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The #1 best-selling guide to business valuation, newly updated and revised
Valuation Workbook is the companion book to the eighth edition of McKinsey's Valuation, the gold standard in measuring and managing valuation for more than 30 years. This workbook has been used by individuals and professors to gain a deeper understanding of valuation.
Called "the best practitioners' guide to valuation" by The Financial Times and "the most influential contemporary books about the world economy" by The Economist, the newly revised eighth McKinsey's long tradition of excellence. In the book, a team of veteran McKinsey & Company professionals walk you through the foundations of valuation, advanced topics like valuing high-growth companies and digital assets, and managerial topics such as corporate portfolio strategy and acquisitions. You'll also discover:
TIM KOLLER is a McKinsey partner and founder of McKinsey's Strategy and Corporate Finance Insights team. In his 40 years of consulting, he has served clients globally on corporate strategy and capital markets, acquisitions and divestitures, and resource allocation.
MARC GOEDHART is a senior expert in McKinsey's Strategy and Corporate Finance practice and an endowed professor of corporate valuation at Rotterdam School of Management (RSM), Erasmus University.
DAVID WESSELS is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. He was named by Bloomberg Businessweek as one of America's top business school instructors.
MICHAEL CICHELLO is clinical professor in finance at the Smith School of Business at the University of Maryland and Academic Director of the Masters of Finance program.
MCKINSEY & COMPANY is a global management consulting firm. McKinsey combines bold strategies and transformative technologies to help organizations innovate and achieve lasting gains in performance.
About the Authors xi
Introduction XIII
Part One Questions
1 Why Value Value? 3
2 Finance in a Nutshell 5
3 Fundamental Principles of Value Creation 7
4 Risk and the Opportunity Cost of Capital 11
5 The Alchemy of Stock Market Performance 15
6 The Stock Market and Economic Fundamentals 19
7 The Stock Market Is Smarter than You Think 23
8 Return on Invested Capital 27
9 Growth 31
10 Frameworks for Valuation 35
11 Reorganizing the Financial Statements 39
12 Analyzing Performance and Competitive Position 43
13 Forecasting Performance 47
14 Estimating Continuing Value 53
15 Estimating the Cost of Capital 57
16 Moving from Enterprise Value to Value per Share 61
17 Analyzing the Results 65
18 Using Multiples 69
19 Valuation by Parts 73
20 Taxes 77
21 Nonoperating Items, Provisions, and Reserves 79
22 Leases 83
23 Retirement Obligations 87
24 Measuring Performance in Capital-Light Businesses 89
25 CFROI and Other Ways to Measure Return on Capital 93
26 Inflation 95
27 Cross-Border Valuation 99
28 Corporate Portfolio Strategy 103
29 Strategic Management: Analytics 107
30 Strategic Management: Governance, Processes, and Decision-Making 111
31 Mergers and Acquisitions 115
32 Divestitures 119
33 Digital Initiatives and Companies 123
34 Sustainability 125
35 Capital Structure, Dividends, and Share Repurchases 127
36 Investor Communications 131
37 Leveraged Buyouts 135
38 Venture Capital 139
39 High-Growth Companies 141
40 Flexibility and Options 143
41 Emerging Markets 147
42 Cyclical Companies 149
43 Banks 153
Part Two Solutions
1 Why Value Value? 159
2 Finance in a Nutshell 161
3 Fundamental Principles of Value Creation 163
4 Risk and the Opportunity Cost of Capital 165
5 The Alchemy of Stock Market Performance 167
6 The Stock Market and Economic Fundamentals 169
7 The Stock Market Is Smarter than You Think 171
8 Return on Invested Capital 173
9 Growth 175
10 Frameworks for Valuation 177
11 Reorganizing the Financial Statements 179
12 Analyzing Performance and Competitive Position 181
13 Forecasting Performance 183
14 Estimating Continuing Value 187
15 Estimating the Cost of Capital 191
16 Moving from Enterprise Value to Value per Share 193
17 Analyzing the Results 195
18 Using Multiples 197
19 Valuation by Parts 199
20 Taxes 201
21 Nonoperating Items, Provisions, and Reserves 203
22 Leases 205
23 Retirement Obligations 207
24 Measuring Performance in Capital-Light Businesses 209
25 CFROI and Other Ways to Measure Return on Capital 211
26 Inflation 213
27 Cross-Border Valuation 217
28 Corporate Portfolio Strategy 221
29 Strategic Management: Analytics 223
30 Strategic Management: Governance, Processes, and Decision-Making 225
31 Mergers and Acquisitions 227
32 Divestitures 229
33 Digital Initiatives and Companies 231
34 Sustainability 233
35 Capital Structure, Dividends, and Share Repurchases 235
36 Investor Communications 237
37 Leveraged Buyouts 241
38 Venture Capital 243
39 High-Growth Companies 245
40 Flexibility and Options 247
41 Emerging Markets 249
42 Cyclical Companies 251
43 Banks 253
Index 255
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