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Shareholder value creation

Value is every thing.


Companies' that create value ,win.
those that cannot ,lose.
But once captured
value has to be sustained .

Which value ?
Book value
Liquidation value
Market value
Replacement value
A company creates value for shareholders when
the shareholder return exceeds the required return
to equity (Ke). In other words, a company creates
value when it outperforms expectations. Created
shareholder value is quantified as follows: Created
shareholder value = Equity market value x
(Shareholder return - Ke) Created shareholder
value can also be calculated as follows: Created
shareholder value = Shareholder value added -
(Equity market value x Ke).
What Drives Shareholder Value?
Many corporate executives still focus on quarterly earnings figures as a
key driver of
stock market values. Although no-one can discount the importance of
quarterly
earnings numbers or the impact on the stock market of earnings
surprises, they are not
the fundamental driver. Stock market values are driven by real
corporate performance,
as compared to market benchmarks. The key relationship is whether
the money
entrusted to corporate management earns a higher return than the
owners can get
elsewhere.
Focusing on this key relationship differentiates
the value manager from
other managerial styles. Implementing a value
managerial system can be
accomplished by two main metrics: a sales,
operating margin, turnover metric and a
more traditional return on investment,
reinvestment rate metric. Both metrics are
simply ways of expressing the underlying
determinants of market value. The most
critical decision facing a firm is whether to
adopt a value based managerial system
rather than a particular set of decision tools.

Discussion of finance topics involves both normative and positive
statements, and it is
important to be aware of their distinction. Normativestatements refer
to what
ought to be and are usually derived from an assumption about how
the world
behaves. This is most evident in standard economics topics, where
assumptions about
human and corporate behaviour are made to derive supply and
demand curves, which
are then used to explain how prices are determined. Financial theory is
an application
of these standard economic models to explain how prices in the capital
market are
determined. As such, financial economists use essentially the same
tools as their
colleagues in other areas of economics to predict how, for example,
equity prices
ought to be determined, and how as a result corporate management
ought to
behave. In contrast, positive statements refer to what is, was or will
be, it is
commonly referred to as an appeal to the facts.1
The above distinction between positive and normative statements is
imp

Value creation:
accretion in value

value moves in mysterious ways. Some
strategies work, some of the times.
Others, don't all the time
the ability to cut through the cross Sections of
industry and company profitability and see the
pattern that functions as invisible forces that add
and destroy value is invaluable.
The capacity to decipher profit patterns is the
ultimate strategy machine .

Why should Infosys go for NASDAQ listing
when stock prices in domestic markets were
piercing through the roof ?

why should Reliance & MTNL, Wipro etc list
their shares at NYSE .
Why should united phosphorous prepare two
sets of corporate accounts-
one for domestic markets as per AS-ICAI
other as per GAAP- of USA.

Morgan Stanley mutual fund bought back
300cr. Worth of its unit capital to reduce the
corpus from 1000 cr. To 700 cr. What for?

Obviously all these gestures are for
shareholder vale creation.



Similarly Ballarpur hived off majority of the
unrelated business activities-glass, chemicals
etc.
and ACC sold off its ferrites (unrelated)
business and took over eternit-everest (
related business).
Why shareholder value?
Shareholder Value or. Market capitalization but for
certain aberrations is offen a reflection of the equity
markets expectations of the future performance of a
company.
For corporate to grow- they must attract capital
therefore they must focus on shareholder value.
Tremendous growth and importance of Shareholder
Value concept globally
because:
1- increasing amount of private capital in developed
countries have reached their limits of taxation and
borrowing powers using pension & social security
funds.
Growth of private mutual funds institutional investors
expansion of equity markets & increasing proportion
of equities held by institutions. .
Investor wants the funds to maximize their
performance; in turn the funds demand value from
the companies they invest in
2. Globalization of markets:
Financial deregulation has created global market
for financial assets. Corporate now compete globally
not only for products, customer and employees but
for capital too. Attracting capital depends on being
the best in class with a thrust on shareholder value
3. Information:
Complex calculations and access to information
through computers and internet has assisted
investors to evaluate corporate in terms of the value
creation.
Indian scenario
Since independence in 47- Govt. the major stockholder in
business Economic policy followed import substitution and
protected regime. Extensive public ownership of
productive capital with complex cans boles regulations.
Restriction on foreign ownership of capital. Financial inst
itutions and govt. the provider of capital
Outcome: public operates consumed resources without
providing adequate returns.
Pvt. Corporate-key driver of growth The procurement of
licenses. Banking sector-directed lending to demand
priority crease NPAs
1991 winds of liberalization:
Economic reforms accompanied with financial sector
reforms.
Pvt. Players allowed in banking mutual funds industry FIIs
were allowed to invest in Indian equity.
Corporate allowed to raise GDRs
ADRs
Greater freedom to financial
intermediates to raise resources.
Competition led to greater
accountability to fund providers
dismantling of capital issue
controls.
FII and GDR investment had a relatively higher
growth institutional investors have expressed
concern regarding the shareholder value and lack of
transparency and quality of information of Indian
companies.
Shareholder value: key future drivers:
greater stiv orientatition of domestic MFs. The
earlier rate of passive non-interfering creditors/
minority shareholders would have to change to
aggressive shareholder value oriented institutional
investors. Growth in importance of pvt. Investors
Quantum of FII & GDR in vests shall be guided
by presence of Sh. V. Oriented globally
competitive corporate.

