08 eva intro

EVA: An Introduction

FIN 591: Financial Fundamentals/Valuation

FIN 591: Financial Fundamentals/Valuation*How Much Systemic Waste Is There In A Supply Chain?1/921/921/921/921/921/921/921/921/921/921/921/921/921/921/921/931/941/951/961/971/98.7%3.3%7.0%7.56%7.56%7.1%PPIExperience of awell-regarded U.S.manufacturing firmCumulative U.S.Producer PriceIndexA benchmark comparisonof programs to reduceincoming materials costExperience of awell-regarded U.S.manufacturing firmCumulative U.S.Producer PriceIndex


FIN 591: Financial Fundamentals/Valuation*A Great Deal More Than Most People Recognize!1/921/921/921/921/921/921/921/921/921/921/921/921/921/921/921/931/941/951/961/971/981/921/931/941/951/961/971/98.7%3.3%7.0%7.56%7.56%7.1%PPI.7%-.2%-3.1%-7.9%-16%-19%.7%-3.1%-7.9%-16%-19%Experience of awell-regarded U.S.manufacturing firmResults fromHonda of AmericaprogramCumulative U.S.Producer PriceIndexA benchmark comparisonof programs to reduceincoming materials cost.7%-.2%-3.1%-7.9%-16%-19%.7%-3.1%-7.9%-16%-19%Experience of awell-regarded U.S.manufacturing firmResults fromHonda of AmericaprogramCumulative U.S.Producer PriceIndex


FIN 591: Financial Fundamentals/Valuation*Honeywells Stock PriceWhere to from here?


FIN 591: Financial Fundamentals/Valuation*How Value is CreatedManagement makes decisions, hopefully, with benefits exceeding costsBenefits may be near or distant futureCosts should include direct investment costs + cost of capitalTrue source of value-enhancing projectsFirms comparative or competitive advantage.


FIN 591: Financial Fundamentals/Valuation*Comparative AdvantageAdvantage one firm has over another in terms ofCost of producing orDistributing goods/servicesExample:Wal-Mart invested in regional warehouses and distribution systemReduces the need for retail inventoryReplenish store inventory quickly.


FIN 591: Financial Fundamentals/Valuation*Competitive AdvantageAdvantage one firm has over another because of structure of the markets in which they operateBarriers to entryPatentsCapital requirementsRegulationInfluence over suppliersInfluence over buyersMust besustainable to be a truecompetitiveadvantage


Traditional Measures


FIN 591: Financial Fundamentals/Valuation*Fuzzy Finance


FIN 591: Financial Fundamentals/Valuation*Return on InvestmentCompare benefits (numerator) with resources (denominator) affecting that benefitBasic earning power ratioEBIT / Total assetsReturn on assetsNet income / Total assetsReturn on equityNet income / Book value of equityMeasuredrelativeto what?


FIN 591: Financial Fundamentals/Valuation*ProfitabilityInvestedcapitalRevenueCostsWorkingcapitalFixed capital Greater customer service (higher market share, increased gross margins). Greater product availability

Lower cost of goods sold, transportation, warehousing, material handling and distribution management costs

Lower raw materials and finished goods inventory Shorter order-to-cash cycles

Fewer physical assets (e.g. trucks, warehouses, material handling equipment)

Effective SCM:Increased Shareholder Value


FIN 591: Financial Fundamentals/Valuation*Pros & ConsBenefits of these ratiosEase of calculation & interpretationDecompose to reveal sources of changesDownside of these ratiosSensitive to choice of accounting methodAccumulation of monetary values from different periodsBackward lookingFail to consider risk.


FIN 591: Financial Fundamentals/Valuation*Honeywells PerformanceNet RevenuesNet IncomeEarnings / Share


FIN 591: Financial Fundamentals/Valuation*EPS: Opiate of the Executive SuiteEPS is such an unreliable measure of value that managers often make dumb decisions to increase itPrompts managers to misallocate capitalTreats retained earnings as a free source of capitalPromotes retaining capital and using it wastefully.


