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The HOLT Cash Flow Return on Investment Model

“The need for reliable knowledge about valuation has never been greater. In recent years increasing pressure has been applied to boards of directors and top corporate officers to implement shareholder-value-based management systems.”

The Cash Flow Return on Investment Model: Gauging Economic Performance

“Rather than beginning with a description of handling forecast data and making warranted value calculations, our first topic is how best to display firms’ track records of past economic performance.”

Cash Flow Return on Investment Model: Portfolio Valuation

“The CFROI model separates the forecast NCR [net cash receipts] stream into two parts: (1) NCRs from existing assets and (2) NCRs from future investments.”

The Cash Flow Return on Investment Model: Calculating and Interpreting

“For a business entity having a large portfolio of ongoing projects, CFROIs provide useful indication of average ROIs earned on the portfolio of projects.”

The Cash Flow Return on Investment Model: Calculating Discount Rates

“An especially important, fundamental point distinguishes our [discount rate calculation] approach from the conventional academic treatment of assigning discount rates.”

An Introduction to Risk Differentials

“A useful introduction to the mechanics of HOLT’s procedure for estimating risk differentials is to first consider risk differentials in the pricing of bonds.”

HOLT’s DualGrade Corporate Performance Scorecard

“Any relative grading structure based on summary indicators has limitations, and DualGrade(R) is no exception. However, compared to other summary rankings of corporate performance, DualGrade(R) is far superior.”

The Cash Flow Return on Investment Model: Forecasting Economic Performance

“The more investors work with the CFROI model and company data, the more aware they become of the evidence that the market is exceptionally astute, on average, in forecasting future economic performance.”

Criteria for Evaluating Valuation Models: EVA versus CFROI

“How do we judge if the EVA(R) valuation model is better than the standard RI valuation model? Do the adjustments that Stern Stewart touts as translating accounting to true economic performance really improve its valuation calculation over RI?”

Management Challenge: The Stakeholder-Shareholder Debate

“It is probably safe to say there remains, worldwide, a large segment of the people that highly doubts the business goal of maximizing shareholder value is aligned with the interests of society at large.”

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