privatization:

Greater exposure to equity mkt. why is would
feed to a change in mgt. style-oriented towards
shareholder value creation.
The Indian corporate:
A greater sensitivity to the interests of share
holders would feed to appreciation by equity
markets and an enhanced monetary flow into
equity markets.
Creating value for the shareholder is not
an overnight thing it is a long term
objective our goal is to keep enhancing
this value-over a changing mix of
changing business cycle
Sustain ably enhancing value for
shareholders will come from a sound
competitive strategy, improving profits,
a fair dislnbution policy and corporate
transparency that rein forces investor
condolence
Economic value added [EVA]
1 Average debt - 500cr
2. Average equity - 1500cr
3. Average capital employed (1+2) absolute amt.)3.
4. Cost of debt post tax %
5. Cost of equity %
6. Weighted average cost of capital WACC (%) 6%
7. COCE= 3x6- 200x6%
8. Profit after tax (PAT)
9. Add. Interest offer taxes
10. Net operating profit offer taxes (NOPAT)-
11. EVA= NOPAT-COCE (10-7)
12 EVA % capital employed= EVA/average capital
employed
= (11/3)
1997-98 1998-99
1. AVERAGE DEBT. 49.6 CR. 65.6 CR.
2. AVERAGE EQUITY 35.2 CR. 49.7 CR.
3. AV. CAPITAL EMPLOYED 84.8 CR. 115.0 CR.
4. COST OF DEBT POST TAX( % ) 8.82% 9.75%
5. COST OF EQUITY % 22.5% 22.5%
6. WACC 14.5% 15.26%
7. COCE 12.3 CR. 17.5 CR.
8. PAT 12.7 CR. 22.1 CR.
9. ADD INTEREST OFFER TAXES. 4.13 CR. 6.06 CR.
10. NET OPERATING PROFIT OFFER TAX 16.7 CR. 28.2 CR.
11. COCE (AS PER 7) 12.3 CR 17.5 CR.
12. EVA AS % OF COCE 4.6/12.3 CR. 10.7 CR/17.5
CR.
(12/3) 5.44% 9.28%
Economic value added: EVA
EVA is the profit realized offer deducting the
cost of all capital employed (Debt equity) EVA is
the amount by which the companys pre interest
but offer tax net operating income (or NOPAT)
exceeds the charge for capital.
Coco colas CEO Robert goizueta remarked
you only get richer of you invest money at a
higher return than the cost of that money to you.
Every body knows that but many seem to forget
it
EXP: NILKAMAL registered an Eva of 10.68
corers in 1998-99.
This indicates that the co. was able to meet the
expectations of its shareholders.
Traditional approaches to measuring
Shareholder value creation have used parameters
such as earnings capitalization, market
capitalization and PV estimates of cash flows.
Extensive equity research has now established
that it is not earnings per se but value which is
important. A new measure called economic being
applied to understand and evaluate financial
performance. EVA= net operating profits after
taxes (NOPAT) (minus) EVA NOPAT-COCE) Cost
of capital employed
Where NOPST: = profits after depreciation and
taxes but before interest costs. It represents the
total pool of profits available on an unguarded
basis to provide a return to lenders shareholders.
COCE: is weighted average cost of capital
WACC+average capital employed. Cost of debt is
taken as effective rate of invest applicable to a rates
co. (HLL-AAA-14% pre tax) Cost of equity: is the
return expected by investors to compensate them for
variability in returns caused by fluctuating earnings
and share price.
Cost equity (HLL) = risk free return equivalent to yield
on long term Govt. bonds (12.5%) RM. Market risk
premium (9%) x beta equivalent fore co. (.8) =12.5 %+(
9%x.8)
HLL its Ke. = 19.7% Ke
Eva is a residual income offer charging the co. for the
cost of capital provided by fondues shareholders it
represents the value added to the shareholder by
generating op profit. KO capital employees.
EVA-developed by stern Stewart co. VSA
from definition stand point EVA refers to the
systems of corporate management that
defines profitability in farms of the returns on
capital above the cost of servicing the capital
employed.
EVA, however is not just a measure of
operating performance, it is also a highly
sophisticated tool of financial management
which encompasses the entire financial
management which encompasses the entire
financial management function from capital
budgeting acquisition pricing to tragic
planning and shareholder communications
When will EVA increase: 1. efficiency?
Eva will increase if: 2. profitable
operating profits can be made to grow without
employing more capital i.e. greater efficiency
additional capital is invested in projects that
return more than the cost of obtaining funds
(new capital) i.e. profitable growth-(takeover)
capital is curtailed in activities that dont cover
the cost of capital i.e.
Liquidate unproductive i.e.
Liquidate unproductive capital (hive-off)
Or Theodora me thud of evaluating
performance:
1. prt-interest profit/total turnover NPBT/sales

