33
The path to financial truth. EVA ® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved EVA Express Training Guide

FRS Express Training Guide - EVA Dimensions · EVA Express Dashboard Overview The EVA Express Dashboard is a pre-structured Excel Workbook with robust reports and tables that provide

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The path to financial truth.

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

EVA Express Training Guide

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

EVA Express Overview Download rich EVA-based analytics directly

to Excel with EVA Express.

Two versions of EVA Express:

- EVA Express Dashboard: Download an Excel based dashboard with an

interactive, guided tour of the EVA Margin Statement and an EVA Momentum

Report for any set of Russell 3000 companies. Color-coded comparison tables

highlight EVA strengths and weaknesses through drill-down reports. There are

two versions of EVA Express Dashboard – one for operating companies (OPCO)

and another for financial companies (FINCO).

- EVA Express Reports: Download FRS Reports directly to your Excel

workbook and refresh for updated data. Incorporate EVA Margin,

EVA Momentum and 400 proprietary metrics into your own models.

Continue reading for instructions on using

both versions of EVA Express.

To learn more about EVA Express:

- Corporate: Alan Slatas [email protected] (617.962.3201)

- Investors: Craig Sterling, [email protected] (917.882.1403)

2

The path to financial truth.

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

EVA Express Dashboard

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

EVA Express 4.5 -- the Essential PRVit Companion

#1 best EVA financial analysis tool on the market

Faster, more accurate, more penetrating insights

See the big picture, and details that count

Enhanced ability to project real value

Populate Excel dashboards with up to 10 tickers,

sectors, and/or indices at a time - in seconds

Access a series of interactive charts, graphs and

comp sheets for step-by-step de-construction of a

company's performance , risk and valuation

relative to peers

Includes up to 20 years of Annual data, 6 years of

TFQ data, 12 qtrs of Quarterly data & nightly mkt

updates

Features:

Applications: Drill into underlying drivers of profitability & capital

efficiency by company, sector or indices

Examine trends in market expectations, valuation

multiples & risk profiles

View peer comp and industry stats to identify

competitive strengths & weaknesses and put

those insights into perspective

Utilize as a back-drop for developing projection

assumptions

Benefits:

Provides access to detailed fundamental EVA analytics beyond those available in PRVit Express, for the Russell 3000 and several

hundred ADRs, enhancing your overall understanding of the EVA Momentum methodology, allowing you to dig deeper, and

expanding the role and power it can play in screening, identifying and researching better investment candidates

*Latest enhancements include better search functionality, industry/indices aggs and percentile breakouts, 20-Year trend view, COC

reconciliation, PRVit metrics, and more GAAP Gaps and variant perceptions

4

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

EVA Express Dashboard Overview The EVA Express Dashboard is a pre-structured Excel Workbook with robust reports and tables that provide a guided tour of

EVA analytics. Enter your password, select your companies, and voila, you will be able to view a wide spectrum performance,

valuation & benchmarking statistics organized in color coded tables and presentation-ready charts and graphs.

There are two versions of the EVA Express Dashboard:

1. OPCO Dashboard - Contains dashboard reports specifically for Operating Companies.

2. FINCO Dashboard - Built for analyzing EVA drivers for Financial and Insurance Companies.

The Dashboard covers the gauntlet of Key Performance Indicators areas, including:

EVA PERFORMANCE - Is EVA positive or negative, rising or falling – has the company been an EVA creator or destroyer?, How have margins,

capital intensity, and return on capital changed?, What are the biggest gap sources between net income and EVA? Is there a growing or shrinking

gap between EVA and EPS?

CAPITAL COST COMPONENTS - Which capital cost components are most significant, have most improved/deteriorated?, Do goodwill and special

items capital account for a significant component of cost structure?, What is the risk profile? Compare the risk (variation) in EBITDAR and EVA vs.

sales – are fixed operating and capital costs increasing EVA risk compared to sales risk?

