Valuation: Measuring and Managing the Value of Companies, University Edition
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Metsölubókin um verðmat fyrirtækja hefur verið uppfærð og endurskoðuð. Valuation, University Edition, Eighth Edition: Measuring and Managing the Value of Companies hefur að geyma sérfræðiþekkingu frá McKinsey & Company sem nemendur og kennarar hafa reitt sig á í meira en 30 ár. Í áttundu útgáfunni er áfram lögð áhersla á að veita djúpan skilning á verðmati og því hvernig fyrirtæki geta skapað, stýrt og hámarkað fjárhagslegt virði fyrir hluthafa sína.
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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: Questions at the end of each chapter for use in class discussions, assignments, and more with access to a curriculum and test bank Best practices to apply valuation to business strategy questions and communicate with investors How to analyze and forecast performance, the cost of capital, and put it all together in a coherent valuation The University Edition contains end-of-chapter review questions to help students master key concepts from the book.
Nánar um bókina
- Wiley Professional Development (P&T)
- 9781394279487
- 9781394279470
- ePub
- 8
- Tim Koller
- English
- 2025-05-23
- 100
- 10
- 2
Kaflar
- COVER
- TABLE OF CONTENTS
- TITLE PAGE
- COPYRIGHT
- ABOUT THE AUTHORS
- PREFACE
- WHY THIS BOOK
- STRUCTURE OF THE BOOK
- VALUATION SPREADSHEET
- ACKNOWLEDGMENTS
- PART ONE: FOUNDATIONS OF VALUE
- CHAPTER 1: WHY VALUE VALUE?
- WHAT IT MEANS TO CREATE VALUE FOR SHAREHOLDERS
- SHORT-TERMISM RUNS DEEP
- THE STAKEHOLDER CONUNDRUM
- CONSEQUENCES OF FORGETTING VALUE CREATION PRINCIPLES
- THIS BOOK
- REVIEW QUESTIONS
- CHAPTER 2: FINANCE IN A NUTSHELL
- THE EARLY YEARS
- A NEW CONCEPT
- SHOULD LILY AND NATE TRY TO MAXIMIZE ROIC?
- GOING PUBLIC
- EXPANSION INTO RELATED FORMATS
- SOME LESSONS
- REVIEW QUESTIONS
- CHAPTER 3: FUNDAMENTAL PRINCIPLES OF VALUE CREATION
- THE RELATIONSHIP OF GROWTH, ROIC, AND CASH FLOW
- BALANCING ROIC AND GROWTH TO CREATE VALUE
- SOME EXAMPLES
- IMPLICATIONS FOR MANAGERS
- ECONOMIC PROFIT COMBINES ROIC AND SIZE
- CONSERVATION OF VALUE
- THE MATH OF VALUE CREATION
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 4: RISK AND THE OPPORTUNITY COST OF CAPITAL
- COST OF CAPITAL IS AN OPPORTUNITY COST
- COMPANIES HAVE LITTLE CONTROL OVER THEIR COST OF CAPITAL
- CREATE BETTER FORECASTS, NOT AD HOC RISK PREMIUMS
- DECIDE HOW MUCH CASH FLOW RISK TO TAKE ON
- DECIDE WHICH TYPES OF RISK TO HEDGE
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 5: THE ALCHEMY OF STOCK MARKET PERFORMANCE
- WHY SHAREHOLDER EXPECTATIONS BECOME A TREADMILL
- THE TREADMILL’S REAL-WORLD EFFECTS
- DECOMPOSING TSR
- UNDERSTANDING EXPECTATIONS
- IMPLICATIONS FOR MANAGERS
- REVIEW QUESTIONS
- CHAPTER 6: THE STOCK MARKET AND ECONOMIC FUNDAMENTALS
- MARKETS AND FUNDAMENTALS: A MODEL
- MARKETS AND FUNDAMENTALS: THE EVIDENCE
- BUBBLES IN THE STOCK MARKET
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 7: THE STOCK MARKET IS SMARTER THAN YOU THINK
- MYTHS ABOUT EARNINGS
- MYTHS ABOUT EARNINGS MANAGEMENT
- MYTHS ABOUT DIVERSIFICATION
- MYTHS ABOUT COMPANY SIZE
- MYTHS ABOUT MARKET MECHANICS
- MYTHS ABOUT VALUE DISTRIBUTION
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 8: RETURN ON INVESTED CAPITAL
- WHAT DRIVES ROIC?
