финансы 2012

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<ul><li> 1. ESG ., .</li></ul> <p> 2. , 50% . 5- . EVA 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5% 80% 82% 83% 85% 87% 89% 91% 93% 95% 98%10% 65% 66% 67% 68% 70% 71% 73% 74% 76% 78%15% 52% 53% 54% 55% 56% 58% 59% 60% 61% 62%EVA 20% 43% 44% 44% 45% 46% 47% 48% 49% 49% 50%25% 35% 36% 37% 37% 38% 38% 39% 40% 40% 41%30% 29% 30% 30% 31% 31% 32% 32% 33% 33% 34%35% 25% 25% 25% 26% 26% 26% 27% 27% 28% 28%40% 21% 21% 21% 21% 22% 22% 22% 23% 23% 23%2 3. EBOP-modelVBM EVACVAwe 3 4. 1 2 3 4 5 6 7 8 9 10 11 12 4 5. 5 6. 12MCapP/B ROEBeta Rey = 14.66x + 0.33910R = 0.897 TJX$34,49B 10,01 57%0,44 4,26% 8 GAP$17,49B 5,7646%1,29 9,26% 6 Nordstrom$11,54B 6,2141%1,39 9,84% 4 American Eagle Outfitters$4,12B2,8212%0,87 6,79% 2 Abercrombie &amp; Fitch$2,97B1,727% 2,01 13,49% Guess 0$2,92B2,4921%1,89 12,78% 0%10% 20% 30% 40%50% 60%Rf = 1,67% (10 yrTBond)6ERP = 5,88% (damodaran.com) 7. TJX vs. 7 8. Abercrombie &amp; Fitch vs. 8 9. Abercrombie &amp; Fitch vs. TJX9 10. ESG (Environmental, Social and Governance) ESG , , . ESG , . CFA (DVFA) ESG .10 11. ESG EV/IC? R^2P- R^2P- 2007 0,3963 0,1571 0,0113 2007 0,5956 0,3548 0,0410 2008 0,3417 0,1168 0,0308 2008 0,3670 0,1347 0,1341 2009 0,3475 0,1207 0,0280 2009 0,2347 0,0551 0,3192 2010 0,3457 0,1195 0,0289 2010 0,0723 0,0052 0,761711 12. ESG12 13. Profile Centmillion AG : :Centmillion AGteimuraz@centmillion.com teimuraz.vashakmadze@gmail.com 13 </p>