{"id":1680,"date":"2024-08-23T19:02:47","date_gmt":"2024-08-23T15:02:47","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1680"},"modified":"2026-04-19T17:20:53","modified_gmt":"2026-04-19T13:20:53","slug":"long-term-forecast","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/08\/23\/long-term-forecast\/","title":{"rendered":"\u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u10f0\u10dd\u10e0\u10d8\u10d6\u10dd\u10dc\u10e2\u10e1 \u10db\u10d8\u10e6\u10db\u10d0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1 \u10d2\u10d0\u10db\u10d0\u10e0\u10e2\u10d8\u10d5\u10d4\u10d1\u10e3\u10da\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d4\u10d1\u10d8\u10d7\u10d0\u10ea \u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d4\u10dc \u10ee\u10dd\u10da\u10db\u10d4, \u10e0\u10d0\u10ea \u10dd\u10e0 \u10e3\u10d9\u10d8\u10d3\u10e3\u10e0\u10d4\u10e1\u10dd\u10d1\u10d0\u10e1 \u10d8\u10ec\u10d5\u10d4\u10d5\u10e1. \u10e4\u10dd\u10e2\u10dd\u10d6\u10d4 \u10dc\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d8\u10d0 \u10d0\u10e1\u10d4\u10d7\u10d8 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10dc\u10d0\u10d2\u10e3\u10da\u10d8\u10e1\u10ee\u10db\u10d4\u10d1\u10d8 ROIC-\u10d8. <\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u10d3\u10d0\u10e8\u10d5\u10d4\u10d1\u10d0 \u10e0\u10dd\u10db ROIC = WACC <\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d0\u10e1\u10d4\u10d7 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e8\u10d8 ROIC-\u10d8\u10e1 WACC-\u10d8\u10d7 \u10e9\u10d0\u10dc\u10d0\u10ea\u10d5\u10da\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1, \u10d0\u10e1\u10d4\u10d7 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10d6\u10d4 \u10d2\u10d0\u10d5\u10d3\u10d8\u10d5\u10d0\u10e0\u10d7:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CV = NOPAT <sub>[t+1]<\/sub>\/ WACC <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e4\u10dd\u10e2\u10dd\u10d6\u10d4 \u10dc\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d8\u10d0, \u10e0\u10dd\u10db \u10d7\u10e3 \u10d0\u10db \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10d7 \u10d5\u10d8\u10e1\u10d0\u10e0\u10d2\u10d4\u10d1\u10da\u10d4\u10d1\u10d7, ROIC \u10db\u10d8\u10d8\u10e1\u10ec\u10e0\u10d0\u10e4\u10d8\u10e1 WACC-\u10d8\u10e1 \u10d9\u10d4\u10dc; \u10d3\u10d0 \u10d7\u10d0\u10dc g \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d1\u10d0\u10e1 \u10d3\u10d0\u10d9\u10d0\u10e0\u10d2\u10d0\u10d5\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e5\u10db\u10dc\u10d8\u10e1 \u10dc\u10d0\u10ec\u10d8\u10da\u10e8\u10d8.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. \u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d4\u10dc \u10d3\u10d0\u10e8\u10d5\u10d4\u10d1\u10d0\u10e1 \u10e0\u10dd\u10db \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0 \u10d2\u10d0\u10dc\u10d0\u10d2\u10e0\u10eb\u10dd\u10d1\u10e1 \u10d6\u10e0\u10d3\u10d0\u10e1 \u10e0\u10d0\u10e6\u10d0\u10ea \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10d7, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d0\u10e6\u10d4\u10db\u10d0\u10e2\u10d4\u10d1\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0\u10e1, \u10d3\u10d0 \u10d0\u10db\u10d8\u10e2\u10dd\u10db NOPAT-\u10d8\u10e1 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1 \u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d4\u10dc \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8\u10e1 \u10db\u10d0\u10d2\u10d8\u10d5\u10e0\u10d0\u10d3 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 WACC-\u10d8\u10d7, \u10d0\u10dc\u10e3 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc \u10d0\u10e1\u10d4\u10d7 