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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
Altria Group Inc., MVA calculation
USD $ in millions
Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25), 10-K (filing date: 2014-02-26).
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 | Altria Group Inc.’s market (fair) value less invested capital. | Altria Group Inc.’s MVA increased from 2015 to 2016 but then declined significantly from 2016 to 2017. |
MVA Spread
Altria Group Inc., MVA spread calculation
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
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Selected Financial Data (USD $ in millions) | ||||||
Market value added (MVA)1 | ![]() |
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Invested capital2 | ![]() |
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Ratio | ||||||
MVA spread3 | ![]() |
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Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25), 10-K (filing date: 2014-02-26).
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. | Altria Group Inc.’s MVA spread deteriorated from 2015 to 2016 and from 2016 to 2017. |
MVA Margin
Altria Group Inc., MVA margin calculation
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
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Selected Financial Data (USD $ in millions) | ||||||
Market value added (MVA)1 | ![]() |
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Net revenues | ![]() |
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Ratio | ||||||
MVA margin2 | ![]() |
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Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25), 10-K (filing date: 2014-02-26).
2017 Calculations
1 MVA. See Details »
2 MVA margin = 100 × MVA ÷ Net revenues
= 100 × ÷
=
Ratio | Description | The company |
---|---|---|
MVA margin | The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. | Altria Group Inc.’s MVA margin improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017. |