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Valuation: Measuring and Managing the Value of Companies (Valuation: Measuring & Managing the Value of Companies) [Englisch] [Gebundene Ausgabe]

McKinsey & Company Inc , Tim Koller , Marc Goedhart , David Wessels
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17. August 2010 Valuation: Measuring & Managing the Value of Companies (Buch 497)
The number one guide to corporate valuation is back and better than ever
Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization.
Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline.
* Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions
* Addresses how you can interpret the results of a valuation in light of a company's competitive situation
* Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model
Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.

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Valuation: Measuring and Managing the Value of Companies (Valuation: Measuring & Managing the Value of Companies) + Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation (Wiley Finance) + Value: The Four Cornerstones of Corporate Finance
Preis für alle drei: EUR 144,50

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  • Gebundene Ausgabe: 840 Seiten
  • Verlag: John Wiley & Sons; Auflage: 5. Auflage (17. August 2010)
  • Sprache: Englisch
  • ISBN-10: 0470424656
  • ISBN-13: 978-0470424650
  • Größe und/oder Gewicht: 18,5 x 5,2 x 25,2 cm
  • Durchschnittliche Kundenbewertung: 5.0 von 5 Sternen  Alle Rezensionen anzeigen (3 Kundenrezensionen)
  • Amazon Bestseller-Rang: Nr. 20.451 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
  • Komplettes Inhaltsverzeichnis ansehen

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Corporate finance is simpler and more intuitive than most people think. Yet, executives frequently make decisions that defy the core principles and their own intuition. They subscribe to the common wisdom of "The Street" instead of simple, common financial sense.

McKinsey's Valuation: Measuring and Managing the Value of Companies, Fifth Edition, provides the knowledge executives need to make value-creating decisions--replacing some of the myths that pervade the corporate world with proven principles of value creation.

Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition provides up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect the events of the real estate bubble and its effect on stock markets, new developments in corporate finance, changes in accounting rules, and an enhanced global perspective.

Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students have come to trust. It contains a solid framework for valuation:
* Analyzing historical performance, including reorganizing a company's financial statements to reflect economic rather than accounting performance
* Forecasting performance, with emphasis on not just the mechanics of forecasting but also how to think about a company's future economics
* Estimating the cost of capital with practical tips that aren't found in textbooks
* Interpreting the results of a valuation in light of a company's competitive situation
* Linking a company's valuation multiples to the core drivers of its performance
Hailed by financial professionals worldwide as the single best guide of its kind, Valuation, Fifth Edition remains true to its roots, with an extensive discussion on the complexity of measuring corporate performance to assess historical financial results properly and to gain insight into a company's ability to create value in the future (its corporate "health").

At the crossroads of corporate strategy and finance lies valuation. Filled with expert guidance and reliable advice, Valuation, Fifth Edition enables everyone from the budding professional to the seasoned manager to excel at measuring, managing, and maximizing shareholder and company value.


Praise for previous editions
The #1 guide to corporate valuation is back . . . and better than ever!
"The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives."
--Professor Benjamin C. Esty, Harvard Business School, author of Modern Project Finance: A Casebook

"The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition."
--Dr. Raymund Breu, former chief financial officer, Novartis AG

"Valuation gets to the heart of how to measure and manage value in a company. Whether you are evaluating an acquisition, restructuring a corporation, or formulating strategy, this book will help you do it well."
--John A. Manzoni, Chief Executive Officer, Talisman Energy Inc.

"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."
--New York Times

"The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation."
--Financial Times

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5.0 von 5 Sternen
5.0 von 5 Sternen
Die hilfreichsten Kundenrezensionen
5.0 von 5 Sternen Libro ottimo pieno di casi pratici 24. Februar 2014
Format:Gebundene Ausgabe|Verifizierter Kauf
Libro consigliato per l'esame diagnosi di impresa per il master MBA.
Mi è stato di aiuto perché ha molti casi pratici, utili in sede di esame.
War diese Rezension für Sie hilfreich?
5.0 von 5 Sternen Exzellent 17. November 2013
Format:Kindle Edition
Verständlich geschrieben und darum auch für weniger fortgeschrittene geeignet.
Eigentlich jedem zu empehlen, der sich mit fFirmenfnanzen beschäftigt.
Das Übungsheft ist auch hilfreich.
War diese Rezension für Sie hilfreich?
5.0 von 5 Sternen great book 25. August 2013
Von von mir
Format:Kindle Edition|Verifizierter Kauf
A very well written book with great content to learn about valuation of companies. Suitable for experienced and inexperienced managers.
War diese Rezension für Sie hilfreich?
Die hilfreichsten Kundenrezensionen auf (beta) 4.4 von 5 Sternen  38 Rezensionen
151 von 154 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen The best got better 11. November 2010
Von Aaron C. Brown - Veröffentlicht auf
Format:Gebundene Ausgabe
I have to begin with a gripe. The first four reviews are implausibly quick, given the length of this book, and are all five-star. Three are from people who reviewed only one product, one is completely devioid of content. The fifth reviewer has reviewed one other product, a razor. I understand the temptation to stuff the ballot-box early by having friends review, but I think you should find real reviewers and insist on some content.

