This paper, which is one in a series of global capital markets surveys conducted by PricewaterhouseCoopers, focuses on companies active in a number of segments of the manufacturing industry. It reveals a substantial lack of consensus, both among industry executives and between executives and the investment community, as to what factors generate value. It also identifies a significant number of opportunities for companies to improve their communications with investors and analysts, and thus to disclose information to the capital markets that demonstrates their underlying value. It proposes a new reporting framework, which includes a set of sector-specific measures that will better enable investors and analysts to assess the future financial performance of such companies. Our study forms part of the PricewaterhouseCoopers global ValueReporting initiative.