Update wiki pages (#80)

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docs/learn/ebit-ev-multiple-102762.mdx

@@ -10,9 +10,9 @@ import { AIContent } from "@site/src/components/ai-content";
 
 # EBIT/EV Multiple
 
-<ArticleMeta id={102762} updatedAt={'2024-09-12 14:26:34'} alias={`[]`} />
+<ArticleMeta id={102762} updatedAt={'2024-12-10 11:06:26'} alias={`[]`} />
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 <p>The EBIT/EV multiple, shorthand for earnings before interest and taxes (EBIT) divided by enterprise value (EV), is a financial ratio used to measure a company's "earnings yield."</p><p>The concept of the EBIT/EV multiple as a proxy for earnings yield and value was introduced by Joel Greenblatt, a noteworthy value investor and professor at Columbia Business School.</p>
 
-<AIContent content={`<p><strong>Definition:</strong> The EBIT/EV multiple ratio is the ratio of a company's Earnings Before Interest and Taxes (EBIT) to its Enterprise Value (EV). It is a financial metric used to measure a company's 'earnings yield.' This ratio helps investors assess a company's profitability without considering tax and interest expenses.</p><p><strong>Origin:</strong> The EBIT/EV multiple ratio as a proxy for earnings yield and value was introduced by Joel Greenblatt, a renowned value investor and professor at Columbia Business School. Greenblatt detailed this concept in his book 'The Little Book That Still Beats the Market,' where he included it as part of his 'Magic Formula' investing strategy.</p><p><strong>Categories and Characteristics:</strong> The EBIT/EV multiple ratio has the following key characteristics:<ul><li><strong>Simple and Understandable:</strong> The ratio is easy to calculate and understand.</li><li><strong>Comprehensive:</strong> By considering Enterprise Value (EV), the ratio reflects both the market value and debt situation of a company.</li><li><strong>Widely Applicable:</strong> It is suitable for companies of different sizes and industries, especially useful for value investing analysis.</li></ul></p><p><strong>Specific Cases:</strong><ol><li>Assume Company A has an EBIT of 10 million yuan and an EV of 50 million yuan. Its EBIT/EV multiple ratio would be 10/50 = 0.2 or 20%. This means that for every 1 yuan of enterprise value, investors can earn 0.2 yuan of EBIT.</li><li>Company B has an EBIT of 20 million yuan and an EV of 100 million yuan. Its EBIT/EV multiple ratio would be 20/100 = 0.2 or 20%. Although Company B has higher absolute profits, its earnings yield is the same as Company A.</li></ol></p><p><strong>Common Questions:</strong><ul><li><strong>How is Enterprise Value (EV) calculated?</strong> Enterprise Value is typically calculated as market capitalization plus debt minus cash and cash equivalents.</li><li><strong>What are the limitations of the EBIT/EV multiple ratio?</strong> The ratio does not consider tax and interest expenses, which may limit its comparability between companies with significant differences in tax rates and interest expenses.</li></ul></p>`} id={102762} />
+<AIContent content={`<h2>Definition</h2><p>The EBIT/EV multiple ratio refers to the ratio of Earnings Before Interest and Taxes (EBIT) to Enterprise Value (EV), used to measure a company's profitability yield. This ratio helps investors assess the company's ability to generate profits relative to its overall value.</p><h2>Origin</h2><p>The EBIT/EV multiple ratio was introduced by renowned value investor Joel Greenblatt, who is also a professor at Columbia Business School. The ratio was designed to provide investors with a simple yet effective tool for evaluating the relationship between a company's profitability and its market value.</p><h2>Categories and Features</h2><p>The EBIT/EV multiple ratio is primarily used in value investment analysis and serves as a proxy for profitability yield. Its calculation formula is:<br/>EBIT/EV = EBIT / EV<br/>where EBIT is the company's earnings before interest and taxes, and EV is the total value of the company, including market capitalization and debt. A higher ratio indicates stronger profitability relative to the company's value, often seen as a positive investment signal.</p><h2>Case Studies</h2><p>A typical case is Apple Inc. Suppose Apple's EBIT is $100 billion, and its enterprise value is $2 trillion, then the EBIT/EV ratio would be 0.05. This means Apple generates $0.05 of EBIT for every $1 of enterprise value, indicating strong profitability. <br/>Another example is General Electric. Suppose GE's EBIT is $50 billion, and its enterprise value is $1 trillion, then the EBIT/EV ratio would also be 0.05. This suggests that GE's profitability relative to its market value is relatively low, which may raise concerns for investors.</p><h2>Common Issues</h2><p>Investors may encounter several issues when using the EBIT/EV multiple ratio. For instance, EBIT can be affected by one-time expenses, leading to distorted ratios. Additionally, the calculation of enterprise value may fluctuate due to market volatility, so caution is needed during analysis.</p>`} id={102762} />

docs/learn/free-cash-flow-to-equity--102761.mdx

@@ -10,9 +10,9 @@ import { AIContent } from "@site/src/components/ai-content";
 
 # Free Cash Flow to Equity 
 
-<ArticleMeta id={102761} updatedAt={'2024-09-12 14:27:33'} alias={`[]`} />
+<ArticleMeta id={102761} updatedAt={'2024-12-10 11:08:16'} alias={`[]`} />
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 Free cash flow to equity is a measure of how much cash is available to the equity shareholders of a company after all expenses, reinvestment, and debt are paid. FCFE is a measure of equity capital usage.
 