DELTA EVA & EVA MOMENTUM - What are the most significant components of the improvement or deterioration in the EVA margin? Has growth

been profitable, or a detriment to EVA? For public companies, has the expected EVA Improvement (over 1 to 5 years), expressed as a percent of

sales or capital, been rising or falling, and has actual EVA momentum been in the size and direction to match those expectations?

MVA & SHAREHOLDER WEALTH - Has MVA been positive or negative, on the rise or in decline? How much shareholder wealth has the company

created now vs. 5 years before? What about the components of MVA, is there relatively more or less reliance on future growth in EVA as indicated

by FVA?

CASH FLOW - Is there a distinct difference between NOPAT and Operating Cash Generation, which is measured before depreciation but after

working capital investment (hence it eliminates non cash sales, inventory accumulations, and reserve draw-downs from profit), leaving the spread

compared to NOPAT as a measure of earnings vs. cash flow quality?, Has the company been shifting either its investment or financing mix over time,

and if so, have the mix shifts been appropriately correlated?

CAPITAL STRUCTURE - What is the current capital structure condition, and how has that evolved through time?, What capital structure mix of debt

and equity has the company employed over time as an average that would be used in determining its weighted average cost of capital?, Are

shareholder distributions sensible in light of the firm’s operating risk, growth strategy, and financial policies?

5

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Excel 2007: Opening EVA Express Dashboard 1. Save EVAExpress OPCO Installation File 2007 V4.5.xlsm to a

memorable place on your computer and then open the file.

2. If you receive the security warning depicted on the right, click the

Options button and then choose to „Enable this Content‟. If you

receive a different security warning, turn to the slide 28 for

troubleshooting tips.

3. Open the Add-Ins ribbon and select

EVA Express> MASTER KPI Dashboard> Batch Report

4. Enter your username and password and click OK. You will

be prompted to change your password the first time you

open the file*.

5. In the Master KPI Dashboard Wizard, enter up to 10 tickers

or industry aggregates, select a benchmark and

click Create.

Your security settings may prevent you from seeing these

menu options. See slide 28 for troubleshooting tips

6

* Contact support with any password issues at [email protected] or 888.500.3560

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Excel 2003: Opening EVA Express Dashboard

7

1. Save EVAExpress OPCO Installation File 2003 V4.5.xlsm to a memorable

place on your computer and then open the file.

2. If you receive the security warning depicted on the right, select „Enable Macros‟.

3. If you receive a different warning, or have difficulty running EVA Express, turn to

slide 28 to review troubleshooting tips. Alternatively, contact support at [email protected].

4. Click the FRS menu and select Master KPI Dashboard> Batch Run

5. Enter your username and password*. You will be

prompted to change your password on your first login.

6. In the KPI Dashboard Wizard, enter up to 10

tickers or industry aggregates, select a benchmark and

click Create

Your security settings may prevent you from seeing these

menu options. See slide 28 for troubleshooting tips

* Contact support with any password issues at [email protected] or 888.500.3560

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Dashboard Report Tabs & Functionality

Overview Tab: Provides a high-level summary of how the Dashboard is structured, the

different reports and tabs.

Snapshot, Stats, Charts, EVA Mo Pyramid, Benchmark Stats, Benchmark Charts & 20

Year Charts: These worksheets contain your pre-formatted output.

KPI Legend: Lists the KPI definitions including greater explanations and additional

background on calculations.

8

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

The Dashboard: Use of Selector windows 1. All 6 output tabs have a Selector window at the top of each spreadsheet. Click the

down arrow, and select the name of the entity you want to examine.

2. The Snapshot, Stats, Charts, and EVA Mo Pyramid Tab are all linked and

changing the name on any one selector on these 4 tabs automatically shifts the

output of the other three.

4. Instructions for additional

functionality on the user controlled

tabs is covered in the next slides.