- COMPETITIVE ADVANTAGE
- SUSTAINING RETURN ON INVESTED CAPITAL
- AN EMPIRICAL ANALYSIS OF RETURNS ON INVESTED CAPITAL
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 9: GROWTH
- DRIVERS OF REVENUE GROWTH
- GROWTH AND VALUE CREATION
- WHY SUSTAINING GROWTH IS HARD
- EMPIRICAL ANALYSIS OF CORPORATE GROWTH
- SUMMARY
- REVIEW QUESTIONS
- PART TWO: CORE VALUATION TECHNIQUES
- CHAPTER 10: FRAMEWORKS FOR VALUATION
- ENTERPRISE DISCOUNTED CASH FLOW MODEL
- ECONOMIC-PROFIT-BASED VALUATION MODELS
- ADJUSTED-PRESENT-VALUE MODEL
- CAPITAL CASH FLOW MODEL
- CASH-FLOW-TO-EQUITY VALUATION MODEL
- PROBLEMATIC MODIFICATIONS TO DISCOUNTED CASH FLOW
- ALTERNATIVES TO DISCOUNTED CASH FLOW
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 11: REORGANIZING THE FINANCIAL STATEMENTS
- REORGANIZING THE FINANCIAL STATEMENTS: KEY CONCEPTS
- REORGANIZING THE FINANCIAL STATEMENTS: IN PRACTICE
- ADVANCED ISSUES
- REVIEW QUESTIONS
- CHAPTER 12: ANALYZING PERFORMANCE
- ANALYZING RETURNS ON INVESTED CAPITAL
- ANALYZING REVENUE GROWTH
- CREDIT HEALTH AND CAPITAL STRUCTURE
- BENCHMARKING VALUATION
- CLOSING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 13: FORECASTING PERFORMANCE
- DETERMINE THE FORECAST’S LENGTH AND DETAIL
- COMPONENTS OF A GOOD MODEL
- MECHANICS OF FORECASTING
- ADVANCED FORECASTING
- CONCLUDING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 14: ESTIMATING CONTINUING VALUE
- RECOMMENDED FORMULA FOR DCF VALUATION
- CONTINUING VALUE USING ECONOMIC PROFIT
- MISUNDERSTANDINGS ABOUT CONTINUING VALUE
- COMMON PITFALLS
- OTHER APPROACHES TO CONTINUING VALUE
- CLOSING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 15: ESTIMATING THE COST OF CAPITAL
- CALCULATING THE WEIGHTED AVERAGE COST OF CAPITAL
- ESTIMATING THE COST OF EQUITY
- ESTIMATING THE AFTER-TAX COST OF DEBT
- ESTIMATING TARGET CAPITAL STRUCTURE
- ESTIMATING WACC FOR COMPLEX CAPITAL STRUCTURES
- CLOSING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 16: MOVING FROM ENTERPRISE VALUE TO VALUE PER SHARE
- THE VALUATION BUILDUP PROCESS
- VALUING NONOPERATING ASSETS
- VALUING DEBT EQUIVALENTS
- VALUING HYBRID SECURITIES AND NONCONTROLLING INTERESTS
- ESTIMATING VALUE PER SHARE
- REVIEW QUESTIONS
- CHAPTER 17: ANALYZING THE RESULTS
- VALIDATING THE MODEL
- SENSITIVITY ANALYSIS
- CREATING SCENARIOS
- THE ART OF VALUATION
- REVIEW QUESTIONS
- CHAPTER 18: USING MULTIPLES
- VALUE MULTIBUSINESS COMPANIES AS A SUM OF THEIR PARTS
