The concept of value, in a context of higher education institutions (HEIs), simply refers to meeting or exceeding customer requirements and expectations. HEIs have a fundamental role in the dissemination of knowledge, in addition to developing new skills and awareness for future professionals, in relation to local, regional and national issues. The aim of this research is to analyse the academic activities and outcomes influence on value generation perception in a public university students' perspective. A survey, built from a structured questionnaire, was carried out in a Brazilian HEI, the Federal University of Santa Maria, with students who are in their course final stage. Data collection came out with a valid sample of 389 respondents. It was analysed using descriptive statistics, exploratory factor and regression analyses. The findings suggest that among the services and resources that the university may offer to its students, the ones that present the most impact refer to cognitive and social abilities emerging from specific teaching practices and strategies from the professors. This research presents useful insights and applicable elements from which public managers can utilize to enhance engagement, create value and build a more rigorous and relevant practice.