3. As you will see on the Benchmark

Stats and Benchmarks Chart tab later,

there are 5 Selector windows which

are independently controlled from the

other 4 tabs.

9

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Snapshot Tab: Instructions

10

1. Click down arrow on selector box for the company you

want to examine.

2. Use Excel to “Hide” Columns B-F, which will

automatically update the periods in the chart to remove

blank periods of data.

Note: Performance percentiles

have been highlighted through

conditional formatting. This is

only available for users who have

Excel 2007.

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Stats Tab: Instructions

3. Click “1” to “4” to

reveal more detail.

Level “5” provides

performance and

percentile scores.

Quarterly data pulled from Q tabs

TFQ data pulled from TFQ tabs

2. Click “1” for 6 years, “2” to add most recent qtr/prior years, and “3” to see all trailing 12 qtrs.

1. Click down arrow on selector box for the company you

want to examine.

Note: This tab also uses conditional

formatting available in Excel 2007 to

highlight Performance percentiles

scores.

11

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Charts Tab: Instructions

3. Click “1” to collapse reports to section

headers, “4” to reveal all, and scroll down to

section of interest.

1. Click down arrow on selector box for the company you

want to examine.

2. Click down arrow on selector box to specify either

Quarterly or TFQ data to use in the charts.

12

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

EVA Mo Pyramid: Instructions

3. Click “1”

to “5” to

reveal more

detail in

stages

2. Choose Among 2 Trees:

i. 1 through 5 TFQs Strategic View

(Choose between 1 to 5 TFQs)

ii. Choose Qtr vs Same Qtr Year Ago

(Choose ending Qtr from any of most

recent 8 Qtrs)

TFQ data pulled from TFQ tabs

Quarterly data pulled from Q tabs

1. Click down arrow on selector box for the company you

want to examine.

13

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Benchmarks Stats: Instructions

14

3.Click “1” to collapse reports to section

headers, “5” to reveal all, and scroll down to

section of interest.

1.Click down arrow on selector boxes for the

companies you want to examine. Review the note

on the adjustments made based on Fiscal Year End

Calendar Month.

2. Click down arrow on selector box to

specify either Quarterly or TFQ data view.

2. Click down

arrow on selector

box to specify

how many

historical periods

to look back. The

maximum is 11

periods for

Quarterly data

and 5 periods for

TFQ data.

Note: This tab also uses conditional

formatting available in Excel 2007 to

highlight Performance percentiles

scores.

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Benchmark Charts: Instructions

3. Click “1” to

collapse reports to

section headers, “4”

to reveal all.

1. Click down arrow on selector boxes for the companies you want to

examine. Review the note on the adjustments made based on Fiscal

Year End Calendar Month, it is the same as made on the Benchmark

Stats Tab.

2. Click down arrow on selector box to specify either

Quarterly or TFQ data view.

15

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

20 Year Charts: Instructions

2. Click “1” to

collapse reports to

section headers, “2”

to reveal all.

1. Click down arrow on selector boxes for the companies you want to

examine. Review the note on the adjustments made based on Fiscal

Year End Calendar Month, it is the same as made on the Benchmark

Stats Tab.

16

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

KPI Legend Tab: Definitions and Explanations

17

Click

“1” to

“2” to

revel

more

detail

The path to financial truth.

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

EVA Express Reports

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Excel 2007: Opening EVA Express Reports 1. Save EVAExpress Reports Installation File 2007.xlsm to

a memorable place on your computer and then open.

2. If you receive the security warning depicted on the right,

click the Options button and then choose to „Enable this

Content‟.

3. Open the Add-Ins ribbon and select EVA Express> KPI

Dashboard> FRS Report

4. Enter your username and password

and click OK*

5. The Report Options window will open.

Your security settings may prevent you from seeing these

menu options. See slide 28 for troubleshooting tips

19

* Contact support with any password issues at [email protected] or 888.500.3560

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Excel 2003: Opening EVA Express Reports 1. Save EVAExpress Reports Installation File 2003.xlsm to a

memorable place on your computer and

then open.

