Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation / Edition 5

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Overview

The ideal companion to Valuation, Fifth Edition

If you want to get more out of Valuation, Fifth Edition, then pick up the Valuation Workbook. This comprehensive study guide provides you with an invaluable opportunity to explore your understanding of the strategies and techniques covered in the main text, before putting it to work in real-world situations.

Along with a complete answer key, this workbook also covers such essentials as value creation, value metrics, M&A and joint ventures, and valuation frameworks. Brief summary chapters also help to reinforce major points.

  • Walks you through Valuation, Fifth Edition, providing chapter-by-chapter coverage of the core text
  • Offers complete coverage of analyzing historical information, estimating the cost of capital and continuing value, forecasting performance, and calculating results
  • Tests your comprehension of the ideas presented throughout, with multiple-choice questions and problems

Valuation Workbook is filled with a wealth of practical learning exercises and information that will help you understand and apply the proven principles found in Valuation, Fifth Edition.

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Product Details

  • ISBN-13: 9780470424643
  • Publisher: Wiley
  • Publication date: 3/29/2011
  • Series: Wiley Finance Series, #496
  • Edition number: 5
  • Pages: 268
  • Sales rank: 637,251
  • Product dimensions: 6.90 (w) x 9.90 (h) x 0.80 (d)

Meet the Author

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.

Tim Koller is a partner in McKinsey's New York office. Tim has served clients in North America and Europe on corporate strategy and issues concerning capital markets, M&A transactions, and value-based management. He leads the firm's research activities in valuation and capital markets issues. He received his MBA from the University of Chicago.

Marc Goedhart is an associate principal in McKinsey's Amsterdam office. Marc has served clients across Europe on portfolio restructuring, issues concerning capital markets, and M&A transactions. He received a PhD in finance from Erasmus University Rotterdam.

David Wessels is an adjunct professor of finance and director of executive education at the Wharton School of the University of Pennsylvania. Named by BusinessWeek as one of America's top business school instructors, he teaches corporate valuation at the MBA and Executive MBA levels. David received his PhD from the University of California at Los Angeles.

Erik Benrud is a clinical full professor of finance and the CFA Review Coordinator and Advisor at Drexel University. His research has appeared in many peer-reviewed journals, and he has won teaching and research awards from Association to Advance Collegiate Schools of Business (AACSB)-accredited universities. He consults and has delivered seminars on finance around the world. Erik received his PhD from the University of Virginia where he also taught finance.

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Table of Contents

About the Authors ix

Introduction xi

Part One Questions

1 Why Value Value? 3

2 Fundamental Principles of Value Creation 6

3 The Expectations Treadmill 9

4 Return on Invested Capital 12

5 Growth 15

6 Frameworks for Valuation 18

7 Reorganizing the Financial Statements 22

8 Analyzing Performance and Competitive Position 26

9 Forecasting Performance 30

10 Estimating Continuing Value 35

11 Estimating the Cost of Capital 40

12 Moving from Enterprise Value to Value per Share 44

13 Calculating and Interpreting Results 48

14 Using Multiples to Triangulate Results 52

15 Market Value Tracks Return on Invested Capital and Growth 55

16 Markets Value Substance, Not Form 59

17 Emotions and Mispricing in the Market 63

18 Investors and Managers in Efficient Markets 66

19 Corporate Portfolio Strategy 70

20 Performance Management 73

21 Mergers and Acquisitions 77

22 Creating Value through Divestitures 82

23 Capital Structure 86

24 Investor Communications 90

25 Taxes 94

26 Nonoperating Expenses, One-Time Charges, Reserves, and Provisions 97

27 Leases, Pensions, and Other Obligations 101

28 Capitalized Expenses 105

29 Inflation 107

30 Foreign Currency 114

31 Case Study: Heineken 117

32 Valuing Flexibility 123

33 Valuation in Emerging Markets 126

34 Valuing High-Growth Companies 129

35 Valuing Cyclical Companies 132

36 Valuing Banks 142

Part Two Answers

1 Why Value Value? 149

2 Fundamental Principles of Value Creation 150

3 The Expectations Treadmill 152

4 Return on Invested Capital 154

5 Growth 156

6 Frameworks for Valuation 158

7 Reorganizing the Financial Statements 160

8 Analyzing Performance and Competitive Position 162

9 Forecasting Performance 164

10 Estimating Continuing Value 167

11 Estimating the Cost of Capital 170

12 Moving from Enterprise Value to Value per Share 172

13 Calculating and Interpreting Results 174

14 Using Multiples to Triangulate Results 176

15 Market Value Tracks Return on Invested Capital and Growth 178

16 Markets Value Substance, Not Form 180

17 Emotions and Mispricing in the Market 182

18 Investors and Managers in Efficient Markets 184

19 Corporate Portfolio Strategy 186

20 Performance Management 188

21 Mergers and Acquisitions 190

22 Creating Value through Divestitures 192

23 Capital Structure 194

24 Investor Communications 197

25 Taxes 199

26 Nonoperating Expenses, One-Time Charges, Reserves, and Provisions 201

27 Leases, Pensions, and Other Obligations 204

28 Capitalized Expenses 207

29 Inflation 209

30 Foreign Currency 216

31 Case Study: Heineken 219

32 Valuing Flexibility 224

33 Valuation in Emerging Markets 226

34 Valuing High-Growth Companies 228

35 Valuing Cyclical Companies 231

36 Valuing Banks 238

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  • Anonymous

    Posted July 3, 2012

    Highly Recommended

    I am yet to read the whole book. But the little I've read is very impressive. If you are looking for a book which will give you the underpinnings of value creation don't look any further. I will give my final review after reading the whole book.

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