We're sorry, but eCampus.com doesn't work properly without JavaScript.
Either your device does not support JavaScript or you do not have JavaScript enabled.
How to enable JavaScript in your browser.
Need help? Call 1-855-252-4222
Note: Supplemental materials are not guaranteed with Rental or Used book purchases.
Purchase Benefits
What is included with this book?
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:
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.
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.
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
The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.
The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.