{"id":4172,"date":"2024-09-13T12:52:35","date_gmt":"2024-09-13T08:52:35","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=4172"},"modified":"2024-12-11T10:37:35","modified_gmt":"2024-12-11T06:37:35","slug":"value-drivers","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/","title":{"rendered":"Value Drivers"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Understanding what creates value and how it is created is critically important. A good format to grasp this is through a value creation tree diagram:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, let\u2019s start with the idea that the opportunities for value growth are greater at the lower levels of the organization. Therefore, the lower the level we observe on the diagram, the better the potential will be revealed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"292\" data-attachment-id=\"4176\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-137\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-7.png?fit=764%2C362&amp;ssl=1\" data-orig-size=\"764,362\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-7.png?fit=616%2C292&amp;ssl=1\" class=\"wp-image-4176\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-7.png?resize=616%2C292&#038;ssl=1\" alt=\"\" \/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Next, we must understand that the ingredients for value creation vary across different time frames. Identifying healthy &#8220;drivers&#8221; should begin with a long-term perspective, not the other way around. For example, in the short term, cutting R&amp;D might give us annual profit growth, and it may appear as if the value of the organization has improved. However, this could kill the organization in the long run.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"378\" data-attachment-id=\"4178\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-138\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-8.png?fit=776%2C476&amp;ssl=1\" data-orig-size=\"776,476\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-8.png?fit=616%2C378&amp;ssl=1\" class=\"wp-image-4178\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-8.png?resize=616%2C378&#038;ssl=1\" alt=\"\" \/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Then, it\u2019s important to recognize that not all drivers represented in the diagram impact the organization\u2019s value equally. Some have a particularly strong influence (this is where sensitivity analysis is needed). The significance of the drivers depends on the industry, operating model, segment, etc.:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"549\" data-attachment-id=\"4181\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-139\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-9.png?fit=824%2C735&amp;ssl=1\" data-orig-size=\"824,735\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-9.png?fit=616%2C549&amp;ssl=1\" class=\"wp-image-4181\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-9.png?resize=616%2C549&#038;ssl=1\" alt=\"\" \/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, viewing the value diagrams from different perspectives can provide more and better insights:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"420\" data-attachment-id=\"4183\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-140\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-10.png?fit=1171%2C798&amp;ssl=1\" data-orig-size=\"1171,798\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-10.png?fit=616%2C420&amp;ssl=1\" class=\"wp-image-4183\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-10.png?resize=616%2C420&#038;ssl=1\" alt=\"\" \/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s also possible to synthesize the mechanics of value creation seen from different perspectives:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"392\" data-attachment-id=\"4185\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-141\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-11.png?fit=793%2C504&amp;ssl=1\" data-orig-size=\"793,504\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-11.png?fit=616%2C392&amp;ssl=1\" class=\"wp-image-4185\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-11.png?resize=616%2C392&#038;ssl=1\" alt=\"\" \/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Building a value diagram for new growth opportunities is especially interesting, as the impact of drivers might differ between new and existing markets:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"594\" data-attachment-id=\"4187\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-142\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-12.png?fit=816%2C787&amp;ssl=1\" data-orig-size=\"816,787\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-12.png?fit=616%2C594&amp;ssl=1\" class=\"wp-image-4187\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-12.png?resize=616%2C594&#038;ssl=1\" alt=\"\" \/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To put all of this into practice, we need to be able to see the connection between planned initiatives and the mechanics of value