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New York ? Chicago ? Los Angeles ? London ? Paris ? Milan ? Munich ? Tokyo Sao Paulo ? Singapore ? Sydney ? Johannesburg ? Shanghai;Contents;Contents;EVA? is Earnings After the Cost of Capital;The intrinsic value is the determinant of the market value in efficient capital market;;EVA measure gives more insights into the business;Contents;From the traditional accounting model to the economic model of the firm;Optimizing the EVA Measure;The EVA Calculation Precision Varies;A D J U S T M E N T S; Cost of Debt ;Cost of Equity Capital (required return byequity holders);In general, a higher business risk implies higher beta value, hence higher cost of equity;To calculate Beta, a list of peers need to be identified for {Client};Contents;Strategy Formation;;Goal setting and benchmarking;In the EVA framework, Market Value can be broken down into Future Growth Value and Current Operations Value ;Future growth value represents an expectation of increase in EVA;Applying ??industry average growth expectations” to {Client’s} 1999 EVA, we estimate an FGV of $691m;Taking {Client’s} FGV of $691m, we convert it into implied annual Expected Improvements in EVA (EI) ;To achieve EIs, management should first understand the current EVA by focusing on return on capital;;{Client 1999};Total Operation Expense Margin;Capital Charge Margin;Summary of Benchmarking study ;Looking at best in class Margin and Turnover, we can chart the EVA of {Client} under different scenarios;{Client} ;The industry value-based strategy map indicates the market’s approval of certain business strategies