Valuation, + Download Measuring and Managing the Value of Companies

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  • Edition: 5th
  • Format: Hardcover
  • Copyright: 2010-07-26
  • Publisher: Wiley
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The #1 guide to corporate valuation is back . . . and better than ever!"The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives."-Professor Benjamin C. Esty, Harvard Business School,author of Modern Project Finance: A Casebook"The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition." -Dr. Raymund Breu, former chief financial officer, Novartis AG"Valuation gets to the heart of how to measure and manage value in a company. Whether you are evaluating an acquisition, restructuring a corporation, or formulating strategy, this book will help you do it well."-John A. Manzoni, Chief Executive Officer, Talisman Energy Inc."A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."-New York Times"The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation."-Financial Times

Author Biography

McKINSEY & COMPANY is a management consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Over the past seven decades, the firm's primary objective has remained constant: to serve as an organization's most trusted external advisor on critical issues facing senior management.

TIM KOLLER is a partner in McKinsey's New York office. Tim has served clients in North America and Europe on corporate strategy and issues concerning capital markets, M&A transactions, and value-based management. He leads the firm's research activities in valuation and capital markets issues. He received his MBA from the University of Chicago.

MARC GOEDHART is an associate principal in McKinsey's Amsterdam office. Marc has served clients across Europe on portfolio restructuring, issues concerning capital markets, and M&A transactions. He received a PhD in finance from Erasmus University Rotterdam.

DAVID WESSELS is an adjunct professor of finance and director of executive education at the Wharton School of the University of Pennsylvania. Named by BusinessWeek as one of America's top business school instructors, he teaches corporate valuation at the MBA and Executive MBA levels. David received his PhD from the University of California at Los Angeles.

Table of Contents

About the Authorsp. ix
Prefacep. xi
Acknowledgmentsp. xv
Foundations of Value
Why Value Value?p. 3
Fundamental Principles of Value Creationp. 15
The Expectations Treadmillp. 43
Return on Invested Capitalp. 57
Growthp. 79
Core Valuation Techniques
Frameworks for Valuationp. 101
Reorganizing the Financial Statementsp. 131
Analyzing Performance and Competitive Positionp. 163
Forecasting Performancep. 185
Estimating Continuing Valuep. 211
Estimating the Cost of Capitalp. 231
Moving from Enterprise Value to Value per Sharep. 267
Calculating and Interpreting Resultsp. 287
Using Multiples to Triangulate Resultsp. 303
Intrinsic Value and the Stock Market
Market Value Tracks Return on Invested Capital and Growthp. 325
Markets Value Substance, Not Formp. 345
Emotions and Mispricing in the Marketp. 369
Investors and Managers in Efficient Marketsp. 385
Managing for Value
Corporate Portfolio Strategyp. 401
Performance Managementp. 415
Mergers and Acquisitionsp. 431
Creating Value through Divestituresp. 455
Capital Structurep. 475
Investor Communicationsp. 511
Advanced Valuation Issues
Taxesp. 529
Nonoperating Expenses, One-Time Charges, Reserves, and Provisionsp. 543
Leases, Pensions, and Other Obligationsp. 559
Capitalized Expensesp. 577
Inflationp. 587
Foreign Currencyp. 601
Case Study: Heinekenp. 615
Special Situations
Valuing Flexibilityp. 657
Valuation in Emerging Marketsp. 689
Valuing High-Growth Companiesp. 717
Valuing Cyclical Companiesp. 731
Valuing Banksp. 741
Economic Profit and the Key Value Driver Formulap. 765
Discounted Economic Profit Equals Discounted Free Cash Flowp. 769
Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Valuep. 773
Levering and Unlevering the Cost of Equityp. 779
Leverage and the Price-to-Earnings Multiplep. 787
Indexp. 791
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