Valuation: Measuring and Managing the Value of Companies / Edition 4

Valuation: Measuring and Managing the Value of Companies / Edition 4

3.4 8
by McKinsey & Company Inc., Tim Koller, Marc Goedhart, David Wessels
     
 

ISBN-10: 0471702196

ISBN-13: 9780471702191

Pub. Date: 05/27/2005

Publisher: Wiley

At the crossroads of corporate strategy and finance lies valuation. And in today's economy— whether you're a seasoned manager or a budding business professional—it's essential to excel at measuring, managing, and maximizing shareholder and company value. Valuation,with its companion CD-ROM, will show you how to do just that and much more.

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Overview

At the crossroads of corporate strategy and finance lies valuation. And in today's economy— whether you're a seasoned manager or a budding business professional—it's essential to excel at measuring, managing, and maximizing shareholder and company value. Valuation,with its companion CD-ROM, will show you how to do just that and much more.

Hailed by financial professionals worldwide as the single best guide of its kind, Valuation, Fourth Edition with CD-ROM combines the dynamic flexibility of Excel spreadsheets with the depth and breadth of a classic text. Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fourth Edition with CD-ROM continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all-new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect the events of the Internet bubble and its effect on stock markets, new developments in academic finance, changes in accounting rules (both U. S. and IFRS), and an enhanced global perspective.

Valuation, Fourth Edition with CD-ROM is filled with expert guidance as well as a valuation model developed by McKinsey's own finance practice. With the companion CD-ROM as your guide, you can even conduct your own valuation analysis of companies.

This package contains a solid framework that managers at all levels, investors, and students have come to trust. With it, you'll receive an executive education on:

  • Analyzing historical performance, including reorgan-izing a company's financial statements to reflect economic rather than accounting performance
  • Forecasting performance, with emphasis on not just the mechanics of forecasting but also how to think about a company's future economics
  • Estimating the cost of capital with practical tips that aren't found in textbooks
  • Interpreting the results of a valuation in light of a company's competitive situation
  • Linking a company's valuation multiples to the core drivers of its performance

Valuation, Fourth Edition with CD-ROM remains true to its roots with an extensive discussion on the complexity of measuring corporate performance to assess historical financial results properly and to gain insight into a company's ability to create value in the future (its corporate "health"). A complementary chapter advises managers how to run companies to create long-term value, and a new chapter explores ways to improve communication with financial markets.

Valuation, Fourth Edition with CD-ROM stands alone in this field with its reputation of quality and consistency. The author team of Tim Koller, Marc Goedhart, and David Wessels has taken the latest insights from their experiences working with global companies and created one of the most engaging and insightful guides to valuation. If you want to hone your valuation skills today and improve them for years to come, look no further than the Fourth Edition of Valuation with CD-ROM.

McKINSEY & COMPANY is a management consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Over the past seven decades, the firm's primary objective has remained constant: to serve as an organization's most trusted external advisor on critical issues facing senior management. With consultants deployed from over eighty offices in more than forty countries, McKinsey advises companies on strategic, operational, organizational, financial, and technological issues. The firm has extensive experience in all major industry sectors and primary functional areas, as well as in-depth expertise in high-priority areas for today's business leaders.

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Product Details

ISBN-13:
9780471702191
Publisher:
Wiley
Publication date:
05/27/2005
Series:
Wiley Finance Series, #295
Edition description:
Book & CD-ROM, Updated Edition
Pages:
768
Product dimensions:
7.34(w) x 10.30(h) x 1.64(d)

Table of Contents

Pt. 1Foundations of value
1Why maximize value?3
2The value manager23
3Fundamental principles of value creation47
4Do fundamentals really drive the stock market?69
Pt. 2Core valuation techniques
5Frameworks for valuation101
6Thinking about return on invested capital and growth133
7Analyzing historical performance159
8Forecasting performance229
9Estimating continuing value271
10Estimating the cost of capital291
11Calculating and interpreting results331
12Using multiples for valuation361
Pt. 3Making value happen
13Performance measurement383
14Performance management405
15Creating value through mergers and acquisitions427
16Creating value through divestitures453
17Capital structure475
18Investor communications509
Pt. 4Advanced valuation issues
19Valuing multibusiness companies531
20Valuing flexibility543
21Cross-border valuation575
22Valuation in emerging markets605
23Valuing high-growth companies637
24Valuing cyclical companies653
25Valuing financial institutions663
App. AEconomic profit and the key value driver formula693
App. BDiscounted economic profit equals discounted free cash flow697
App. CAdjusted present value equals discounted free cash flow701
App. DLevering and unlevering the cost of equity707
App. ELeverage and the price-earnings multiple715

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