About the Authors | |
Preface | |
Acknowledgments | |
Foundations of Value | |
WhyValueValue? | |
Fundamental Principles of Value Creation | |
The Expectations Treadmill | |
Return on Invested Capital | |
Growth | |
Core Valuation Techniques | |
Frameworks for Valuation | |
Reorganizing the Financial Statements | |
Analyzing Performance and Competitive Position | |
Forecasting Performance | |
Estimating Continuing Value | |
Estimating the Cost of Capital | |
Moving from Enterprise Value to Value per Share | |
Calculating and Interpreting Results | |
Using Multiples to Triangulate Results | |
Intrinsic Value and the Stock Market | |
Market Value Tracks Return on Invested Capital and Growth | |
Markets Value Substance, Not Form | |
Emotions and Mispricing in the Market | |
Investors and Managers in Efficient Markets | |
Managing for Value | |
Corporate Portfolio Strategy | |
Performance Management | |
Mergers and Acquisitions | |
Creating Value through Divestitures | |
Capital Structure | |
Investor Communications | |
Advanced Valuation Issues | |
Taxes | |
Nonoperating Expenses, One-Time Charges, Reserves, and Provisions | |
Leases, Pensions, and Other Obligations | |
Capitalized Expenses | |
Inflation | |
Foreign Currency | |
Case Study: Heineken | |
Special Situations | |
Valuing Flexibility | |
Valuation in Emerging Markets | |
Valuing High-Growth Companies | |
Valuing Cyclical Companies | |
Valuing Banks | |
Economic Profit and the Key Value Driver Formula | |
Discounted Economic Profit Equals Discounted Free Cash Flow | |
Derivation of Free Cash Flow,Weighted Average Cost of Capital, and Adjusted Present Value | |
Levering and Unlevering the Cost of Equity | |
Leverage and the Price-to-Earnings Multiple | |
Index | |
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