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Market Value Added (MVA)

Difficulty: Advanced

Market value added (MVA) is the difference between a firms's fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.


MVA

Apple Inc., MVA calculation

USD $ in millions

 
Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013 Sep 29, 2012
Fair value of Commercial paper and long-term debt1
PV of operating lease payments2
Market value of common equity
Less: Marketable securities
Market (fair) value of Apple
Less: Invested capital3
MVA

Source: Based on data from Apple Inc. Annual Reports

1 Fair value of debt. See Details »

2 Present value of operating lease payments. See Details »

3 Invested capital. See Details »

Item Description The company
MVA Apple's market (fair) value less invested capital. Apple Inc.'s MVA declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.

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MVA Spread

Apple Inc., MVA spread calculation

 
Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013 Sep 29, 2012
Selected Financial Data (USD $ in millions)
Market value added (MVA)1
Invested capital2
Ratio
MVA spread3 % % % % % %

Source: Based on data from Apple Inc. Annual Reports

2017 Calculations

1 MVA. See Details »

2 Invested capital. See Details »

3 MVA spread = 100 × MVA ÷ Invested capital
= 100 × ÷ = %

Ratio Description The company
MVA spread The ratio of MVA to invested capital. It measures the efficiency with which investors' capital investment has translated into a franchise value and into an aggregate net present value premium. Apple Inc.'s MVA spread deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

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MVA Margin

Apple Inc., MVA margin calculation

 
Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013 Sep 29, 2012
Selected Financial Data (USD $ in millions)
Market value added (MVA)1
Net sales
Increase (decrease) in deferred revenue
Ratio
MVA margin2 % % % % % %

Source: Based on data from Apple Inc. Annual Reports

2017 Calculations

1 MVA. See Details »

2 MVA margin = 100 × MVA ÷ (Net sales + Change in deferred revenue)
= 100 × ÷ ( + ) = %

Ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Apple Inc.'s MVA margin deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

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