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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

Allergan PLC, MVA calculation

USD $ in thousands

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Fair value of Long-term debt and capital leases, including current portion1
PV of operating lease payments2
Market value of common equity
Preferred shares, $0.0001 par value per share
Noncontrolling interest
Less: Marketable securities
Market (fair) value of Allergan
Less: Invested capital3
MVA

Source: Based on data from Allergan PLC 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 Allergan's market (fair) value less invested capital. Allergan PLC's MVA declined from 2015 to 2016 and from 2016 to 2017.

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MVA Spread

Allergan PLC, MVA spread calculation

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in thousands)
Market value added (MVA)1
Invested capital2
Ratio
MVA spread3 % % % % %

Source: Based on data from Allergan PLC 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. Allergan PLC's MVA spread deteriorated from 2015 to 2016 and from 2016 to 2017.

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MVA Margin

Allergan PLC, MVA margin calculation

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in thousands)
Market value added (MVA)1
Net revenues
Increase (decrease) in deferred revenue
Ratio
MVA margin2 % % % % %

Source: Based on data from Allergan PLC Annual Reports

2017 Calculations

1 MVA. See Details »

2 MVA margin = 100 × MVA ÷ (Net revenues + 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. Allergan PLC's MVA margin deteriorated from 2015 to 2016 and from 2016 to 2017.

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