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Best-practice EVA : the definitive guide to measuring and by Bennett Stewart

By Bennett Stewart

The go back to worth tells the hot EVA tale from the floor up. Stewart covers EVA essentials-the vintage financial revenue model of EVA-in the 1st 3 chapters of the book.-showing readers how how basic and intuitive EVA fairly is, the way it is outlined and why it's greater than all different measures of company revenue and funds circulate. you find the way it evidently publications managers into making all of the right Read more...


Best-Practice EVA tells the recent EVA tale from the floor up. Stewart covers EVA necessities the vintage fiscal revenue model of EVA within the first 3 chapters of the ebook. He exhibits readers Read more...

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Additional resources for Best-practice EVA : the definitive guide to measuring and maximizing shareholder value

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If a company, a line of business, or a capital investment project is forecast to just break even on EVA—to just earn the cost of capital—then it breaks even on NPV. It will only be worth the book value of the capital invested in it. There is no NPV, no franchise value, no owners’ wealth, and no MVA without EVA. You can grow everything else. You can expand sales, earnings, EBITDA, and margins all you want. But if you are not growing EVA you are not creating value—you are at best only preserving it.

Ball is thus a good example of how an EVA bonus plan forges a direct link between pay and value-adding performance. Note, also, that Ball did not generate EVA and MVA by milking its business, but by nourishing growth. 5 billion 15 years later in order to expand its business globally and to consummate a number of important acquisitions. In the most recent period, Ball’s EVA turned down somewhat and yet its MVA held up. Ball is in the process of an aggressive expansion campaign, and capital investment costs have temporarily depressed EVA.

A key feature of the NOPAT profit target is that it automatically changes as capital changes. The NOPAT performance bar is set higher as more capital is invested in a business, and the capital charge is automatically set lower as capital is withdrawn. With all other measures, an appropriate target has to be established or reestablished as circumstances or capital change, and that is not easy. How much should sales increase as additional capital is invested, or how much margin expansion should be sought to compensate for an increase in capital intensity, for example?

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