Abstract:
The financial analysis of the companies listed on the stock market
involves specialized research concerning the performance of economic and
financial activity in order to diagnose the value created or destroyed for
stakeholders (shareholders, creanciers, owners, employees).
The paper presents some theoretical concepts concerning the basic
tools utilised in value-based management. It is focussed on performance by
the value creation for the stakeholders of a company. For this reason, the
fundamental analysis of the company's performance utilizes more metric
tools based on added value, as Economic Value Added - trade-marked by
Stern Stewart & Co, and several of its derivatives: Market Value Added
(MVA) and Cash Value Added (CVA). All these indicators prove the
management performance in the value creation for investors and depend on
the net operating income and the cost of invested capital.
Accordingly to financial theory, EVA and its derivatives are
considered as a management tools because the goal of the company is to add
value as much as possible over the cost of invested capital. It must
demonstrate how sensitive these tools are to the influence of various factors.
For this reason, analysis based on accounting uses more methods for
listed companies valuation. Some such methods are the problems that our
paper addresses.
