9
VALUATUM
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EVA and market value,  Fortum (20.11.2002)
Book
value
of
Equity
Fortum Oyj
5,9 Billion
EUR
6,98 EUR/
share
Market
value
of
Fortum
5,0  Billion
EUR
5,96 EUR/
share
Market
Value
Lost 870 Me
1,02 e/share
(- EVA1)
(1+ re)1
(- EVA2)
(1+ re)2
+
+ ...
-EVA3
(1+ re)3
-EVA4
(1+ re)4
+
+ ...
+99 Me
-78 Me
-75 Me
2002E     2003E 2004E 2005E 2006E 2007E
-78 Me
-78 Me
-78 Me
Real life:
Current market value of Fortum and investors’ current EVA expectations for 2002E-2007E.
(in this example the estimates from 2004E- onwards are generated from current market value:  what these estimates should be so that the current market value would be justified…)
Jump to updated Finnish EVA-MVA values