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"The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives."
—Professor Benjamin C. Esty, Harvard Business School author of Modern Project Finance: A Casebook
"The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition."
—Dr. Raymund Breu, Chief Financial Officer, Novartis AG
"Valuation gets to the heart of how to measure and manage value in a company. Whether you are evaluating an acquisition, restructuring a corporation, or formulating strategy, this book will help you do it well."
—John A. Manzoni, Chief Executive Refining and Marketing, BP plc
Praise for the First Edition
"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."
—The New York Times
"The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation."
—Financial Times
About the Authors.
Preface.
Acknowledgments.
Part One Foundations of Value.
1 Why ValueValue?
2 Fundamental Principles of Value Creation.
3 The Expectations Treadmill.
4 Return on Invested Capital.
5 Growth.
Part Two Core Valuation Techniques.
6 Frameworks for Valuation.
7 Reorganizing the Financial Statements.
8 Analyzing Performance and Competitive Position.
9 Forecasting Performance.
10 Estimating Continuing Value.
11 Estimating the Cost of Capital.
12 Moving from Enterprise Value to Value per Share.
13 Calculating and Interpreting Results.
14 Using Multiples to Triangulate Results.
Part Three Intrinsic Value and the Stock Market.
15 Market Value Tracks Return on Invested Capital and Growth.
16 Markets Value Substance, Not Form.
17 Emotions and Mispricing in the Market.
18 Investors and Managers in Efficient Markets.
Part Four Managing for Value.
19 Corporate Portfolio Strategy.
20 Performance Management.
21 Mergers and Acquisitions.
22 Creating Value through Divestitures.
23 Capital Structure.
24 Investor Communications.
Part Five Advanced Valuation Issues.
25 Taxes.
26 Nonoperating Expenses, One-Time Charges, Reserves, and Provisions.
27 Leases, Pensions, and Other Obligations.
28 Capitalized Expenses.
29 Inflation.
30 Foreign Currency.
31 Case Study: Heineken.
Part Six Special Situations.
32 Valuing Flexibility.
33 Valuation in Emerging Markets.
34 Valuing High-Growth Companies.
35 Valuing Cyclical Companies.
36 Valuing Banks.
Appendix A Economic Profit and the Key Value Driver Formula.
Appendix B Discounted Economic Profit Equals Discounted Free Cash Flow.
Appendix C Derivation of Free Cash Flow,Weighted Average Cost of Capital, and Adjusted Present Value.
Appendix D Levering and Unlevering the Cost of Equity.
Appendix E Leverage and the Price-to-Earnings Multiple.
Index.
Anonymous
Posted January 22, 2011
No text was provided for this review.
Overview
"The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives."
—Professor Benjamin C. Esty, Harvard Business School author of Modern Project Finance: A Casebook
"The bible ...