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CV = NOPAT<sub>[t+1]<\/sub>\/ (WACC-g) <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e1\u10d0\u10e5\u10db\u10d4 \u10d8\u10db\u10d0\u10e8\u10d8\u10d0, \u10e0\u10dd\u10db \u10d0\u10db \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10db\u10d3\u10d4 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10d3\u10d0\u10dc \u10d3\u10d0\u10d5\u10d0\u10da\u10d7 \u10d8\u10db \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d7\u10e3 \u10d3\u10d0\u10d5\u10e3\u10e8\u10d5\u10d4\u10d1\u10d7 \u10e0\u10dd\u10db ROIC \u10db\u10d8\u10d8\u10e1\u10ec\u10e0\u10d0\u10e4\u10d8\u10e1 \u10e3\u10e1\u10d0\u10e1\u10e0\u10e3\u10da\u10dd\u10d1\u10d8\u10e1\u10d9\u10d4\u10dc.  \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 \u10d5\u10d8\u10e6\u10d4\u10d1\u10d7 \u10db\u10d4\u10dd\u10e0\u10d4 \u10e3\u10d9\u10d8\u10d3\u10e3\u10e0\u10d4\u10e1\u10dd\u10d1\u10d0\u10e1&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd:<br \/><a href=\"https:\/\/www.linkedin.com\/feed\/hashtag\/?keywords=valuation&#038;highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7196387440012492800&#038;lipi=urn%3Ali%3Apage%3Ad_flagship3_groups_entity%3Bn8tFGCQ4Rk%2BDjUVPkndxKw%3D%3D\">#VALUATION<\/a> \u2013 Measuring and Managing the Value of Companies<br \/>7th Edition<br \/>McKinsey &#038; Company<br \/>Tim Koller, Marc Goedhart, David Wessels<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u10f0\u10dd\u10e0\u10d8\u10d6\u10dd\u10dc\u10e2\u10e1 \u10db\u10d8\u10e6\u10db\u10d0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1 \u10d2\u10d0\u10db\u10d0\u10e0\u10e2\u10d8\u10d5\u10d4\u10d1\u10e3\u10da\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d4\u10d1\u10d8\u10d7\u10d0\u10ea \u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d4\u10dc \u10ee\u10dd\u10da\u10db\u10d4, \u10e0\u10d0\u10ea \u10dd\u10e0 \u10e3\u10d9\u10d8\u10d3\u10e3\u10e0\u10d4\u10e1\u10dd\u10d1\u10d0\u10e1 \u10d8\u10ec\u10d5\u10d4\u10d5\u10e1. \u10e4\u10dd\u10e2\u10dd\u10d6\u10d4 \u10dc\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d8\u10d0 \u10d0\u10e1\u10d4\u10d7\u10d8 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10dc\u10d0\u10d2\u10e3\u10da\u10d8\u10e1\u10ee\u10db\u10d4\u10d1\u10d8 ROIC-\u10d8. \u10d0\u10e1\u10d4\u10d7 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e8\u10d8 ROIC-\u10d8\u10e1 WACC-\u10d8\u10d7 \u10e9\u10d0\u10dc\u10d0\u10ea\u10d5\u10da\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1, \u10d0\u10e1\u10d4\u10d7 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10d6\u10d4 \u10d2\u10d0\u10d5\u10d3\u10d8\u10d5\u10d0\u10e0\u10d7: \u10e4\u10dd\u10e2\u10dd\u10d6\u10d4 \u10dc\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d8\u10d0, \u10e0\u10dd\u10db \u10d7\u10e3 \u10d0\u10db \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10d7 \u10d5\u10d8\u10e1\u10d0\u10e0\u10d2\u10d4\u10d1\u10da\u10d4\u10d1\u10d7, ROIC \u10db\u10d8\u10d8\u10e1\u10ec\u10e0\u10d0\u10e4\u10d8\u10e1 WACC-\u10d8\u10e1 \u10d9\u10d4\u10dc; \u10d3\u10d0 \u10d7\u10d0\u10dc g \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d1\u10d0\u10e1 \u10d3\u10d0\u10d9\u10d0\u10e0\u10d2\u10d0\u10d5\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e5\u10db\u10dc\u10d8\u10e1 \u10dc\u10d0\u10ec\u10d8\u10da\u10e8\u10d8. 2. \u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d4\u10dc \u10d3\u10d0\u10e8\u10d5\u10d4\u10d1\u10d0\u10e1 \u10e0\u10dd\u10db \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0 \u10d2\u10d0\u10dc\u10d0\u10d2\u10e0\u10eb\u10dd\u10d1\u10e1 \u10d6\u10e0\u10d3\u10d0\u10e1 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