%
PBIDT to
year
ROCE
2.return on capital employed %
3.return on net worth (RONW)%
Growth in PBIDT. %
New techniques:
1.EVA.-stern Stewart co. U&A.
2.Market capitalization to sales-Adrian slyworkly.
Latest techniques of creating
Shareholder value .1.
Buy back of shares:
Reduction in capital
Enhanced EPS
Communization of massage of value.
Exp: Indian rayon buy back through book building selan exploration
buying back at Rs.20/-
Easel packing to buy back at 300/-
[Scrip shooting at 500/- fabulous dividend instead]
ESOP: employees stock option scheme to create shareholder value.
Creeping acquisition:
Exp: 1. reliance going for creeping acquisition
2. TISCO/TELCO-Tata's stake enhanced.
ACC-Rs 100/-share to Rs 10/- . 10 share for one
WIPRO-splitting the stock price % Rs. 21/-
ZEE-splitting Rs. 10 stock % Rs.1/-
Splits have become convenient because of
dematerialization
Offer of shares.
Exp: orchid chemicals offering shares to Asia pacific
funds (36.11%) at 164/-
Promoters equity diluted
The scrip price jumps from Rs 170 % Rs. 270/- in 6
sessions.
Corporate restructuring:
Ballarpur hiving off unrelated activities.
Wealth creators & destroyers
Whether shareholder value management is a fad?
That vill eventually pass?
No its a global phenomenon that is especially
relevant in the Indian context.
Good corporate governance:- is about ensuring that
managers run the business in the long term interests of
shareowners and in doing so , ensure that all other
stockholders are also taken care of (customer
employees , suppliers etc.)
Although many companies may manage to comply with
regulatory requirements for good corporate
governance, their shareowners continue to get a raw
deal
Managers of mature businesses that generate large
cash flows but have limited opportunities for value
creating investment projects tend to destroy
shareholder wealth by investing too much capital.
Back into their existing business and/or making ill
conceived and over-priced acquisition forays into
unrelated areas.
Improving corporate governance and shareholder
wealth creation performance is especially relevant in
the Indian context for the following reasons:
1. The shareowner wealth creation track record for
Indian companies is poor compared with companies in
other countries.
2. proportion of population that owns shares is
increasing.
3. family-controlled cos are increasing by moving to
delegate managerial responsibility to professional
rather than family members-driving the need for more
formal corporate governance mechanisms
4. Improvements to the takeover code and other
regulatory policies are slowly but surely making it
eases for Share owns to boot for efficient
management the level pf M&A activity is
increasing.
5. Global mobility of funds across the world means
that opportunity cost of shareowners funds is
increasingly real. If Indian corporate dont perform.
FIIs will look elsewhere.
On an average Indian companies create only 50
paisa of market value added ( MVA) for every
rupee of capital invested, whereas pan-Asian,
European and U S cos are at lease twice as
productive , in other worlds, their MVA/ capital
ratios are greater than one.
However, Indian companies that create wealth,
on an average, earn higher MVA/ capital than
their comparable peer set in other economics-
WIPRO, INFY, HLL, Reliance, and ITC.
Indian wealth creators utilize only 35% of total
capital invested in our public capital market.
It is alarming to note that the Indian companies
which destroy about 26 paisa,
For every rupee invested in our market. In
contrast, U S economy invests 87% of its capital
in wealth creators, in pan- Asian mkts. 65% is
invested in wealth creators.
The problem with the Indian capital market lies in
improper allocation of capital and is a cause of
great concern in India.
10 yrs later, J uly 2002, orchid is set to chart a new
history of global innovation and integration.
Orchid now has a joint venture for drug discovery in
the U S A, the worlds largest mkt. for new drug
innovations.
Orchid is now establishing a joint venture for
manufacturing cephalosrin & in china , the worlds
largest mkt (non-regulated) for pharmaceuticals.
These are but two of the initiatives that exemplify a
radical business transformation and structural
metamorphosis that under way of orchid to fuel
growth.
Orchid is well poised to become a composite pharma.
Corp. Covering bulk actives, formulations and
research through a judicious combination of ORGANIC