creation:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"462\" data-attachment-id=\"4189\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-143\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-13.png?fit=1006%2C755&amp;ssl=1\" data-orig-size=\"1006,755\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-13.png?fit=616%2C462&amp;ssl=1\" class=\"wp-image-4189\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-13.png?resize=616%2C462&#038;ssl=1\" alt=\"\" \/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, if we can see our organization from the perspective of competitors, we will also see where the good potential for value growth lies:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"379\" data-attachment-id=\"4191\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-144\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-14.png?fit=932%2C573&amp;ssl=1\" data-orig-size=\"932,573\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-14.png?fit=616%2C379&amp;ssl=1\" class=\"wp-image-4191\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-14.png?resize=616%2C379&#038;ssl=1\" alt=\"\" \/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source:<br \/><em>Valuation: Measuring and Managing the Value of Companies<\/em> &#8211; by McKinsey &amp; Co, T. Koller, M. Goedhart, D. Wessels<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10db\u10d0\u10e0\u10d7\u10d5\u10d8\u10e1 \u10ea\u10d4\u10dc\u10e2\u10d0\u10da\u10e3\u10e0\u10d8 \u10d0\u10db\u10dd\u10ea\u10d0\u10dc\u10d0 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10e2\u10d4\u10d1\u10d0\u10d0, \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10d8\u10db\u10d8\u10e1 \u10d2\u10d0\u10d0\u10d6\u10e0\u10d4\u10d1\u10d0 \u10d7\u10e3 \u10e0\u10d0 \u10d3\u10d0 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10e5\u10db\u10dc\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10e1 \u10d9\u10e0\u10d8\u10e2\u10d8\u10d9\u10e3\u10da\u10d0\u10d3 \u10d0\u10e3\u10ea\u10d8\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0. \u10d0\u10db\u10d8\u10e1 \u10d2\u10d0\u10e1\u10d0\u10d0\u10d6\u10e0\u10d4\u10d1\u10da\u10d0\u10d3 \u10d9\u10d8 \u10d9\u10d0\u10e0\u10d2\u10d8 \u10e4\u10dd\u10e0\u10db\u10d0\u10e2\u10d8\u10d0 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e5\u10db\u10dc\u10d8\u10e1 \u10ee\u10d8\u10e1 \u10d0\u10db\u10e1\u10d0\u10ee\u10d5\u10d4\u10da\u10d8 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d0:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10de\u10d8\u10e0\u10d5\u10d4\u10da \u10e0\u10d8\u10d2\u10e8\u10d8 \u10d3\u10d0\u10d5\u10d8\u10ec\u10e7\u10dd\u10d7 \u10d8\u10db\u10d8\u10d7, \u10e0\u10dd\u10db \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10da\u10dd\u10d1\u10d4\u10d1\u10d8 \u10e3\u10e4\u10e0\u10dd \u10db\u10d4\u10e2\u10d8\u10d0 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e5\u10d5\u10d4\u10d3\u10d0 \u10d3\u10dd\u10dc\u10d4\u10d4\u10d1\u10e8\u10d8, \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d0\u10e1 \u10e0\u10d0\u10ea \u10e3\u10e4\u10e0\u10dd \u10e5\u10d5\u10d4\u10d3\u10d0 \u10d3\u10dd\u10dc\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d3\u10d0\u10d5\u10d8\u10dc\u10d0\u10ee\u10d0\u10d5\u10d7, \u10de\u10dd\u10e2\u10d4\u10dc\u10ea\u10d8\u10d0\u10da\u10d8\u10ea \u10db\u10d8\u10d7 \u10e3\u10d9\u10d4\u10d7\u10d4\u10e1\u10d0\u10d3 \u10d2\u10d0\u10db\u10dd\u10e9\u10dc\u10d3\u10d4\u10d1\u10d0:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-7.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"292\" data-attachment-id=\"4176\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-137\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-7.png?fit=764%2C362&amp;ssl=1\" data-orig-size=\"764,362\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-7.png?fit=616%2C292&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-7.png?resize=616%2C292&#038;ssl=1\" alt=\"\" class=\"wp-image-4176\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e8\u10d4\u10db\u10d3\u10d4\u10d2, \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10d5\u10d8\u10d0\u10d6\u10e0\u10dd\u10d7 \u10d8\u10e1 \u10db\u10dd\u10db\u10d4\u10dc\u10e2\u10d8 \u10e0\u10dd\u10db \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e5\u10db\u10dc\u10d8\u10e1 \u10d8\u10dc\u10d2\u10e0\u10d4\u10d3\u10d8\u10d4\u10dc\u10e2\u10d4\u10d1\u10d8 \u10d3\u10e0\u10dd\u10d8\u10e1 \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10ed\u10e0\u10d8\u10da\u10e8\u10d8 \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0\u10d0. \u10ef\u10d0\u10dc\u10e1\u10d0\u10e6\u10d8 &#8220;\u10d3\u10e0\u10d0\u10d8\u10d5\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1&#8221; \u10d8\u10d3\u10d4\u10dc\u10e2\u10d8\u10e4\u10d8\u10d9\u10d0\u10ea\u10d8\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10d3\u10d0\u10d5\u10d8\u10ec\u10e7\u10dd\u10d7 \u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10ee\u10d4\u10d3\u10d5\u10d8\u10d3\u10d0\u10dc \u10d3\u10d0 \u10d0\u10e0\u10d0 \u10de\u10d8\u10e0\u10d8\u10e5\u10d8\u10d7. