“The shareholder value is the value of the company (firm) minus the Future claims (debts.) The value of a company can be calculated as the Net Present Value of all future cash flows plus the value of the non-operating assets of the company. So: Shareholder Value = Corporate Value (Firm Value) – Future claims (Debts.)”
Value Based Management.net. (2005). Definition of shareholder value. Retrieved on October 17, 2005, from http://www.valuebasedmanagement.net/faq_shareholder_value.html.