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Hailed by financial professionals worldwide as the single best guide of its kind, Valuation, Fourth Edition is thoroughly revised and expanded to reflect business conditions in today's volatile global economy. Valuation provides up-to-date insights and practical advice on how to create, manage, and measure an organization's value. 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 the events of the Internet bubble and its effect on stock markets, new developments in academic finance, changes in accounting rules (both U. S. and IFRS), and an enhanced global perspective. This edition contains the solid framework that managers at all levels, investors, and students have come to trust.
- Sales Rank: #306915 in Books
- Published on: 2005-06-08
- Original language: English
- Number of items: 1
- Dimensions: 10.08" h x 1.65" w x 7.36" l, 3.18 pounds
- Binding: Hardcover
- 768 pages
From the Inside Flap
At the crossroads of corporate strategy and finance lies valuation. And in today's economy—whether you're a seasoned manager or a budding business professional—it's essential to excel at measuring, managing, and maximizing shareholder and company value. Valuation, hailed by financial professionals worldwide as the single best guide of its kind, will show you how to do just that and much more.
Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fourth 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 the events of the Internet bubble and its effect on stock markets, new developments in academic finance, changes in accounting rules (both U. S. and IFRS), and an enhanced global perspective.
Valuation, Fourth Edition is filled with expert guidance that managers at all levels, investors, and students have come to trust. It contains a solid framework for valuation:
- Analyzing historical performance, including reorgan-izing 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
Valuation, Fourth Edition remains true to its roots with an extensive discussion on the complexity of measuring corporate performance to assess historical financial results properly and to gain insight into a company's ability to create value in the future (its corporate "health"). A complementary chapter advises managers how to run companies to create long-term value, and a new chapter explores ways to improve communication with financial markets.
Valuation, Fourth Edition stands alone in this field with its reputation of quality and consistency. The author team of Tim Koller, Marc Goedhart, and David Wessels has taken the latest insights from their experiences working with global companies and created one of the most engaging and insightful guides to valuation. If you want to hone your valuation skills today and improve them for years to come, look no further than the Fourth Edition of Valuation.
From the Back Cover
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, 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 Refining and Marketing, BP plc
Praise for the First Edition
"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."
—The New York Times
"The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation."
—Financial Times
About the Author
McKINSEY & COMPANY is a management consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Over the past seven decades, the firm's primary objective has remained constant: to serve as an organization's most trusted external advisor on critical issues facing senior management. With consultants deployed from over eighty offices in more than forty countries, McKinsey advises companies on strategic, operational, organizational, financial, and technological issues. The firm has extensive experience in all major industry sectors and primary functional areas, as well as in-depth expertise in high-priority areas for today's business leaders.
Tim Koller is a partner in McKinsey's New York office. Tim has served clients in North America and Europe on corporate strategy and issues concerning capital markets, M&A transactions, and value-based management. He leads the firm's research activities in valuation and capital markets issues. He received his MBA from the University of Chicago.
Marc Goedhart is an associate principal in McKinsey's Amsterdam office. Marc has served clients across Europe on portfolio restructuring, issues concerning capital markets, and M&A transactions. He received a PhD in finance from Erasmus University Rotterdam.
David Wessels is an adjunct Professor of Finance and director of executive education at the Wharton School of the University of Pennsylvania. Named by BusinessWeek as one of America's top business school instructors, he teaches corporate valuation at the MBA and Executive MBA levels. David received his PhD from the University of California at Los Angeles.
Most helpful customer reviews
180 of 186 people found the following review helpful.
The best got better
By Aaron C. Brown
I have to begin with a gripe. The first four reviews are implausibly quick, given the length of this book, and are all five-star. Three are from people who reviewed only one product, one is completely devioid of content. The fifth reviewer has reviewed one other product, a razor. I understand the temptation to stuff the ballot-box early by having friends review, but I think you should find real reviewers and insist on some content.
There are several great valuation books out there. Damodaran on Valuation concentrates on security valuation and is the most academic. Business Valuation is the best for small, private companies. Business Valuation on Wall Street tells you how Wall Street approaches the question. Theory of Valuation is the best on theory. Corporate Finance has the best treatment of valuation among corporate finance texts.
Earlier editions of this book were the clear leaders in big and complex public company valuation. There is extensive and detailed instruction for a big team analyzing for a big project, whether it is capital budgeting, capital structure, merger, acquisition, restructuring, bankruptcy or any other valuation topic. It is comprehensive and clear. If you work on this kind of project, you need this book. If you don't work on this kind of project, it can still give you a tremendous amount of insight into the factors that contribute to shareholder value.
The most important improvement in the fifth edition is to go beyond the developed-markets/US-style financial statement presentation to cover emerging market companies in detail. I can't say whether the section is good as I have zero experience in that area, but it sounds right and I trust the authors. The treatment of capital structure and investor relations is considerably improved based on events of the last three years. They also stuck in some useless fluff about the necessity to maximize shareholder value and behavioral finance (I don't mean those aren't interesting areas, just that there's no depth to the presentation in this book, and clearly no real interest by the authors).
One minor gripe is the examples are usually placed around the beginning of 2008, for a book published in 2010. That's a big difference considering what happened in 2008 and 2009. I understand why you don't want to rework every example of a book this big, but some of the projections are downright comical to someone knowing what actually happened. I suppose that might help readers develop humility, at the end of the day, valuation is a matter of opinion based on highly uncertain information about totally unknowable future events. The weight and slick production values of tihs book might cause some to forget that.
0 of 0 people found the following review helpful.
Five Stars
By Christian Arrayago
Excelent material
0 of 0 people found the following review helpful.
great
By Eric C.
great book
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