FIN 591: Financial Fundamentals/Valuation*EPSAccounting rules discourage EPS-manic managers from spending capital on value enhancing investments in intangibles like brands, research and trainingWhy?GAAP requires outlays to be written off immediately against earnings.


FIN 591: Financial Fundamentals/Valuation*EPSEPS focus may cause management to refrain from issuing equity at times when the company really needs itFabricate EPS gains by using more debt than prudentBoth on and off the balance sheetAccept weak projects that happen to be financed with debt.


FIN 591: Financial Fundamentals/Valuation*EPSEarnings manipulation often usedEstablish reservesInvest pension funds in equitiesExtreme cases, make up numbers as you goWorldcom and HealthSouth.


FIN 591: Financial Fundamentals/Valuation*EPSTodays market perception:Management that aims to boost earnings at the expense of quality will be more certainly penalized then ever before with a lower stock price and a sullied reputation.


FIN 591: Financial Fundamentals/Valuation*Performance vs. ValuationPerformance measurementRelies on actual resultsHistoricalGAAP vs. GAPValuationRelies on forecastsA firms stock price relies on investors expectations, not historical performance.


Cash Flows


FIN 591: Financial Fundamentals/Valuation*Statement of Cash FlowsSCF combines balance sheet and income infoEliminates the sins of accrual accounting SCF consists of:Operating cash flowsInvesting cash flowsFinancing cash flows.Free cash flow


FIN 591: Financial Fundamentals/Valuation*Cash Flow Not the AnswerCash flow has problems as a valid performance measureSo long as investments in projects earn a return higher than shareholders could earn by investing on their own, then the more investment a company makes and the more negative its cash flow becomes, the higher its share price will be.Think Wal-Mart.


FIN 591: Financial Fundamentals/Valuation*Better Than Some AlternativesAccounting profits versus cash operating profitsCash flow frequently defined as:Net income + depreciation or as EBITDAPoor definitionHoneywells trend...


FIN 591: Financial Fundamentals/Valuation*Free Cash FlowsDefinition:After-tax operating earnings + non-cash charges - investments in operating working capital, PP&E and other assetsIt doesnt incorporate financing related cash flowsRepresents cash flow available to service debt and equity.When used in capital budgeting proposalsBased on expectations.


FIN 591: Financial Fundamentals/Valuation*FCF & Capital BudgetingFCF is the method of choice of most firms for evaluating capital budgetsIdentify incrementalInvestment in PP&E + working capitalRevenuesCosts (excluding financing)Depreciation tax shields.


FIN 591: Financial Fundamentals/Valuation*Common TechniquesEvaluation techniques:PaybackAccounting rate of returnDCF analysisConsists of NPV and IRRDCF analysis is not a problem in theoryOnly in practice.


FIN 591: Financial Fundamentals/Valuation*NPV MethodologyNet present value (NPV)Estimate of change in the value of equity if the firm invests in the projectForward lookingIf NPV>0 Investment is expected to add valueIf NPV

FIN 591: Financial Fundamentals/Valuation*A Capital Budgeting ExampleExcellent NPV and IRRAccept the project!


Sheet1

PeriodNOPATDeprecFCF

0-200

111510125

211010120

39010100

4701080

5601070

6401050

7301040

8201030

9151025

10151025

11151025

12151025

13151025

14151025

15151025

16151025

17151025

18151025

19151025

20151025

NPV$125.86

IRR50.4%

WACC25%

Sheet1

FCF

FCF vs. EVA

FIN 591: Financial Fundamentals/Valuation*NPV(Using FCF) ProfileNPV of FCF = $125.86Significant info revealed?


Chart2

-200

125

120

100

80

70

50

40

30

25

25

25

25

25

25

25

25

25

25

25

25

FCF

Free Cash Flow Profile

Sheet1

Asset's

PeriodNOPATDeprecFCFCapChgBalanceEVA

0-200200

1115101255019065

21101012047.518062.5

390101004517045

470108042.516027.5

56010704015020

640105037.51402.5

730104035130-5

820103032.5120-12.5

915102530110-15

1015102527.5100-12.5

111510252590-10

1215102522.580-7.5

131510252070-5

1415102517.560-2.5

1515102515500

1615102512.5402.5

1715102510305

181510257.5207.5

1915102551010

201510252.5012.5

NPV$125.86$125.86

IRR50.4%

WACC25%

Sheet1

FCF

EVA

FCF vs. EVA

FIN 591: Financial Fundamentals/Valuation*Internal Rate of ReturnPractice is to compare IRR with weighted average cost of capitalProblem:IRR fails to measure scale or growthIt sees no difference between earning a 20% return on a $1 million investment or a $1 billion investmentThese two projects are very different with distinctly different NPVs.


