By Bennett Stewart
The go back to worth tells the recent 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 uncomplicated and intuitive EVA particularly is, the way it is outlined and why it truly is higher than all different measures of company revenue and money movement. you find the way it certainly courses managers into making the entire right decisions-the ones that might really maximize price. You even see find out how to use it in profit-sharing bonus plans that create the strong incentives of an owner. Read more...
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Additional info for Best-practice EVA : the definitive guide to measuring and maximizing shareholder value
I had my turn at that. But I certainly like to talk about them and share best practices from my experiences over the years. This is not the final word in the book on using EVA in bonus plans; as I said, the topic is treated in more depth in Chapter 7 when the question of setting targets for EVA comes up. A good example of how EVA provides managers with a tangible incentive to improve performance and add value comes from Coca-Cola. Coke adopted EVA in the early 1980s, the first large company to really embrace it.
Ball added to the stock of its positive NPV investments, and as a result, Ball added to the stock of its owners’ wealth. As important, it added to its MVA by adding to its EVA. Ball’s MVA increased hand in hand with the demonstrated ability to earn and increase economic profit. As expected, EVA was indeed the key to creating wealth at Ball Corporation. Let’s zoom in on details. In midyear 1997, Ball’s market value and its capital both stood at about $2 billion (top chart), and thus its MVA was virtually nil at a time when EVA was negative but beginning to improve (bottom chart).
That is all well and good, but why is that the answer? Why has the net present value increased? Cash flow tells us the value is higher but is silent on why. It swoons as the investment is made, surges as the return materializes, then flattens forever. What does the zigzag pattern tell us about the company’s performance and its value? Absolutely nothing. As I have said, cash flow gives an NPV answer but without any insight and without any accountability or line of sight back to how performance can be measured and rewarded.