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The #1 best-selling guide to business valuation, newly updated and revised
Valuation: Measuring and Managing the Value of Companies has been the gold standard in measuring and managing company value for more than 30 years. Now in its eighth edition, this acclaimed volume continues to help corporate executives, bankers, students, and other financial professionals around the world gain a deep understanding of valuation as well as allow their companies to create and maximize economic value.
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:
McKinsey & Company has been helping businesses, governments, non-profit organizations and other institutions grow and thrive for almost 100 years . Valuation's authors draw on that storied history to bring you the most relevant, accurate, intuitive, and practical guide to valuation on the market today.
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.
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 ix
Preface xi
Acknowledgments xv
Part One Foundations of Value
1 Why Value Value? 3
2 Finance in a Nutshell 13
3 Fundamental Principles of Value Creation 23
4 Risk and the Opportunity Cost of Capital 49
5 The Alchemy of Stock Market Performance 63
6 The Stock Market and Economic Fundamentals 77
7 The Stock Market Is Smarter Than You Think 97
8 Return on Invested Capital 117
9 Growth 147
Part Two Core Valuation Techniques
10 Frameworks for Valuation 171
11 Reorganizing the Financial Statements 201
12 Analyzing Performance 235
13 Forecasting Performance 255
14 Estimating Continuing Value 283
15 Estimating the Cost of Capital 303
16 Moving from Enterprise Value to Value per Share 333
17 Analyzing the Results 355
18 Using Multiples 365
19 Valuation by Parts 385
Part Three Advanced Valuation Techniques
20 Taxes 407
21 Nonoperating Items, Provisions, and Reserves 423
22 Leases 439
23 Retirement Obligations 455
24 Measuring Performance in Capital-Light Businesses 465
25 CFROI and Other Ways to Measure Return on Capital 481
26 Inflation 491
27 Cross-Border Valuation 511
Part Four Managing for Value
28 Corporate Portfolio Strategy 531
29 Strategic Management: Analytics 551
30 Strategic Management: Governance, Processes, and Decision Making 573
31 Mergers and Acquisitions 589
32 Divestitures 617
33 Digital Initiatives and Companies 633
34 Sustainability 653
35 Capital Structure, Dividends, and Share Repurchases 671
36 Investor Communications 703
Part Five Special Situations
37 Leveraged Buyouts 729
38 Venture Capital 749
39 High-Growth Companies 763
40 Flexibility and Options 779
41 Emerging Markets 815
42 Cyclical Companies 833
43 Banks 843
Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 865
Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 869
Appendix C Levering and Unlevering the Cost of Equity 875
Appendix D Leverage and the Price-to-Earnings Multiple 883
Appendix E Other Capital Structure Issues 887
Appendix F Technical Issues in Estimating the Market Risk Premium 891
Appendix G Global, International, and Local CAPM 895
Appendix H Two-Stage Formula for Continuing Value 903
Appendix I A Valuation of Costco Wholesale 905
Index 931
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