IRR Profiles(New Example)MnIRRNE=19.63%IRRATL =36.53%

Conflicts: NPV & IRRWhich to Choose?Discount rateMarketing CampaignIRR = 16.35%Product developmentIRR = 13.24% 10.7%10%NPV Select project with higher NPV (product development project)

FIN 591: Financial Fundamentals/Valuation*Value Enhanced?Once a project is applied, the investment becomes buried in the balance sheetHow is its contribution measured?No idea whether project generates valueAccounting measure relied uponEBITDA and EPS generally increaseMeans Bonuses probably will be paidMotivation:Get your hands on as much capital as possible.


FIN 591: Financial Fundamentals/Valuation*Buried in the Balance Sheet

20032004AssetsCash and short-term investmentsAccounts receivableInventoriesOther$x,xxxxxxxxxxxx$x,xxxxxxxxxxxxTotal Assets$x,xxx$x,xxxLiabilitiesAccounts payableAccrued compensationIncome taxes payableOther$x,xxxxxxxxxxxx$x,xxxxxxxxxxxxTotal Liabilities$x,xxx$x,xxxShareholders Equity$x,xxx$x,xxx


Focused Finance & EVA


FIN 591: Financial Fundamentals/Valuation*Focused Finance


FIN 591: Financial Fundamentals/Valuation*EVA & Shareholder ValueWhat is the best way to measure shareholder value?Fortune 500 sales?Earnings per share?Business Week survey of market value of equity?Stock market share price?Market value added?


FIN 591: Financial Fundamentals/Valuation*EVA & Other Measuresof Performance


FIN 591: Financial Fundamentals/Valuation*EVA & Wealth CreationWarren Buffet:We feel noble intentions should be checked periodically against results. We test the wisdom of retaining earnings by assessing whether retention, over time, delivers shareholders at least $1 of market value for each $1 retained.Translation:Ultimate litmus test of any companys success lies in increasing its market value by more than it increases its capital.


FIN 591: Financial Fundamentals/Valuation*View of the FirmValue of firm = Value of debt + value of stockMarket value of a company reflects:Earning power of invested assetsPresent value of current operationsPresent value of expected improvement in operating performance.

Market Valued Balance SheetAssetsDebtEquity


FIN 591: Financial Fundamentals/Valuation*What is Required to Focus?Tie performance methods to capital budgeting techniques:Economic value added (EVA)Market value added (MVA)Want to gauge managements performanceFocus on:Decisions made in the past to help project the future.Links to NPV


FIN 591: Financial Fundamentals/Valuation*What is MVA?MVA = Market value of capital - book value of capital Honeywells MVA = ?Key elements:Calculation of market value of capitalMarket value of debt + market value of equityCalculation of capital investedAccounting adjustments necessaryMVA Related to EVA.


FIN 591: Financial Fundamentals/Valuation*Market Value AddedTotal market valueDebt &equitycapital

Marketvalue addedInvestmentPremium


FIN 591: Financial Fundamentals/Valuation*Also, Market Value AddedTotal market valueDebt &equitycapital

Expectedimprovement in EVAMVACurrent levelof EVAMVA = Present value of all future EVA


FIN 591: Financial Fundamentals/Valuation*EVA & Market ValueMarket value of a company reflects:Value of invested capitalValue of ongoing operationsPresent value of expected future economic profitsCaptures improvement in operating performance EVA related to market value by:Measuring all the capitalSeeing what the firm is going to do with the capitalTurn FCF forecasts into EVA forecastsDiscount EVA.


