{"product_id":"valuation-measuring-and-managing-the-value-of-companies-isbn-9781394279517","title":"Valuation: Measuring and Managing the Value of Companies","description":"\u003cp\u003e\u003cb\u003eThe #1 best-selling guide to business valuation, newly updated and revised\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eValuation: Measuring and Managing the Value of Companies\u003c\/i\u003e has been the gold standard in measuring and managing company value for more than 30 years. Now in its eighth edition, this acclaimed volume continues to help corporate executives, bankers, students, and other financial professionals around the world gain a deep understanding of valuation as well as allow their companies to create and maximize economic value.\u003c\/p\u003e \u003cp\u003eCalled \"the best practitioners' guide to valuation\" by \u003ci\u003eThe Financial Times\u003c\/i\u003e and \"the most influential contemporary books about the world economy\" by \u003ci\u003eThe Economist,\u003c\/i\u003e the newly revised eighth McKinsey's long tradition of excellence. In the book, a team of veteran McKinsey \u0026amp; Company professionals walk you through the foundations of valuation, advanced topics like valuing high-growth companies and digital assets, and managerial topics such as corporate portfolio strategy and acquisitions. You'll also discover:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eClear, accessible chapters with detailed guidance on the fundamental principles of value creation\u003c\/li\u003e \u003cli\u003eBest practices to apply valuation to business strategy questions and communicate with investors\u003c\/li\u003e \u003cli\u003eHow to analyze and forecast performance, the cost of capital, and put it all together in a coherent valuation\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eMcKinsey \u0026amp; Company has been helping businesses, governments, non-profit organizations and other institutions grow and thrive for almost 100 years . \u003ci\u003eValuation\u003c\/i\u003e's authors draw on that storied history to bring you the most relevant, accurate, intuitive, and practical guide to valuation on the market today.\u003c\/p\u003e \u003cp\u003eAbout the Authors ix\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Foundations of Value\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Why Value Value? 3\u003c\/p\u003e \u003cp\u003e2 Finance in a Nutshell 13\u003c\/p\u003e \u003cp\u003e3 Fundamental Principles of Value Creation 23\u003c\/p\u003e \u003cp\u003e4 Risk and the Opportunity Cost of Capital 49\u003c\/p\u003e \u003cp\u003e5 The Alchemy of Stock Market Performance 63\u003c\/p\u003e \u003cp\u003e6 The Stock Market and Economic Fundamentals 77\u003c\/p\u003e \u003cp\u003e7 The Stock Market Is Smarter Than You Think 97\u003c\/p\u003e \u003cp\u003e8 Return on Invested Capital 117\u003c\/p\u003e \u003cp\u003e9 Growth 147\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Core Valuation Techniques\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10 Frameworks for Valuation 171\u003c\/p\u003e \u003cp\u003e11 Reorganizing the Financial Statements 201\u003c\/p\u003e \u003cp\u003e12 Analyzing Performance 235\u003c\/p\u003e \u003cp\u003e13 Forecasting Performance 255\u003c\/p\u003e \u003cp\u003e14 Estimating Continuing Value 283\u003c\/p\u003e \u003cp\u003e15 Estimating the Cost of Capital 303\u003c\/p\u003e \u003cp\u003e16 Moving from Enterprise Value to Value per Share 333\u003c\/p\u003e \u003cp\u003e17 Analyzing the Results 355\u003c\/p\u003e \u003cp\u003e18 Using Multiples 365\u003c\/p\u003e \u003cp\u003e19 Valuation by Parts 385\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Advanced Valuation Techniques\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e20 Taxes 407\u003c\/p\u003e \u003cp\u003e21 Nonoperating Items, Provisions, and Reserves 423\u003c\/p\u003e \u003cp\u003e22 Leases 439\u003c\/p\u003e \u003cp\u003e23 Retirement Obligations 455\u003c\/p\u003e \u003cp\u003e24 Measuring Performance in Capital-Light Businesses 465\u003c\/p\u003e \u003cp\u003e25 CFROI and Other Ways to Measure Return on Capital 481\u003c\/p\u003e \u003cp\u003e26 Inflation 491\u003c\/p\u003e \u003cp\u003e27 Cross-Border Valuation 511\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four Managing for Value\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e28 Corporate Portfolio Strategy 531\u003c\/p\u003e \u003cp\u003e29 Strategic Management: Analytics 551\u003c\/p\u003e \u003cp\u003e30 Strategic Management: Governance, Processes, and Decision Making 573\u003c\/p\u003e \u003cp\u003e31 Mergers and Acquisitions 589\u003c\/p\u003e \u003cp\u003e32 Divestitures 617\u003c\/p\u003e \u003cp\u003e33 Digital Initiatives and Companies 633\u003c\/p\u003e \u003cp\u003e34 Sustainability 653\u003c\/p\u003e \u003cp\u003e35 Capital Structure, Dividends, and Share Repurchases 671\u003c\/p\u003e \u003cp\u003e36 Investor Communications 703\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five Special Situations\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e37 Leveraged Buyouts 729\u003c\/p\u003e \u003cp\u003e38 Venture Capital 749\u003c\/p\u003e \u003cp\u003e39 High-Growth Companies 763\u003c\/p\u003e \u003cp\u003e40 Flexibility and Options 779\u003c\/p\u003e \u003cp\u003e41 Emerging Markets 815\u003c\/p\u003e \u003cp\u003e42 Cyclical Companies 833\u003c\/p\u003e \u003cp\u003e43 Banks 843\u003c\/p\u003e \u003cp\u003eAppendix