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3, \u10db\u10dd\u10d9\u10da\u10d4\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10e8\u10d8 R&amp;D-\u10d8\u10e1 \u10e1\u10d4\u10d9\u10d5\u10d4\u10e1\u10e2\u10e0\u10db\u10d0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10db\u10dd\u10d2\u10d5\u10ea\u10d4\u10e1 \u10ec\u10da\u10d8\u10e3\u10e0\u10d8 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0 \u10d3\u10d0 \u10d4\u10e1 \u10db\u10dd\u10d2\u10d5\u10d4\u10e9\u10d5\u10d4\u10dc\u10dd\u10e1 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10e3\u10db\u10ef\u10dd\u10d1\u10d4\u10e1\u10d4\u10d1\u10d0, \u10db\u10d0\u10e8\u10d8\u10dc \u10e0\u10dd\u10ea\u10d0 \u10d0\u10db\u10d0\u10dc \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10dd\u10d0 \u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10e8\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0 \u10db\u10dd\u10d9\u10da\u10d0\u10e1:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-8.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"378\" data-attachment-id=\"4178\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-138\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-8.png?fit=776%2C476&amp;ssl=1\" data-orig-size=\"776,476\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-8.png?fit=616%2C378&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-8.png?resize=616%2C378&#038;ssl=1\" alt=\"\" class=\"wp-image-4178\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e8\u10d4\u10db\u10d3\u10d4\u10d2, \u10d8\u10db\u10d8\u10e1 \u10d2\u10d0\u10d0\u10d6\u10e0\u10d4\u10d1\u10d0\u10d0 \u10e1\u10d0\u10ed\u10d8\u10e0\u10dd \u10e0\u10dd\u10db \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d0\u10e8\u10d8 \u10d0\u10e1\u10d0\u10ee\u10e3\u10da\u10d8 \u10e7\u10d5\u10d4\u10da\u10d0 \u10d3\u10e0\u10d0\u10d8\u10d5\u10d4\u10e0\u10d8 \u10d4\u10e0\u10d7\u10dc\u10d0\u10d8\u10e0\u10d0\u10d3 \u10d0\u10e0 \u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d4\u10d1\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10d6\u10d4. \u10db\u10d0\u10d7 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10d0\u10e0\u10d8\u10d0\u10dc \u10d8\u10e1\u10d4\u10d7\u10d4\u10d1\u10d8 \u10e0\u10dd\u10db\u10da\u10d4\u10d1\u10e1\u10d0\u10ea \u10d2\u10d0\u10dc\u10e1\u10d0\u10d9\u10e3\u10d7\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0 \u10d0\u10e5\u10d5\u10d7 (\u10d0\u10e5 \u10e1\u10d4\u10dc\u10e1\u10d8\u10e2\u10d8\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8\u10d0 \u10e1\u10d0\u10ed\u10d8\u10e0\u10dd). \u10d3\u10e0\u10d0\u10d8\u10d5\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d1\u10d0 \u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10d0\u10d6\u10d4, \u10dd\u10de\u10d4\u10e0\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d6\u10d4, \u10e1\u10d4\u10d2\u10db\u10d4\u10dc\u10e2\u10d6\u10d4&#8230;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-9.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"549\" data-attachment-id=\"4181\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-139\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-9.png?fit=824%2C735&amp;ssl=1\" data-orig-size=\"824,735\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-9.png?fit=616%2C549&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-9.png?resize=616%2C549&#038;ssl=1\" alt=\"\" class=\"wp-image-4181\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d0\u10e1\u10d4\u10d5\u10d4, \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10dc\u10d0\u10ee\u10d5\u10d0 \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10ed\u10e0\u10d8\u10da\u10e8\u10d8 \u10e3\u10e4\u10e0\u10dd \u10db\u10d4\u10e2 \u10d3\u10d0 \u10e3\u10d9\u10d4\u10d7\u10d4\u10e1 \u10db\u10d8\u10d2\u10dc\u10d4\u10d1\u10d4\u10d1\u10e1 \u10d8\u10eb\u10da\u10d4\u10d5\u10d0:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-10.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"420\" data-attachment-id=\"4183\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-140\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-10.png?fit=1171%2C798&amp;ssl=1\" data-orig-size=\"1171,798\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-10.png?fit=616%2C420&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-10.png?resize=616%2C420&#038;ssl=1\" alt=\"\" class=\"wp-image-4183\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"> \u10d3\u10d0, \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10ed\u10e0\u10d8\u10da\u10e8\u10d8 \u10d3\u10d0\u10dc\u10d0\u10ee\u10e3\u10da\u10d8 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e5\u10db\u10dc\u10d8\u10e1 \u10db\u10d4\u10e5\u10d0\u10dc\u10d8\u10d9\u10d8\u10e1 \u10e1\u10d8\u10dc\u10d7\u10d4\u10d6\u10d8\u10ea \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-11.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"392\" data-attachment-id=\"4185\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-141\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-11.png?fit=793%2C504&amp;ssl=1\" data-orig-size=\"793,504\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-11.png?fit=616%2C392&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-11.png?resize=616%2C392&#038;ssl=1\" alt=\"\" class=\"wp-image-4185\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d2\u10d0\u10dc\u10e1\u10d0\u10d9\u10e3\u10d7\u10e0\u10d4\u10d1\u10d8\u10d7 \u10e1\u10d0\u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10dd \u10d0\u10e0\u10d8\u10e1 \u10ee\u10dd\u10da\u10db\u10d4 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d8\u10e1 \u10d0\u10d2\u10d4\u10d1\u10d0 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10d0\u10ee\u10d0\u10da\u10d8 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10da\u10dd\u10d1\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10d3\u10e0\u10d0\u10d5\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10e3\u10da\u10d8 \u10d8\u10e7\u10dd\u10e1 \u10d0\u10ee\u10d0\u10da\u10d8 \u10d3\u10d0 \u10d0\u10e0\u10e1\u10d4\u10d1\u10e3\u10da\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-12.