Description
By (author) Koller Tim; By (author) Goedhart Marc; By (author) Wessels David; By (author) McKinsey & Company Inc.
:
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. Professors
McKinsey & Company has been helping businesses, governments, non-profit organizations and other institutions grow and thrive for almost 100 years . Valuation”s authors draw on that storied history to bring you the most relevant, accurate, intuitive, and practical guide to valuation on the market today.
Table of contents:
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
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