Ukugeleza kwemali kwamahhala (FCF): Kuyini nokuthi ngenzani

Ezweni eliyinkimbinkimbi lezezimali zebhizinisi, imethrikhi eyodwa igqama njengesibani sokucaca kwezimali: ukuhamba kwemali kwamahhala (FCF). I-FCF iyithuluzi elibalulekile elivumela abatshalizimali, abahlaziyi nabaholi bamabhizinisi ukuthi bahlole impilo yezezimali yenkampani kanye nekhono layo lokukhiqiza ukheshi ngemva kokumboza izindleko zayo zokusebenza nokutshalwa kwezimali okudingekayo. Kulesi sihloko, sizohlola kabanzi ukuthi iyini i-FCF, ibalwa kanjani, nokuthi kungani iyimethrikhi ebucayi.

Kuyini ukuhamba kwemali kwamahhala

Ukugeleza kwemali kwamahhala (FCF) kuwumqondo oyisisekelo emhlabeni wezezimali zebhizinisi nokubalwa kwezimali. Kuyimethrikhi ehlola impilo yezezimali yenkampani ngokulinganisa inani lemali etholakalayo ngemva kokukhokha zonke izindleko zokusebenza nokutshalwa kwezimali okudingekayo ukuze kugcinwe futhi kukhuliswe ibhizinisi. Ngamanye amazwi, i-FCF imele ikhono lenkampani lokukhiqiza imali eningi engase isetshenziselwe ukuklomelisa abaninimasheya, ukukhokha izikweletu, ukutshala imali kumaphrojekthi amasha, noma ukumboza noma yikuphi okunye ukusetshenziswa abaphathi benkampani abakubona kufanele.

ibhodi

Amamethrikhi amayelana nesimo sokugeleza kwemali kukaTesla. Umthombo: TIKR.

Kuyini ukungena kwemali kwamahhala?

I-FCF idlala indima ebalulekile ekuthathweni kwezinqumo zezezimali kubo bobabili abaphathi benkampani nabatshalizimali bangaphandle. Ngezansi okunye ukusetshenziswa okuyinhloko kwe-FCF:

  1. Ukuhlolwa kwezempilo kwezezimali: I-FCF ivumela abatshalizimali nabahlaziyi ukuthi bahlole ikhono lenkampani lokukhiqiza ukheshi ngemva kokuxhasa ngezimali ukusebenza kwayo nokwenza ukutshalwa kwezimali okukhulu. Ukukhiqizwa kwe-FCF ephezulu ngokuvamile kuyinkomba yenkampani eqinile ngokwezezimali.
  2. Isilinganiso senkampani: I-FCF isetshenziswa kumamodeli wokulinganisa, njengemodeli yokulinganisa ukugeleza kwemali okunesaphulelo (DCF), ukuze kunqunywe inani langaphakathi lenkampani. Abatshalizimali bangasebenzisa leli nani njengereferensi yokwenza izinqumo zokutshala izimali.
  3. Ukwenziwa Kwezinqumo Zamasu: Abaphathi benkampani bangasebenzisa i-FCF ukwenza izinqumo zamasu, njengokunquma ukuthi baphinde batshale ukheshi ekwandiseni ibhizinisi noma bayibuyisele kubanikazi bamasheya ngezinzuzo noma ukwabelana ngokuthenga.

Izinzuzo zokuhamba kwemali mahhala

I-FCF ihlinzeka ngezinzuzo ezimbalwa ezibalulekile kuzo zombili izinkampani nakubatshalizimali:

  1. Ukuba sobala kwezezimali: Inikeza umbono ocacile wekhono langempela lenkampani lokukhiqiza ukheshi, uma kuqhathaniswa nezinyathelo zenzuzo ezingase zibe ngaphansi kokukhohliswa kokubalwa kwezimali.
  2. Ukuphathwa kwensiza okusebenzayo: Isiza izinkampani ukuphatha kahle ukutshalwa kwezimali kwazo kwezimali futhi zigcine ibhalansi phakathi kokukhula nokuzinza kwezezimali.
  3. Ukuhlolwa kokusebenza: Ivumela abatshalizimali ukuthi bahlole ukusebenza kwenkampani ngokuhamba kwesikhathi futhi bakuqhathanise nezimbangi zayo embonini efanayo.

