Valuation: Measuring and Managing the Value of Companies
McKinsey & Company, Inc., Tim Koller, Marc Goedhart, David Wessels
Hardcover, 768 Pages
May 2005
From the publisher:
In today's economy, it's essential for business professionals to excel at measuring, managing, and maximizing shareholder value. Valuation, hailed by financial professionals worldwide as the single best guide of its kind, shows managers at every level how to create value for their companies. The new Fourth Edition has been updated and expanded to provide critical insights into the business conditions that characterize today's volatile global economy. Along with all-new case studies, it takes a fresh look at topical issues in finance including the Internet bubble in capital markets, new accounting rules, the cost of capital, valuing assets in emerging markets, and managing performance.
Contents Include:
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.
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.
Hardcover, 768 Pages
May 2005
From the publisher:
In today's economy, it's essential for business professionals to excel at measuring, managing, and maximizing shareholder value. Valuation, hailed by financial professionals worldwide as the single best guide of its kind, shows managers at every level how to create value for their companies. The new Fourth Edition has been updated and expanded to provide critical insights into the business conditions that characterize today's volatile global economy. Along with all-new case studies, it takes a fresh look at topical issues in finance including the Internet bubble in capital markets, new accounting rules, the cost of capital, valuing assets in emerging markets, and managing performance.
Contents Include:
- Part One: Foundations of Value.
- Why Maximize Value?
- The Value Manager
- Fundamental Principles of Value Creation
- Do Fundamentals Really Drive the Stock Market?
- Part Two: Core Valuation Techniques
- Frameworks for Valuation
- Thinking about Return on Invested Capital and Growth
- Analyzing Historical Performance
- Forecasting Performance
- Estimating Continuing Value
- Estimating the Cost of Capital
- Calculating and Interpreting Results
- Using Multiples for Valuation
- Part Three: Making Value Happen
- Performance Measurement
- Performance Management
- Creating Value through Mergers and Acquisitions
- Creating Value through Divestitures
- Capital Structure
- Investor Communications
- Part Four: Advanced Valuation Issues
- Valuing Multibusiness Companies
- Valuing Flexibility
- Cross-Border Valuation
- Valuation in Emerging Markets
- Valuing High-Growth Companies
- Valuing Cyclical Companies
- Valuing Financial Institutions
- Appendix A: Economic Profit and the Key Value Driver Formula
- Appendix B: Discounted Economic Profit Equals Discounted Free Cash Flow
- Appendix C: Adjusted Present Value Equals Discounted Free Cash Flow
- Appendix D: Levering and Unlevering the Cost of Equity
- Appendix E: Leverage and the Price-Earnings Multiple
- Index
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.
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.
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 Valuation: Book plus CD-ROM The classic McKinsey book bundled with a CD-ROM containing various valuation model spreadsheets related to the book's concepts.The models simplify your work significantly. The user inputs historical income statement and balance sheet information. The spreadsheet will then calculate NOPLAT, invested capital, ROIC, economic profit, free cash flow, and supporting ratios, including an ROIC tree. Then input forecast assumptions, such as sales growth rates, margins, etc. The model converts these assumptions into projected income statements and balance sheets. Finally, the model uses the projected income statements and balance sheets to project free cash flow, economic profit, and other measures to estimate the value of the company. |
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