This paper is part of our on-going work in the field of business performance analysis in e-environment. We put forward a framework that tries to link different aspects of performance analysis and to relate them to broader business environment on the one hand, and to the value of a company on the other. We illustrate the use of the proposed framework with a case study examining the Slovenian home-store company Merkur, which operates one of the best Slovenian on-line shops. The framework can also serve as a tool for an empirical analysis.