Valuation

The authors are all current or former consultants of McKinsey &Company's corporate finance practice. Collectively they havemore than 50 years of experience in consulting and financialeducation. 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 hasremained constant: to serve as an organization's most trustedexternal advisor on critical issues facing senior management. Withconsultants deployed from over 80 offices in more than 40countries, 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 Yorkoffice. He leads the firm's Corporate Performance Center andis a member of the leadership group of the firm's globalcorporate finance practice. In his 20 years in consulting Tim hasserved clients in North America and Europe on corporate strategyand capital markets, M&A transactions, and value-basedmanagement. He leads the firm's research activities invaluation and capital markets. He was formerly with Stern Stewart& Company, and Mobil Corporation. He received his MBA from theUniversity of Chicago. Marc Goedhart is an associate principal inMcKinsey's Amsterdam office and a member of the leadershipgroup of the firm's corporate finance practice in Europe.Marc has served clients across Europe on portfolio restructuring,capital markets, and M&A transactions. He taught finance as anassistant professor at Erasmus University in Rotterdam, where healso earned a PhD in finance. David Wessels is an adjunct professor of finance at theWharton School of the University of Pennsylvania. Named byBusiness Week as one of America's top business schoolinstructors, he teaches courses on investment banking and corporatevaluation at the MBA and Executive MBA levels. David is also adirector in Wharton's executive education group, serving onthe executive development faculties of several Fortune 500companies. David, a former consultant with McKinsey, received hisPhD from the University of California at Los Angeles.