EVA and goodwill

[tol1]

I always wondered if EVA is not flawed for companies with large goodwill on their BS:

 

Before adding the various economic profits you commence with the existing invested capital (IC). If the IC is a material part (due to a large goodwill) of the total EV, any operating downside going forward will have a minor impact. Wonder if anyone has come across adjustments here.

 

Fwiw, I usually add goodwill to the IC if the brand, customer relationship, technology play an important role in the operations of the business.