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Valuation : measuring and managing the value of companies

Author: Tim Koller; Marc H Goedhart; David Wessels; McKinsey and Company.
Publisher: Hoboken : Wiley, [2015]
Series: Wiley finance series.
Edition/Format:   eBook : Document : English : 6th edView all editions and formats
Summary:
This book contains a solid framework for valuation: 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;  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Koller, Tim.
Valuation.
: Wiley, 2015
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Tim Koller; Marc H Goedhart; David Wessels; McKinsey and Company.
ISBN: 9781118873960 1118873963 9781118874271 1118874277 9781118873939 1118873939 9781118874134 1118874137
OCLC Number: 918623989
Notes: Includes index.
Description: 1 online resource (xvii, 825 pages) : illustrations (some color).
Contents: VALUATION: MEASURING AND MANAGING THE VALUE OF COMPANIES; Contents; About the Authors; Preface; Why This Book; Structure of the Book; Valuation Spreadsheet; Acknowledgments; Part One Foundations of Value; 1 Why Value Value?; What Does It Mean to Create Shareholder Value?; Can Stakeholder Interests Be Reconciled?; Shareholder Capitalism Cannot Solve All Social Issues; Consequences of Forgetting Value-Creation Principles; Short-Termism Runs Deep; This Book; Review Questions; 2 Fundamental Principles of Value Creation; The Relationship of Growth, ROIC, and Cash Flow. Balancing ROIC and Growth to Create ValueReal-World Examples; Managerial Implications; Economic Profit Combines ROIC and Size; The Math of Value Creation; Summary; Review Questions; 3 Conservation of Value and the Role of Risk; Conservation of Value; Foundations of the Value Conservation Principle; Managerial Implications; Risk and Value Creation; Price of Risk; Level of Risk Exposure; Summary; Review Questions; 4 The Alchemy of Stock Market Performance; Why Shareholder Expectations Become a Treadmill; Real-World Effects of the Expectations Treadmill; Decomposing TRS. Understanding ExpectationsManagerial Implications; Review Questions; 5 The Stock Market Is Smarter Than You Think; Markets and Fundamentals: A Model; Markets and Fundamentals: The Evidence; What about Earnings?; Earnings from Mergers and Acquisitions (M & A); Write-Downs; Employee Stock Options; Different Accounting Standards; Earnings Management; Earnings Volatility Doesn't Matter; Meeting Consensus Earnings Estimates Doesn't Matter; Earnings Guidance; Diversification and the Conglomerate Discount; Size and Value; Market Mechanics Don't Matter; Index Membership; Cross-Listing; Stock Splits. Value Creation Is More Important than Value DistributionSummary; Review Questions; 6 Return on Invested Capital; What Drives ROIC?; Competitive Advantage; Price Premium Advantages; Cost and Capital Efficiency Advantages; Sustainability of Return on Invested Capital; Length of Product Life Cycle; Persistence of Competitive Advantage; Potential for Product Renewal; An Empirical Analysis of Returns on Invested Capital; ROIC Trends; ROIC by Industry; Stability of ROIC; Effect of Acquisitions on ROIC; Summary; Review Questions; 7 Growth; Drivers of Revenue Growth; Growth and Value Creation. Why Sustaining Growth Is HardEmpirical Analysis of Corporate Growth; Growth Trends; Growth across Industries; Sustaining Growth; Summary; Review Questions; Part Two Core Valuation Techniques; 8 Frameworks for Valuation; Enterprise Discounted Cash Flow Model; Valuing Operations; Identifying and Valuing Nonoperating Assets; Identifying and Valuing Debt and Other Nonequity Claims; Valuing Equity; Economic-Profit-Based Valuation Models; Adjusted Present Value Model; Valuing Free Cash Flow at Unlevered Cost of Equity; Valuing Tax Shields and Other Capital Structure Effects; Capital Cash Flow Model.
Series Title: Wiley finance series.
Responsibility: McKinsey & Company ; Tim Koller, Marc Goedhart, David Wessels.

Abstract:

This book contains a solid framework for valuation: 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; and linking a company's valuation multiples to the core drivers of its performance. Valuati.

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