{"id":1271,"date":"2024-08-16T17:08:11","date_gmt":"2024-08-16T13:08:11","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1271"},"modified":"2026-04-19T18:24:42","modified_gmt":"2026-04-19T14:24:42","slug":"value-driver-myths","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/08\/16\/value-driver-myths\/","title":{"rendered":"\u10db\u10d8\u10d7\u10d4\u10d1\u10d8 \u10e4\u10d0\u10e1\u10d4\u10e3\u10da\u10dd\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10e5\u10dc\u10d4\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1<\/span>"},"content":{"rendered":"

The diagram shows what creates the investor’s value. All other things are myths about value drivers… Let’s summarize in two words:<\/p>\n\n\n\n

    \n
  1. EPS Growth<\/strong>: EPS growth can come from revenue growth, margin expansion, or share buybacks. Revenue growth is good only if ROIC > WACC; margin expansion can be negative if it comes with reduced spending, which could harm cash flow and nothing else changes.<\/li>\n\n\n\n
  2. Valuation-Purchase<\/strong>: The belief that valuation simply increases with earnings growth and multiple expansion, disregards accuracy.<\/li>\n\n\n\n
  3. Structural Changes<\/strong>: Write-downs, option expenses, and changes in standards. For instance, write-downs are often avoided because they’re believed to signal market negativity. Yet, such mechanical actions do not reflect investor sentiment. A study* covering 99 firms from 2007-2011 shows that not recognizing $2 billion in write-downs had insignificant correlation with changes in stock prices.<\/li>\n\n\n\n
  4. Volatility of Earnings<\/strong>: Believing that the market rewards premiums for stability in earnings growth contradicts the investor’s preference for capital diversification rather than earnings stability\u2026 A personal move doesn\u2019t assure stability and quality.<\/li>\n\n\n\n
  5. Achievement of Earnings Targets<\/strong>: In financial reports, big adjustments are made, but whether a firm (fails to) meet its earnings forecast influences stock price changes by only 2%.<\/li>\n\n\n\n
  6. Earnings Management<\/strong>: Thinking that reporting on earnings estimates drives either increase or stabilization in stock prices or increases liquidity. However, actual results do not support these claims.<\/li>\n\n\n\n
  7. Diversification<\/strong>: The diversification of business units reduces specific risks for investors. However, investors themselves are often wary of capital diversification and prefer stability and quality.<\/li>\n\n\n\n
  8. Company Size<\/strong>: It’s calculated that investing in large companies requires more capital because it is harder to find and risks are more stable. Yet, the difference between ROIC and WACC matters, not company size.<\/li>\n\n\n\n
  9. Market Mechanics<\/strong>: Index inclusion, cross-listings, stock splits \u2013 these are all mechanical and short-term changes in volatility.<\/li>\n\n\n\n
  10. Dividend Distribution<\/strong>: Dividend distribution itself does not create value. Value is created when capital is properly allocated, ensuring investors are willing to give money for positive NPV projects. Therefore, taking dividends is not inherently valuable to investors.<\/li>\n<\/ol>\n\n\n\n

    *Source: VALUATION – Measuring and Managing the Value of Companies, 7th Edition, McKinsey & Company, Tim Koller, Marc Goedhart, David Wessels.<\/p>\n\n\n\n


    \"\"\/
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