Koller / Goedhart / Wessels Valuation

Measuring and Managing the Value of Companies
4. Auflage 2005
ISBN: 978-0-471-73896-1
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 528 Seiten, E-Book

Reihe: Wiley Finance Editions

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.

Autoren/Hrsg.

Koller, Tim

Goedhart, Marc

Wessels, David

Inhaltsverzeichnis

Part One: Foundations of Value.
1. Why Maximize Value?
2. The Value Manager.
3. Fundamental Principles of Value Creation.
4. Do Fundamentals Really Drive the Stock Market?
Part Two: Core Valuation Techniques.
5. Frameworks for Valuation.
6. Thinking about Return on Invested Capital and Growth.
7. Analyzing Historical Performance.
8. Forecasting Performance.
9. Estimating Continuing Value.
10. Estimating the Cost of Capital.
11. Calculating and Interpreting Results.
12. Using Multiples for Valuation.
Part Three: Making Value Happen.
13. Performance Measurement.
14. Performance Management.
15. Creating Value through Mergers and Acquisitions.
16. Creating Value through Divestitures.
17. Capital Structure.
18. Investor Communications.
Part Four: Advanced Valuation Issues.
19. Valuing Multibusiness Companies.
20. Valuing Flexibility.
21. Cross-Border Valuation.
22. Valuation in Emerging Markets.
23. Valuing High-Growth Companies.
24. Valuing Cyclical Companies.
25. Valuing Financial Institutions.
Appendix A: Economic Profit and the Key Value DriverFormula.
Appendix B: Discounted Economic Profit Equals Discounted FreeCash Flow.
Appendix C: Adjusted Present Value Equals Discounted Free CashFlow.
Appendix D: Levering and Unlevering the Cost of Equity.
Appendix E: Leverage and the Price-Earnings Multiple.
Index.

Über Autor(innen)

McKINSEY & COMPANY is a management consulting firm thathelps leading corporations and organizations make distinctive,lasting, and substantial improvements in their performance. Overthe past seven decades, the firm's primary objective has remainedconstant: to serve as an organization's most trusted externaladvisor on critical issues facing senior management. Withconsultants deployed from over eighty offices in more than fortycountries, McKinsey advises companies on strategic, operational,organizational, financial, and technological issues. The firm hasextensive experience in all major industry sectors and primaryfunctional areas, as well as in-depth expertise in high-priorityareas 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 corporatestrategy and issues concerning capital markets, M&Atransactions, and value-based management. He leads the firm'sresearch activities in valuation and capital markets issues. Hereceived his MBA from the University of Chicago.
Marc Goedhart is an associate principal in McKinsey'sAmsterdam office. Marc has served clients across Europe onportfolio restructuring, issues concerning capital markets, andM&A transactions. He received a PhD in finance from ErasmusUniversity Rotterdam.
David Wessels is an adjunct Professor of Finance anddirector of executive education at the Wharton School of theUniversity of Pennsylvania. Named by BusinessWeek as one ofAmerica's top business school instructors, he teaches corporatevaluation at the MBA and Executive MBA levels. David received hisPhD from the University of California at Los Angeles.