ValuationMeasuring and Managing the Value of Companies
Wiley Finance 7. Aufl.
<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><i>Valuation</i> has become the resource that financial professionals rely on for measuring, managing, and maximizing shareholder value. Now in its updated <i>Seventh Edition</i>, this essential resource provides information for the practical application of finance to solve real-world business problems for a variety of industries and regions. This updated edition reflects the economic events of the past decade, new developments in academic finance, and the authors' latest research and experiences. <p>Comprehensive in scope, <i>Valuation</i> reviews the foundations of value, explores core and advanced valuation techniques, clarifies how to manage value, and offers solutions for special situations. The authors explain how to develop a business portfolio strategy based on which business units a corporate parent is best positioned to own and which might perform better under someone else's ownership. They also reveal how to assess major transactions such as acquisitions, divestitures, and restructurings. In addition, <i>Valuation</i> gives professionals an understanding of how to design a capital structure that supports a company's strategy with a reasonable level of risk. <p>This thoroughly revised and updated <i>Seventh Edition</i> provides insights on improving planning and resource allocation, including for digital, for environmental, social, and governance, and for long-term investing. It also includes a collection of fresh case studies. <p>Valuation plays a pivotal role for both long- and short-term strategy. For more than 30 years, analysts and managers have turned to <i>Valuation</i> as a reference guide, helping to answer questions about challenging situations. This updated edition continues <i>Valuation's</i> reputation for offering the quality solutions you need right now.
<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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