FIN 591: Financial Fundamentals/Valuation*What is EVA?EVA = Economic profitNot the same as accounting profitDifference between revenues and costsCosts include not only expenses but also cost of capitalEconomic profit adjusts for distortions caused by accounting methodsDoesnt have to follow GAAPR&D, advertising, restructuring costs, ...Cost of capital accounted for explicitlyRate of return required by suppliers of a firms debt and equity capitalRepresents minimum acceptable return.


FIN 591: Financial Fundamentals/Valuation*Advantages of EVAAnnual EVA is easy to interpretCorrelations between market value and various measures:Standardized EVA0.50ROE0.35Fortunes Most admired firms0.24Cash flow growth0.22EPS growth0.18Dividend growth0.16Sales growth0.0950% of change in market value explained by standardized EVA (Standardized EVA = EVA / Capital).


FIN 591: Financial Fundamentals/Valuation*Components of EVANOPLATNet operating profit after taxOperating capitalNet operating working capital, net PP&E, goodwill, and other operating assetsCost of capitalWeighted average cost of capital %Capital chargeCost of capital % * operating capitalEconomic value addedNOPLAT less the capital charge.


FIN 591: Financial Fundamentals/Valuation*What is NOPAT?Net sales150,000Cost of sales135,000Depreciation 2,000SG&A 7,000Net Operating profit 6,000Taxes @ 40% 2,400NOPAT 3,600Excludes financing charges


FIN 591: Financial Fundamentals/Valuation*What is Operating Capital?Capital: Net operating assets adjusted for certain accounting distortionsAsset write-downs, restructuring charges, Net operating assets: Cash, receivables, inventory, prepaidsTrade payable, accruals, deferred taxesNet property, plant, and equipmentExclude non-operating assets:Marketable securities, investments,...


FIN 591: Financial Fundamentals/Valuation*What is Cost of Capital?Weighted average cost of capital consists of:Cost of debt after taxes= Market interest rate x (1 tax rate)Cost of equity= Risk-free rate + beta x (market risk premium)WACC= Cost of debt after taxes x % debt + cost of equity x % equitywhere % debt + % equity = 100%.


FIN 591: Financial Fundamentals/Valuation*What is the Capital Charge?Represents a rental charge for the use of the operating capitalMinimum rate of return the operating capital should earnCalculated as the firms weighted average cost of capital % x invested capital.


FIN 591: Financial Fundamentals/Valuation*Calculating EVANOPAT/Average capital= Return on invested operating capital (ROIC)- Weight average cost of capital (WACC)= Spread (= ROIC - WACC)* Operating capital= Economic value added (EVA)Net operating profit after tax (NOPAT)- Capital charge (= WACC * Capital)= Economic value added (EVA)


FIN 591: Financial Fundamentals/Valuation*Whats Affecting EVA?Sales-Operating expenses-Taxes=NOPAT-Capital charge=EVACOGS, SG&A + otherNet working capitalPP&EWACCEvaluate the many assumptions!Potential govt actionsMarket potential


FIN 591: Financial Fundamentals/Valuation*Forward Looking Relationship for EVA & MVAEVA EVA EVA EVAYear 1 Year 2 Year 3 .... Year nMarketValueMarketvalueMVACapital=EVA + EVA + EVA + ... + EVA1 + r (1 + r)2 (1 + r)3 (1 + r)nMarket value is based on establishing theeconomic investment made in the company(capital), making a best guess about what economic profits (EVA) will happen in the future, and discounting those EVAs to the present to get market value added.MVA


FIN 591: Financial Fundamentals/Valuation*EVA Drives MVACompanies that consistently earn profits in excess of their required return ...NOPATEVAMarketValueCapitalMVACharge are typically valued at premiums to book value.


FIN 591: Financial Fundamentals/Valuation*Fundamental Strategies

Operate: Improve thereturn on existingoperating capitalBuild: Invest as long as returnsexceed the cost of capitalHarvest: Re-deploy capital when returns fail to achieve the cost of capital.Decrease: WACC


FIN 591: Financial Fundamentals/Valuation*An Example of Drivers


FIN 591: Financial Fundamentals/Valuation*Focus on EVA ImprovementA positive change in EVA is better than a positive yet unchanging base level of EVAWhy?Positive changes in EVA are consistent with shareholder value added -- whether from a positive or negative basePositive changes in EVA are consistent with the managerial notion of continuous improvement in performance.


