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T h e S t e r n S t e w a r t PERFORMANCE 1000 GLOSSARY This ranking consists of the 1,000 largest publicly-owned U.S. industrial and non-financial service companies. MARKET VALUE ADDED (MVA): MVA is the difference between a companyâs total market value (debt + equity) and its economic book value, or the amount that investors have contributed to produce that value. All amounts are millions of U.S. dollars. ECONOMIC VALUE ADDED (EVA®): EVA is defined as net operating profits after tax minus the cost of capital. All amounts are millions of U.S. dollars. PROFITABILITY INDEX: The 5-year average rate of return on capital (r) divided by the 5-year average cost of capital (c*). An index above 1 indicates a company is earning more than its cost of capital; below 1, less than its cost of capital. COMPANY TYPE: Companies are classified according to profitability (r â c*) and capital growth as follows: Company Type 5-Yr r â c* Spread 5-Yr Capital Growth X-minus X Y Z Pre-Z <(2.5)% (2.5)%-2.5% >2.5% >2.5% <(2.5)% <25% <25% <25% >25% >25% Rank â98 â93 COMPANY General Electric Coca-Cola Microsoft Merck Intel Procter & Gamble Exxon Pfizer Philip Morris
Journal of Applied Corporate Finance – Wiley
Published: Jan 1, 1999
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