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Valuation: Measuring and Managing the Value of Companies, University Edition, 6th Edition



Valuation, University Edition, Sixth Edition, is filled with the expert guidance from McKinsey & Company that students and professors have come to rely on. New to the fully revised and updated Sixth Edition:

  • New case studies that clearly illustrate how vital valuation techniques and principles are applied in real-world situations
  • Expanded content on advanced valuation techniques
  • New content on the strategic advantages of value-based management that reflect the economic events of the past decade

For twenty-five years Valuation has remained true to its core principles and offers a step-by-step approach to valuation, including:

  • Analyzing historical performance
  • Forecasting performance
  • Estimating the cost of capital with practical tips
  • 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 End-of-Chapter Review Questions, helping students master key concepts from each chapter.

Wiley also offers an Online Instructor's Manual with a full suite of learning resources for professors and students.

McKINSEY & COMPANYis a global management-consulting firm that serves across a wide range of industries and functions.

TIM KOLLER is a partner in McKinsey's New York office, where he leads a global team of corporate-finance expert consultants.

MARC GOEDHART is a senior expert in McKinsey's Amsterdam office and leads the firm's Corporate Performance Center in Europe.

DAVID WESSELS is an adjunct professor of finance at the Wharton School of the University of Pennsylvania.

About the Authors ix

Preface xi

Acknowledgments xv

Part One Foundations of Value

1 WhyValueValue? 3

Review Questions 16

2 Fundamental Principles of Value Creation 17

Review Questions 34

3 Conservation of Value and the Role of Risk 35

Review Questions 48

4 The Alchemy of Stock Market Performance 49

Review Questions 64

5 The Stock Market Is Smarter Than You Think 65

Review Questions 93

6 Return on Invested Capital 95

Review Questions 116

7 Growth 117

Review Questions 134

Part Two Core Valuation Techniques

8 Frameworks for Valuation 137

Review Questions 167

9 Reorganizing the Financial Statements 169

Review Questions 204

10 Analyzing Performance 207

Review Questions 226

11 Forecasting Performance 229

Review Questions 255

12 Estimating Continuing Value 259

Review Questions 280

13 Estimating the Cost of Capital 283

Review Questions 314

14 Moving from Enterprise Value to Value per Share 317

Review Questions 336

15 Analyzing the Results 339

Review Questions 349

16 Using Multiples 351

Review Questions 372

17 Valuation by Parts 375

Review Questions 393

Part Three Advanced Valuation Techniques

18 Taxes 397

Review Questions 411

19 Nonoperating Items, Provisions, and Reserves 413

Review Questions 430

20 Leases and Retirement Obligations 431

Review Questions 448

21 Alternative Ways to Measure Return on Capital 449

Review Questions 471

22 Inflation 473

Review Questions 487

23 Cross-Border Valuation 489

Review Questions 511

24 Case Study: Heineken 513

Part Four Managing for Value

25 Corporate Portfolio Strategy 557

Review Questions 575

26 Performance Management 577

Review Questions 598

27 Mergers and Acquisitions 599

Review Questions 627

28 Divestitures 629

Review Questions 647

29 Capital Structure, Dividends, and Share Repurchases 649

Review Questions 680

30 Investor Communications 681

Review Questions 702

Part Five Special Situations

31 Emerging Markets 705

Review Questions 729

32 Valuing High-Growth Companies 731

Review Questions 745

33 Cyclical Companies 747

Review Questions 755

34 Banks 757

Review Questions 784

35 Flexibility 785

Review Questions 819

Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 821

Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 827

Appendix C Levering and Unlevering the Cost of Equity 833

Appendix D Leverage and the Price-to-Earnings Multiple 841

Appendix E Other Capital Structure Issues 845

Appendix F Technical Issues in Estimating the Market Risk Premium 851

Index 855