Valuation: Measuring and Managing the Value of Companies, 7th edition
- 15h 36m
- David Wessels, Marc Goedhart, McKinsey & Company Inc., Tim Koller
- John Wiley & Sons (US)
- 2020
McKinsey & Company's #1 best-selling guide to corporate valuation—the fully updated seventh edition
Valuation has been the foremost resource for measuring company value for nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders.
This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies.
Clear, accessible chapters cover the fundamental principles of value creation, analyzing and forecasting performance, capital structure and dividends, valuing high-growth companies, and much more. The Financial Times calls the book “one of the practitioners’ best guides to valuation.”
This book:
- Provides complete, detailed guidance on every crucial aspect of corporate valuation
- Explains the strategies, techniques, and nuances of valuation every manager needs to know
- Covers both core and advanced valuation techniques and management strategies
- Features/Includes a companion website that covers key issues in valuation, including videos, discussions of trending topics, and real-world valuation examples from the capital markets
For over 90 years, McKinsey & Company has helped corporations and organizations make substantial and lasting improvements in their performance. Through seven editions and 30 years, Valuation: Measuring and Managing the Value of Companies, has served as the definitive reference for finance professionals, including investment bankers, financial analysts, CFOs and corporate managers, venture capitalists, and students and instructors in all areas of finance.
About the Author
TIM KOLLER is a partner in McKinsey's Stamford, Connecticut office, where he leads a global team of corporate-finance expert consultants. Tim has served clients globally on corporate strategy and capital markets, mergers and acquisitions transactions, and strategic planning and resource allocation.
MARC GOEDHART is a senior expert in McKinsey's Amsterdam office and endowed professor of corporate valuation at Rotterdam School of Management, Erasmus University (RSM).
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 that serves leading global organizations across a wide range of industries and functions, helping them create change that matters.
In this Book
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Preface
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Why Value Value?
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Finance in a Nutshell
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Fundamental Principles of Value Creation
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Risk and the Cost of Capital
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The Alchemy of Stock Market Performance
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Valuation of ESG and Digital Initiatives
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The Stock Market Is Smarter Than You Think
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Return on Invested Capital
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Growth
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Frameworks for Valuation
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Reorganizing the Financial Statements
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Analyzing Performance
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Forecasting Performance
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Estimating Continuing Value
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Estimating the Cost of Capital
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Moving from Enterprise Value to Value per Share
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Analyzing the Results
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Using Multiples
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Valuation by Parts
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Taxes
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Nonoperating Items, Provisions, and Reserves
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Leases
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Retirement Obligations
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Measuring Performance in Capital-Light Businesses
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Alternative Ways to Measure Return on Capital
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Inflation
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Cross-Border Valuation
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Corporate Portfolio Strategy
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Strategic Management—Analytics
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Strategic Management—Mindsets and Behaviors
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Mergers and Acquisitions
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Divestitures
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Capital Structure, Dividends, and Share Repurchases
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Investor Communications
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Emerging Markets
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High-Growth Companies
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Cyclical Companies
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Banks
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Flexibility
