HP-12C EVA Project

HP-12C EVA — Economic Value Added

EVA measures how much value a business creates beyond what its capital costs: EVA = NOPAT - (Capital Investido × WACC). When EVA comes out positive, value was created; when it's negative, value was destroyed, and that can happen even with a positive accounting profit. Stern Stewart & Co. trademarked the concept in the 1980s, and plenty of Fortune 500 firms tie executive pay to it.

A few real-world figures: AmBev has historically run an EVA of R$ 3-5 bi/ano, while Vale's swings around depending on the commodity. You can also write it as ROIC × Capital - WACC × Capital = EVA. It shows up in the CFA Level 2 corporate material and in Stern Stewart's "The EVA Challenge" (2001).

Applications

Setting executive pay with bonuses tied to EVA, deciding where to allocate capital, judging how each division performs, and sizing up the synergies in an M&A deal.

FAQ

Diferença NOPAT vs lucro líquido? NOPAT = EBIT × (1-t), ou seja, o resultado puramente operacional, sem juros nem itens não-recorrentes.

EVA pode ser negativo com lucro? Pode. Se o ROIC fica abaixo do WACC, o capital destrói valor mesmo que o lucro contábil seja positivo.

EVA vs MVA? O MVA é a soma dos EVA descontados (Σ EVA), o valor de mercado adicional que fica acima do capital investido.