McKINSEYS TRUSTED GUIDE TO TEACHING CORPORATE VALUATION, NOW IN ITS 25¯TH YEAR Valuation, University Edition, Sixth Edition, is filled with. VALUATION. MEASURING AND. MANAGING THE. VALUE OF. COMPANIES. FOURTH EDITION. McKinsey & Company. Tim Koller. Marc Goedhart. MEASURING AND. MANAGING THE. VALUE OF. COMPANIES. SIXTH EDITION. McKinsey & Company. Tim Koller. Marc Goedhart. David Wessels. WlLEY.
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ment, financial engineering, valuation, and financial instrument analysis, as well VALUE OF. COMPANIES. FIFTH EDITION. McKinsey & Company. Tim Koller. Items 10 - 15 VALUATION MEASURING AND MANAGING THE VALUE OF COMPANIES The Wiley Finance series contains books written specifically for finance. Valuation: Measuring and Managing the Value of Companies, McKinsey Tim Koller is a partner at McKinsey & Co. and has been a co-leader of the firm's.
Looks like you are currently in Ukraine but have requested a page in the Argentina site. Would you like to change to the Argentina site? Valuation is the single best guide of its kind, helping financial professionals worldwide excel at measuring, managing, and maximizing shareholder and company value. This new sixth edition provides insights on the strategic advantages of value-based management, complete detailed instruction, and nuances managers should know about valuation and valuation techniques as applied to different industries, emerging markets, and other special situations. Valuation lies at the crossroads of corporate strategy and finance.
Both the principles of valuation and the from Use enterprise-value multiples price, divided by the actual price.
Here are the most Thus, a company with a relatively high all- common adjustments. Since include excess cash.
Nonoperating assets these are often one-time events, multiples must be evaluated separately. In general, assets to the market value of debt and this ratio is less susceptible to manipulation equity.
Add the implied interest expense by changes in capital structure. To determine the to investors, a change in capital structure enterprise value, add the present value of will have no systematic effect.
Only when all employee grants currently outstanding. To determine the enterprise Although the one-time nonoperating items value, add the present value of pension in net income make EBITA superior to liabilities. To remove the nonoperating earnings for calculating multiples, even gains and losses related to pension plan enterprise-value-to-EBITA multiples assets, start with EBITA , add the pension must be adjusted for nonoperating items interest expense, deduct the recognized hidden within enterprise value and EBITA , returns on plan assets, and adjust for both of which must be adjusted for these any accounting changes resulting from nonoperating items, such as excess cash changed assumptions as indicated in the and operating leases.
The right role for multiples in valuation 11 Other multiples too can be worthwhile, but hits, unique visitors, or the number of only in limited situations. Price-to-sales subscribers. For most industries, this multiples are only relative tools; they merely restriction is overly burdensome.
It is therefore easier to extend valuation methods. Yet PEG ratios do have drawbacks that can lead to errors in valuation.
Yet a thoughtful analysis year, or long-term growth? Valuation lies at the crossroads of corporate strategy and finance.
In today's economy, it has become an essential role — and one that requires excellence at all points. This guide shows you everything you need to know, and gives you the understanding you need to be effective.
As the valuation function becomes ever more central to long- and short-term strategy, analysts and managers need an authoritative reference to turn to for answers to challenging situations. Valuation stands ahead of the field for its reputation, quality, and prestige, putting the solutions you need right at your fingertips. Over the past seven decades, the firm's primary objective has remained constant: He leads the firm's research activities in valuation and capital markets issues.
Table of contents About the Authors ix.
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