ebitda 기업의 평가에서 중요 지표중 하나

What is 'EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization'

EBITDA stands for earnings before interest, taxes, depreciation and amortization. EBITDA is one indicator of a company's financial performance and is used as a proxy for the earning potential of a business, although doing so has its drawbacks. Further, EBITDA strips out the cost of debt capital and its tax effects by adding back interest and taxes to earnings.

BREAKING DOWN 'EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization'

In its simplest form, EBITDA is calculated in the following manner:

EBITDA = Operating Profit + Depreciation Expense + Amortization Expense

The more literal formula for EBITDA is:

EBITDA = Net Profit + Interest +Taxes + Depreciation + Amortization

EBITDA is essentially net income with interest, taxes, depreciation and amortization added back to it. EBITDA can be used to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions. EBITDA is often used in valuation ratios and compared to enterprise value and revenue.

If you're interested in learning how to calculate EBITDA using MS Excel we've got it covered.

The Drawbacks of EBITDA

EBITDA is a non-GAAP measure that allows a greater amount of discretion as to what is and what is not included in the calculation. This also means that companies often change the items included in their EBITDA calculation from one reporting period to the next.

EBITDA first came into common use with leveraged buyouts in the 1980s, when it was used to indicate the ability of a company to service debt. As time passed, it became popular in industries with expensive assets that had to be written down over long periods of time. EBITDA is now commonly quoted by many companies, especially in the tech sector — even when it isn't warranted.

A common misconception is that EBITDA represents cash earnings. EBITDA is a good metric to evaluate profitability but not cash flow. EBITDA also leaves out the cash required to fund working capital and the replacement of old equipment, which can be significant. Consequently, EBITDA is often used as an accounting gimmick to dress up a company's earnings. When using this metric, it is key that investors also focus on other performance measures to make sure the company is not trying to hide something with EBITDA. To learn more about other key investing concepts, sign up for our Investing Basics newsletter.

Read more: EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization Definition | Investopedia http://www.investopedia.com/terms/e/ebitda.asp#ixzz4TwReAem4 
Follow us: Investopedia on Facebook

출처까지 따라온 글에 어떤 내용이 더 필요하겠는가만

요즘 눈에 밟히는 지수 에비따

ebitda

주식 투자에 있어서 이자와 세금으로 차감되는것들은

순수 지표에서 많은 영향을 주기도 하는데

특히 개발이 많은 소프트웨어 업체나 연구개발비가 유독 많이 들어가는 회사에서는

세제혜택 등의 이유로 그 가치가 많이 왜곡되는 현상이 발생하기도 한다.

진짜 가치를 눈으로 알아보는 방법은 

숫자를 얼마나 읽어내는가와

사람들의 심리상에서 얼마나 매력있게 느끼는가의 차이 아닐까?

ebitda는 유독 사람들의 관심에서 높이 평가를 받지 않지만

꼭 follow up 해야하는 지수의 종류임에 틀림없다.