Metric Conflict in Financial Analysis: A Comparison and Application of EBITDA and EVA

Abstract

The aim of this study is to examine the differences and similarities between economic value added (EVA) and earnings before interest, depreciation, and taxes (EBITDA), two metrics commonly used in financial performance measurement. EVA and EBITDA are important tools used in evaluating company performance and profitability and differ in terms of the financial components they use. While EBITDA is a metric suitable for calculation based on financial statements, the requirement of additional company-specific information for calculating the EVA metric causes it to be left behind in terms of market application. However, the study is important in terms of emphasizing the difference in importance the two metrics have for businesses. The research includes the application and calculation of the metrics covered in the study on the case of Turkish Airlines Inc. (THY). When examining the research findings, the fact that both the EBITDA and EVA metric values for THY are positive shows it to have the appearance of being a value-creating company.

Keywords

• Financial Statements Analysis
• EBITDA
• EVA

Finansal Analizde Metrik Çatışması: FAVÖK ve EVA Karşılaştırması ve Bir Uygulama

Abstract

Bu çalışmanın amacı, finansal performans ölçümünde yaygın olarak kullanılan iki metrik olan Ekonomik Katma Değer (EVA) ve Faiz, Amortisman ve Vergi Öncesi Kazanç (FAVÖK) arasındaki farklılıkları ve benzerlikleri incelemektir. EVA ve FAVÖK metrikleri, şirket performansını ve kârlılığını değerlendirmede kullanılan önemli araçlar olup; farklı finansal bileşenleri kullanmaları bakımından ayrışmaktadırlar. FAVÖK, finansal tablo temelli hesaplamaya uygun bir metrik iken; EVA metriği hesaplanması için işletmeye özgü ek bilgiler gerekliliği, EVA metriğinin piyasa uygulanması açısından geri planda kalmasına yol açmakla birlikte, çalışma iki metriğin işletmeler açısından farklı önemlerini vurgulamak açısından önem arz etmektedir. Araştırma, çalışma kapsamında ele alınan metriklerin Türk Hava Yolları A.Ş. örneği üzerinden uygulanmasını ve hesaplanmasını içermekte olup, araştırmanın bulguları incelendiğinde; THY’na ait hem FAVÖK hem de EVA metrik değerlerinin pozitif olması işletmenin katma değer yaratan bir işletme görünümüne sahip olduğunu göstermektedir.

Keywords

• Finansal Tablolar Analiz
• FAVÖK
• EVA

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