Imikhawulo Yokugeleza Kwemali Yamahhala

Ngaphandle kwezinzuzo zayo, i-FCF inemikhawulo ethile ebalulekile okufanele icatshangelwe:

  1. Linganisela ukuncika: Ukubala i-FCF kuvame ukuhlanganisa izilinganiso nokuqagela, okungaholela ekuziphatheni okuthile ekuchazeni kwayo.
  2. Ukushintshashintsha kwesizini: Izinkampani zingabhekana nokuguquguquka kwesizini ku-FCF yazo, okwenza ukuqhathanisa konyaka nonyaka kube nzima.
  3. Akunaphutha: I-FCF akuyona yodwa imethrikhi yokuhlola impilo yezezimali yenkampani. Kufanele isetshenziswe ngokuhambisana namanye amamethrikhi ezezimali ukuze uthole isithombe esiphelele.

Ukubalwa Kwamahhala Kwefomula Yokugeleza Kwemali

Ifomula eyisisekelo yokubala i-FCF ithi:

ifomula

Ifomula yokubala ukuhamba kwemali kwamahhala (FCF).

Kuphi:

  • I-EBIT imele izinzuzo ngaphambi kwenzalo nezintela.
  • T izinga lentela elisebenzayo.
  • Ukwehla kwenani kanye nokwehliswa kwemali kuyizindleko ezingezona ezemali ezengezwa ku-FCF.
  • Ushintsho ku-Net Working Capital lubonisa izinguquko ezimpahleni zamanje nezikweletu.
  • I-Capital Expenditures imelela ukutshalwa kwezimali ezimpahleni zesikhathi eside.

Isibonelo sokusebenzisa ifomula yokugeleza kwemali yamahhala

Ake sithi inkampani ine-EBIT ka-$1,000, izinga lentela elisebenzayo elingu-30%, i-$ 100 yokwehla kwenani kanye nenani lemali, ukukhuphuka kwama-$50 ku-Net Working Capital, kanye nama-$200 eziNdleni Zemali. Isibalo se-FCF sizoba:

I-FCF =1,000(1−0.30)+100−50−200=600I-FCF=1,000(1−0.30)+100−50−200=600

Ngakho-ke, kulesi sibonelo, inkampani inokugeleza kwemali kwamahhala kwama- $ 600 atholakalayo ngezinketho ezahlukahlukene zezimali. Ngamafuphi, ukuhamba kwemali kwamahhala kuyimethrikhi ebalulekile ehlinzeka ngolwazi olubalulekile mayelana nekhono lenkampani lokukhiqiza imali etholakala kubatshalizimali nezinye izidingo zebhizinisi. Ukubala nokuhlaziya kwayo kubalulekile ekwenzeni izinqumo zezezimali unolwazi.


Shiya umbono wakho

Ikheli lakho le ngeke ishicilelwe. Ezidingekayo ibhalwe nge *

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  1. Ubhekele imininingwane: Miguel Ángel Gatón
  2. Inhloso yedatha: Lawula Ugaxekile, ukuphathwa kwamazwana.
  3. Ukusemthethweni: Imvume yakho
  4. Ukuxhumana kwemininingwane: Imininingwane ngeke idluliselwe kubantu besithathu ngaphandle kwesibopho esisemthethweni.
  5. Isitoreji sedatha: Idatabase ebanjwe yi-Occentus Networks (EU)
  6. Amalungelo: Nganoma yisiphi isikhathi ungakhawulela, uthole futhi ususe imininingwane yakho.