McKinsey’s Trusted Guide to Teaching Corporate Valuation is
Back and Better than Ever
Designed for classroom use, Valuation, University Edition
Fifth Edition is filled with the expert guidance from McKinsey
Company that students and professors have come to trust.
Fully Revised and Updated, NEW FEATURES to the Fifth Edition
include:
ALL NEW CASE STUDIES that illustrate how valuation techniques
and principles are applied in real-world situations
NEW CONTENT on the strategic advantages of value-based
management
EXPANDED to include advanced valuation techniques
UPDATED to reflect the events of the real estate bubble and its
effect on stock markets, new developments in corporate finance,
changes in accounting rules, and an enhanced global perspective
Valuation, Fifth Edition remains true to its roots with a
solid framework for valuation through key concepts such as:
Analyzing historical performance, including reorganizing a
company''s financial statements to reflect economic rather than
accounting performance
Forecasting performance, with emphasis on not just the
mechanics of forecasting but also how to think about a company''s
future economics
Estimating the cost of capital with practical tips that aren''t
found in textbooks
Interpreting the results of a valuation in light of a company''s
competitive situation
Linking a company''s valuation multiples to the core drivers of
its performance.
The University Edition contains the same key chapters as
Valuation Fifth Edition but expands on them to enhance
classroom application with End of Chapter Summaries and Review
Questions to help students master key concepts from each chapter
before moving on to the next.
For professors, Wiley offers an Online Instructor’s Manual with
a full suite of resources exclusive to adopting professors. Contact
your rep for more information.
關於作者：
McKINSEY
COMPANY is a management consulting firm that helps leading
corporations and organizations make distinctive, lasting, and
substantial improvements in their performance. Over the past seven
decades, the firm''s primary objective has remained constant: to
serve as an organization''s most trusted external advisor on
critical issues facing senior management.
TIM KOLLER is a partner in McKinsey''s New York office.
Tim has served clients in North America and Europe on corporate
strategy and issues concerning capital markets, MA
transactions, and value-based management. He leads the firm''s
research activities in valuation and capital markets issues. He
received his MBA from the University of Chicago.
MARC GOEDHART is an associate principal in McKinsey''s
Amsterdam office. Marc has served clients across Europe on
portfolio restructuring, issues concerning capital markets, and
MA transactions. He received a PhD in finance from Erasmus
University Rotterdam.
DAVID WESSELS is an adjunct professor of finance and
director of executive education at the Wharton School of the
University of Pennsylvania. Named by BusinessWeek as one of
America''s top business school instructors, he teaches corporate
valuation at the MBA and Executive MBA levels. David received his
PhD from the University of California at Los Angeles.
目錄：
About the Authors.
Preface.
Acknowledgments.
Part One Foundations of Value.
1 WhyValueValue?
2 Fundamental Principles of Value Creation.
3 The Expectations Treadmill.
4 Return on Invested Capital.
5 Growth.
Part Two Core Valuation Techniques.
6 Frameworks for Valuation.
7 Reorganizing the Financial Statements.
8 Analyzing Performance and Competitive Position.
9 Forecasting Performance.
10 Estimating Continuing Value.
11 Estimating the Cost of Capital.
12 Moving from Enterprise Value to Value per Share.
13 Calculating and Interpreting Results.
14 Using Multiples to Triangulate Results.
Part Three Intrinsic Value and the Stock Market.
15 Market Value Tracks Return on Invested Capital and
Growth.
16 Markets Value Substance, Not Form.
17 Emotions and Mispricing in the Market.
18 Investors and Managers in Efficient Markets.
Part Four Managing for Value.
19 Corporate Portfolio Strategy.
20 Performance Management.
21 Mergers and Acquisitions.
22 Creating Value through Divestitures.
23 Capital Structure.
24 Investor Communications.
Part Five Advanced Valuation Issues.
25 Taxes.
26 Nonoperating Expenses, One-Time Charges, Reserves, and
Provisions.
27 Leases, Pensions, and Other Obligations.
28 Capitalized Expenses.
29 Inflation.
30 Foreign Currency.
31 Case Study: Heineken.
Part Six Special Situations.
32 Valuing Flexibility.
33 Valuation in Emerging Markets.
34 Valuing High-Growth Companies.
35 Valuing Cyclical Companies.
36 Valuing Banks.
Appendix A Economic Profit and the Key Value Driver Formula.
Appendix B Discounted Economic Profit Equals Discounted Free
Cash Flow.
Appendix C Derivation of Free Cash Flow,Weighted Average Cost of
Capital, and Adjusted Present Value.
Appendix D Levering and Unlevering the Cost of Equity.
Appendix E Leverage and the Price-to-Earnings Multiple.
Index.
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