-<AIContent content={`<p><strong>Definition:</strong> Free Cash Flow to Equity (FCFE) refers to the amount of cash available to the company's shareholders after all operating expenses, capital expenditures, working capital needs, and debt repayments have been paid. It is an important metric for assessing how much cash a company can generate for its shareholders after meeting all its financial obligations.</p><p><strong>Origin:</strong> The concept of free cash flow can be traced back to the mid-20th century. With the development of financial management and corporate valuation theories, FCFE gradually became an important tool for evaluating shareholder value. Particularly in the 1980s, with the popularization of the shareholder value maximization concept, the application of FCFE became more widespread.</p><p><strong>Categories and Characteristics:</strong> FCFE has the following key characteristics:<ul><li><strong>Cash Flow Orientation:</strong> Unlike net profit, FCFE focuses on actual cash flow rather than accounting profit.</li><li><strong>Shareholder Perspective:</strong> FCFE focuses on the cash available to shareholders, excluding the impact of creditors and other stakeholders.</li><li><strong>Dynamic Adjustment:</strong> FCFE is dynamically adjusted based on the company's capital expenditures and debt changes, reflecting the company's actual financial condition.</li></ul></p><p><strong>Specific Cases:</strong><ol><li><strong>Case 1:</strong> A company has a net profit of 10 million yuan in a fiscal year, capital expenditures of 2 million yuan, an increase in working capital of 0.5 million yuan, and debt repayments of 3 million yuan. The FCFE calculation for this company is as follows:<br/>FCFE = Net Profit - Capital Expenditures - Increase in Working Capital + Debt Repayments = 10,000,000 - 2,000,000 - 500,000 + 3,000,000 = 10.5 million yuan.</li><li><strong>Case 2:</strong> Another company has a net profit of 5 million yuan in a fiscal year, capital expenditures of 1 million yuan, a decrease in working capital of 0.2 million yuan, and new debt of 0.5 million yuan. The FCFE calculation for this company is as follows:<br/>FCFE = Net Profit - Capital Expenditures - Decrease in Working Capital + New Debt = 5,000,000 - 1,000,000 + 200,000 + 500,000 = 4.7 million yuan.</li></ol></p><p><strong>Common Questions:</strong><ul><li><strong>How to calculate FCFE?</strong> The formula for calculating FCFE is: FCFE = Net Profit - Capital Expenditures - Increase in Working Capital + Net Debt Changes.</li><li><strong>What is the difference between FCFE and FCFF?</strong> FCFE is the cash flow available to shareholders, while Free Cash Flow to the Firm (FCFF) is the overall free cash flow of the company, including both shareholders and creditors.</li><li><strong>Why is FCFE important?</strong> FCFE helps investors assess how much cash a company can generate for its shareholders after meeting all its financial obligations, thereby making better investment decisions.</li></ul></p>`} id={102761} />
+<AIContent content={`<h2>Definition</h2><p>Free Cash Flow to Equity (FCFE) refers to the amount of cash available to a company's shareholders after all expenses, reinvestments, and debt repayments have been made. FCFE is an important metric for assessing the use of equity capital.</p><h2>Origin</h2><p>The concept of Free Cash Flow to Equity originated from the analysis of company cash flows and was introduced in the 1980s. As the complexity of corporate financing and investment decisions increased, FCFE became a crucial tool for evaluating a company's financial health and shareholder returns.</p><h2>Categories and Features</h2><p>FCFE can be classified into two categories: positive FCFE and negative FCFE. Positive FCFE indicates that the company has cash available for distribution to shareholders after covering all expenses, usually suggesting good financial health; negative FCFE indicates insufficient cash after expenses, which may require borrowing or reducing shareholder dividends. The formula for calculating FCFE is: FCFE = Net Income + Depreciation and Amortization - Capital Expenditures - Net Borrowing. This metric helps investors understand how much cash flow a company can generate for shareholders after meeting operational needs.</p><h2>Case Studies</h2><p>For example, Apple Inc. reported an FCFE of $50 billion in 2019, indicating a substantial amount of cash available for shareholder distribution after covering all expenses and reinvestments. Apple used this cash for stock buybacks and dividends, enhancing shareholder returns. Another example is Tesla, which had an FCFE of -$1 billion in 2020, showing that the company's cash flow was insufficient to meet shareholder needs during its expansion and investment in new projects. This negative FCFE may raise concerns among investors about the company's future returns.</p><h2>Common Issues</h2><p>Common issues investors face when using FCFE include how to accurately calculate FCFE and how to interpret negative FCFE. Many investors may misinterpret negative FCFE as a sign of poor company health; however, negative FCFE is common during a company's expansion phase, and investors should focus on the company's long-term growth potential.</p>`} id={102761} />

i18n/zh-CN/docusaurus-plugin-content-docs/current/learn/ebit-ev-multiple-102762.mdx

