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Booking Holdings Inc. (BKNG)
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
Booking Holdings Inc., MVA calculation
US$ in millions
Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-17), 10-K (filing date: 2015-02-19).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Booking Holdings Inc.’s market (fair) value less invested capital. | Booking Holdings Inc.’s MVA increased from 2016 to 2017 but then slightly declined from 2017 to 2018. |
MVA Spread Ratio
Booking Holdings Inc., MVA spread ratio calculation
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
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| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | |
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| Invested capital2 | |
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| Performance Ratio | ||||||
| MVA spread ratio3 | |
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Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-17), 10-K (filing date: 2015-02-19).
1 MVA. See details »
2 Invested capital. See details »
3 2018 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
| Performance ratio | Description | The company |
|---|---|---|
| MVA spread ratio | 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. | Booking Holdings Inc.’s MVA spread ratio improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018. |
MVA Margin
Booking Holdings Inc., MVA margin calculation
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
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| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | |
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| Revenues | |
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| Performance Ratio | ||||||
| MVA margin2 | |
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Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-17), 10-K (filing date: 2015-02-19).
1 MVA. See details »
2 2018 Calculation
MVA margin = 100 × MVA ÷ Revenues
= 100 × ÷ =
| Performance ratio | Description | The company |
|---|---|---|
| MVA margin | The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. | Booking Holdings Inc.’s MVA margin ratio deteriorated from 2016 to 2017 and from 2017 to 2018. |