A Discounted Economic Profit Equals Discounted Free Cash Flow 865\u003c\/p\u003e \u003cp\u003eAppendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 869\u003c\/p\u003e \u003cp\u003eAppendix C Levering and Unlevering the Cost of Equity 875\u003c\/p\u003e \u003cp\u003eAppendix D Leverage and the Price-to-Earnings Multiple 883\u003c\/p\u003e \u003cp\u003eAppendix E Other Capital Structure Issues 887\u003c\/p\u003e \u003cp\u003eAppendix F Technical Issues in Estimating the Market Risk Premium 891\u003c\/p\u003e \u003cp\u003eAppendix G Global, International, and Local CAPM 895\u003c\/p\u003e \u003cp\u003eAppendix H Two-Stage Formula for Continuing Value 903\u003c\/p\u003e \u003cp\u003eAppendix I A Valuation of Costco Wholesale 905\u003c\/p\u003e \u003cp\u003eIndex 931\u003c\/p\u003e \u003cp\u003e\u003cb\u003eTIM KOLLER\u003c\/b\u003e is a McKinsey partner and founder of McKinsey's Strategy and Corporate Finance Insights team. In his 40 years of consulting, he has served clients globally on corporate strategy and capital markets, acquisitions and divestitures, and resource allocation.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMARC GOEDHART\u003c\/b\u003e is a senior expert in McKinsey's Strategy and Corporate Finance practice and an endowed professor of corporate valuation at Rotterdam School of Management (RSM), Erasmus University.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDAVID WESSELS\u003c\/b\u003e is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. He was named by \u003ci\u003eBloomberg Businessweek\u003c\/i\u003e as one of America's top business school instructors.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMCKINSEY \u0026amp; COMPANY\u003c\/b\u003e is a global management consulting firm. McKinsey combines bold strategies and transformative technologies to help organizations innovate and achieve lasting gains in performance.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eValuation\u003c\/i\u003e has been the gold standard resource that financial professionals have relied on for over three decades to measure, manage, and maximize shareholder value. This new and up-to-date \u003ci\u003eEighth Edition + DCF Model Download\u003c\/i\u003e offers practical tools you can use to solve real-world business problems. It reflects the latest developments in global financial markets, academic finance, and the authors' latest research and experiences.\u003c\/p\u003e \u003cp\u003eThe book reviews the foundations of value and explains fundamental and advanced valuation techniques, and special or unusual business situations. You'll learn how to develop a business portfolio strategy that considers which business units a corporation is best suited to own, and which might perform better under alternative ownership.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eValuation\u003c\/i\u003e with its companion \u003ci\u003eDCF Model Download\u003c\/i\u003e, demonstrates how to accurately assess major transactions, like mergers, acquisitions, divestitures, and restructurings. It also shows you how to create a capital structure that integrates seamlessly with a company's strategy at an appropriate level of risk. New, in-depth case studies explain critical and evolving concepts in valuation, including planning, resource allocation, digital assets, sustainability, and managing for the long term.\u003c\/p\u003e \u003cp\u003eYou'll find proven valuation frameworks that McKinsey \u0026amp; Company has been using for decades in their consulting work. You'll also become familiar with the practical judgments you'll need to make when developing your own models and conducting valuations for yourself.\u003c\/p\u003e \u003cp\u003eThe newest edition of \u003ci\u003eValuation\u003c\/i\u003e is a must-read for business analysts and managers, offering an insightful guide to long- and short-term strategy.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMcKinsey \u0026amp; Company's #1 bestselling guide to corporate valuation, now in its \u003ci\u003eEighth Edition\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe revised \u003ci\u003eEighth Edition\u003c\/i\u003e of \u003ci\u003eValuation\u003c\/i\u003e offers detailed, step-by-step explanations of how to easily and effectively measure and manage the value of companies. This book includes a DCF Model Download, and contains proven valuation frameworks that have been used successfully in McKinsey \u0026amp; Company’s consulting work, including illustrative case studies that put the spotlight on practical judgments involved in developing and using valuations.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e\u003csmall\u003ePRAISE FOR\u003c\/small\u003e VALUATION\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eFinancial Times\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eValuation\u003c\/i\u003e ... is one of the most influential contemporary books about the world economy.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eThe Economist\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eThe New York Times\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990444622053,"sku":"NP9781394279517","price":210.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781394279517.jpg?v=1761787855","url":"https:\/\/k12savings.com\/products\/valuation-measuring-and-managing-the-value-of-companies-isbn-9781394279517","provider":"K12savings","version":"1.0","type":"link"}