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9781119610885

Valuation Measuring and Managing the Value of Companies

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  • ISBN13:

    9781119610885

  • ISBN10:

    1119610885

  • Edition: 7th
  • Format: Hardcover
  • Copyright: 2020-06-30
  • Publisher: Wiley

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Summary

McKinsey & Company's #1 best-selling guide to corporate valuation—the fully updated seventh edition

Valuation has been the foremost resource for measuring company value for nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders.

This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies.  

Clear, accessible chapters cover the fundamental principles of value creation, analyzing and forecasting performance, capital structure and dividends, valuing high-growth companies, and much more. The Financial Times calls the book “one of the practitioners’ best guides to valuation.” 

This book: 

  • Provides complete, detailed guidance on every crucial aspect of corporate valuation
  • Explains the strategies, techniques, and nuances of valuation every manager needs to know
  • Covers both core and advanced valuation techniques and management strategies
  • Features/Includes a companion website that covers key issues in valuation, including videos, discussions of trending topics, and real-world valuation examples from the capital markets

For over 90 years, McKinsey & Company has helped corporations and organizations make substantial and lasting improvements in their performance. Through seven editions and 30 years, Valuation: Measuring and Managing the Value of Companies, has served as the definitive reference for finance professionals, including investment bankers, financial analysts, CFOs and corporate managers, venture capitalists, and students and instructors in all areas of finance.

Author Biography

TIM KOLLER is a partner in McKinsey's Stamford, Connecticut office, where he leads a global team of corporate-finance expert consultants. Tim has served clients globally on corporate strategy and capital markets, mergers and acquisitions transactions, and strategic planning and resource allocation.

MARC GOEDHART is a senior expert in McKinsey's Amsterdam office and endowed professor of corporate valuation at Rotterdam School of Management, Erasmus University (RSM).

DAVID WESSELS is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. He was named by Bloomberg Businessweek as one of America's top business school instructors.

MCKINSEY & COMPANY is a global management-consulting firm that serves leading global organizations across a wide range of industries and functions, helping them create change that matters.

Table of Contents

About the Authors

Preface

Acknowledgments

Part One: Foundations of Value

1 Why Value Value?

2 Finance in a Nutshell

3 Fundamental Principles of Value Creation

4 Risk and the Cost of Capital

5 The Alchemy of Stock Market Performance

6 Valuation of ESG and Digital Initiatives

7 The Stock Market Is Smarter Than You Think

8 Return on Invested Capital

9 Growth

Part Two: Core Valuation Techniques

10 Frameworks for Valuation

11 Reorganizing the Financial Statements

12 Analyzing Performance

13 Forecasting Performance

14 Estimating Continuing Value

15 Estimating the Cost of Capital

16 Moving from Enterprise Value to Value per Share

17 Analyzing the Results

18 Using Multiples

19 Valuation by Parts

Part Three:  Advanced Valuation Techniques

20 Taxes

21 Nonoperating Items, Provisions, and Reserves

22 Leases

23 Retirement Obligations

24 Measuring Performance in Capital-Light Businesses

25 Alternative Ways to Measure Return on Capital

26 Inflation

27 Cross-Border Valuation

Part Four: Managing for Value

28 Corporate Portfolio Strategy

29 Strategic Management: Analytics

30 Strategic Management: Mind-Sets and Behaviors

31 Mergers and Acquisitions

32 Divestitures

33 Capital Structure, Dividends, and Share Repurchases

34 Investor Communications

Part Five: Special Situations

35 Emerging Markets

36 High-Growth Companies

37 Cyclical Companies

38 Banks

39 Flexibility

Appendixes

A Discounted Economic Profit Equals Discounted Free Cash Flow

B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value

C Levering and Unlevering the Cost of Equity

D Leverage and the Price-to-Earnings Multiple

E Other Capital Structure Issues

F Technical Issues in Estimating the Market Risk Premium

G Global, International, and Local CAPM

H A Valuation of Costco Wholesale

I Two-Stage Formula for Continuing Value

Index

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