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Posted March 20, 2026 at 11:30 am
This week, we cover Dell Technologies, Inc. (DELL) and Altria Group, Inc. (MO). DELL was upgraded in PRVit Global in January. The firm’s share price rose by more than 21% on Feb 27 after posting strong quarterly numbers, with EVA Momentum trending above 1.5% for the fifth consecutive period, and a record AI server backlog of $43B. MO maintained its attractive cash cow profile during its latest quarterly release and announced another dividend increase, its 60th in the past 56 years. The firm registered its 6th consecutive quarter of positive EVA Momentum as of Q4 2025.
The alpha generation from ISS’s Governance Quality Score paused in early 2025 as global investors rewarded cheap, high-Risk companies. Our EVA Risk factor has a strong correlation with GQS – better governance tends to lead to lower Risk in EVA. We include backtest results for GQS, Profitability, Risk, and Value as well as screens for improving GQS, attractive PRVit, and companies that may benefit from engagement due to their poor governance scores.
Economic Profitability for the global Industrials aggregate has been increasing since seeing a pullback in September last year. EVA-adjusted consensus (as of February) expects the sector to see a continuation of the trend. In the report we show the relationship between EVA Profitability and the oil (WTI) price. With the increasingly uncertain macro backdrop, we update our EVA Momentum score card for industries across the sector including the view of the impact of higher oil prices.
During periods of heightened market volatility investors care even more about stability of a business model. We often get asked by our clients to look for developed market wealth-compounding firms that still have a positive trade-off between their level of Risk-Adjusted Profitability (Quality) and Valuation. We screen developed market firms with a market cap over $5bn, seeking firms that have been compounding wealth over time and today have an attractive trade-off between Quality and Valuation.
EVA Momentum has plateaued after witnessing some volatility in 2025. EVA Margin ended 2025 at a 14-year high, supported by expanding EBITDAR Margin and improving asset efficiency. Investor expectations for future economic value creation reached their 12-year lows in February as EVA Margin pushed to levels not seen since 2012.
For this week’s improvers in the PRVit framework, we take a deep dive into three firms: Workday, Inc. (WDAY); Reliance, Inc. (RS); and Globus Medical, Inc. (GMED).
Through the third week of March, we see Risk working everywhere except Japan as the Middle East conflict continued to curb investors’ appetite for Risk. PRVit generated alpha in the U.S., the U.K., AxJ, the Emerging Markets, and the Global universe. Profitability worked in Europe and the U.K. Quality worked in Europe, the U.K., and AxJ. Cheap Value outperformed expensive Value in AxJ and the Emerging Markets.
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This material is from ISS EVA and is being posted with its permission. The views expressed in this material are solely those of the author and/or ISS EVA and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
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