and INORGANIC growth initiatives.
Orchid would be truly multi national in character in the
years to come with manufacturing operations in India
and china, marketing offices and subsidiaries in the U S,
Brazil and Russia and Research infrastructure in India, U
S and Europe, China is emerging not only as a worlds
largest mkt place but also a very competitive
manufacturing base. A manufacturing base in china
would be an appropriate move for orchid in the
emerging scenario of global integration.
Orchid has jointed hands with china pharma. Corp. to
promote NCPC orchid pharma co. Ltd, a 50:50 J .V for
manufacture and marketing of cephalosporin bulk
actives and formulations in china.
Pending completion of the non- sterile bulk pardon.
Facility orchid will supply the product for first 2 yrs for
conversion to the find product.
The joint venture could well pave the way for diversification into
other the repeaters later. China has emerged as one of the most
competitive production bases and the single largest market for
pharma cuticles apart from some of the developed markets.
Achieving higher value addition optimal capacity utilization and
continuous productivity impairments in operations.
Orchids corporate strategies, particularly the product market
and technology project strategies recognize the concepts of
EVA.
Orchid has transited from the entry mode in the quickest span of
time possible and positioned it self in the growth mode, which is
a specific strategic position considering the technology and
investment intensive mature of the global pharma. Industry.
Through this orchid has been able to optimize the EVA even
while assuring long term competitiveness of the business
through required investments in technology. Moreover. In
specific product segments orchid has been able to position its
self in the harvest mode reaping high EVA through prudent
operations managements.
Orchid would continue to
adopt relevant strategic
approaches which support
long term business
development and assuse
sustainable value
enhancement for
shareholders.
1. Av. Shareholders net worth-155.9 cr.
2. Av. Debt-352.7 cr.
3. Av. Capital employed-508.6 cr.
4. Cost of debt (post tax)-9.35%
5. Cost of quity-20.20%
6. WACC-12.71%
7. Cost of capital employed-508.6 crx12.71/100-64.47
cr.
Net operating profit offer taxes:
Pat - 35.57 cr.
Add int. adjusted for taxes. 32.98 cr.
No PAT 68.55 cr.
EVA- 68.55cr-64.47cr=4.04cr.
EVA as % of capital employed-08%
MVA is the excess of the market value of the company over the value of investors capital (economic
book value). It is an obsolete measure of value, calculated as the total value of the company. It
quantifies the premium the market is willing to pay for the value created by the company.
MVA=current value of debt+equity-economic book value
Economic book value=share capital +free resemes+debt
March 31st 1999
Economic book value:
Total debt - 312.69 cr.
Equity - 17.34 cr.
Free resumes 152.47 cr. +
Total share holders net worth- 169.81 cr.
Total economic book value- =482.51 cr.
Market capitalization of equity:
No of out standing shares- 1.73 cr.
Share prices.
High - 189.90
Low - 84.05
Average 116.55
Market capitalization of equity-(1.73cr.x116x55)=202.17cr.
Market value of debt - 312.69 cr.
Market value of debt+equity - 514.86cr.
MVA- market value- economic book value.
514.86 cr. - 482.51 cr.
=32.35 cr.
Excess wealth accretion to shareholders over
Economic book value- 6.7 %
S.V.C. emerging as most crucial criteria in investment selection of
a company.
Fund managers non relegate other parameters like
Industry outlook
Investment philosophy of corporate
Market capitulation
Traded volume. Etc.
Now its only shareholder value
A co. generates shareholder value only if it generates returns in
excess of its
Cost of capital
Higher growth
Higher returns
Appropriate risk.
Till corporate gear up and show concern for
shareholder, raising funds in the stock market will not
be easy . Many IT cos have shown voracious hunger for
growth and expansion in their effort for building market
share. This has produced significantly higher returns
for investors composed to many other corporate.
Many of the latter through their choice of investments
demonstrated inefficient use of capital, speaking
volumes about lack of concern for creating shareholder
value
Gone are the boom days of 90s when shareholders
were taken for granted.
Tables have turned
Managements now realize the need to change tactics to
enhance shareholder value.

