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BUSINESS AVIATION – AN ENTERPRISE VALUE PERSPECTIVE 2003 – 2009(26)

时间:2011-12-13 09:13来源:蓝天飞行翻译 作者:公务机

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EBIT (Earnings Before Interest and Taxes) and EBITDA growth (Earnings Before Interest, Taxes, Depreciation, and Amortization) both provide a strong reflection of company momentum. Key contributors toward EBIT and EBITDA growth include a company’s ability to contain costs and enhance productivity and quality. Users and nonusers share advantage when examining the EBIT and EBITDA metrics on an unweighted basis. However, once weighting the results, users hold a clear advantage.


Figure 8: EBIT GROWTH
YEAR-OVER-YEAR INCREASE/DECREASE IN EARNINGS
BEFORE INTEREST AND TAXES
2003-2007


Figure 9: EBITDA GROWTH
YEAR-OVER-YEAR INCREASE/DECREASE IN EARNINGS
BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION
2003-2007
SHAREHOLDER VALUE
As owning.stock.represents.a partial ownership stake in a company, including all its.equity, capi-talization can be seen to represent the public opinion of a company’s. future worth. This public valuation adjusts every day in stock price fluctuations driven by opinions of investors and analysts who study the underlying drivers of shareholder value for clues as to future worth. Investors earn profits by realizing stock appreciation and earning dividends, if offered, on their shares. This total return metric (stock price plus divided) encompasses the total value to shareholders. Companies utilizing business aircraft provided 88 percent (1.88 to 1) more total return to shareholders from 2003-2007 than nonusers (3.52 to 1 weighted).


Figure 10: SHAREHOLDER RETURN
YEAR-OVER-YEAR INCREASE/DECREASE IN STOCK PRICE AND DIVIDENDS
2003-2007
Again, it is important to clarify that our results should not be interpreted to infer that operating business aircraft will necessarily increase stock price. Whether or not to utilize aircraft as a busi-ness tool is merely one of many daily decisions made by management teams. Our analysis simply states business aviation is a common characteristic among this subset of firms.
 
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