Valuation : Measuring and Managing the Value of Companies

by Tom Copeland; Jack Murrin; Tim Koller

• ISBN13: 9780471009931
• ISBN10: 0471009938
• Additional ISBN(s): 9780471361909
• Edition: 2nd
• Format: Hardcover
• Copyright: 1994-09-01
• Publisher: John Wiley & Sons, Inc.
• More Book Details
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Summary

"This book on valuation represents fresh new thinking. The writing is clear and direct, combining the best academic principles with actual experience to arrive at value increasing solutions." J. Fred Weston, Cordner Professor of Money and Financial Markets, Graduate School of Management, UCLA. "The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation." - Financial Times In the global economy of the 1990s, investors move their money quickly and easily around the world in search of the greatest return. As such it's essential for today's business graduates to understand the importance of measuring, managing, and maximizing shareholder value. Valuation illustrates how to take advantage of the American tradition of maximizing shareholder value, demonstrates how value-based management contributes to improved strategic thinking, and shows how managers at any level can create value for their companies. In addition this book provides: A chapter featuring insights into the strategic advantages of value-based management. Strategies for multibusiness valuation, and valuation for corporate restructuring, mergers, and acquisitions. International comparisons of the cost of capital, differences in accounting procedures, and how valuation works in different countries. A detailed case study showing how valuation techniques and principles are applied.

Table of Contents

Part I Company Value and the Manager's Mission	1	(132)
Why Value Value?	3	(28)
The Value Manager	31	(40)
Cash Is King	71	(25)
Value-Based Management	96	(37)
Part II Cash Flow Valuation: A Practitioner's Guide	133	(192)
Frameworks for Valuation	135	(24)
Analyzing Historical Performance	159	(49)
Forecasting Performance	208	(39)
Estimating the Cost of Capital	247	(38)
Estimating Continuing Value	285	(28)
Calculating and Interpreting Results	313	(12)
Part III Applying Valuation	325	(210)
Multibusiness Valuation	327	(32)
Valuing Foreign Subsidiaries	359	(31)
Valuation Outside of the United States	390	(35)
Mergers, Acquisitions, and Joint Ventures	425	(39)
Using Option Pricing Methods to Value Flexibility	464	(32)
Valuing Banks	496	(39)
Appendix A Proof of the Equivalence of Two Formulas for Estimating Continuing Value	535	(3)
Appendix B Sources of Valuation Data	538	(7)
Index	545