Abstract:

There  was the project investment analysis  of the wheat fırms used M.M (Modigliani  Miller)  model.  Calculation  of NPV net present value of future ten years. Same firm value calculations of using FCF base NPV. Using EVA’s NPV. Compare  the  two items of NPV find the reasons of value up rise and down. EVA’s  data is  including firms WACC and tax rates. So EVA’s NPV more lover than FCF’s NPV.  EVA calculations used ROIC. More corrections return added value from the invested capital. Amortisement used two of those value calculations. Also calculated with CAPM expected return rate is 50% valuable of invested capital. There according to invested capital three ways calculations average return every year estimate is 700.000 Turkish Liras per year. The preceding discussion EVA in a positive results on the firms. We  focus on two well-known problems with EVA. To us, EVA is a clear improvement over ROA, ROIC and other financial ratios. However, EVA has little to offer for capital budgeting. 

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