About the Authors |
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ix | |
Preface |
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xi | |
Acknowledgments |
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xv | |
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Part One Foundations of Value |
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3 | (14) |
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2 Fundamental Principles of Value Creation |
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17 | (28) |
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3 The Expectations Treadmill |
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45 | (14) |
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4 Return on Invested Capital |
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59 | (22) |
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81 | (22) |
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Part Two Core Valuation Techniques |
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6 Frameworks for Valuation |
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103 | (30) |
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7 Reorganizing the Financial Statements |
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133 | (32) |
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8 Analyzing Performance and Competitive Position |
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165 | (22) |
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9 Forecasting Performance |
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187 | (26) |
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10 Estimating Continuing Value |
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213 | (22) |
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11 Estimating the Cost of Capital |
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235 | (38) |
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12 Moving from Enterprise Value to Value per Share |
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273 | (22) |
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13 Calculating and Interpreting Results |
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295 | (18) |
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14 Using Multiples to Triangulate Results |
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313 | (24) |
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Part Three Intrinsic Value and the Stock Market |
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15 Market Value Tracks Return on Invested Capital and Growth |
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337 | (20) |
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16 Markets Value Substance, Not Form |
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357 | (24) |
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17 Emotions and Mispricing in the Market |
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381 | (16) |
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18 Investors and Managers in Efficient Markets |
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397 | (16) |
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Part Four Managing for Value |
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19 Corporate Portfolio Strategy |
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413 | (16) |
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20 Performance Management |
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429 | (16) |
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21 Mergers and Acquisitions |
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445 | (24) |
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22 Creating Value through Divestitures |
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469 | (20) |
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489 | (36) |
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24 Investor Communications |
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525 | (18) |
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Part Five Advanced Valuation Issues |
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543 | (16) |
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26 Nonoperating Expenses, One-Time Charges, Reserves, and Provisions |
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559 | (16) |
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27 Leases, Pensions, and Other Obligations |
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575 | (18) |
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593 | (12) |
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605 | (16) |
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621 | (16) |
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637 | (42) |
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Part Six Special Situations |
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679 | (34) |
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33 Valuation in Emerging Markets |
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713 | (28) |
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34 Valuing High-Growth Companies |
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741 | (14) |
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35 Valuing Cyclical Companies |
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755 | (10) |
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765 | (26) |
Appendix A Economic Profit and the Key Value Driver Formula |
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791 | (4) |
Appendix B Discounted Economic Profit Equals Discounted Free Cash Flow |
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795 | (4) |
Appendix C Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value |
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799 | (6) |
Appendix D Levering and Unlevering the Cost of Equity |
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805 | (8) |
Appendix E Leverage and the Price-to-Earnings Multiple |
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813 | (4) |
Index |
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817 | |