Valuation: Measuring and Managing the Value of Companies (Google eBook)

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

John Wiley & Sons, Jul 16, 2010 - Business & Economics - 840 pages

The number one guide to corporate valuation is back and better than ever

Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition 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 new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline.

• Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions
• Addresses how you can interpret the results of a valuation in light of a company's competitive situation
• Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model

Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.

What people are saying

Review: Valuation: Measuring and Managing the Value of Companies

User Review  - Alvin Lim - Goodreads

Hailed by financial professionals worldwide as the single best guide of its kind, "Valuation," Fourth Edition is thoroughly revised and expanded to reflect business conditions in today's volatile ...

Review: Valuation: Measuring and Managing the Value of Companies

User Review  - Emanuele Torre - Goodreads

Useful reference for general content, lacks of specifics examples

Contents

• Why Value Value?: 3
• Fundamental Principles of Value Creation: 15
• The Expectations Treadmill: 43
• Return on Invested Capital: 57
• Growth: 79
• Part Two Core Valuation Techniques: 99
• Frameworks for Valuation: 101
• Reorganizing the Financial Statements: 131
• Analyzing Performance and Competitive Position: 163
• Forecasting Performance: 185
• Estimating Continuing Value: 211
• Estimating the Cost of Capital: 231
• Moving from Enterprise Value to Value per Share: 267
• Calculating and Interpreting Results: 287
• Using Multiples to Triangulate Results: 303
• Market Value Tracks Return on Invested Capital and Growth: 325
• Markets Value Substance Not Form: 345
• Emotions and Mispricing in the Market: 369
• Investors and Managers in Efficient Markets: 385
• Part Four Managing for Value: 399
• Corporate Portfolio Strategy: 401
• Performance Management: 415
• Mergers and Acquisitions: 431
• Creating Value through Divestitures: 455
• Capital Structure: 475
• Investor Communications: 511
• Part Five Advanced Valuation Issues: 527
• Taxes: 529
• Nonoperating Expenses OneTime Charges Reserves and Provisions: 543
• Leases Pensions and Other Obligations: 559
• Capitalized Expenses: 577
• Inflation: 587
• Foreign Currency: 601
• Heineken: 615
• Part Six Special Situations: 655
• Valuing Flexibility: 657
• Valuation in Emerging Markets: 689
• Valuing HighGrowth Companies: 717
• Valuing Cyclical Companies: 731
• Valuing Banks: 741
• Appendix A Economic Profit and the Key Value Driver Formula: 765
• Appendix B Discounted Economic Profit Equals Discounted Free Cash Flow: 769
• Derivation of Free Cash Flow Weighted: 773
• Appendix E Leverage and the PricetoEarnings Multiple: 787

About 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.

Bibliographic information

• Title: Valuation: Measuring and Managing the Value of Companies; Volume 497 of Wiley Finance
• Authors: McKinsey & Company Inc., Tim Koller, Marc Goedhart, David Wessels
• Edition: 5
• Publisher: John Wiley & Sons, 2010
• ISBN: 0470889934, 9780470889930
• Length: 840 pages
• Subjects: Business & Economics / Finance