Valuation Workbook: Step-by-Step Exercises and Test to Help You Master Valuation / Edition 3

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Completely Updated, Over 200,000 Copies Sold!

"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."
New York Times


"The book's clarity and comprehensive coverage make it one ofthe best practitioners' guides to valuation."
Financial Times

"Should serve very well the professional manager who wants to do some serious thinking about what really does contribute value to his or her firm and why."
The Journal of Finance

"Valuation is like a Swiss army knife . . . you will be prepared for just about any contingency."
—Martin H. Dubilier, Chairman of the Board, Clayton & Dubilier, Inc.

"This book on valuation represents fresh new thinking. The writing is clear and direct, combining the best academic principles with actual experience to arrive at value-increasing solutions."
—J. Fred Weston, cordner Professor of Money and Financial Markets, Graduate School of Management, UCLA

System Requirements:
Pentium II PC or greater
Windows 98 or later
20MB Hard Disk Space
Excel 97 / 2000 (Alone or part of Office 97 / 2000) w/Report Manager & Analysis ToolPak installed and enabled.
(Note: Formulas & Computations are not guaranteed in later versions of Excel)
Video Display: 800 x 600 recommended

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Editorial Reviews

New York Times Book Review
THE #1 GUIDE TO CORPORATE VALUATION IS NOW BETTER THAN EVER! A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies.
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Product Details

  • ISBN-13: 9780471397519
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 1/28/2000
  • Series: Frontiers in Finance Series, #83
  • Edition description: Older Edition
  • Edition number: 3
  • Pages: 272
  • Product dimensions: 6.05 (w) x 9.01 (h) x 0.71 (d)

Meet the Author

McKINSEY & COMPANY, INC. is an international top management consulting firm. Founded in 1926, McKinsey & Company, Inc., advises leading companies around the world on issues of strategy, organization, and operations, and in specialized areas such as finance, information technology and the Internet, research and development, sales, marketing, manufacturing, and distribution.
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Read an Excerpt

Chapter 1: Why Value Value?

This chapter explains why shareholder value is the cornerstone of management and the primary metric for corporate performance. Value comes in different forms and is perceived in various ways by an array of potential stakeholders. Important ideological and legal differences continue to exist among capitalist countries in the wake of the demise of communist economic systems. The rise of hostile takeovers funded by high-yield debt along with anti-inflation monetary and fiscal policy spurred intense focus on earning high returns. More and more employees hold equity in economies that quickly adapt to change.

1. Shareholders and wealth accumulation are most important in the_______, while______ are more important determinants of value for continental Europe.

A. Former communist countries, wealth and revenue growth.
B. United States and United Kingdom, business continuity and inclusive stakeholder governance.
C. Capital goods sector, representative directors and legal governance structures.

2. Factors critical to the success of the shareholder model of value include:

A. Convergence of incomes across classes of workers.
B. Markets for corporate control.
C. Insolvent social security systems.
D. Emergence of the global economy.
E. Increased household assets held as equity.
F. Equity based management incentives.
G. Political and social upheaval.
H. Insolvency of social pension systems.

3. High-yield debt, as a major tool for restructuring companies, occasioned the rise of markets for corporate control during the 1980s.

A. True, because more money could be found to fund takeovers.
B. False, becausemore debt means less control over assets for shareholders.
C. True, because debt structures required managers to quickly transform free cash flow into high market returns.
D. False, because LBO transactions eventually fizzled out after the U. S. Congress passed the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

4. Shareholders can align managers wit h enterprise goals by:

A. Requiring more frequent and detailed reporting of operations.
B. Replacing debt with equity, thus, forcing managers to invest in high-yield operational assets.
C. Issuing stock options and share grants to managers for achieving various levels of performance.
D. Reviewing management's hiring choices.

5. Ideological distinctions between labor and capital are blurring. Reasons and implications include:

A. Real spending by households is falling.
B. Increasing portions of pension fund assets are moving into equity.
C. Monopolies are privatizing.
D. Unionism is declining.

6. Public pensions are failing because:

A. Governments are mismanaging funds.
B. There is more claims fraud in public pension schemes.
C. Contribution rates are declining relative to retiree income claims.
D. Fund returns fall short of claims experience.

7. The arguments for public pensions to invest in market instruments include:

A. Inducement of higher contribution premiums.
B. Attractive returns can be found as funds transit from pay-as-you-go systems.
C. Government policies are decreasing the retirement age.
D. Savings need to derive from contribution premiums and investment returns.

8. List three factors that contribute to the U.S. lead in GDP per capita since 1975:


9. Why should shareholder wealth be the most important metric of corporate performance?

A. Equity holders have the most decision-making authority in the firm.
B. Most employees have funded pensions.
C. It shouldn't be. Job growth is the most important social goal on its own.
D. Managers will limit investment in outdated strategies...

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Table of Contents

The Value Manager
Fundamental Principles of Value Creation
Metrics Mania: Surviving the Barrage of Value Metrics
Cash Is King
Making Value Happen
Mergers, Acquisitions, and Joint Ventures
Frameworks for Valuation
Analyzing Historical Performance
Estimating the Cost of Capital
Forecasting Performance
Estimating Continuing Value
Calculating and Interpreting the Results
Multibusiness Valuation
Valuing Dotcoms
Valuing Cyclical Companies
Valuing Foreign Subsidiaries
Valuation Outside the United States
Valuation in Emerging Markets
Using Option Pricing Methods to Value Flexibility
Valuing Banks
Valuing Insurance Companies
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