Il valore di una societá di capitali.
“L’azienda è composta prima dagli uomini che ci lavorano, poi dai macchinari ed infine dai muri.”
Questa visione bella e romantica di Enzo Ferrari descrivere la capacitá aziendale di trasformare i beni statici quali macchinari e muri in valori produttivi tramite le risorse dinamiche, ossia gli uomini che ci lavorano.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) é uno dei parametri che spesso viene utilizzato per la valutazione di una societá di capitali. Esso indica il Profitto dell’impresa prima del pagamento degli Interessi finaziari, Tasse, Deprezzamento e Ammortamento, ovvero indica solo la capacitá produttiva di un’azienda in valori monetari in un determinato periodo (normalmente anno fiscale), senza mettere in relazione il capitale investito e le leve finanziarie utilizzate.
EDIBTA é un dato del Conto Economico (Profit/Loss), il quale mostra la differenza tra il fatturato e le spese sostenute nel periodo in esame, ma non mostra se le fatture dei fornitori e/o dei clienti siano state pagate, ovvero se una societá ha crediti e/o debiti.
Per una corretta valutazione aziendale si dovrebbero utilizzare gli indici di liquiditá, redditivitá, indebitamento e flusso di cassa; ponendo in relazione i quattro principali rendiconti finanziari del bilancio di esercizio di un’impresa: Conto Economico; Stato Patrimoniale; Flussi di cassa; Patrimonio netto.
Lo Stato Patrimoniale (Balance Sheet) mostra la ricchezza dell’impresa.
Sono mostrati in modo positivo il valore dei beni materiali (Tangible Assets = macchinari e muri), soldi in banca, crediti nei confronti dei clienti per fatture non pagate e/o soldi prestati agli amministratori e mostra in modo negativo i debiti verso fornitori, banche, etc…, incluse imposte e tasse. La differenza tra I valori positivi e quelli negativi mostra il valore materiale della societá al quale spesso si aggiunge il valore di beni immateriali (Intangible Asset) quali brevetti, licenze o l’avviamento (Goodwill), quest’ultimo valutato sulla opportunitá futura di usufruire dell’acquisizione di un mercato di riferimento e di una organizzazione aziendale, per l’appunto, giá avviata.
Il rendiconto sui Flussi di Cassa (Cash Flow) mostra la liquiditá di un’azienda in relazione ad un periodo precedente, ponendo l’attenzione sull’efficienza dell’amministrazione nel gestire il magazzino, i debiti ed i crediti rispetto il passato.
Il Patrimonio Netto (Equity) mostra il Patrimonio disponibile per i soci in quel determinato momento qualora decidessero di liquidare la societá.
L’utilizzo di indici ricavati con metodi standard ci permette di confrontare e giudicare gli indci di una singola azienda con gli indici delle altre della stessa categoria, determinando in una fase comparativa l’efficienza aziendale rispetto una media di riferimento (Benchmark).
In conclusione, un’azienda dovrebbe essere valutata in modo comparato con altre aziende simili tramite degli indici standard, affinché si possa valutare l’efficienza sia del suo Stato Patrimoniale che della sua capacitá produttiva.
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