Klappentext Expert valuation guidance from McKinsey & Company that students and professors have come to rely on Valuation, University Edition, Eighth Edition is filled with the expert guidance from McKinsey & Company that students and professors have come to rely on for more than 35 years. Now in its eighth edition, this volume continues to help professors and students around the world gain a deep understanding of valuation. Called "the best practitioners' guide to valuation" by the Financial Times and "the most influential contemporary books about the world economy" by The Economist, the Eighth Edition of Valuation continues McKinsey's long tradition of excellence. In that book, a team of veteran McKinsey & Company professionals walk you through the foundations of valuation, advanced topics like valuing high-growth companies and digital assets, and managerial topics such as corporate portfolio strategy and acquisitions. Here, you'll discover: Questions at the end of each chapter for use in class discussions, assignments, and more with access to a curriculum and test bankBest practices to apply valuation to business strategy questions and communicate with investorsHow to analyze and forecast performance, the cost of capital, and put it all together in a coherent valuation Engaging and accessible, this University Edition contains essential information needed to excel at this challenging endeavor. Inhaltsverzeichnis About the Authors ix Preface xi Acknowledgments xv Part One Foundations of Value 1 Why Value Value? 3 Review Questions 13 2 Finance in a Nutshell 15 Review Questions 24 3 Fundamental Principles of Value Creation 25 Review Questions 51 4 Risk and the Opportunity Cost of Capital 53 Review Questions 67 5 The Alchemy of Stock Market Performance 69 Review Questions 83 6 The Stock Market and Economic Fundamentals 85 Review Questions 104 7 The Stock Market Is Smarter Than You Think 105 Review Questions 124 8 Return on Invested Capital 127 Review Questions 157 9 Growth 159 Review Questions 180 Part Two Core Valuation Techniques 10 Frameworks for Valuation 183 Review Questions 212 11 Reorganizing the Financial Statements 215 Review Questions 249 12 Analyzing Performance 251 Review Questions 270 13 Forecasting Performance 273 Review Questions 300 14 Estimating Continuing Value 303 Review Questions 323 15 Estimating the Cost of Capital 325 Review Questions 355 16 Moving from Enterprise Value to Value per Share 357 Review Questions 378 17 Analyzing the Results 381 Review Questions 391 18 Using Multiples 393 Review Questions 413 19 Valuation by Parts 415 Review Questions 434 Part Three Advanced Valuation Techniques 20 Taxes 439 Review Questions 454 21 Nonoperating Items, Provisions, and Reserves 457 Review Questions 472 22 Leases 473 Review Questions 488 23 Retirement Obligations 491 Review Questions 501 24 Measuring Performance in Capital-Light Businesses 503 Review Questions 518 25 CFROI and Other Ways to Measure Return on Capital 519 Review Questions 529 26 Inflation 531 Review Questions 550 27 Cross-Border Valuation 551 Review Questions 569 Part Four Managing for Value 28 Corporate Portfolio Strategy 573 Review Questions 593 29 Strategic Management: Analytics 595 Rev...

Inhalt

About the Authors ix

Preface xi

Acknowledgments xv

Part One Foundations of Value

1 Why Value Value? 3

Review Questions 13

2 Finance in a Nutshell 15

Review Questions 24

3 Fundamental Principles of Value Creation 25

Review Questions 51

4 Risk and the Opportunity Cost of Capital 53

Review Questions 67

5 The Alchemy of Stock Market Performance 69

Review Questions 83

6 The Stock Market and Economic Fundamentals 85

Review Questions 104

7 The Stock Market Is Smarter Than You Think 105

Review Questions 124

8 Return on Invested Capital 127

Review Questions 157

9 Growth 159

Review Questions 180

Part Two Core Valuation Techniques

10 Frameworks for Valuation 183

Review Questions 212

11 Reorganizing the Financial Statements 215

Review Questions 249

12 Analyzing Performance 251

Review Questions 270

13 Forecasting Performance 273

Review Questions 300

14 Estimating Continuing Value 303

Review Questions 323

15 Estimating the Cost of Capital 325

Review Questions 355

16 Moving from Enterprise Value to Value per Share 357

Review Questions 378

17 Analyzing the Results 381

Review Questions 391

18 Using Multiples 393

Review Questions 413

19 Valuation by Parts 415

Review Questions 434

Part Three Advanced Valuation Techniques

20 Taxes 439

Review Questions 454

21 Nonoperating Items, Provisions, and Reserves 457

Review Questions 472

22 Leases 473

Review Questions 488

23 Retirement Obligations 491

Review Questions 501

24 Measuring Performance in Capital-Light Businesses 503

Review Questions 518

25 CFROI and Other Ways to Measure Return on Capital 519

Review Questions 529

26 Inflation 531

Review Questions 550

27 Cross-Border Valuation 551

Review Questions 569

Part Four Managing for Value

28 Corporate Portfolio Strategy 573

Review Questions 593

29 Strategic Management: Analytics 595

Review Questions 616

30 Strategic Management: Governance, Processes, and Decision Making 617

Review Questions 633

31 Mergers and Acquisitions 635

Review Questions 663

32 Divestitures 665

Review Questions 681

33 Digital Initiatives and Companies 683

Review Questions 702

34 Sustainability 703

Review Questions 720

35 Capital Structure, Dividends, and Share Repurchases 721

Review Questions 752

36 Investor Communications 753

Review Questions 777

Part Five Special Situations

37 Leveraged Buyouts 781

Review Questions 800

38 Venture Capital 801

Review Questions 815

39 High-Growth Companies 817

Review Questions 832

40 Flexibility and Options 833

Review Questions 868

41 Emerging Markets 869

Review Questions 887

42 Cyclical Companies 889

Review Questions 898

43 Banks 899

Review Questions 920

Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 921

Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 925

Appendix C Levering and Unlevering the Cost of Equity 931

Appendix D Leverage and the Price-to-Earnings Multiple 939

Appendix E Other Capital Structure Issues 943

Appendix F Technical Issues in Estimating the Market Risk Premium 947

Appendix G Global, International, and Local CAPM 951

Appendix H Two-Stage Formula for Continuing Value 959

Appendix I A Valuation of Costco Wholesale 961

Index 987