Сопоставление методов стоимостной модели управления: DCF и EVA
| Параметры сопоставления: | Методы добавленной стоимости (EVA) | Метод дисконтированного денежного потока (DCF) |
| Учет денежных потоков (ДП) | прогноз только части будущих денежных потоков, которые «добавляют» РСП | прогноз всех ДП на длительном промежутке времени |
| Возможность определения текущего значения РСП и мониторинга ее изменения | тесная связь текущих и долгосрочных показателей | дает оценку в конкретный момент времени, но не позволяет проводить мониторинг |
| Учет ранее созданных активов | учитываются все инвестированные активы | не учитывает прошлую деятельность |
Критерии оценки эффективности управления
| Методы | Создание стоимости | Стабилизация стоимости (равновесное состояние) | Разрушение (потеря) стоимости |
| DCF |  |  |  |
| EVA |  |  |  |
Определение вида РСП, ставки дисконтирования в EVA и DCF
| Парамет-ры: | Проект как инновация | Инновационный проект в стадии реализации | |||
| Создание проектной компании | На действующем предприятии | ||||
| без учета финан-я | с учетом финан-я | без учета финан-я | с учетом финан-я | ||
| поток | FCF | FCF | FCFE | FCF | FCFE |
| Ставка, i |  |  |  | WACC | |
| Стои-мость | NPVпроекта | NPVбизнеса | NPVакцион. капитала | NPVпредприятия с проектом | NPV акц. капитала предп. с проектом |
Приложение 2. Методика формирования финансовых показателей EBIT, EBITDA, FCFF
Free Cash Flows can be computed in a variety of equivalent ways. One way is directly from the Non US GAAP number Earnings Before Interest and Taxes (EBIT). For this method the following notation is again used[34]:
FCFF = Free Cash Flow to the Firm
NI = Net Income after Tax
EBIT = Earnings Before Interest and Taxes
OCF = Cash Flows from Operating Activities
Am = Depreciation and Amortizations
ONCI = Other Non-Cash Items
ΔNWC = Change in Working Capital (itemized in the Cash Flow Statement)
This is simple because of the relationship between EBIT and Net Income:
Tc = Effective Tax Rate
CAPEX = Capital Expenditure
Calculating FCFF from EBIT
EBIT is related to cash flows from operations (OCF), as measured under US GAAP, as follows:
Substituting into FCFF and cancelling out the Interest*(1 – Tax Rate) terms we get:
F 
CAPEX can be computed directly from the Investing Activities section of the Cash Flow Statement or it can be computed indirectly by reconciling the change in real assets for the period in terms of Depreciation expense and CAPEX such that, CAPEX equals change in real assets plus Depreciation.
EBITDA Form of FCFF
EBITDA is Earnings Before Interest, Taxes, Depreciation and Amortization. It is a non US GAAP measure that is often used as an approximation for cash flow from operations. It is popular because it differs from cash flow from operations under US GAAP by excluding interest and changes in working capital. These differences will become clear in the following reconciliation of EBITDA and FCFF.
Free Cash Flow to the Firm can be derived from EBITDA as follows. First, we note the differences between EBITDA and Net Income are as follows:
Therefore, EBITDA is related to cash flows from operations (CFO) as follows:
ONCI is again Other Non-Cash Items and Am is depreciation and amortization.
Canceling out the common DA terms to get:
Substituting into FCFF and cancelling out the 
terms we get:
The above form allows FCFF to be computed directly from EBITDA.