@@ -10,9 +10,9 @@ import { AIContent } from "@site/src/components/ai-content";
 
 # EBIT/EV 多重比率
 
-<ArticleMeta id={102762} updatedAt={'2024-09-12 14:26:34'} alias={`[]`} />
+<ArticleMeta id={102762} updatedAt={'2024-12-10 11:06:26'} alias={`[]`} />
 <div className='border-solid border-b border-t-0 my-4 border-[var(--ifm-color-gray-300)]' />
 
 <p>EBIT/EV 多重比率是指企业息税前利润 (EBIT) 除以企业价值 (EV) 的比率，是用于衡量公司 “盈利收益率” 的财务比率。</p><p>EBIT/EV 多重比率作为盈利收益率和价值的代理概念，由乔尔·格林布拉特 (Joel Greenblatt) 引入，他是一位著名的价值投资者，同时也是哥伦比亚大学商学院的教授。</p>
 
-<AIContent content={`<p><strong>定义：</strong>EBIT/EV 多重比率是指企业息税前利润 (EBIT) 除以企业价值 (EV) 的比率，是用于衡量公司 “盈利收益率” 的财务比率。该比率帮助投资者评估公司在不考虑税收和利息支出的情况下的盈利能力。</p><p><strong>起源：</strong>EBIT/EV 多重比率作为盈利收益率和价值的代理概念，由乔尔·格林布拉特 (Joel Greenblatt) 引入，他是一位著名的价值投资者，同时也是哥伦比亚大学商学院的教授。格林布拉特在其著作《小书大智慧》中详细介绍了这一概念，并将其作为 “魔法公式” 投资策略的一部分。</p><p><strong>类别与特点：</strong>EBIT/EV 多重比率主要有以下几个特点：<ul><li><strong>简单易懂：</strong>该比率计算简单，易于理解和应用。</li><li><strong>综合性强：</strong>通过考虑企业价值 (EV)，该比率能够综合反映公司的市场价值和债务情况。</li><li><strong>适用广泛：</strong>适用于不同规模和行业的公司，尤其适合用于价值投资分析。</li></ul></p><p><strong>具体案例：</strong><ol><li>假设公司 A 的息税前利润 (EBIT) 为 1000 万元，企业价值 (EV) 为 5000 万元，则其 EBIT/EV 多重比率为 1000/5000=0.2 或 20%。这意味着每投资 1 元企业价值，投资者可以获得 0.2 元的息税前利润。</li><li>公司 B 的息税前利润 (EBIT) 为 2000 万元，企业价值 (EV) 为 10000 万元，则其 EBIT/EV 多重比率为 2000/10000=0.2 或 20%。尽管公司 B 的绝对利润更高，但其盈利收益率与公司 A 相同。</li></ol></p><p><strong>常见问题：</strong><ul><li><strong>如何计算企业价值 (EV)？</strong>企业价值通常计算为市值加上债务减去现金和现金等价物。</li><li><strong>EBIT/EV 多重比率的局限性是什么？</strong>该比率不考虑税收和利息支出，因此在税率和利息支出差异较大的公司之间进行比较时可能存在局限性。</li></ul></p>`} id={102762} />
+<AIContent content={`<h2>定义</h2><p>EBIT/EV 多重比率是指企业息税前利润 (EBIT) 除以企业价值 (EV) 的比率，用于衡量公司盈利收益率的财务比率。这个比率帮助投资者评估公司在其整体价值中产生的盈利能力。</p><h2>起源</h2><p>EBIT/EV 多重比率由著名的价值投资者乔尔·格林布拉特 (Joel Greenblatt) 引入，他同时也是哥伦比亚大学商学院的教授。该比率的提出旨在为投资者提供一个简单而有效的工具，以评估公司的盈利能力与其市场价值之间的关系。</p><h2>类别和特征</h2><p>EBIT/EV 多重比率主要用于价值投资分析，属于盈利收益率的代理概念。它的计算公式为：<br/>EBIT/EV = EBIT / EV<br/>其中，EBIT 是企业的息税前利润，EV 是企业的总价值，包括市值和债务。该比率越高，表明公司在其价值中产生的盈利能力越强，通常被视为投资的良好信号。</p><h2>案例研究</h2><p>一个典型的案例是苹果公司 (Apple Inc.)。假设苹果的 EBIT 为 1000 亿美元，企业价值为 2 万亿美元，那么 EBIT/EV 比率为 0.05。这意味着苹果每 1 美元的企业价值产生 0.05 美元的息税前利润，显示出其强大的盈利能力。<br/>另一个例子是通用电气 (General Electric)。假设通用电气的 EBIT 为 500 亿美元，企业价值为 1 万亿美元，那么 EBIT/EV 比率为 0.05。这表明通用电气的盈利能力与其市场价值相对较低，可能会引起投资者的关注。</p><h2>常见问题</h2><p>投资者在使用 EBIT/EV 多重比率时，可能会遇到一些问题。例如，EBIT 可能会受到一次性费用的影响，从而导致比率失真。此外，企业价值的计算也可能因市场波动而变化，因此在分析时需要谨慎。</p>`} id={102762} />