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Valuation, University Edition, Seventh Edition - Measuring and Managing the Value of Companies

Valuation, University Edition, Seventh Edition - Measuring and Managing the Value of Companies

Autorzy
Wydawnictwo John Wiley & Sons Inc
Data wydania 06/08/2020
Liczba stron 960
Forma publikacji książka w miękkiej oprawie
Poziom zaawansowania Dla profesjonalistów, specjalistów i badaczy naukowych
Język angielski
ISBN 9781119611868
Kategorie Finanse i rachunkowość
397.95 PLN (z VAT)
$89.52 / €85.32 / £74.07 /
Produkt na zamówienie
Dostawa 3-4 tygodnie
Ilość
Do schowka

Opis książki

McKinsey & Company's bestselling guide to teaching corporate valuation - the fully updated seventh edition
 
Valuation: Measuring and Managing the Value of Companies, University Edition is filled with the expert guidance from McKinsey & Company that students and professors have come to rely on for over nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals and students around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders.
 
This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies. For thirty years, Valuation has remained true to its basic principles and continues to offer a step-by-step approach to teaching valuation fundamentals, including:
 
* Analyzing historical performance
* Forecasting performance
* Estimating the cost of capital
* Interpreting the results of a valuation in context
* Linking a company's valuation multiples to core performance drivers
 
The University Edition contains end-of-chapter review questions to help students master key concepts from the book.
 
Wiley also offers an Online Instructor's Manual with a full suite of learning resources to complement valuation classroom instruction.

Valuation, University Edition, Seventh Edition - Measuring and Managing the Value of Companies

Spis treści

About the Authors ix





Preface xi





Acknowledgments xv





Part One Foundations of Value





1 Why Value Value? 3





Review Questions 16





2 Finance in a Nutshell 17





Review Questions 26





3 Fundamental Principles of Value Creation 27





Review Questions 54





4 Risk and the Cost of Capital 55





Review Questions 68





5 The Alchemy of Stock Market Performance 69





Review Questions 83





6 Valuation of ESG and Digital Initiatives 85





Review Questions 100





7 The Stock Market is Smarter Than You Think 101





Review Questions 129





8 Return on Invested Capital 131





Review Questions 158





9 Growth 159





Review Questions 178





Part Two Core Valuation Techniques





10 Frameworks for Valuation 181





Review Questions 209





11 Reorganizing the Financial Statements 211





Review Questions 245





12 Analyzing Performance 247





Review Questions 267





13 Forecasting Performance 269





Review Questions 295





14 Estimating Continuing Value 299





Review Questions 318





15 Estimating the Cost of Capital 321





Review Questions 350





16 Moving from Enterprise Value to Value per Share 353





Review Questions 374





17 Analyzing the Results 377





Review Questions 387





18 Using Multiples 389





Review Questions 412





19 Valuation by Parts 415





Review Questions 434





Part Three Advanced Valuation Techniques





20 Taxes 439





Review Questions 453





21 Nonoperating Items, Provisions, and Reserves 455





Review Questions 471





22 Leases 473





Review Questions 486





23 Retirement Obligations 489





Review Questions 498





24 Measuring Performance in Capital-Light Businesses 499





Review Questions 514





25 Alternative Ways to Measure Return on Capital 515





Review Questions 524





26 Inflation 525





Review Questions 539





27 Cross-Border Valuation 541





Review Questions 559





Part Four Managing for Value





28 Corporate Portfolio Strategy 563





Review Questions 583





29 Strategic Management: Analytics 585





Review Questions 608





30 Strategic Management: Mindsets and Behaviors 609





Review Questions 623





31 Mergers and Acquisitions 625





Review Questions 653





32 Divestitures 655





Review Questions 674





33 Capital Structure, Dividends, and Share Repurchases 675





Review Questions 708





34 Investor Communications 709





Review Questions 731





Part Five Special Situations





35 Emerging Markets 735





Review Questions 752





36 High-Growth Companies 753





Review Questions 768





37 Cyclical Companies 769





Review Questions 777





38 Banks 779





Review Questions 805





39 Flexibility 807





Review Questions 841





Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 843





Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 849





Appendix C Levering and Unlevering the Cost of Equity 855





Appendix D Leverage and the Price-to-Earnings Multiple 863





Appendix E Other Capital Structure Issues 867





Appendix F Technical Issues in Estimating the Market Risk Premium 873





Appendix G Global, International, and Local CAPM 877





Appendix H A Valuation of Costco Wholesale 885





Appendix I Two-Stage Formula for Continuing Value 909





Index 911

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