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BUSINESS AVIATION AN ENTERPRISE VALUE PERSPECTIVE 2005 - 2010(17)

时间:2011-12-13 09:18来源:蓝天飞行翻译 作者:公务机

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To answer this question, we applied a weighting factor commonly used in market cap indexing. We used a baseline of 2005 calendar and applied end-of-year stock prices across all common shares outstanding. Since the companies in the S&P SmallCap 600 Index range from very small companies with less than $250 million in market cap to companies with $2.5 billion in market cap, we accounted for the effect of company size by looking at the change in performance measured over time, then calculated the average across all companies in each group.
The weighted results are presented in Figures 14 and 15. Weighting for size affected the overall results by providing a normalization effect on some (but not all) categories. More importantly, weighting did not change the overall conclusion that users outperformed nonusers across every category analyzed. This confirmed the veracity of the methodology by answering the question: “Does size matter?” The answer was: “The conclusions one may draw are nominally the same.”
 

 


NEXA . BUSINESS AVIATION . PART II . 11


12 . NEXA . BUSINESS AVIATION . PART II


NEXA . BUSINESS AVIATION . PART II . 13

 


14 . NEXA . BUSINESS AVIATION . PART II

 

NEXA . BUSINESS AVIATION . PART II . 15

NONFINANCIAL RESULTS
Why are nonfinancial value drivers important? A top priority for companies is long-term value creation - using every tool in the toolbox, financial and nonfinancial. The four key nonfinancial drivers (customer satisfaction, employee satisfaction, innovation, and risk management and compliance) are difficult to quantify. In lieu of a quantitative analysis of these factors, we relied on our interviews, surveys, and other sources to gauge performance.
Since enterprise value is market driven and partly based on share price, the market sets the current share price on near-term future value expectations by investors, stock analysts, and other experts given the complete set of evidence, both financial and nonfinancial. Some of these perspectives are directly shaped by management statements, company plans and promotional materials, and competitor information as well.
 
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