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Valuation: Measuring and Managing the Value of Companies University ed [Multiple-component retail product]

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  • Formatas: Multiple-component retail product, 864 pages, aukštis x plotis x storis: 252x177x40 mm, weight: 1478 g, Illustrations, Contains 1 Paperback / softback and 1 Digital online
  • Išleidimo metai: 17-Aug-2010
  • Leidėjas: John Wiley & Sons Ltd
  • ISBN-10: 0470424702
  • ISBN-13: 9780470424704
  • Formatas: Multiple-component retail product, 864 pages, aukštis x plotis x storis: 252x177x40 mm, weight: 1478 g, Illustrations, Contains 1 Paperback / softback and 1 Digital online
  • Išleidimo metai: 17-Aug-2010
  • Leidėjas: John Wiley & Sons Ltd
  • ISBN-10: 0470424702
  • ISBN-13: 9780470424704
McKinsey s Trusted Guide to Teaching Corporate Valuation is Back and Better than Ever Designed for classroom use, Valuation, University Edition Fifth Edition is filled with the expert guidance from McKinsey & Company that students and professors have come to trust. Fully Revised and Updated, NEW FEATURES to the Fifth Edition include: * ALL NEW CASE STUDIES that illustrate how valuation techniques and principles are applied in real-world situations * NEW CONTENT on the strategic advantages of value-based management * EXPANDED to include advanced valuation techniques * UPDATED to reflect the events of the real estate bubble and its effect on stock markets, new developments in corporate finance, changes in accounting rules, and an enhanced global perspective Valuation, Fifth Edition remains true to its roots with a solid framework for valuation through key concepts such as: * Analyzing historical performance, including reorganizing a company's financial statements to reflect economic rather than accounting performance * Forecasting performance, with emphasis on not just the mechanics of forecasting but also how to think about a company's future economics * Estimating the cost of capital with practical tips that aren't found in textbooks * Interpreting the results of a valuation in light of a company's competitive situation * Linking a company's valuation multiples to the core drivers of its performance. The University Edition contains the same key chapters as Valuation Fifth Edition but expands on them to enhance classroom application with End of Chapter Summaries and Review Questions to help students master key concepts from each chapter before moving on to the next. For professors, Wiley offers an Online Instructor s Manual with a full suite of resources exclusive to adopting professors. Contact your rep for more information.
About the Authors ix
Preface xi
Acknowledgments xv
Part One Foundations of Value
1 Why Value Value?
3(14)
2 Fundamental Principles of Value Creation
17(28)
3 The Expectations Treadmill
45(14)
4 Return on Invested Capital
59(22)
5 Growth
81(22)
Part Two Core Valuation Techniques
6 Frameworks for Valuation
103(30)
7 Reorganizing the Financial Statements
133(32)
8 Analyzing Performance and Competitive Position
165(22)
9 Forecasting Performance
187(26)
10 Estimating Continuing Value
213(22)
11 Estimating the Cost of Capital
235(38)
12 Moving from Enterprise Value to Value per Share
273(22)
13 Calculating and Interpreting Results
295(18)
14 Using Multiples to Triangulate Results
313(24)
Part Three Intrinsic Value and the Stock Market
15 Market Value Tracks Return on Invested Capital and Growth
337(20)
16 Markets Value Substance, Not Form
357(24)
17 Emotions and Mispricing in the Market
381(16)
18 Investors and Managers in Efficient Markets
397(16)
Part Four Managing for Value
19 Corporate Portfolio Strategy
413(16)
20 Performance Management
429(16)
21 Mergers and Acquisitions
445(24)
22 Creating Value through Divestitures
469(20)
23 Capital Structure
489(36)
24 Investor Communications
525(18)
Part Five Advanced Valuation Issues
25 Taxes
543(16)
26 Nonoperating Expenses, One-Time Charges, Reserves, and Provisions
559(16)
27 Leases, Pensions, and Other Obligations
575(18)
28 Capitalized Expenses
593(12)
29 Inflation
605(16)
30 Foreign Currency
621(16)
31 Case Study: Heineken
637(42)
Part Six Special Situations
32 Valuing Flexibility
679(34)
33 Valuation in Emerging Markets
713(28)
34 Valuing High-Growth Companies
741(14)
35 Valuing Cyclical Companies
755(10)
36 Valuing Banks
765(26)
Appendix A Economic Profit and the Key Value Driver Formula 791(4)
Appendix B Discounted Economic Profit Equals Discounted Free Cash Flow 795(4)
Appendix C Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 799(6)
Appendix D Levering and Unlevering the Cost of Equity 805(8)
Appendix E Leverage and the Price-to-Earnings Multiple 813(4)
Index 817
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.