Valuation: Measuring and Managing the Value of Companies, 5th Edition (University Edition)

The number one guide to corporate valuation is back and better than ever Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline. Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions Addresses how you can interpret the results of a valuation in light of a company's competitive situation Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book. Explains The Core Principles Of Value Creation And Demonstrates Practical Ways For Companies To Implement These Principles In Their Decision Making. Describes Different Valuation Frameworks With Detailed Case Studies. Discusses How To Use Valuations To Decide Among Alternative Business Strategies, Develop A Corporate Portfolio Strategy, Assess Major Transactions, Improve Performance Management Systems, Communicate Effectively With Investors, And Design An Effective Capital Structure. Explores The Challenges Of Valuing In Special Situations Such As Valuing High-growth Companies, And Companies In Emerging Markets. [has A Companion Workbook. See Library Id: 54562] Note: Available As An Ebook. Foundations Of Value -- Why Value Value? -- Fundamental Principles Of Value Creation -- The Expectations Treadmill -- Return On Invested Capital -- Growth -- Core Valuation Techniques -- Frameworks For Valuation -- Reorganizing The Financial Statements -- Analyzing Performance And Competitive Position -- Forecasting Performance -- Estimating Continuing Value -- Estimating The Cost Of Capital -- Moving From Enterprise Value To Value Per Share -- Calculating And Interpreting Results -- Using Multiples To Triangulate Results -- Intrinsic Value And The Stock Market -- Market Value Tracks Return On Invested Capital And Growth -- Markets Value Substance, Not Form -- Emotions And Mispricing In The Market -- Investors And Managers In Efficient Markets -- Managing For Value -- Corporate Portfolio Strategy -- Performance Management -- Mergers And Acquisitions -- Creating Value Through Divestitures -- Capital Structure -- Investor Communications -- Advanced Valuation Issues -- Taxes -- Nonoperating Expenses, One-time Charges, Reserves, And Provisions -- Leases, Pensions, And Other Obligations -- Capitalized Expenses -- Inflation -- Foreign Currency -- Case Study: Heineken -- Special Situations -- Valuing Flexibility -- Valuation In Emerging Markets -- Valuing High-growth Companies -- Valuing Cyclical Companies -- Valuing Banks. Mckinsey & Company ; Tim Koller, Marc Goedhart, David Wessels. Previous Ed.: 2005. Includes Bibliographical References And Index. 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. "

The #1 guide to corporate valuation is back . . . and better than ever!

""The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives.""—Professor Benjamin C. Esty, Harvard Business School,author of Modern Project Finance: A Casebook

""The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition."" —Dr. Raymund Breu, former chief financial officer, Novartis AG

""Valuation gets to the heart of how to measure and manage value in a company. Whether you are evaluating an acquisition, restructuring a corporation, or formulating strategy, this book will help you do it well.""—John A. Manzoni, Chief Executive Officer, Talisman Energy Inc.

""A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies.""—New York Times

""The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation.""—Financial Times" The no. 1 guide to corporate valuation is now better than ever! In today's economy, it's essential for business professionals to excel at measuring, managing, and maximizing shareholder value. Valuation, hailed by financial professionals worldwide as the single best guide of its kind, shows managers at every level how to create value for their companies. The new Fourth Edition has been updated and expanded to provide critical insights into the business conditions that characterize today's volatile global economy. Along with all-new case studies, it takes a fresh look at topical issues in finance including the Internet bubble in capital markets, new accounting rules, the cost of capital, valuing assets in emerging markets, and managing performance. McKinsey & Co., Inc., is an international top management consulting firm. Founded in 1926, McKinsey & Co. Inc., advises leading companies around the world on issues of strategy, organization, and operations, and in specialized areas such as finance, information technology and the Internet, research and development, sales, marketing, manufacturing, and distribution. Tim Koller, MBA (New York, NY), is a partner at McKinsey & Co., Inc., and h Marc Goedhart (Amsterdam, Netherlands) is an associate principal at McKinsey in their Amsterdam offices. David Wessels, PhD (Philadelphia, PA), is a professor and serves on the finance faculty at the Wharton School of the University of Pennsylvania and the Goizueta Business School of Emory University Provides a range of exercises to test the reader's knowledge of valuation. Exercises include multi-choice questions, lists and table completions, and calculation questions. Includes a short summary of each topic. A companion volume to Library ID: 34502