i am currently learning the priciples of value investing with McKinseys Measuring and Managing the Value of Companies 6th edition.
The current chapter treats the determing of ROIC and hence the reformulation of balance sheet for invested capital and income statement for NOPLAT calculation. Since a few weeks unfortunately, i struggle with the calculation of cumulative amortization of intangible assets.
The calculated example for UPS years 2011 - 2013 shows 140, 168 and 188 mill. USD for cumulative amortization of their intangibles.
I found the intangible assets in UPS 10k under NOTE 6. BUSINESS ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS on page 86, with the overview of acquired intangible assets Trademarks, licenses, patents, and other, Customer lists and Franchise rights. But unfortunately i have no chance to calculate the values as shown in the example.
Please, can anyone help me?