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Valuation: Measuring and Managing the Value of Companies (Wiley Finance)
Ebook Valuation: Measuring and Managing the Value of Companies (Wiley Finance)
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From the Inside Flap
Not all CEOs, business managers, and financial managers possess a deep understanding of value, although it is essential knowledge to creating value for companies and shareholders. McKinsey's Valuation: Measuring and Managing the Value of Companies, Sixth Edition provides the knowledge executives need to make value-creating decisions—replacing some of the myths that pervade the corporate world with proven principles of value creation. Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Sixth Edition provides up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. The Sixth Edition provides: An overview of the two core principles of valuation: the idea that return on invested capital and growth drive cash flow, and a conversation principle that anything that doesn't increase cash flow doesn't create value (unless it reduces risk). Guidance for using discounted cash flow (DCF) to value a company, with an emphasis on how to analyze historical performance, forecast free cash flows, estimate the appropriate opportunity cost of capital, identify sources of value, and interpret results. An explanation of how to analyze and incorporate in your valuation such complex issues as taxes, pensions, reserves, inflation, and foreign currency, complete with a case-study example. A framework for value creation built upon designing a portfolio of businesses, executing strategic M&A decisions and divestitures, and aligning appropriate capital structure and proper communication of business strategy with the financial markets. An exploration of special situations in which valuation is complex, such as the multi-dimensional challenges of valuing higher growth companies, emerging markets, cyclical companies, and banks; or in the use of option-pricing theory and decision trees in valuations. Acclaimed for 25 years by corporate finance experts as the best guide in its class, Valuation, Sixth Edition explains, step-by-step, how to do valuation well. Business managers will learn how to decide among alternative business strategies by estimating the value of each strategic choice; how to assess major transactions such as acquisitions, divestitures, and restructurings; how to design an effective capital structure to support the corporation's strategy and minimize the risk of financial distress; and how to create value and improve corporate performance.
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From the Back Cover
Praise for Previous Editions 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, retired Chief Financial Officer, Novartis AG "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 Also available from McKinsey's suite of Valuation, Sixth Edition products: Valuation DCF Model Download: is available as a download (978-1-118-87374-8) on www.wiley.com. It is also available via flatpack (978-1-118-87366-3) at online bookstores. This interactive version of McKinsey's DCF Valuation model allows readers to conduct, with the guidance of McKinsey's valuation techniques, their own valuation analysis of companies. Valuation Workbook, Sixth Edition: Part of McKinsey's esteemed Valuation approach, this companion workbook (978-1-118-87387-8) is a must-have guide to reviewing and applying the valuation concepts and techniques discussed in Valuation, Sixth Edition. Value: The Four Cornerstones of Corporate Finance (978-0-470-42460-5) offers an executive overview of the core concepts of corporate finance and their ties to value. Intended for managers and students, this accessible guide offers a solid foundation to valuation.
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Product details
Series: Wiley Finance
Hardcover: 848 pages
Publisher: Wiley; 6 edition (August 17, 2015)
Language: English
ISBN-10: 111887370X
ISBN-13: 978-1118873700
Product Dimensions:
7.1 x 1.4 x 9.9 inches
Shipping Weight: 2.9 pounds (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
152 customer reviews
Amazon Best Sellers Rank:
#30,059 in Books (See Top 100 in Books)
The 6th edition is still an excellent valuation textbook. I've read every edition since the third, and I think Koller et al. doed a good job describing and explaining the valuation process from a fundamentally sound perspective. Many valuation textbooks out there are filled with practitioner rules of thumbs or techniques that are imprecise (maybe even flawed) from an economic standpoint. As such, I think this should be one of the first books anyone interested in valuation should read. That way, you stand a chance of not forming bad habits. In addition, although the main valuation techniques are very similar to what was presented in earlier editions of the book, the 6th edition has updated discussions and data through 2013/2014. I find these discussions insightful and help others realize that valuation is not a mechanical exercise and that the economics behind the calculations is the key driver of the process.
The book is well written but is geared for executives with mid level accounting and finance. I am very much a fan of the book itself, but not the Kindle format. I would highly recommend people buy the print copy and not the kindle version due to the quality of the figures. I read the book on the kindle paperwhite and my laptop and I had trouble seeing the more detailed figures. I am not sure if this complaint is for the publisher or Amazon Kindle, but it is important to be able to enlarge the smaller, more detailed figures (data tables, etc.) to follow the text.
Was hoping for something a little more suited toward,buying a small business. This seems well suited for stock investors of public companies, and while their ideas certainly have value for evaluating larger private companies, it's less so for someone looking to buy a small business from a private seller. Not a bad book for finance practitioners however.
Great supplemental resource for the textbook. The book provides you with a brief summary, practice problems, and solutions for each chapter, which I found very helpful in order to understand valuation at a deeper level. The content is also helpful in preparing for exams.
nice book to get ideas about stock valuation
It's super dense and not very well articulated. For a book by McKinsey partners I'd have expected a lot more emphasis in clear points and less on presenting data.
I used this book for my Valuation course in my MS Finance degree program. This book covers many proven valuation methods and is supported by very comprehensive and current data. We used this book in parallel to a semester long group project in valuating a mining company. This book was a useful tool to use while working on our project. It is easy to understand outside of the classroom and provides clear instruction and well written examples. This book is a must-have for your professional or academic valuation and finance tool-kit.
Very technical and a dry read. Without a professor explaining the concepts I would be lost.
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