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Microsoft Excel LibreOffice Calc

AT&T Inc. (T)


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

AT&T Inc., MVA calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Fair value of debt1 hidden hidden hidden hidden hidden
Operating lease liability hidden hidden hidden hidden hidden
Market value of common equity hidden hidden hidden hidden hidden
Noncontrolling interest hidden hidden hidden hidden hidden
Less: Investment securities hidden hidden hidden hidden hidden
Market (fair) value of AT&T hidden hidden hidden hidden hidden
Less: Invested capital2 hidden hidden hidden hidden hidden
MVA hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-20), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-20).

1 Fair value of debt. See Details »

2 Invested capital. See Details »

Item Description The company
MVA AT&T Inc.’s market (fair) value less invested capital. AT&T Inc.’s MVA declined from 2016 to 2017 and from 2017 to 2018.

MVA Spread

AT&T Inc., MVA spread calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (USD $ in millions)
Market value added (MVA)1 hidden hidden hidden hidden hidden
Invested capital2 hidden hidden hidden hidden hidden
Ratio
MVA spread3 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-20), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-20).

2018 Calculations

1 MVA. See Details »

2 Invested capital. See Details »

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

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. AT&T Inc.’s MVA spread deteriorated from 2016 to 2017 and from 2017 to 2018.

MVA Margin

AT&T Inc., MVA margin calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (USD $ in millions)
Market value added (MVA)1 hidden hidden hidden hidden hidden
Operating revenues hidden hidden hidden hidden hidden
Ratio
MVA margin2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-20), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-20).

2018 Calculations

1 MVA. See Details »

2 MVA margin = 100 × MVA ÷ Operating revenues
= 100 × hidden ÷ hidden = hidden

Ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. AT&T Inc.’s MVA margin deteriorated from 2016 to 2017 and from 2017 to 2018.