Details

Valuation


Valuation

Measuring and Managing the Value of Companies
Wiley Finance 7. Aufl.

von: McKinsey & Company Inc., Tim Koller, Marc Goedhart, David Wessels

77,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 21.05.2020
ISBN/EAN: 9781119610922
Sprache: englisch
Anzahl Seiten: 896

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Beschreibungen

<p><b>McKinsey & Company's #1 best-selling guide to corporate valuation—the fully updated seventh edition</b></p> <p><i>Valuation</i> 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.</p> <p>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.  </p> <p>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. <i>The Financial Times</i> calls the book “one of the practitioners’ best guides to valuation.” </p> <p>This book: </p> <ul> <li>Provides complete, detailed guidance on every crucial aspect of corporate valuation</li> <li>Explains the strategies, techniques, and nuances of valuation every manager needs to know</li> <li>Covers both core and advanced valuation techniques and management strategies</li> <li>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</li> </ul> <p>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, <i>Valuation: Measuring and Managing the Value of Companies, </i>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.</p>
<p>About the Authors ix</p> <p>Preface xi</p> <p>Acknowledgments xv</p> <p><b>Part One Foundations of Value</b></p> <p>1 Why Value Value? 3</p> <p>2 Finance in a Nutshell 17</p> <p>3 Fundamental Principles of Value Creation 27</p> <p>4 Risk and the Cost of Capital 55</p> <p>5 The Alchemy of Stock Market Performance 69</p> <p>6 Valuation of ESG and Digital Initiatives 83</p> <p>7 The Stock Market is Smarter Than You Think 99</p> <p>8 Return on Invested Capital 127</p> <p>9 Growth 155</p> <p><b>Part Two Core Valuation Techniques</b></p> <p>10 Frameworks for Valuation 177</p> <p>11 Reorganizing the Financial Statements 205</p> <p>12 Analyzing Performance 239</p> <p>13 Forecasting Performance 259</p> <p>14 Estimating Continuing Value 285</p> <p>15 Estimating the Cost of Capital 305</p> <p>16 Moving from Enterprise Value to Value per Share 335</p> <p>17 Analyzing the Results 357</p> <p>18 Using Multiples 367</p> <p>19 Valuation by Parts 391</p> <p><b>Part Three Advanced Valuation Techniques</b></p> <p>20 Taxes 413</p> <p>21 Nonoperating Items, Provisions, and Reserves 427</p> <p>22 Leases 443</p> <p>23 Retirement Obligations 457</p> <p>24 Measuring Performance in Capital-Light Businesses 467</p> <p>25 Alternative Ways to Measure Return on Capital 483</p> <p>26 Inflation 493</p> <p>27 Cross-Border Valuation 507</p> <p><b>Part Four Managing for Value</b></p> <p>28 Corporate Portfolio Strategy 527</p> <p>29 Strategic Management: Analytics 547</p> <p>30 Strategic Management: Mindsets and Behaviors 571</p> <p>31 Mergers and Acquisitions 585</p> <p>32 Divestitures 613</p> <p>33 Capital Structure, Dividends, and Share Repurchases 633</p> <p>34 Investor Communications 667</p> <p><b>Part Five Special Situations</b></p> <p>35 Emerging Markets 691</p> <p>36 High-Growth Companies 709</p> <p>37 Cyclical Companies 725</p> <p>38 Banks 733</p> <p>39 Flexibility 759</p> <p>Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 793</p> <p>Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 799</p> <p>Appendix C Levering and Unlevering the Cost of Equity 805</p> <p>Appendix D Leverage and the Price-to-Earnings Multiple 813</p> <p>Appendix E Other Capital Structure Issues 817</p> <p>Appendix F Technical Issues in Estimating the Market Risk Premium 823</p> <p>Appendix G Global, International, and Local CAPM 827</p> <p>Appendix H A Valuation of Costco Wholesale 835</p> <p>Appendix I Two-Stage Formula for Continuing Value 859</p> <p>Index 861 </p>
<p><b>TIM KOLLER</b> 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. <p><b>MARC GOEDHART</b> is a senior expert in McKinsey's Amsterdam office and endowed professor of corporate valuation at Rotterdam School of Management, Erasmus University (RSM). <p><b>DAVID WESSELS</b> is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. He was named by <i>Bloomberg Businessweek</i> as one of America's top business school instructors. <p><b>MCKINSEY & COMPANY</b> 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.
<p><b>McKinsey & Company's #1 bestselling guide to corporate valuation, now in its</b> <b><i>Seventh Edition</i></b> <p>The revised <i>Seventh Edition</i> of <i>Valuation</i> offers detailed, step-by-step explanations of how to easily and effectively measure and manage the value of companies. This book contains proven valuation frameworks that have been used successfully in McKinsey & Company's consulting work, including illustrative case studies that put the spotlight on practical judgments involved in developing and using valuations. <p><b>PRAISE FOR VALUATION</b> <p>"The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation."<br> <b><i> —Financial Times</i></b> <p>"<i>Valuation . . .</i> is a reminder of why shareholder value is still the most powerful idea in business and why many criticisms thrown at it are unfair."<br> <b><i> —The Economist</i></b> <p>"A 'how to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."<br> <b><i> —The New York Times</i></b> <p>"Cuts through the clutter and confusion to focus executives on what really drives value creation."<br> <b> —Fernando Tennenbaum,</b> CFO, AB InBev <p>"Clearly articulates both the principles and practical applications of creating value."<br> <b>—John Graham,</b> D. Richard Mead Professor of Finance, Fuqua School of Business, Duke University <p>"The best valuation book just got better. It is required reading for all executives."<br> <b> —Benjamin C. Esty,</b> Roy and Elizabeth Simmons Professor of Business Administration, Harvard Business School <p>"The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition."<br> <b>—Dr. Raymond Breu,</b> retired CFO, Novartis AG

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