Valuation Workbook: Step-By-Step Exercises and Tests to Help You Master Valuation

ISBN-13: 9781119611813 / Angielski / Miękka / 2020 / 256 str.

McKinsey & Company Inc

Spis treści

About the Authors ixIntroduction xiPart One Questions1 Why Value Value? 32 Finance in a Nutshell 53 Fundamental Principles of Value Creation 74 Risk and the Cost of Capital 115 The Alchemy of Stock Market Performance 156 Valuation of ESG and Digital Initiatives 197 The Stock Market is Smarter Than You Think 218 Return on Invested Capital 279 Growth 3110 Frameworks for Valuation 3511 Reorganizing the Financial Statements 3912 Analyzing Performance 4313 Forecasting Performance 4714 Estimating Continuing Value 5115 Estimating the Cost of Capital 5516 Moving from Enterprise Value to Value per Share 5917 Analyzing the Results 6318 Using Multiples 6719 Valuation by Parts 7120 Taxes 7521 Nonoperating Items, Provisions, and Reserves 7722 Leases 8123 Retirement Obligations 8324 Measuring Performance in Capital-Light Businesses 8525 Alternative Ways to Measure Return on Capital 8926 Inflation 9127 Cross-Border Valuation 9528 Corporate Portfolio Strategy 9929 Strategic Management: Analytics 10330 Strategic Management: Mindsets and Behaviors 10731 Mergers and Acquisitions 11132 Divestitures 11533 Capital Structure, Dividends, and Share Repurchases 11934 Investor Communications 12335 Emerging Markets 12736 High-Growth Companies 12937 Cyclical Companies 13138 Banks 13539 Flexibility 139Part Two Solutions1 Why Value Value? 1452 Finance in a Nutshell 1473 Fundamental Principles of Value Creation 1494 Risk and the Cost of Capital 1515 The Alchemy of Stock Market Performance 1536 Valuation of ESG and Digital Initiatives 1557 The Stock Market is Smarter Than You Think 1578 Return on Invested Capital 1599 Growth 16110 Frameworks for Valuation 16311 Reorganizing the Financial Statements 16512 Analyzing Performance 16713 Forecasting Performance 16914 Estimating Continuing Value 17315 Estimating the Cost of Capital 17516 Moving from Enterprise Value to Value per Share 17717 Analyzing the Results 17918 Using Multiples 18119 Valuation by Parts 18320 Taxes 18521 Nonoperating Items, Provisions, and Reserves 18722 Leases 18923 Retirement Obligations 19324 Measuring Performance in Capital-Light Businesses 19525 Alternative Ways to Measure Return on Capital 19726 Inflation 19927 Cross-Border Valuation 20328 Corporate Portfolio Strategy 20729 Strategic Management: Analytics 20930 Strategic Management: Mindsets and Behaviors 21131 Mergers and Acquisitions 21332 Divestitures 21533 Capital Structure, Dividends, and Share Repurchases 21734 Investor Communications 21935 Emerging Markets 22336 High-Growth Companies 22537 Cyclical Companies 22738 Banks 22939 Flexibility 231Index 233

O autorze

MCKINSEY & COMPANY is a global management-consulting firm that serves leading global organizations across a wide range of industries and functions, helping them create change that matters.TIM KOLLER is a partner in McKinsey's Stamford, Connecticut office, where he leads a global team of corporate-finance consultants. Tim has served clients globally on corporate strategy and capital markets, mergers, acquisitions and other transactions, and strategic planning and resource allocation.MARC GOEDHART is a senior expert in McKinsey's Amsterdam office and endowed professor of corporate valuation at Rotterdam School of Management, Erasmus University (RSM).DAVID WESSELS is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. He was named by Bloomberg Businessweek as one of America's top business school instructors.MICHAEL CICHELLO is a teaching professor at the McDonough School of Business at Georgetown University.