Turn
over

Profit
margin
Tax
rate
Working
capital
Fixed
assets
Cost
Of
capital
Competitive
Advantage.
Shareholder
Return.
Increase of shareholder value
Free cash flow valuation.
Seven mantras to enhance
shareholder value.
Increasing importance
to share price to
1- Generate wealth to
ensure modification of
funds.
2- Deface tool to stall
takeovers.
Study by price water house coopers
Shareholding pattern getting more institutionalized
making investors more demanding.
PWCs study: parameters taken by most senior
analysts and fund managers professional investors
cover 80% of the assets of Indian mutual funds and 65
% of FIIs
Traditional P/E ratios based on historical information
no longer on investment tool.
Insts investors in their invst. Appraisal look at
anticipated future value, based on expected cash flow
(FCF)
Study conducted in vs. revealed a high correlation
Between change in the free cash flow and share price
performance. (PWC)
Other mkts. In the world experience the some
phenomenon.
PWC says
the shift in investment focus from EPS to free
cash flow(FCF) indicates that markets are thinking
long term though that is not to say they dont still act
short term at times
in cash of institutional investors with longer time
horizon , the use of free cash flow is more regular in
capturing growth risk and return expectations -
Ashwin puri PWC stress on free cash flow valuation
feeds to the mastering of seven value drivers
The golden principle followed is a company generates
shareholder value only if it generates returns in excess
of cost of capital.
Study on U K. Hong Kong- Australia ranks operating
profit margin as the highest driver.
Delivering value
To shareholder
The management of BPL is committed to
strong thinning shareholder value over
the long run. It recognizes that the
drivers of the enhanced shareholder
value are strategy like a sound
competitive strategy, implored profits, a
fair distribution policy and corporate
transparency that reinforces investor
confidence.

