{"id":2229,"date":"2024-08-31T14:50:27","date_gmt":"2024-08-31T10:50:27","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=2229"},"modified":"2026-04-15T20:24:29","modified_gmt":"2026-04-15T16:24:29","slug":"operating-tax-rate","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/08\/31\/operating-tax-rate\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Forecasting a tax rate is a seemingly simple matter but needs to be detailed as it has a significant impact on the total value of the organization.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The corporate tax rate can be seen in 4 dimensions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Statutory tax rate<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Effective tax rate<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Operational tax rate<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Operating cash tax rate<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike the Statutory rate, effective rate statistics are often used to predict. However, effective rate variability may be very high, and it may also include temporary events that make the projections leading to a false valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Therefore, there is a notion of operational tax rate that describes a more stable, real and predictable rate based on repetitive operations. How to get to this rate:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Usually, In the declared financial reports we can find, so called, tax reconciliation table which describes the reasons for getting to effective rate &#8211; overseas profit tax rate, tax exemptions on R&#038;D, write-downs, etc. &#8211; See left table.<\/li>\n\n\n\n<li>In the table should be separated, one time and reoccurring lines, that are connected directly to ongoing operations.<\/li>\n\n\n\n<li>After that we arrange the history of operating taxes\n<ul class=\"wp-block-list\">\n<li>The calculation begins with EBITA, because amortization of capitalized intangible assets usually is not tax deductible, so we cannot reduce the taxable profits with this part.<\/li>\n\n\n\n<li>EBITA also includes interest expenses &#8211; as we do EV evaluation (not direct equity flow), the effect of saving taxes at interest expenses is reflected in the WACC.<\/li>\n\n\n\n<li>Based on EBITA, we get to an absolute figure that would have been paid as taxes if company be fully funded by common equity (no interest expenses) and had no various additional deviations from the additional set of rates (2018 = $ 4,611)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Then we need an absolute indicator of the remaining taxes, that is, the sum of the numbers that has been additionally paid and\/or saved by the corporation due to special rates, which are repeated in the long term. It is important here to consider what base the reconciliation table was based on. In our case this figure was EBT. Accordingly, we also calculate the absolute taxes (2018 = -160 $).<\/li>\n\n\n\n<li>Then we summarize and receive operating taxes and compare them with EBITA to find out what the real tax rate came out and what was historic statistics (2018 = 20.3%)<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">This table shows the real numbers of Walmart. Observe the latest line, how effective and operational tax rates are different, how can we be misled if we assumed 37% instead of 20% in the long run?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/tax-model.xlsx\">Excel File Here<\/a><\/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%3A7203086439742451712\">#VALUATION<\/a> \u2013 Measuring and Managing the Value of Companies, 7th Edition<br \/>McKinsey &#038; Company,<br \/>Tim Koller, Marc Goedhart, David Wessels<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1201\" height=\"374\" data-attachment-id=\"2237\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/08\/31\/operating-tax-rate\/image\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image.png?fit=1201%2C374&amp;ssl=1\" data-orig-size=\"1201,374\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image.png?fit=1024%2C319&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image.png?resize=1201%2C374&#038;ssl=1\" alt=\"\" class=\"wp-image-2237\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>\u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d4\u10e0\u10d7\u10d8 \u10e8\u10d4\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 \u10db\u10d0\u10e0\u10e2\u10d8\u10d5\u10d8 \u10e1\u10d0\u10d9\u10d8\u10d7\u10ee\u10d8\u10d0, \u10db\u10d0\u10e0\u10d2\u10d0\u10db \u10d3\u10d4\u10e2\u10d0\u10da\u10d4\u10d1\u10e8\u10d8 \u10e9\u10d0\u10e1\u10d5\u10da\u10d0\u10e1 \u10e1\u10d0\u10ed\u10d8\u10e0\u10dd\u10d4\u10d1\u10e1, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10e1 \u10d0\u10ee\u10d3\u10d4\u10dc\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10ef\u10d0\u10db\u10e3\u10e0 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0\u10d6\u10d4. \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10e2\u10d8\u10e3\u10da\u10d8 \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0\u10d5\u10d8\u10dc\u10d0\u10ee\u10dd\u10d7 4 \u10ed\u10e0\u10d8\u10da\u10e8\u10d8: \u10d3\u10d0\u10d3\u10d2\u10d4\u10dc\u10d8\u10da\u10d8 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8 \u10d4\u10e4\u10d4\u10e5\u10e2\u10e3\u10e0\u10d8 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8 \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":1158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[31110612,774675935,772262653],"tags":[4269,6635,3225,8862,4517],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445727],"eon_content_type":[],"eon_source":[784445709],"eon_idea":[784445699],"eon_framework":[],"class_list":["post-2229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-excel-models","category-valuation-measuring-and-managing-the-value-of-companies-by-mck-co-t-koller-m-goedhart-d-wessels","category-statement-reorganizations","tag-finance","tag-investing","tag-real-estate","tag-tax","tag-taxes","eon_level-intermediate","eon_source-valuation-measuring-and-managing-the-value-of-companies-by-mck-co-t-koller-m-goedhart-d-wessels","eon_idea-statement-reorganizations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Operating Tax Rate - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2024\/08\/31\/operating-tax-rate\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Operating Tax Rate - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d4\u10e0\u10d7\u10d8 \u10e8\u10d4\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 \u10db\u10d0\u10e0\u10e2\u10d8\u10d5\u10d8 \u10e1\u10d0\u10d9\u10d8\u10d7\u10ee\u10d8\u10d0, 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\u10d3\u10d0\u10d3\u10d2\u10d4\u10dc\u10d8\u10da\u10d8 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8 \u10d4\u10e4\u10d4\u10e5\u10e2\u10e3\u10e0\u10d8 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8 \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8 [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2024\/08\/31\/operating-tax-rate\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-31T10:50:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-15T16:24:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/tax.jpeg?fit=2048%2C1365&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta 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