ISS EVA Webinar Series

Drivers of Growth

Most companies are constantly striving for growth. But from a shareholder’s perspective, if the ultimate goal is value creation and return on investment, then not all measures of growth adequately tell the whole story. Earnings per share can be gamed and top line sales growth does not necessarily translate into value creation. Economic value only arises if the profit generated from capital employed is greater than cost of capital, and as such, should be a prudent capital provider’s main concern.

In a new white paper from ISS, the EVA research team takes a deeper look into what are the real drivers of growth with a particular focus on the growth of Economic Value. Some key findings from the paper include:

  • EVA Momentum (i.e., EVA Growth) is Positively Correlated with Returns
  • The Four Drivers of EVA Momentum Vary in Efficacy
  • EVA Growth Is Tied to Valuation
  • Alpha Associated with EVA Momentum Varies Predictably Over the Cycle



  • Anthony Campagna, Global Director of Fundamental Research, ISS EVA
  • Kevin Spellman, PhD, CFA, Senior Advisor, ISS


Wednesday, March 24

8:00 am PT | 11:00 am ET | 4:00 pm CET

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