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Valuation, University Edition, Sixth Edition


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Table of Contents

About the Authors ix Preface xi Acknowledgments xv Part One Foundations of Value 1 Why Value Value? 3 Review Questions 16 2 Fundamental Principles of Value Creation 17 Review Questions 34 3 Conservation of Value and the Role of Risk 35 Review Questions 48 4 The Alchemy of Stock Market Performance 49 Review Questions 64 5 The Stock Market is Smarter Than You Think 65 Review Questions 93 6 Return on Invested Capital 95 Review Questions 116 7 Growth 117 Review Questions 134 Part Two Core Valuation Techniques 8 Frameworks for Valuation 137 Review Questions 167 9 Reorganizing the Financial Statements 169 Review Questions 204 10 Analyzing Performance 207 Review Questions 226 11 Forecasting Performance 229 Review Questions 255 12 Estimating Continuing Value 259 Review Questions 280 13 Estimating the Cost of Capital 283 Review Questions 314 14 Moving from Enterprise Value to Value per Share 317 Review Questions 336 15 Analyzing the Results 339 Review Questions 349 16 Using Multiples 351 Review Questions 372 17 Valuation by Parts 375 Review Questions 393 Part Three Advanced Valuation Techniques 18 Taxes 397 Review Questions 411 19 Nonoperating Items, Provisions, and Reserves 413 Review Questions 430 20 Leases and Retirement Obligations 431 Review Questions 448 21 Alternative Ways to Measure Return on Capital 449 Review Questions 471 22 Inflation 473 Review Questions 487 23 Cross-Border Valuation 489 Review Questions 511 24 Case Study: Heineken 513 Part Four Managing for Value 25 Corporate Portfolio Strategy 557 Review Questions 575 26 Performance Management 577 Review Questions 598 27 Mergers and Acquisitions 599 Review Questions 627 28 Divestitures 629 Review Questions 647 29 Capital Structure, Dividends, and Share Repurchases 649 Review Questions 680 30 Investor Communications 681 Review Questions 702 Part Five Special Situations 31 Emerging Markets 705 Review Questions 729 32 Valuing High-Growth Companies 731 Review Questions 745 33 Cyclical Companies 747 Review Questions 755 34 Banks 757 Review Questions 784 35 Flexibility 785 Review Questions 819 Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 821 Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 827 Appendix C Levering and Unlevering the Cost of Equity 833 Appendix D Leverage and the Price-to-Earnings Multiple 841 Appendix E Other Capital Structure Issues 845 Appendix F Technical Issues in Estimating the Market Risk Premium 851 Index 855

About the Author

McKINSEY & COMPANYis a global management-consulting firm that serves across a wide range of industries and functions. TIM KOLLER is a partner in McKinsey's New York office, where he leads a global team of corporate-finance expert consultants. MARC GOEDHART is a senior expert in McKinsey's Amsterdam office and leads the firm's Corporate Performance Center in Europe. DAVID WESSELS is an adjunct professor of finance at the Wharton School of the University of Pennsylvania.


the sixth edition of Valuation , published last year, a quarter of a century after the first, is a reminder of why shareholder value is still the most powerful idea in business and why many criticisms thrown at it are unfair. (The Economist, April 2016)

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