The following financial information relates to Steps Ltd. for the year ended 30 September 2023:
1. Adjusted net operating profit after tax (NOPAT) is Sh.180 million.
2. Total capital is Sh.900 million (no debt).
3. Closing market share price is Sh.29.
4. Total number of shares outstanding is 86 million.
5. The cost of equity is 13%.
Required:
Compute the following relative performance measures for Steps Ltd.:
(i) Economic value added (EVA).
(ii) Market value added (MVA).
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