlal\u021bi competitori. Acest lucru ne indica faptul c\u0103 APP este supraevaluata.<\/p>\n\n\n\n<p><strong>Concluzie: EBITDA este un indicator folosit \u00een analiza fundamental\u0103 pentru o compara\u021bie mai precis\u0103 \u00eentre companii care activeaz\u0103 \u00een jurisdic\u021bii diferite. Indicatorul EV\/EBITDA ne arat\u0103 dac\u0103 o companie este supra sau subevaluata. \u00cens\u0103 pentru a lua o decizie de investi\u021bie, ace\u0219ti doi indicatori trebuiesc corela\u021bi cu al\u021bi indicatori de analiza fundamental\u0103.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ANALIZA FUNDAMENTALA Articol publicat in nr. 15 al Newsletter-ului din data de 2 decembrie 2024. \u00cen acest articol vom vorbi despre doi indicatori de profitabilitate care sunt folosi\u021bi \u00een analiza fundamental\u0103 a unei companii : EBITDA \u0219i indicatorul calculat pe baza acestuia, EV\/EBITDA. Ce este \u0219i cum se calculeaza EBITDA ? EBITDA (earnings before interest, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[72],"tags":[103,97,98,99,95,96,102,101,100],"class_list":{"0":"post-1522","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-educatie-ro","8":"tag-adp","9":"tag-app","10":"tag-applovin","11":"tag-crm","12":"tag-ebitda","13":"tag-ev-ebitda","14":"tag-intu","15":"tag-now","16":"tag-uber-ro"},"acf":[],"_links":{"self":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1522"}],"collection":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/comments?post=1522"}],"version-history":[{"count":6,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1522\/revisions"}],"predecessor-version":[{"id":1542,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1522\/revisions\/1542"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/media\/1546"}],"wp:attachment":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/media?parent=1522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/categories?post=1522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/tags?post=1522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}