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"594\" data-attachment-id=\"4187\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-142\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-12.png?fit=816%2C787&amp;ssl=1\" data-orig-size=\"816,787\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-12.png?fit=616%2C594&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-12.png?resize=616%2C594&#038;ssl=1\" alt=\"\" class=\"wp-image-4187\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d0\u10db \u10e7\u10d5\u10d4\u10da\u10d0\u10e4\u10e0\u10d8\u10e1 \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10d0\u10e8\u10d8 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10e2\u10d0\u10dc\u10d0\u10d3 \u10d9\u10d8 \u10e3\u10dc\u10d3\u10d0 \u10db\u10dd\u10d5\u10d0\u10ee\u10d4\u10e0\u10ee\u10dd\u10d7 \u10d3\u10d0\u10d2\u10d4\u10d2\u10db\u10d8\u10da\u10d8 \u10d8\u10dc\u10d8\u10ea\u10d8\u10d0\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e5\u10db\u10dc\u10d8\u10e1 \u10db\u10d4\u10e5\u10d0\u10dc\u10d8\u10d9\u10d0\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d8\u10e1 \u10d3\u10d0\u10dc\u10d0\u10ee\u10d5\u10d0:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-13.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"462\" data-attachment-id=\"4189\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-143\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-13.png?fit=1006%2C755&amp;ssl=1\" data-orig-size=\"1006,755\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-13.png?fit=616%2C462&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-13.png?resize=616%2C462&#038;ssl=1\" alt=\"\" class=\"wp-image-4189\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"> \u10d3\u10d0 \u10d1\u10dd\u10da\u10dd\u10e1, \u10d7\u10e3 \u10db\u10dd\u10d5\u10d0\u10ee\u10d4\u10e0\u10ee\u10d4\u10d1\u10d7 \u10e0\u10dd\u10db \u10e9\u10d5\u10d4\u10dc\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0 \u10d3\u10d0\u10d5\u10d8\u10dc\u10d0\u10ee\u10dd\u10d7 \u10d9\u10dd\u10dc\u10d9\u10e3\u10e0\u10d4\u10dc\u10e2\u10d4\u10d1\u10d8\u10e1 \u10ed\u10e0\u10d8\u10da\u10e8\u10d8, \u10d3\u10d0\u10d5\u10d8\u10dc\u10d0\u10ee\u10d0\u10d5\u10d7 \u10d8\u10db\u10d0\u10e1\u10d0\u10ea \u10d7\u10e3 \u10e1\u10d0\u10d3 \u10d0\u10e0\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10d9\u10d0\u10e0\u10d2\u10d8 \u10de\u10dd\u10e2\u10d4\u10dc\u10ea\u10d8\u10d0\u10da\u10d8:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-14.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"379\" data-attachment-id=\"4191\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/13\/value-drivers\/image-144\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-14.png?fit=932%2C573&amp;ssl=1\" data-orig-size=\"932,573\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-14.png?fit=616%2C379&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-14.png?resize=616%2C379&#038;ssl=1\" alt=\"\" class=\"wp-image-4191\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Valuation, Measuring and Managing the Value of Companies &#8211; by McK.&amp;Co, T. Koller, M. Goedhart, D. Wessels<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Understanding what creates value and how it is created is critically important. A good format to grasp this is through a value creation tree diagram: First, let\u2019s start with the idea that the opportunities for value growth are greater at the lower levels of the organization. Therefore, the lower the level we observe on the [&hellip;]<\/p>\n","protected":false},"author":12998525,"featured_media":4189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675935,20100,4438168,92589997,772049227],"tags":[],"class_list":{"0":"post-4172","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-valuation-measuring-and-managing-the-value-of-companies-by-mck-co-t-koller-m-goedhart-d-wessels","8":"category-growth","9":"category-roic","10":"category-value-fundamentals","11":"category-wacc-coc-structure","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/image-13.png?fit=1006%2C755&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-15i","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/4172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=4172"}],"version-history":[{"count":18,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/4172\/revisions"}],"predecessor-version":[{"id":4199,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/4172\/revisions\/4199"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/4189"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=4172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=4172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=4172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}