Valuation

McKINSEY & COMPANY is a management consulting firm thathelps leading corporations and organizations make distinctive,lasting, and substantial improvements in their performance. Overthe past seven decades, the firm's primary objective has remainedconstant: to serve as an organization's most trusted externaladvisor on critical issues facing senior management. Withconsultants deployed from over eighty offices in more than fortycountries, McKinsey advises companies on strategic, operational,organizational, financial, and technological issues. The firm hasextensive experience in all major industry sectors and primaryfunctional areas, as well as in-depth expertise in high-priorityareas 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 corporatestrategy and issues concerning capital markets, M&Atransactions, and value-based management. He leads the firm'sresearch activities in valuation and capital markets issues. Hereceived his MBA from the University of Chicago. Marc Goedhart is an associate principal in McKinsey'sAmsterdam office. Marc has served clients across Europe onportfolio restructuring, issues concerning capital markets, andM&A transactions. He received a PhD in finance from ErasmusUniversity Rotterdam. David Wessels is an adjunct Professor of Finance anddirector of executive education at the Wharton School of theUniversity of Pennsylvania. Named by BusinessWeek as one ofAmerica's top business school instructors, he teaches corporatevaluation at the MBA and Executive MBA levels. David received hisPhD from the University of California at Los Angeles.