So frustrating … I know this formula but I had to completley guess on one of the mocks because apparently the correct answer used the previous years capital base for $WACC. i.e. it was the year ended BS for calculating the current years EVA. Following this I totally comitted it to memory to calc this way. Going through some q banks last night they used the current year ended capital base for $WACC. WTF What is the general rule supposed to be for this?
NOPAT - Begining capital base x WACC