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Introducing MWACC(tm) the correct hurdle rate underpinning  Enterprise Value (EV) in the real world.  This article explains why corporates should calculate their MWACC and use it instead of WACC when evaluating the NPV of their investment opportunities.   

MWACC is the link between strategy and finance.  Combine this concept with the reality that capital is a finite resource in the corporate world and MWACC is simply a function of the size of the strategy premium and the amount of capital available to invest in achieving it.  


MWACC: the concept explained (pdf)


MWACC: the key to measuring value (pdf)