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P/EP/ERatioBookValueFinancialTurnoverCoverageEfficiencyOfLeverageotherOperationsSharePrice/EPS×Equity/SharesPriceNI/Shares×Assets/EquityNI/Equity×Sales/TotalAssetsNI/TotalAssets×NI/EBITNI/Sales×EBIT/G.P.EBIT/Sales×G.P./SalesEPSROE,ROCEROAProfitabilityOperatingProductionEfficeincyEfficeincy&ProductDifferentiationSamuelS.Stewart,Jr.,1988,“ForecastingCompanyEarnings”,inSumnerN.Leveine,ed.,FinancialAnalyst’sHandbook.Homewood,.:DowJones-Irwin,Inc.P.554.*G.P.:GrossProfit()*ROCE:ReturnonCommonEquity=(NI-Preferreddividend)/CommonShareholder’sEquity*ROCE=ROA×EarningsToCommonLeverage×FinancialLeverage*EarningsToCommonLeverage=(NI-Preferreddividend)/NI*FinancialLeverage=TotalAssets/CommonShareholder’sEquity1equitymultiplier.**5*PEPSBVcashoutflowdividendinterestcashinflowcashinandoutEBOMDCFM:P=PV(futurefreecashflow)DDM:P=K*EPS/r-gP/EHIGHLOWHIGHStarsrecoveringdogsEV/SalesratioP/BLOWfallingstarsdogsEV:Valueofthefirm=EBI/(1+r)EVARIEVAEBIEBI:earningsbeforeinterest;WACC:weightedaveragecostofcapital,=rd1reTAt-1t-1t-1reCAPM187EVAtEBItWACCTAt-1EBIt/TAt-1WACCTAt-1ROAtWACCTAt-1VTAt-1presentvalueofallfutureEVAsRIBBreBEBOMBrePV=(Bre)/reBEBOMP0B0∑PVRIt1015EPSRI1015EPSRI1120022003213EBOi1CPV=C(1+i)-1+C(1+i)-2+C(1+i)-3+C(1+i)-4+-------=C/i2CPVC/i*[1-(1+i)-T]3CgPV=C(1+i)-1+C(1+g)(1+i)-2+C(1+g)2(1+i)-3+C(1+g)3(1+i)-4+---------=C/(i-g)4CPV=C{(i-g)-1-(i-g)-1[(1+g)/(1+i)]T}*SternStewarteconomicvalueadded,EVARappaport,1999SVARappaport,199910belief2015CreditSuisseFirstBostonDowJones19989undeservedpayment(%)(%)(%)Coca-Cola24.88.816.0Merck22.88.913.9GeneralElectric21.79.012.7Johnson&Johnson21.39.112.2AT&T19.38.410.9Caterpillar19.09.010.0J.P.Morgan18.69.09.6Wal-Mart18.18.59.6PhilipMorris17.78.49.3DuPont16.88.18.7Boeing16.68.48.2Procter&Gamble16.58.97.6IBM16.47.78.7GeneralMotors16.29.07.2Hewlett-Packard16.08.77.3EastmanKodak15.58.27.3Disney13.98.25.7UnitedTechnologies13.98.95.0AlliedSignal13.58.05.53M13.38.64.7TravelersGroup12.58.63.9McDonald’s12.27.54.7Alcoa12.28.43.8Goodyear11.69.52.1InternationalPaper11.06.74.3Sears10.77.53.2UnionCarbide9.68.51.1AmericanExpress9.59.10.4Chevron8.97.81.1stand-alonebusinessshareholdervalueaddedSVASVASVASVAsuperiorSVASVA6competitivebenchmarkingsalesgrowthoperatingmargins,investmentsSVA3SVASVASVASVASVASVASVA80cap120SVASVA3rollingthree-yearcyclethefrontline’scontributionSVASVA35SVAleadingindicatorsofvalueSVARappaport199936SVASVASVA()SVACEOCEOSVASVACEOCEOSVAPeopleMeasureLevelCEOandCorporate-LevelexecutivesTotalreturnstoShareholdersExceedpeerotmarketindexOperatingunitShareholdersExceedinvestorExecutivesvalueaddedexpectationsFrontlineemployeesLeadingindicatorsSupportachievementofandmanagersofvaluesuperiorshareholdervalueadded1×=EPSROEROAP/EM(P)/B2003121KaplanandNorton2001BSCBalancedScorecardBSCfinancialperspectiveBSC(customerperspective)BSC(internalperspective)BSClearning&growthperspective,BSC