- USE FORWARD EARNINGS ESTIMATES
- USE NET ENTERPRISE VALUE DIVIDED BY ADJUSTED EBITA OR NOPAT
- ADJUST FOR NONOPERATING ITEMS
- USE THE RIGHT PEER GROUP
- ALTERNATIVE MULTIPLES
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 19: VALUATION BY PARTS
- THE MECHANICS OF VALUING BY PARTS
- BUILDING BUSINESS UNIT FINANCIAL STATEMENTS
- COST OF CAPITAL
- TESTING THE VALUE BASED ON MULTIPLES OF PEERS
- SUMMARY
- REVIEW QUESTIONS
- PART THREE: ADVANCED VALUATION TECHNIQUES
- CHAPTER 20: TAXES
- ESTIMATING OPERATING TAXES
- CONVERTING OPERATING TAXES TO OPERATING CASH TAXES
- DEFERRED TAXES ON THE REORGANIZED BALANCE SHEET
- VALUING DEFERRED TAXES
- CLOSING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 21: NONOPERATING ITEMS, PROVISIONS, AND RESERVES
- NONOPERATING EXPENSES AND ONE-TIME CHARGES
- PROVISIONS AND THEIR CORRESPONDING RESERVES
- CLOSING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 22: LEASES
- ACCOUNTING FOR OPERATING LEASES
- VALUING A COMPANY WITH OPERATING LEASES
- ADJUSTING FOR LEASES IN PRACTICE
- AN ALTERNATIVE METHOD FOR VALUING OPERATING LEASES
- CLOSING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 23: RETIREMENT OBLIGATIONS
- REORGANIZING THE FINANCIAL STATEMENTS WITH PENSIONS
- INCORPORATING PENSIONS INTO THE VALUE OF EQUITY
- CLOSING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 24: MEASURING PERFORMANCE IN CAPITAL-LIGHT BUSINESSES
- CAPITALIZING EXPENSED INVESTMENTS
- WHEN BUSINESSES NEED LITTLE OR NO CAPITAL
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 25: CFROI AND OTHER WAYS TO MEASURE RETURN ON CAPITAL
- WHEN ROIC EQUALS IRR
- WHEN CFROI EQUALS IRR
- CHOOSING BETWEEN ROIC AND CFROI
- FLAWS OF OTHER CASH RETURNS ON CAPITAL
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 26: INFLATION
- INFLATION LEADS TO LOWER VALUE CREATION
- HISTORICAL ANALYSIS IN TIMES OF HIGH INFLATION
- FINANCIAL PROJECTIONS IN REAL AND NOMINAL TERMS
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 27: CROSS-BORDER VALUATION
- FORECASTING CASH FLOWS
- ESTIMATING THE COST OF CAPITAL
- APPLYING A DOMESTIC- OR FOREIGN-CAPITAL WACC
- INCORPORATING FOREIGN-CURRENCY RISK IN THE VALUATION
- USING TRANSLATED FOREIGN-CURRENCY FINANCIAL STATEMENTS
- SUMMARY
- REVIEW QUESTIONS
- PART FOUR: MANAGING FOR VALUE
- CHAPTER 28: CORPORATE PORTFOLIO STRATEGY
- CORPORATE PORTFOLIO: MARKET ATTRACTIVENESS AND BETTER OWNER
- MARKET ATTRACTIVENESS
- WHAT MAKES A BETTER OWNER?
