John Wiley - Best practice EVA: the definitive guide to measuring and maximizing shareholder value

MORE PRAISE FOR BEST-PRACTICE EVA FROM FINANCE LEADERS

I pride myself on being an early EVA disciple. I have seen it applied with great success in management and incentive applications over many years. Even so, the new EVA-ratio framework covered in this book has challenged me to take my performance-management thinking and leadership to the next level. Best-Practice EVA is a stimulating, innovative and common sense playbook for any executive that genuinely cares about creating sustainable value for their stakeholders.

Mark A. McCollum, Chief Financial Officer, Halliburton Company

Balls 20-year EVA journey has resulted in a disciplined capital allocation model, a shareholder-aligned incentive compensation program and significant long-term value creation for our shareholders. Bennett Stewarts new book explains the logic behind EVA and how it has helped us. It provides the most-up-to-date and practical roadmap that any CFO can use to adopt EVA and drive better business investment decisions and create more value. Its a winner.

Scott Morrison, Senior Vice President and CFO, Ball Corporation

Weve used EVA to create a value-focused culture that pervades our company and that has been a real asset in communicating with our investors. I am excited about integrating the next generation of best-practice EVA metrics into our investor communications.

Ann Scott, Director, Investor Relations, Ball Corporation

We adopted EVA more than a decade ago and continue to employ it for investment decisions, measuring performance and providing incentives to a substantial percentage of our employees. Its been a great help to us, and yet I see that Best-Practice EVA takes EVA in important new directions. Once again, Bennett Stewart is several steps ahead of the rest of us in thinking through the best ways to align corporate performance, strategy and culture with creating wealth. My adviceread it, study it, and do it.

Ken Trammell, Chief Financial Officer, Tenneco Inc.

MORE PRAISE FOR BEST-PRACTICE EVA FROM INVESTMENT EXPERTS

The neglect of cost-of-capital is a truly remarkable shortcoming of traditional profitability measures. Bennett Stewart reveals a powerful solution, developed as a management tool over decades and now applied as well to investment management. Better still, he makes his case with highly readable case histories. Best-Practice EVA will give you a whole new perspective on how value is created.

Martin Fridson, co-author of Financial Statement Analysis: A Practitioners Guide

Best-Practice EVA provides a powerful lens to view and value corporate performance. It combines all the essentials of financial statement analysis into a framework with economic profit at its core. There is nothing wrong with this, and much to like about it.

Frank J. Fabozzi, CFA, Editor, Journal of Portfolio Management, Professor of Finance, EDHEC Business School, and Visiting Fellow, Princeton University, Department of Operations Research and Financial Engineering

Best-Practice EVA plainly shows how to convert accounting data into useful and reliable measures of true economic performance. The new EVA metric framework is a valuable innovation that will undoubtedly help business managers to make better operating and investment decisions

Roger J. Grabowski, FASA, Managing Director, Valuation Services, Duff & Phelps LLC, and co-author of Cost of Capital: Applications and Examples.

MORE PRAISE FOR BEST-PRACTICE EVA FROM GOVERNANCE AUTHORITIES

In this authoritative guide, Bennett Stewart demonstrates how CEOs can deploy EVA as a potent tool to measure and foster real economic value. It is clearly and convincingly written, and it filled with examples that will resonate with senior business leaders the world over.

Wayne Cooper, Executive Chairman, Chief Executive Group

Bennett Stewart expands the repertoire of financial metrics available to executives and directors that want tie their strategies and incentives to creating shareholder value. The new EVA metrics may gain a footing in the compensation arena because they appear to capture all the key elements of the total performance story and can be applied in a fashion that can be relatively easy to understand and analyze. Bottom line any practitioner, director, consultant, analyst or investor will derive a great deal of value from reading his new book. Its an excellent and important work

James C. McGough, Partner, Meridian Compensation Partners, LLC

MORE PRAISE FOR BEST-PRACTICE EVA FROM BUSINESS EDUCATORS

There has long been a need to reconcile corporate finance and business strategy, and this book shows how to do it. It shows how EVA can be used to develop a culture that cares about allocating and managing capital as a core competency, how EVA Momentum can be used to focus attention on the right growth opportunities, and how EVA Margin can help ensure that strategy execution is truly a value-creating proposition. Bravo.

John Percival, Adjunct Professor of Finance, The Wharton School

This book reflects two decades of refinements of EVA that make it a still more practical solution to value-based corporate management while still preserving the essential insight if you focus on value creation using the right performance tools, good things follow.

John D. Martin, Carr P. Collins Chair and Professor of Finance, Baylor University, and co-author of Value Based Management with Corporate Social Responsibility, Oxford University Press.

Best-Practice EVA is an instant classic and the definitive must-read roadmap for anyone serious about acquiring a deep understanding of value-creation analysis. It is highly recommended for executives, security analysts, and business educators worldwide.

Rob Weigan, Professor of Finance and Brenneman Professor of Business Strategy, Washburn University School of Business

Bennett Stewarts Best-Practice EVA goes right onto my required reading lists for my MBA and executive education courses. Its a real eye opener for anyone who wants to understand how value is created, and the best way to measure it and achieve it.

Terry Campbell, Clinical Professor of Accounting, Kelley School of Business, Indiana University

Bennett Stewart has transformed EVA from a money measure of economic profit into a ratio-analysis framework for corporate investment analysis, planning and valuation that is powerful and practical. This book clearly spells out and illustrates the new and improved version of EVA that has a legitimate shot at bridging the corporate and investing worlds and becoming a new standard in corporate value-based governance.

Donald Chew, Editor in Chief, The Morgan Stanley Journal of Applied Corporate Finance

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