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Presented by NURFAZIAN BINTI KASIM ZP00857 SAIDATIL SYAZWANI BINTI ZULKIFFLI ZP00902 HASHIMAH BINTI HASHIM ZP00894
2. Financial ratios
Adjusts for size differ-ences (a Based on book, not market, relative, not absolute, measure) values Provides comparative measures Influenced by GAAP choices of efficiency and growth
EPS influenced by GAAP 3. Earnings per share (EPS) and Widely-used measures of price/earnings ratios performance choices Linked to market price of stock EPS is not a cash flow P/E difficult to interpret Sensitive to choice of observation period
Weaknesses
Cash flow based Sensitive to choice of Market value based observation period Permits benchmarking vs. other Needs to be risk adjusted investments
Risk adjusted Permits benchmarking Theoretically linked to market values Logically appealing Increasingly widely used
Weakening Better than FedEx Consistently low Better than FedEx Lower than FedEx 8
27.54% 6.98%
13.89% 34.30% 8
Total market returns Cum. total return (1992 2003) Cum. return net of S&P (19922003) Economic profit EVA 2003 Cumulative for 19922003 EVA Market value added
528.02% 372.83%
705.95% 550.75% 9, 10
1993 2 .7
19 9 4 4.3
1 9 95 3 .4
1996 4 .4
1 9 97 6 .0
1998 9 .5
1999 1 6 .3
2000 1 0 .1
20 0 1 1 1 .9
2 0 02 16 .1
2 00 3 1 9 .1
(24 6 ) (50 7 )
(1 5 4 ) (6 6 1 )
(1 1 5) (7 7 7)
(2 1 9 ) (9 9 5 )
(2 1 5 ) (1 ,2 1 0 )
(1 0 2 ) (1 ,3 1 2 )
(1 9 0 ) (1 ,5 0 2 )
(1 5 1 ) (1 ,6 5 3 )
(39 6 ) (2,0 4 9 )
(3 7 3) (2 ,4 2 2 )
170 (2 ,2 5 2
F e d E x C o rp . E c o n o m ic P ro fit
500 25
-1500
10
-2000
5 -2500
-3000 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Market value of equity (US$ billions) EVATM Annual EVA (US$ millions) Cumulative EVA (US$ millions)
(70) (70)
(17) (87)
(158) (246)
217 (28)
74 45
(138) (92)
405 313
949 1,262
881 2,143
599 2,741
392 3,133
1,195 4,328