- THE BETTER-OWNER LIFE CYCLE
- DYNAMIC PORTFOLIO MANAGEMENT
- CONSTRUCTING THE PORTFOLIO: AN EXAMPLE
- THE MYTH OF DIVERSIFICATION
- PRACTICAL CONSIDERATIONS
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 29: STRATEGIC MANAGEMENT: ANALYTICS
- CONDUCT A FINANCIAL ANALYSIS FOR EVERY INITIATIVE
- RANK THE ENTERPRISE’S TOP STRATEGIC INITIATIVES
- ALLOCATE RESOURCES ACROSS UNITS AT A GRANULAR LEVEL
- APPLYING VALUE DRIVERS TO MANAGE PERFORMANCE
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 30: STRATEGIC MANAGEMENT: GOVERNANCE, PROCESSES, AND DECISION MAKING
- STRONG GOVERNANCE
- SYNCHRONIZED AND STREAMLINED PROCESSES
- UNBIASED DECISION MAKING
- CLOSING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 31: MERGERS AND ACQUISITIONS
- A FRAMEWORK FOR VALUE CREATION
- EMPIRICAL RESULTS
- M&A BLUEPRINT
- ARCHETYPES FOR VALUE-CREATING ACQUISITIONS
- LONGER-ODDS STRATEGIES FOR CREATING VALUE FROM ACQUISITIONS
- ESTIMATING OPERATING IMPROVEMENTS
- HOW TO PAY: WITH CASH OR STOCK?
- FOCUS ON VALUE CREATION, NOT ACCOUNTING
- CLOSING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 32: DIVESTITURES
- HOW DIVESTITURES CREATE VALUE
- THE COST OF HOLDING ON
- EXECUTIVES SHY AWAY FROM DIVESTITURES
- DECIDING ON TRANSACTION TYPE
- EVIDENCE ON VALUE CREATION FROM DIVESTITURES
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 33: DIGITAL INITIATIVES AND COMPANIES
- DIGITAL PERFORMANCE INITIATIVES
- DIGITAL BUSINESSES
- ANALYTICAL TOOLS FOR DIGITAL BUSINESS VALUATION
- CLOSING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 34: SUSTAINABILITY
- PITFALLS IN VALUING SUSTAINABILITY STRATEGY
- A SYSTEMATIC FRAMEWORK TO ASSESS VALUE FROM SUSTAINABILITY
- COMPETITIVE ADVANTAGE STILL MATTERS
- SUSTAINABILITY RATINGS
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 35: CAPITAL STRUCTURE, DIVIDENDS, AND SHARE REPURCHASES
- PRACTICAL GUIDELINES
- A FOUR-STEP APPROACH
- SETTING A TARGET CAPITAL STRUCTURE
- PAYOUTS TO SHAREHOLDERS
- EQUITY FINANCING
- DEBT FINANCING
- DIVESTITURES OF NONCORE BUSINESSES
- CREATING VALUE FROM FINANCIAL ENGINEERING
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 36: INVESTOR COMMUNICATIONS
- OBJECTIVES OF INVESTOR COMMUNICATIONS
- INTRINSIC VALUE VERSUS MARKET VALUE
- WHICH INVESTORS MATTER?
- COMMUNICATING WITH INTRINSIC INVESTORS
- LISTENING TO INVESTORS
- EARNINGS GUIDANCE
- MEETING CONSENSUS EARNINGS FORECASTS
- SUMMARY
- REVIEW QUESTIONS
- PART FIVE: SPECIAL SITUATIONS
- CHAPTER 37: LEVERAGED BUYOUTS
- PROPOSED LBO OF AXELEDGE PARTS COMPANY
- MECHANICS OF DEBT FINANCING
- MODELING THE FINANCIAL STATEMENTS
- ESTIMATING CASH FLOW TO EQUITY
- MEASURING RETURNS IN AN LBO TRANSACTION
- THE COMPONENTS OF VALUE IN AN LBO TRANSACTION
- CONCLUDING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 38: VENTURE CAPITAL
