【出版时间及名称】：2010年2月CROCI专题研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：54
        【目录或简介】：
February Highlights Page 3 Other CROCI Contacts
Global CROCI Page 4
Christopher Town
+61(3) 9270 4178
christopher.town@db.com
Mauricio Zanini
+44 20 754 74916
mauricio.zanini@db.com
Market Overview Page 5
Sarvesh Agrawal
+44 20 754 59945
sarvesh.agrawal@db.com
Factor Returns Page 6
Contrarian View Page 8
Sector Views Page 10
Sector Views – Regional Focus Page 12
Sector Rankings Page 14
Sectors ranked within region according to CROCI
Values. Best /worst value stocks within sectors.
Stock Highlights Page 18
Summary of main themes from the best and worst
value stocks on pages 32 to 41 and introduction to
highlighted stocks on pages 18 to 30.
Stock Value Grids Page 32
Best and worst value stocks by region plus CSA
flags and consensus earnings estimate revisions.
Stock A to Z Page 42
Appendix A Page 51
Explanation of CROCI and CSA
Appendix 1 Page 52
Disclosures and Disclaimer
Definitions
Please see Appendix 1 for explanation of CROCI & CSA
Enterprise Value (EV): Market value of equity (market
cap), debt, and other liabilities, such as pension
underfunding, warranties, leases.
Net Capital Invested (NCI): Estimated replacement
value of the economic asset base, comprising the
inflation-adjusted tangible assets, capitalised intangible
assets (e.g brands, R&D), leases and net working capital
Cash Return on Capital Invested (CROCI): Real
economic cash return on the adjusted asset base,
calculated as an internal rate of return over the
company’s estimated asset life
Economic PE: EV/(CROCI * NCI) or (EV/NCI)/CROCI
Adjusted Economic PE (Ec PE’): As above but CROCI
below COC is replaced by the average of CROCI and
COC
Economic PE FY1 (EcPE FY1): Economic PE based on
forecast year 1 CROCI and forecast year 1 NCI
Economic PE 5YC (EcPE 5YC): Economic PE based on
current EV, forecast year 1 NCI and historical 5-year
average CROCI.
Cost of Capital (COC): Market-implied number that
equates the global aggregate EV with projected value
creation
CROCI Value: % upside(+)/downside(-) to fair value
based on Trend CROCI, Trend Growth in NCI (both
estimated by the CROCI team) and global COC
CROCI Value Score: 1 is Best Value (more than 50%
upside), 2 is Good Value (more than 25%, less than
50% upside), 3 is Fair Value (between 25% upside and
25% downside), 4 is Expensive (more than 25%
downside) and 5 is Challenging (more than 50%
downside).
Consensus Earnings Estimate Revisions: 60 day
change in consensus divided by share price
Rev +/-: Top or bottom tercile of revisions
This document is priced as of the close 11th February 2010,
unless otherwise stated