The value creation drivers of BPLs business
Operating profit margin
Tax rate
Fixed capital investment
management
Working capital
management
Sales growth
KPMG &BS made first ever ranking of Indian
companies by value creation.
Shareholder value is bound to appear in most of the
annual reports in good / well established corporate
(h level, Nilkamal, BPL ,Ranbaxy, L&T etc.)
No longer can managements gloat over its gigantic
expansion plans, unless it is sure it can meet
stringent return on capital norm.
A dramatic shift in the way the co's are measured &
evaluated.
Metric predecessors:
Return on sales (ROS) was good when markets were
not very competitive and firms could concentrate on
asset and market share buildup. Whenever a firm
needed to increase value, it could simply take a
margin like.
Once markets become competitive the freedom to increase
margins is reduced.
Since every body has sufficient assets (capacities), the
priority has to shift from building assets to utilizing the
existing assets most effectively a shift to ROI.
ROI: the way to improve ROI is to improve w . Cap. Mgt, turn
assets faster, better liquid cash mgt.
Speeds up collections delay payable dont leave cash lying
around.
Efficient treasury management and cash management leads
to better ROI:
The use ROI has offen led to co's to adopt value
destroying approach to growth and put the measure (ROI)
under question.
ROI is unsuitable for semiconductor / software inds-where
the rate of change of product performance and cost of
manufacturing are non-linear.
The 1980s saw the rise of ROE, ROCE & RONA which
used earnings as a measure of invested capital.
Managers realized that the more the depreciation of
assets the lower was capital employed and higher RONA.
They found that they could apparently improve earnings
efficiency without increasing assets.
Managers immediately switched to milking the existing
asset base and refrained from reinvesting for the future.
Enter EVA.
With EVA, the capitals providers are making corporate
understand that growth is a privilege and not a right.
They are making the marketing finance people evolve a
strategy that is sustainable as well as viable.
The moment a firm starts developing its strategy with inputs
from marketing finance and production it adopts a cross
functional approach.
So, unprofitable and value destroying activities can be hunted
down and mitigated.
Share holder value measure ments are now routinely used by a
wide cross section of brokers fund managers and company
executives.
However, much of this effort at measuring share holders value
is seldom disseminated across a wide cross-section of
industry.
There fore no one is sure to how Indian firms have fared on
value creation.
Surry of KPMGRBS in 1998 computed economic profit (EP)
And market value added (MVA)
To lest 1000 corporate.
EP: after tax operating profits. A snapshot
MVA: A longer term picture.
Contemporary indicators used by analysts to estimate
shareholder value.
1. Total shareholder return:
Since dividends and expansion in market capitulations
are the too principal ways in which shareholder value can
be enriched, TSR takes into A/C the sum of these 2
factors.
The increase in market capitalization is added to the
dividend paid during the financial Y.R the sum is then
expressed as a % of mkt. cap. Of co. at the beginning of
the year under renew.
Rs.cr.
Year 1996-97 97-98 98-99
Closing capital value 20.14 18.08 70.78
(17.30)
Less of value (cap.) 25.45 18.64 13.30
Add dividend 1.89 2.06 3.43
Incremental gain. 3.42 1.50 56.98
Inc. gain/beg.
Value(%)
13.44 8.04 330.70
Look at yields, rather than get
into the distribution battle zones:
top brands Pantene, Ariel,
whisper , Camay& Vicks to be
advertised heavily on its own.
Smaller brands 10 % of volume
shifted to Marico.
NIIT appointed stern steward to
provide training to its 400
managers.
Task: introducing the concept to
managers helping then grasp the
nuances of implementing EVA.
1. Measuring performance at 125 EVA points.
Managers generating EVA reports.
2. Use the concept while making investment
decision buying was sacrificed by outsourcing
the main frame time with utilization being low.
3. introduce EVA into planning goal setting and
budgeting
4. Link it to compensation.
EVA brochures, EVA news letters Eva web pages.
EVA in practice 2
One manager was using both a desk top a well as a
note book now he has only a notebook.
NIIT is banking on eventual linkage of compensation
to EVA
So for you were rewarded for your effort, now
You will be rewarded for results
The very notion of having a large component of
ones salary being variable is something new in
Indian context.
COCE. 1996. 1997 1998.
1. AV. Debt. 156 160 16.5
2. AV. Equity 815 1127 1487
3. AV. Cap. Employed (1+2) 971 1287 1652
4. Cost of debt post tax
(%)
7.88 8.82 9.10
5. Cost of equity 19.7 19.7 19.7
6. WACC % 17.8 18.34 18.64
7. COCE (3x6) 173 cr. 236 cr. 308 cr.
8. PAT 413 580 837
9. add. Interest offer tax. 32 21 19.
10. NO PAT (8+9) 445 601 856
11.COCE (7) 173 236 308
EVA_(10-11) 272 365 548
EVA % of capital
Employed (12/3) 28. 01% 28.39% 33.22%.
EVAis being widely used as a tool to measure
value added to the organization during the
facial year. It takes into account the cost of
capital that the company incurs to generate it
suppose and add value to its shareholders.
EVA. Is an indicator of the operating
efficiency of the company and its ability to
add (value to its shareholders) to the bottom-
line by reducing financing charges.
1999 1997
Operating profit before int & tax 934 476
net profit. 518 335
Shareholders funds 3838 2753
Debt 1109 625
Total capital employed. 4948 3359
Cost of debt 11.57% 21.10%
Ke. 18.44% 18.44%
WACC 15.94% 15.22%
Absolute cost of capital 788 511
EVA- (OPBIT-ACC) 145 -34

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