There are several great valuation books out there. Damodaran on Valuation concentrates on security valuation and is the most academic. Business Valuation is the best for small, private companies. Business Valuation on Wall Street tells you how Wall Street approaches the question. Theory of Valuation is the best on theory. Corporate Finance has the best treatment of valuation among corporate finance texts.

Earlier editions of this book were the clear leaders in big and complex public company valuation. There is extensive and detailed instruction for a big team analyzing for a big project, whether it is capital budgeting, capital structure, merger, acquisition, restructuring, bankruptcy or any other valuation topic. It is comprehensive and clear. If you work on this kind of project, you need this book. If you don't work on this kind of project, it can still give you a tremendous amount of insight into the factors that contribute to shareholder value.

The most important improvement in the fifth edition is to go beyond the developed-markets/US-style financial statement presentation to cover emerging market companies in detail. I can't say whether the section is good as I have zero experience in that area, but it sounds right and I trust the authors. The treatment of capital structure and investor relations is considerably improved based on events of the last three years. They also stuck in some useless fluff about the necessity to maximize shareholder value and behavioral finance (I don't mean those aren't interesting areas, just that there's no depth to the presentation in this book, and clearly no real interest by the authors).

One minor gripe is the examples are usually placed around the beginning of 2008, for a book published in 2010. That's a big difference considering what happened in 2008 and 2009. I understand why you don't want to rework every example of a book this big, but some of the projections are downright comical to someone knowing what actually happened. I suppose that might help readers develop humility, at the end of the day, valuation is a matter of opinion based on highly uncertain information about totally unknowable future events. The weight and slick production values of tihs book might cause some to forget that.
19 von 23 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen A fantastic book sans the technicalities 28. August 2010
Von Kaushik Desarkar - Veröffentlicht auf
Format:Gebundene Ausgabe
I have the 4th edition and it is a fantastic book especially when you are trying to get the grips on valuation, more so when you are not coming from a "pure" accounting background. Chapters 5 (6 in the new edition) onwards till 12 really take you step by step through the intricacies - a top-down approach. However, I will suggest Penman's Financial Statement Analysis & Security Valuation - Part 2 where the FSA detailed is really great - getting the FCF in 2 steps instead of the traditional 7+ steps, to be read in conjunction with this book. Rosenbaum's Investment Banking is good for developing the eye-catching spreadsheet models.
8 von 9 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen An earlier edition will do just fine 22. November 2012
Von Jackal - Veröffentlicht auf
Format:Gebundene Ausgabe|Verifizierter Kauf
This is a good book on valuation by applying the discounted cash flow methodology. The book is worth four stars, because it is in no way a perfect book. The book is now in its fifth edition so the material on DCF analysis is solid in my opinion. It covers basics as well as interesting extensions, but also has glaring gaps. For instance you do not get any information about valuing the cost of working capital requirements. The links to accounting are also weak, you would imagine the book would have a section on accounting ratios like ROA, RONA, ROCE. How can you forecast the future without having a good grasp of the past???

The book is much weaker when it discusses how to actually forecast cash flows and how the stock market functions. We get to estimate the second decimal of WACC, but hardly learn anything about market share estimation.

Instead some fairly junior consultants have read some of the academic literature and done a valiant attempt to summarize it in a traditional consulting style (i.e. with managerial implications). This is actually a bit silly. The content is interesting but the authoritative voice of the authors is a clear sign that they do not know as much as they believe they do. During the last ten years the trend in academic finance has been towards building micro-foundations based on a more realistic description of human actors. The fully rational man is long gone in cutting-edge finance research. I do not think the authors of this book has fully understand the implications of this sea change. They bravely quote research papers (that they don't really understand), but in the end conclude that the markets are so close to rational so one can proceed as if. The book describes some of the anomalies identified in finance research, but hardly touches on the anomalies identified in accounting research. The book also suffers from being written by committee. There is no voice of the author that can guide us trough the material. Instead we get the impersonal style of a university textbook. That makes for dull reading.