2. If you receive the security warning depicted

on the right, select „Enable Macros‟.

3. Click the EVA Express menu and select KPI Dashboard> FRS Report

4. Enter your username and password and click OK*. You will be prompted to change your password

on your first login

5. The Report Options window will open.

Your security settings may prevent you from seeing these menu options.

See slide 28 for troubleshooting tips

20

* Contact support with any password issues at [email protected] or 888.500.3560

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

EVA Express Reports

21

1. Select a Report Template. KPI 1 Page

Summary is a good place to start.

2. Enter a Ticker and select the company‟s

industry for a benchmark.

3. Select whether to view Annual, Quarterly

or Trailing 4 Quarters.

4. Select a start and end date, or select the

number of periods back from the last

history period (LHP).

5. Select View Blank Lines so that the

report has the same number of lines,

even when data is 0 or unavailable.

This is important if your report provides

data to a model.

6. Click Create Report

1 2

3 4

5

6

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

EVA Express Reports

22

12. Your selected report will appear on a new

worksheet as „Ticker_ReportName‟

13. Repeat these steps to run the report named:

OPCO EVA MO 6TFQ Benchmark Summary.

14. Click on the Benchmark Options+ to add

benchmark comparisons to your report

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

EVA Express Reports

23

15. Check the Show Percentile box to display the

selected company‟s percentile ranking for each

report metric

16. Click Show Distribution and the 50 boxes to

display the median figure for each report metric.

17. The Show Aggregate and Share box displays

the total value of the benchmark industry and

the % share for the selected company.

18. The Show Individual Members of Group

displays each company in the selected

benchmark industry.

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Creating Custom Reports

1. Create a new worksheet

2. Right click and select

EVA Express> Custom Report Template

3. Click on the Report Items+ button to open

the KPI Explorer

4. Check the KPIs that you would like to

appear on your report

5. Use the Search Box to find a KPI or

select OK when finished

6. Enter the desired Ticker, Benchmark,

Date Range, etc.

7. Click Create Report

8. To edit your report, right click and

select Edit Parameters

24

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

KPI ALL Report

25

Take a moment to run and examine the KPI ALL report, and note that it is organized in 7 sections (as is the

full “Analytical Report” output of 2723 lines):

1. EVA Summary: NOPAT, Capital, Cost of Capital, Capital Charge, EVA, Margins, Capital Intensity,

ROC, EVA, Delta EVA, Company Type, EPS-to-EVA

2. EVA Dimensions: EVA Income Statement, EVA Per Sales (Margins), EVA Per Capital (Returns),

EVA Per Employee, EVA Risk metrics

3. Delta EVA and EVA Momentum: Delta EVA, Delta EVA Momentum (Delta EVA per Trailing Sales,

Capital), Expected EVA Improvement (5, 10 and 20 years)

4. MVA and Shareholder Wealth: Market Value, Capital, MVA (Market Value Added), CVA (Current

Value Added), FVA (Future Value Added), Valuation Multiples, MVAxGW&SI (MVA before deducting

goodwill and special item capital)

5. Delta MVA and Shareholder Returns: Delta MVA, total return measured through cash flow and

through EVA/MVA

6. Cash Flow: Free Cash Flow (FCF), cash returns, investment and financing mix

7. Capital Structure: Leverage ratios, coverage multiples, shareholder distributions

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Additional Features EVA Express Reports

26

Refreshing a Report:

- Open the EVA Express Menu and select

Maintenance> Manage Report

- Refresh Report: Update the report with current data

- Edit Parameter: Re-open the Report Options window

to edit the parameters of the report

- Rename Report: Updates the name of the worksheet

- Delete: Removes the sheet from your workbook

Changing your password

- Open the EVA Express Menu and select

Settings>Change Password

- Enter your new password in the Change Password

window

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

FRS Report Descriptions

27

Financial Reports ALL: Basic income, balance sheet and supplemental

data

Analytical Reports ALL: All 2723 lines including KPIs and reconciliations

KPI ALL: The 350 or so most important results

Financial, Analytical and KPI reports unchecked: Run these reports to

open Report Explorer window and customize your own reports

KPI 1 Page Summary: Report of the most important EVA related metrics.

