The growing use of ICT solutions for improving the public sector has created a need for valuating e-government initiatives. A number of methods for this purpose have been developed, but they are typically restricted to analyzing the benefits and costs of only one single actor. There is, therefore, a need for methods that take a broader view and take into account entire networks of actors. This paper proposes a novel method, called VAMEE, the purpose of which is to produce a well-grounded and easily understandable valuation of an e-government initiative that takes into consideration the benefits, costs, and interrelationships of all actors concerned. The basis of the proposed method is a combination of enterprise modeling techniques, in particular goal modeling and value modeling, with an established method for cost benefit analysis (i.e. Peng). VAMEE is designed to be inclusive, easily understandable, and visual. These properties of the method will support accurate and unbiased valuations as well as improved innovation in the development of e-government initiatives.