Still, this book is a buy if you in any way are interested in how to value companies that are quoted in the stock market. The alternative is Damodaran's Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (Wiley Finance). The advantage with Damodaran's book is that it is closer to the cutting edge research. Furthermore, the author has a voice and a very good blog with many useful articles and spreadsheets available for download. If you decide to pick one book, I would go for the current book and then access Damodaran's material through his website. If you are serious, you should buy both books, and probably also an accounting based book on valuation (e.g. Financial Statement Analysis and Security Valuation or Accounting for Value (Columbia Business School Publishing) - see my reviews.
20 von 26 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Great book for the seasoned professional and aspiring practitioner 25. September 2010
Von Joshua D. Pearl - Veröffentlicht auf
Format:Gebundene Ausgabe
As the coauthor of Investment Banking, also a Wiley Finance book, I received a complimentary copy of the 5th edition of McKinsey's Valuation book. While I own the previous editions and workbooks, the new edition is greatly expanded including practical case studies as well as interesting insight into complex valuation nuances such as real options. I highly recommend this book for anyone looking to advance their valuation skill set and general corporate finance knowledge.
6 von 7 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen A handbook that is used by practitioners 12. Januar 2013
Von investingbythebooks - Veröffentlicht auf
Format:Gebundene Ausgabe
On a basic level there are two competing mental models of stock values in the financial sector. The first is that the value of something is what someone is prepared to pay for that something. In the equity market this leads to statements such as "the valuation of a stock is low" if the current market pricing of the stock is historically low compared to, for example, the estimate of the near term future earnings. The other model is based on that a company has a fundamental intrinsic value that is separate from the market pricing of its equity. This book is about both how to estimate this intrinsic value and also on how to create it.

Out of all the books reviewed on this website Valuation is probably the one that sits on most shelves behind workstations of employees in the financial sector. The reason is that most of us have had it as a text book at university, but compared to all the other text books this one is also a handbook in corporate valuation that is used by practitioners. For those who use the concept of intrinsic value, cash flow valuation has become the standard methodology and Valuation is the standard source material. The book is mandatory reading for persons within corporate finance, venture capital and private equity who are slightly less close to the public stock market. It is less widely used by portfolio managers or sell side analysts who often look to shorter time horizons.

There are obviously competing text books on valuation such as Damodaran on Valuation. Where professor Aswath Damodaran's writing is academic and covers more ground with regards to different aspects of securities valuation, Valuation is a practical book that connects valuation to corporate strategy and value based management. Two of the he authors of Valuation are employed by McKinsey and the main focus is on one specific method of valuation. This is a fifth edition. Over the years this book has become more and more of a practitioner's manual with consistent form, new sections on special situations and sector issues plus solutions to all kinds of practical problems in a DFC-valuation. More academic issues such as if CAPM is really a good model to use for estimating the WACC, when it has become more and more obvious that beta doesn't work, is toned down as this would only subtract from the practical value of the book. Damodaran on Valuation is written by an academic, Valuation is written by consultants for daily use by CEOs and finance professionals.

The intrinsic value in a DCF is based on cash flows, the growth in cash flows and the risk that these future cash flows will not materialize. The cash flow in question differs; it might be dividends for stocks, coupons for bonds or after tax cash flows for businesses. The problem is that as the future is unknown the intrinsic value is unobservable. Any calculation of it is an act of faith. One strength of the DCF is that it is transparent. It requires a large number of assumptions of future performance. Each such input has a range of reasonable values and the choice of inputs can be examined and criticized. Paradoxically the construction also opens up for psychological biases. If each and one of the many inputs are tweaked in a slightly more optimistic or pessimistic direction the multiplier effect of all those small (but one by one reasonable) changes will bring huge swings in the calculated intrinsic value. The fact that a DCF could be made to show almost anything has created a mini revival for excess return valuations such as the Residual Income Model. These are close cousins to the DCF methodology, but use a) the capital base of the company and b) its ability to earn a return on capital that is higher than the cost of capital as the two main inputs. Using the capital as the base for the valuation makes it potentially less dependent on estimates of an unknowable future.

This book is unbeatable for the practitioner who needs the tools for valuing a company or must understand how other do just that. More philosophical issues are to be sought elsewhere.

This is a review by
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