ISS, EVA, and Economic Voodoo

Institutional Shareholder Services (ISS) recently introduced Economic Value Added (EVA) as its latest approach to measuring company performance.  Now a purveyor and proponent of EVA, ISS is marketing its product, including a recent publication, EVA, not EBITDA: A Better Measure of Investment Value. This Client Briefing examines ISS’s contention that EVA is a superior gauge of “investment value” to EBITDA. 

Download the Client Briefing ​here (PDF).

Download information on the EVA formula we used and companies analyzed here (PDF).