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

von: McKinsey & Company Inc.

54,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 08.06.2020
ISBN/EAN: 9781119611905
Sprache: englisch
Anzahl Seiten: 960

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<p><b>McKinsey & Company's #1 best-selling guide to corporate valuation - the fully updated seventh edition</b> <i>Valuation, University Edition</i> is filled with the expert guidance from McKinsey & Company that students and professors have come to rely on over 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.
<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>Review Questions 16</p> <p>2 Finance in a Nutshell 17</p> <p>Review Questions 26</p> <p>3 Fundamental Principles of Value Creation 27</p> <p>Review Questions 54</p> <p>4 Risk and the Cost of Capital 55</p> <p>Review Questions 68</p> <p>5 The Alchemy of Stock Market Performance 69</p> <p>Review Questions 83</p> <p>6 Valuation of ESG and Digital Initiatives 85</p> <p>Review Questions 100</p> <p>7 The Stock Market is Smarter Than You Think 101</p> <p>Review Questions 129</p> <p>8 Return on Invested Capital 131</p> <p>Review Questions 158</p> <p>9 Growth 159</p> <p>Review Questions 178</p> <p><b>Part Two Core Valuation Techniques</b></p> <p>10 Frameworks for Valuation 181</p> <p>Review Questions 209</p> <p>11 Reorganizing the Financial Statements 211</p> <p>Review Questions 245</p> <p>12 Analyzing Performance 247</p> <p>Review Questions 267</p> <p>13 Forecasting Performance 269</p> <p>Review Questions 295</p> <p>14 Estimating Continuing Value 299</p> <p>Review Questions 318</p> <p>15 Estimating the Cost of Capital 321</p> <p>Review Questions 350</p> <p>16 Moving from Enterprise Value to Value per Share 353</p> <p>Review Questions 374</p> <p>17 Analyzing the Results 377</p> <p>Review Questions 387</p> <p>18 Using Multiples 389</p> <p>Review Questions 412</p> <p>19 Valuation by Parts 415</p> <p>Review Questions 434</p> <p><b>Part Three Advanced Valuation Techniques</b></p> <p>20 Taxes 439</p> <p>Review Questions 453</p> <p>21 Nonoperating Items, Provisions, and Reserves 455</p> <p>Review Questions 471</p> <p>22 Leases 473</p> <p>Review Questions 486</p> <p>23 Retirement Obligations 489</p> <p>Review Questions 498</p> <p>24 Measuring Performance in Capital-Light Businesses 499</p> <p>Review Questions 514</p> <p>25 Alternative Ways to Measure Return on Capital 515</p> <p>Review Questions 524</p> <p>26 Inflation 525</p> <p>Review Questions 539</p> <p>27 Cross-Border Valuation 541</p> <p>Review Questions 559</p> <p><b>Part Four Managing for Value</b></p> <p>28 Corporate Portfolio Strategy 563</p> <p>Review Questions 583</p> <p>29 Strategic Management: Analytics 585</p> <p>Review Questions 608</p> <p>30 Strategic Management: Mindsets and Behaviors 609</p> <p>Review Questions 623</p> <p>31 Mergers and Acquisitions 625</p> <p>Review Questions 653</p> <p>32 Divestitures 655</p> <p>Review Questions 674</p> <p>33 Capital Structure, Dividends, and Share Repurchases 675</p> <p>Review Questions 708</p> <p>34 Investor Communications 709</p> <p>Review Questions 731</p> <p><b>Part Five Special Situations</b></p> <p>35 Emerging Markets 735</p> <p>Review Questions 752</p> <p>36 High-Growth Companies 753</p> <p>Review Questions 768</p> <p>37 Cyclical Companies 769</p> <p>Review Questions 777</p> <p>38 Banks 779</p> <p>Review Questions 805</p> <p>39 Flexibility 807</p> <p>Review Questions 841</p> <p>Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 843</p> <p>Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 849</p> <p>Appendix C Levering and Unlevering the Cost of Equity 855</p> <p>Appendix D Leverage and the Price-to-Earnings Multiple 863</p> <p>Appendix E Other Capital Structure Issues 867</p> <p>Appendix F Technical Issues in Estimating the Market Risk Premium 873</p> <p>Appendix G Global, International, and Local CAPM 877</p> <p>Appendix H A Valuation of Costco Wholesale 885</p> <p>Appendix I Two-Stage Formula for Continuing Value 909</p> <p>Index 911</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. <p><b>MARC GOEDHART</b> is a senior expert in McKinsey's Amsterdam office and an 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.
<p><b>FOR THIRTY YEARS McKINSEY HAS BEEN A TRUSTED GUIDE TO TEACHING CORPORATE VALUATION</b> <p><i>Valuation, University Edition, Seventh Edition</i> contains the expert guidance from McKinsey & Company that students and professors have come to rely on. New to the fully revised and updated <i>Seventh Edition</i>: <ul> <li>New case studies that clearly illustrate both the economics of value creation and the process of measuring value</li> <li>Clarifies the distinction between creating shareholder value and maximizing short-term profits</li> <li>Explores in greater depth the factors that drive long-term value creation</li> </ul> <p>For thirty years <i>Valuation</i> has remained true to its basic principles and continues to offer a step-by-step approach to valuation, including: <ul> <li>Analyzing historical performance</li> <li>Forecasting performance</li> <li>Estimating the cost of capital with practical tips</li> <li>Interpreting the results of a valuation in light of a company's situation</li> <li>Linking a company's valuation multiples to the core drivers of its performance</li> </ul> <p>The <i>University Edition</i> contains End-of-Chapter Review Questions that help students master key concepts from each chapter. <p>Wiley also offers an Online Instructor's Manual with a full suite of learning resources for professors and students. <p><b>McKINSEY & COMPANY</b> is a global management-consulting firm that serves across a wide range of industries and functions.

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