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The #1 best-selling guide to business valuation, newly updated and revised
Valuation, University Edition, Eighth Edition: Measuring and Managing the Value of Companies is filled with the expert guidance from McKinsey & Company that students and professors have come to rely on for more than 30 years. Now in it's eighth edition, this volume continues to help professors and students around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders.
Called "the best practitioners' guide to valuation" by The Financial Times and "one of 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:
The University Edition contains end-of-chapter review questions to help students master key concepts from the book. Professors
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
Review Questions 13
2 Finance in a Nutshell 15
Review Questions 24
3 Fundamental Principles of Value Creation 25
Review Questions 51
4 Risk and the Opportunity Cost of Capital 53
Review Questions 67
5 The Alchemy of Stock Market Performance 69
Review Questions 83
6 The Stock Market and Economic Fundamentals 85
Review Questions 104
7 The Stock Market Is Smarter Than You Think 105
Review Questions 124
8 Return on Invested Capital 127
Review Questions 157
9 Growth 159
Review Questions 180
Part Two Core Valuation Techniques
10 Frameworks for Valuation 183
Review Questions 212
11 Reorganizing the Financial Statements 215
Review Questions 249
12 Analyzing Performance 251
Review Questions 270
13 Forecasting Performance 273
Review Questions 300
14 Estimating Continuing Value 303
Review Questions 323
15 Estimating the Cost of Capital 325
Review Questions 355
16 Moving from Enterprise Value to Value per Share 357
Review Questions 378
17 Analyzing the Results 381
Review Questions 391
18 Using Multiples 393
Review Questions 413
19 Valuation by Parts 415
Review Questions 434
Part Three Advanced Valuation Techniques
20 Taxes 439
Review Questions 454
21 Nonoperating Items, Provisions, and Reserves 457
Review Questions 472
22 Leases 473
Review Questions 488
23 Retirement Obligations 491
Review Questions 501
24 Measuring Performance in Capital-Light Businesses 503
Review Questions 518
25 CFROI and Other Ways to Measure Return on Capital 519
Review Questions 529
26 Inflation 531
Review Questions 550
27 Cross-Border Valuation 551
Review Questions 569
Part Four Managing for Value
28 Corporate Portfolio Strategy 573
Review Questions 593
29 Strategic Management: Analytics 595
Review Questions 616
30 Strategic Management: Governance, Processes, and Decision Making 617
Review Questions 633
31 Mergers and Acquisitions 635
Review Questions 663
32 Divestitures 665
Review Questions 681
33 Digital Initiatives and Companies 683
Review Questions 702
34 Sustainability 703
Review Questions 720
35 Capital Structure, Dividends, and Share Repurchases 721
Review Questions 752
36 Investor Communications 753
Review Questions 777
Part Five Special Situations
37 Leveraged Buyouts 781
Review Questions 800
38 Venture Capital 801
Review Questions 815
39 High-Growth Companies 817
Review Questions 832
40 Flexibility and Options 833
Review Questions 868
41 Emerging Markets 869
Review Questions 887
42 Cyclical Companies 889
Review Questions 898
43 Banks 899
Review Questions 920
Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 921
Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 925
Appendix C Levering and Unlevering the Cost of Equity 931
Appendix D Leverage and the Price-to-Earnings Multiple 939
Appendix E Other Capital Structure Issues 943
Appendix F Technical Issues in Estimating the Market Risk Premium 947
Appendix G Global, International, and Local CAPM 951
Appendix H Two-Stage Formula for Continuing Value 959
Appendix I A Valuation of Costco Wholesale 961
Index 987
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