Beyond Earnings

“This is a must‐read for any serious student of equity market valuations. Holland and Matthews systematically debunk the widely held view that EPS and other flawed accounting metrics are what drive stock markets. Cash flow is king and this book provides a step‐by‐step guide to calculating a vastly superior measure of corporate performance, the Cash Flow Return on Investment metric.”

John Birkhold, Partner, Origin Asset Management

“This fascinating book is a must‐read for all serious investors and business leaders who want to understand how companies really create value for shareholders.”

Nigel Bolton, Chief Investment Officer Fundamental Active Equity, BlackRock

“HOLT CFROI is a useful framework through which we can compare a stock’s market valuation versus what the economic enterprise’s cash flow prospects are ultimately likely to support, and this book does a great job explaining it in a plain‐English fashion.”

Gunnar Miller, Global Director of Research, Allianz Global Investors

“The HOLT CFROI framework focuses on what really matters in company valuation. A must‐read for every serious fundamental investor!”

Michael Schmidt, Deka Investment, Managing Director Asset Servicing and Alternative Investments, Member of Board

“This is by far the best book I have read on corporate valuation. Every board member should read this book.”

Aled Smith, Director of Global Equities, M&G Investments

“This book makes a significant contribution to performance evaluation and valuation ...