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Cash return on cash invested〔(Underinvestment in Commodities Means MarketsWill Be Tighter, Sooner )〕 (or cash return on capital invested)〔(Cash Return On Capital Invested - CROCI )〕 is an advanced valuation multiple. This ratio compares a post-tax, pre-interest operating cash flow to gross cash invested by all security-holders and is a useful measure of a company’s ability to generate cash returns on its investments. The ratio is similar to ROE ratio, but CROCI is calculated on a cash basis and on an EV-basis, taking into account all the company's security-holders. ==Formulae== ''CROCI = DACF/GCI'' 〔(China sports primer: Initiate on 3 names; Peak C-Buy, Anta C-Sell )〕 Where: *DACF (Debt-adjusted cash flow) = EBITDA *(1–tax rate) + other investment gain after tax *GCI (Gross cash invested) = Gross tangible and intangible assets before depreciation or write-offs + investments in associates + working capital〔(Workshop V: Relative Valuation )〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「CROCI」の詳細全文を読む スポンサード リンク
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