- POST-MONEY VALUATION AND THE VC SWEET SPOT
- VC VALUATION METHOD
- ADVANCED ISSUES IN VENTURE-BACKED VALUATION
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 39: HIGH-GROWTH COMPANIES
- A VALUATION PROCESS FOR HIGH-GROWTH COMPANIES
- UNCERTAINTY IS HERE TO STAY
- CONCLUDING THOUGHTS
- REVIEW QUESTIONS
- CHAPTER 40: FLEXIBILITY AND OPTIONS
- A HIERARCHY OF APPROACHES
- UNCERTAINTY, FLEXIBILITY, AND VALUE
- MANAGING FLEXIBILITY
- METHODS FOR VALUING FLEXIBILITY
- FOUR STEPS TO VALUING FLEXIBILITY
- REAL-OPTION VALUATION AND DECISION TREE ANALYSIS: A NUMERICAL EXAMPLE
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 41: EMERGING MARKETS
- COUNTRY RISK IS DIVERSIFIABLE
- APPLYING THE SCENARIO DCF APPROACH
- WHY THE COUNTRY RISK PREMIUM APPROACH IS NOT ADEQUATE
- ESTIMATING COST OF CAPITAL IN EMERGING MARKETS
- OTHER COMPLICATIONS IN VALUING EMERGING-MARKETS COMPANIES
- TRIANGULATING VALUATION
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 42: CYCLICAL COMPANIES
- SHARE PRICE BEHAVIOR
- AN APPROACH TO VALUING CYCLICAL COMPANIES
- IMPLICATIONS FOR MANAGING CYCLICAL COMPANIES
- SUMMARY
- REVIEW QUESTIONS
- CHAPTER 43: BANKS
- ECONOMICS OF BANKING
- BANK BALANCE SHEETS
- PRINCIPLES OF BANK VALUATION
- COMPLICATIONS IN BANK VALUATIONS
- SUMMARY
- REVIEW QUESTIONS
- APPENDIX A: DISCOUNTED ECONOMIC PROFIT EQUALS DISCOUNTED FREE CASH FLOW
- PROOF USING PERPETUITIES
- GENERALIZED PROOF
- APPENDIX B: DERIVATION OF FREE CASH FLOW, WEIGHTED AVERAGE COST OF CAPITAL, AND ADJUSTED PRESENT VALUE
- ENTERPRISE DISCOUNTED CASH FLOW
- ADJUSTED PRESENT VALUE
- APPENDIX C: LEVERING AND UNLEVERING THE COST OF EQUITY
- UNLEVERED COST OF EQUITY
- LEVERED COST OF EQUITY
- LEVERED BETA
- UNLEVERED BETA AND PENSIONS
- APPENDIX D: LEVERAGE AND THE PRICE-TO-EARNINGS MULTIPLE
- STEP 1: DEFINING UNLEVERED P/E
- STEP 2: LINKING NET INCOME TO NOPAT
- STEP 3: DERIVING LEVERED P/E
- APPENDIX E: OTHER CAPITAL STRUCTURE ISSUES
- PECKING-ORDER THEORY
- MARKET-BASED RATING APPROACH
- LEVERAGE, COVERAGE, AND SOLVENCY
- APPENDIX F: TECHNICAL ISSUES IN ESTIMATING THE MARKET RISK PREMIUM
- CALCULATE PREMIUM RELATIVE TO LONG-TERM GOVERNMENT BONDS
- USE THE LONGEST PERIOD POSSIBLE
- USE AN ARITHMETIC AVERAGE OF MULTIYEAR RETURNS
- APPENDIX G: GLOBAL, INTERNATIONAL, AND LOCAL CAPM
- GLOBAL CAPM
- INTERNATIONAL CAPM
- LOCAL CAPM
- APPENDIX H: TWO-STAGE FORMULA FOR CONTINUING VALUE
- APPENDIX I: A VALUATION OF COSTCO WHOLESALE
- MODELING THE FINANCIAL STATEMENTS
- REORGANIZING THE FINANCIAL STATEMENTS
- FORECASTING THE FINANCIAL STATEMENTS
- ESTIMATING CONTINUING VALUE
- ESTIMATING THE WEIGHTED AVERAGE COST OF CAPITAL
- VALUING THE ENTERPRISE AND ESTIMATING VALUE PER SHARE
- PUTTING THE MODEL TO WORK
- INDEX
- END USER LICENSE AGREEMENT