Valmont Essay

468 Words2 Pages
* Why do you think Valmont’s stock has “fallen out of favor” with Wall Street analysts? Do you think EVA can solve Valmont’s stock price problem? The fall in stock price is due to the recession in the US, the end of the drought, and the Gulf War. The $15 million restructuring charge could be to blame as well. EVA can possibly solve the problem because EVA focuses on maximizing shareholder value, which in effect can improve stock prices. EVA shows management that stockholders are crucial to company success because they fund the company and keep it going, and the company can redistribute the funds to them (dividends). * Using the financial data in Exhibit 5 and assuming 10% as the WACC and 35% as the tax rate, compute EVA for Valmont’s business segment for years 1990-1993. What conclusions can you draw? For example, should Valmont expand or contract Irrigation? Can you use EVA to help formulate the strategic direction of Valmont? Using Exhibit 5 totals: EVA (1990-1993) = NOPAT – WACC*Cost of Capital EVA1990= [(446,536-25,381)(1-0.35)] – [(0.10)(212,136)] = 252,537.15 EVA1991= [(429,718+6,025)(1-0.35)] – [(0.10)(201,413)] = 263,091.65 EVA1992= [(424,685-20,990)(1-0.35)] – [(0.10)(198.903)] = 242,511.45 Using Exhibit 8 (Business Segment) EVA1991=608.785 EVA1992=654.21 EVA1993=830.26 Because EVA for the business segment is rising, they should expand irrigation since their profit is increasing. This shows positive outlook for the shareholders. * How do you interpret the EVAs for the “Corporate” segment of the business? Does it appear that Valmont allocates corporate overhead expenses to its operating units? Should these costs be allocated for purposes of computing EVA? The corporate segment represents the administrative and such costs of doing business (i.e. corporate headquarters and associated costs). Since the corporate segment is not

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