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Many still rightly wonder whether accounting numbers affect business value.Basic questions are why? and how? I aim at promoting an objective choice on howoptimizing the most suitable valuation methods under a value-based managementframework through some performance measurement systems. First, I present acomprehensive review of valuation methods. Three valuations methods, (i) FreeCash Flow Valuation Model (FCFVM), (ii) Residual Earning Valuation Model (REVM)and (iii) Abnormal Earning Growth Model (AEGM), are presented. I point out toadvantages and limitations. As applications, the proofs of the findings areillustrated on three study cases: Marks & Spencer's business pattern (size andgrowth prospect), which had a recently advertised valuation problem, and twocomparable companies, Tesco and Sainsbury's, all three chosen formultiple-based valuation. For the purpose, two value drivers are chosen,EnV/EBIT (entity value/earnings before interests and taxes) and thecorresponding EnV/Sales. Thus, the question whether accounting numbers throughmodels based on mathematical economics truly affect business value has ananswer: Maybe, yes.

Valuation Models Applied to Value-Based Management. Application to the Case of UK Companies with Problems