Formula
EPV = Normalized After-tax EBIT / WACC
Workflow
1
Estimate normalized operating profit across a representative period.
2
Convert EBIT to after-tax earnings and divide by WACC.
3
Subtract net debt and divide by shares for equity value per share.
Best Used For
- Mature companies where current earning power matters more than long-term growth.
- A cross-check against DCF models with aggressive growth assumptions.
Limitations
- Understates value when durable reinvestment opportunities are material.
- Sensitive to normalized margin and WACC assumptions.