•Two different expressions from the same thing:
–EVA-valuation produces exactly same valuation (fair value) as
DCF
–Actually in EVA valuation the book value of equity is off
no meaning: the bigger book value, the bigger capital costs and thus the smaller EVA (what is left and what only has meaning to valuation is
cash-flow)
–EVA is only another way (a more illustrative way) to calculate
DCF valuation