FIN 591: Financial Fundamentals/Valuation*Heres the PointEVA is the reward from investing in projects that return above the cost of capitalEVA = (ROIC - WACC) * Operating CapitalEach projects expected return must exceed its cost of capital to be justifiedCan this explain all the outsourcing?


FIN 591: Financial Fundamentals/Valuation*Why Use EVA & Not NPV?Present value of EVA = Present value of NPVProvides insight into each periodIs a direct link to performanceMore useful for future project audits.


FIN 591: Financial Fundamentals/Valuation*Investment ScheduleNet Assets%WACC Destroy valueCreate value


FIN 591: Financial Fundamentals/Valuation*An Example Revisited(See Slides 27 & 28)EVA =NOPAT WACC * Beginning Balance= 110 25% * 190= 110 = 47.5= 62.5


Sheet1

Asset's


0-200200

11151012550.019065.0

21101012047.518062.5

3901010045.017045.0

470108042.516027.5

560107040.015020.0

640105037.51402.5

730104035.0130-5.0

820103032.5120-12.5

915102530.0110-15.0

1015102527.5100-12.5

1115102525.090-10.0

1215102522.580-7.5

1315102520.070-5.0

1415102517.560-2.5

1515102515.0500.0

1615102512.5402.5

1715102510.0305.0

181510257.5207.5

191510255.01010.0

201510252.5012.5

NPV$125.86$125.86

IRR50.4%

WACC25%

Sheet1

FCF

EVA

FCF vs. EVA

FIN 591: Financial Fundamentals/Valuation*NPV (Using FCF) & EVA ProfilesNPV of FCF = NPV of EVA = $125.86Significant info revealed?


Chart2

-2000

12565

12062.5

10045

8027.5

7020

502.5

40-5

30-12.5

25-15

25-12.5

25-10

25-7.5

25-5

25-2.5

250

252.5

255

257.5

2510

2512.5

FCF

EVA

FCF vs. EVA

Sheet1

Asset's


0-200200

1115101255019065

21101012047.518062.5

390101004517045

470108042.516027.5

56010704015020

640105037.51402.5

730104035130-5

820103032.5120-12.5

915102530110-15

1015102527.5100-12.5

111510252590-10

1215102522.580-7.5

131510252070-5

1415102517.560-2.5

1515102515500

1615102512.5402.5

1715102510305

181510257.5207.5

1915102551010

201510252.5012.5

NPV$125.86$125.86

IRR50.4%

WACC25%

Sheet1

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

FCF

EVA

FCF vs. EVA

Some Research Results


FIN 591: Financial Fundamentals/Valuation*Profitability & COGSMcKinsey & Co.s survey of electronics companiesItems shown as % of salesMajor difference between successful and unsuccessful companies is cost of goods soldRequires a closer look at the reasons.COGS: 13 point differentialOther expenses: 6 point differentialResult: 19 point profit differential


FIN 591: Financial Fundamentals/Valuation*Affect on EVASales-Operating expenses-Taxes=NOPAT-Capital charge=EVACOGS, SG&A + otherNet working capitalPP&EWACCHow is EVA affected?Potential govt actionsMarket potential


FIN 591: Financial Fundamentals/Valuation*Reducing COGSSuccessful companiesIncrease outsourcingMore competitive the industry more important to outsource activities that fall short of world standardsNeutral decision makerBoard or committee.


