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Valuation Workbook

Step–by–Step Exercises and Tests to Help You Master Valuation

Paperback Engels 2015 9781118873878
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Samenvatting

A vital companion to the #1 best–selling guide to corporate valuation
Valuation Workbook is the ideal companion to McKinsey′s Valuation, helping you get a handle on difficult concepts and calculations before using them in the real world. This workbook reviews all things valuation, with chapter–by–chapter summaries and comprehensive questions and answers that allow you to test your knowledge and skills. Useful both in the classroom and for self–study, this must–have guide is essential for reviewing and applying the renowned McKinsey & Company approach to valuation and reinforces the major topics discussed in detail in the book. Fully updated to align with the sixth edition of Valuation, this workbook is an invaluable learning tool for students and professionals alike.
Valuation has become central to corporate financial strategy, and practitioners must be exceptional at every aspect of the role. There is no room for weak points, and excellence is mandatory. This workbook helps you practice, review, study, and test yourself until you are absolutely solid in every concept, every technique, and every aspect of valuation as demanded in today′s economy.

-Master value creation, value metrics, M&A, joint ventures, and more

-Analyze historical information, forecast performance, and analyze results

-Estimate the cost of capital, continuing value, and other vital calculations

-Test your understanding before putting it to work in the real world

Designed specifically to reinforce the material presented in the book, this workbook provides independent learners with the opportunity to try their hand at critical valuation skills, and helps students master the material so they can enter the job market ready to perform. For financial professionals and students seeking deep, comprehensive understanding, Valuation Workbook is an essential part of the McKinsey Valuation suite.

Specificaties

ISBN13:9781118873878
Taal:Engels
Bindwijze:paperback
Aantal pagina's:256
Verschijningsdatum:27-10-2015

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Over Tim Koller

TIM KOLLER is a partner in McKinsey's Stamford, Connecticut office, where he leads a global team of corporate-finance expert consultants.

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Over Marc Goedhart

MARC GOEDHART is a senior expert in McKinsey's Amsterdam office and an endowed professor of corporate valuation at Rotterdam School of Management, Erasmus University (RSM).

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Over David Wessels

DAVID WESSELS is an adjunct professor of finance at the Wharton School of the University of Pennsylvania.

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Inhoudsopgave

About the Authors ix
Introduction xi

Part One Questions
1 WhyValueValue? 3
2 Fundamental Principles of Value Creation 5
3 Conservation of Value and the Role of Risk 9
4 The Alchemy of Stock Market Performance 11
5 The Stock Market Is Smarter Than You Think 15
6 Return on Invested Capital 21
7 Growth 25
8 Frameworks for Valuation 29
9 Reorganizing the Financial Statements 33
10 Analyzing Performance 37
11 Forecasting Performance 41
12 Estimating Continuing Value 45
13 Estimating the Cost of Capital 49
14 Moving from Enterprise Value to Value per Share 53
15 Analyzing the Results 57
16 Using Multiples 61
17 Valuing by Parts 65
18 Taxes 69
19 Nonoperating Items, Provisions, and Reserves 73
20 Leases and Retirement Obligations 77
21 Alternative Measures of Return on Capital 81
22 Inflation 85
23 Cross–Border Valuation 89
24 Case Study: Heineken 93
25 Corporate Portfolio Strategy 99
26 Performance Management 103
27 Mergers and Acquisitions 107
28 Divestitures 113
29 Capital Structure, Dividends, and Share Repurchases 117
30 Investor Communications 121
31 Emerging Markets 125
32 Valuing High–Growth Companies 127
33 Cyclical Companies 129
34 Banks 133
35 Flexibility 137

Part Two Solutions
1 Why Value Value? 143
2 Fundamental Principles of Value Creation 145
3 Conservation of Value and the Role of Risk 147
4 The Alchemy of Stock Market Performance 149
5 The Stock Market Is Smarter Than You Think 151
6 Return on Invested Capital 153
7 Growth 155
8 Frameworks for Valuation 157
9 Reorganizing the Financial Statements 159
10 Analyzing Performance 161
11 Forecasting Performance 163
12 Estimating Continuing Value 167
13 Estimating the Cost of Capital 169
14 Moving from Enterprise Value to Value per Share 171
15 Analyzing the Results 173
16 Using Multiples 175
17 Valuing by Parts 177
18 Taxes 179
19 Nonoperating Items, Provisions, and Reserves 181
20 Leases and Retirement Obligations 185
21 Alternative Measures of Return on Capital 189
22 Inflation 191
23 Cross–Border Valuation 195
24 Case Study: Heineken 197
25 Corporate Portfolio Strategy 203
26 Performance Management 205
27 Mergers and Acquisitions 207
28 Divestitures 209
29 Capital Structure, Dividends, and Share Repurchases 211
30 Investor Communications 215
31 Emerging Markets 219
32 Valuing High–Growth Companies 221
33 Cyclical Companies 223
34 Banks 225
35 Flexibility 229

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