The KPI 3 Page and KPI 7 Page breakout metrics to show underlying

drivers

Reconciliation Report: Displays all details behind the computation of

NOPAT, Capital, Market Value, MVA, and Free Cash Flow

27

Summary Reports: Provide excerpts from Analytical Reports ALL

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

If you experience any issues with EVA Express, it may be due to one of the following:

1. If you are using Excel 2003, make sure you are using the Excel 2003 version of PRVit Express.

EVA Express OPCO Installation 2003.xls is the version for Excel 2003.

EVA Express OPCO Installation 2007.xlsm is the version for Excel 2007

2. If the buttons and fields do not work at all, it is likely that Macros are not enabled. If you see the Security

Warning at the top of your screen, click on Options and then choose to „Enable this Content‟. If you do

not see the Security Warning, close and reopen your workbook.

Troubleshooting Tips

28

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

If you are using Excel 2007 and EVA express is not working, your computer may be configured

to disable ActiveX and/or Macros without warning.

1. To enable ActiveX in Excel 2007:

o Open Excel Options by clicking on the windows icon and then select Excel Options

o Open the Trust Center and then click on the Trust Center Settings button

o Select ActiveX settings in the left navigation

o Make sure the first option „Disable all controls without notification‟ is NOT SELECTED. The second

option is recommended: ‘Prompt me before enabling Unsafe for Initialization controls..’

o Click OK

o Close and reopen EVA Express. You should now receive an ActiveX security alert (see previous

slide). Choose to enable ActiveX.

Troubleshooting Tips continued

29

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

If you are using Excel 2007 and EVA Express is not working at all, your computer may be

configured to disable ActiveX and/or Macros without warning.

2. To change your Macro security settings in Excel 2007:

o Open Excel Options by clicking on the windows icon and then select Excel Options

o Open the Trust Center and then click on the Trust Center Settings button

o Select Macro settings in the left navigation

o Make sure the SECOND option „Disable all controls WITH notification‟ is SELECTED.

o Click OK

o Close and reopen EVA Express. You should now receive a Macro security alert (see slide 28).

Choose to enable Macros.

Troubleshooting Tips continued

30

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Troubleshooting Tips continued

1. If you are using Excel 2003 and receive the warning on

the right, your security settings will need to be changed to

allow PRVit Express to run properly.

2. Go to the Tools menu, and select Macro and Security as

depicted on the bottom right.

3. Change your security setting to „Medium‟ so that you can

choose whether to run Macros. Click OK.

4. ** Close and re-open the EVA Express workbook

before continuing.

31

* Contact support with any password issues at [email protected] or 888.500.3560

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Troubleshooting Tips continued

32

• If your temporary Internet files take up too much space on your computer, you may need to

delete your temporary internet files:

o In Internet Explorer, select Tools>Internet Options.

o On the Internet Options window, select the Delete button to open the Delete Browsing History window. Check

Temporary Internet files and then the Delete button.

EVA® is a registered service mark of EVA Dimensions LLC (in the field of financial data, valuation analytics, and investment management) and of Stern Stewart & Co. (in the field of financial and incentive consulting) Copyright © 2009 by EVA Dimension LLC. All rights reserved

The path to financial truth.

Next Steps

For questions or issues, please contact support at: - [email protected]

- 888.500.3560

To schedule a demo or learn more about

EVA Express, please contact: - Corporate: Alan Slatas [email protected] (617.962.3201)

- Investors: Craig Sterling, [email protected] (917.882.1403)

33