FIN 591: Financial Fundamentals/Valuation*Real Life EVAThe Manitowoc Co. in Manitowoc, Wis., a diversified food service, crane manufacturing and marine operations company, outsourced a reverse-auction procurement system to a vendor instead of acquiring a software package itself. A comparison using Economic Value Added of buying vs. renting would look like this for the first year (hypothetical numbers): In-house application $180,000 in net benefits - ($1 million capital investment x 12% cost of capital) = $60,000 EVA Outsourced application $180,000 in net benefits - ($0 capital investment x 12% cost of capital) - $80,000 in rental fees = $100,000 EVA Outsourced application requires no capital investment thus, no capital charge. Suppose the operating costs to run the system in-house were $50,000 per year. Most companies only look at the income statement side of the ledger; they wouldn't outsource this application because it would be exchanging $50,000 of in-house expenses for the $80,000 rental fee, another kind of expense on the income statement. Yet on an EVA basis, the company would outsource the system, because doing so would produce more residual income ($100,000 vs. $60,000) by virtue of the $0 capital charge. "When you are exposed to the EVA philosophy, you recognize how to better manage your capital," says Jim Pecquex, Manitowoc's CIO. Source: Computerworld, February 17, 2003.


FIN 591: Financial Fundamentals/Valuation*Real Life EVA Consider a recent EVA analysis that Robert Egan, vice president of IT at Boise Cascade Corp., and his colleagues conducted for a storage investment. The decision was whether to keep storage assets or replace them with new technology that has lower maintenance charges. The example is illustrative. Egan declined to provide real cost figures. The new storage technology costs $1 million, with maintenance costs of $100,000 per year. The maintenance expense on the old storage technology is $350,000. For simplicity, we'll assume that the new storage equipment offers no benefits other than the lower maintenance costs. Boise's cost of capital is about 16%. Thus, the capital charge for investing in the new storage is 16% x $1 million = $160,000, which EVA says must be added to the $100,000 maintenance costs to get the true cost. The result: The total cost of the new storage is $260,000, vs. $350,000 for the old storage. "In this case, have you lowered the operating cost enough to make up for spending the capital?" asks Egan. Yes -- $90,000 worth. Boise is constantly reminded of the obvious point that technology isn't free. The company is also aware of the less obvious fact: neither is the capital to finance it. Source: Computerworld, February 17, 2003.


FIN 591: Financial Fundamentals/Valuation*Real Life: Walgreens Performance


FIN 591: Financial Fundamentals/Valuation*Real Life: EVA & MVA3-year changes in MVA explained byregression analysis


Summary


FIN 591: Financial Fundamentals/Valuation*Measure Earnings with EVASimple to explain and understandEPS (and NI) ignore cost of equity capitalEVA doesntRetained earnings no longer considered freeBenefits:Reduce cost of capitalImprove operational efficiencyBetter management of assetsProfitable growth.


FIN 591: Financial Fundamentals/Valuation*NOPATInvestedcapitalRevenueCostsWorkingcapitalFixed capital Greater customer service (higher market share, increased gross margins). Greater product availability

Lower cost of goods sold, transportation, warehousing, material handling and distribution management costs

Lower raw materials and finished goods inventory Shorter order-to-cash cycles

Fewer physical assets (e.g. trucks, warehouses, material handling equipment)

Effective SCM:Increased Shareholder ValueminusplusCost ofcapitaltimesminus


FIN 591: Financial Fundamentals/Valuation*Manufacturing EVA DriversReduce inventoryReduce cycle timeImprove yieldsReduce scrap/wasteMaximize labor efficienciesImprove vendor efficienciesProcess improvements

Staff EVA DriversWork group/process simplificationConsistency monitors auditCentralizing resources/synergiesBest practices benchmarkingInsourcing/outsourcing decisionsSimplify EVA measurements/reportingEnsure compliance with legislation

Research & Development EVA DriversImprove to-market processReduce R&D expenses as % of new product salesStrategic partners for R&DStronger links to product marketingNew products via:- Research- Formulation- DevelopmentAcquisition

Marketing EVA DriversIncrease market share / revenueNew marketsMore focused channel programsVoice of customer / consumerLeverage advertising / promotionBuild brand awareness


FIN 591: Financial Fundamentals/Valuation*The End


FIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods IIFIN 581: Advanced Valuation Methods II*FIN 581: Advanced Valuation Methods II

08 eva intro

Documents

manufacturing firmcumulative

producer priceindexfin

raw materials

truecompetitiveadvantage

comparative advantageadvantage

competitive advantageadvantage

distribution management

capitaltrue source of