Shower Thoughts - Why EBITDA Margin Matters
在一个成熟的行业中，所有其他都平等，投资者一般使用向前EV/EBITDAto value a TargetCo, so the price tag is tied to the absolute dollar amount ofEBITDA. Leverage aside, and assuming no multiple expansion / contraction, your return is dependent on how much the forwardEBITDA从进入到退出可以增加。
从投资者的POV中，根据公司 /基金，可能会有一分钟。要求EBITDA利润when screeningthrough potential investment opportunities. Why place such a huge emphasis onEBITDA利润目标公司的绝对美元金额EBITDA那应该很重要吗？从理论上讲，您是否希望有高度的公司EBITDA利润but slow top line growth, or Company B that has high top line growth but lowEBITDA利润，假设他们的绝对美元金额EBITDA是一样的吗？
评论 （9)
用作不良代理人的质量代理
Companies that have a high, sustainable competitive moat will have pricing power combined with significant barriers to entry which will preclude new entrants. That results in high margins. Sustained high margins in a mature industry signals that the Company is doing something that is valued by their customers and hard for others to replicate. Examples include traditional CPG, branded consumer product companies (Apple, Coca Cola, etc.). This isalso why Buffett非常喜欢这些类型的消费者企业 - 在接下来的100年内新技术都没有关系 - 只有一个可口可乐。
想到这两个业务,问这个问题:if raw material costs/labor etc. increase by 1%, what's the impact on EBITDA?
There's so many other considerations that go into an investment and there's so much deal-specific context, etc. High margins make for a nice checkmark for people skimming company financials to gauge cash generation. Even in your example, it's a really hard question to answer without more info.
Assuming most things equal, like they operate in the same industry, I would assume that Company B is a newer entrant that's rapidly gaining share, and would expect margins to come up closer to Company A over the hold period (assuming they're not gonna continue to give up pricing and erode GP contribution, etc), resulting in higher absoluteEBITDAgrowth. If you're asking about two companies with equivalentEBITDA增长，但是different margincharacteristics...then I'd assume they're either in different industries, Company B is just lazier (read: opportunity to trim fat), or maybe Company A is aggressive AF in cap. labor spend.
These are all overly simplified takes but overall I agree that focus on利润is way too shallow without proper context.
Arguably利润没关系ROIC或FCFyield on investment. Ultimately the former is a measure of business efficiency and the latter a measure of price-based return quality.
EBITDA是代码bullshit earnings. Gimme datFCFall day baby. Can't pay people in adjustments.
大批
等到您听到有关调整后的Pro Forma Run-fatefree cash flow.
This is something that has bugged me for a while too. Oftentimes, with higher利润行业，他们倾向于迅速获得收入（即利基行业）。我想，当您比较两家非常相似的公司时，利润更重要形式EBITDA.
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