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"Shareholder value analysis" has gained attention as an analytic tool to help determine good investments or increase company growth. In fact, Schering Plough's 1989 annual report featured the theme "creating shareholder value" on its cover. Basically, shareholder value analysis is capital budgeting with discounted cash flows, but it places emphasis on cashflows rather than earnings. Shareholder value analysis encourages management to plan projects that are likely to increase future cashflows, thereby forging a forward-looking, long-range planning strategy.