Klappentext McKinsey & Company's #1 bestselling guide to corporate valuation, now in its Eighth Edition The revised Eighth Edition of Valuation offers detailed, step-by-step explanations of how to easily and effectively measure and manage the value of companies. This book contains proven valuation frameworks that have been used successfully in McKinsey & Company's consulting work, including illustrative case studies that put the spotlight on practical judgments involved in developing and using valuations. PRAISE FOR VALUATION "The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation." - Financial Times " Valuation ... is one of the most influential contemporary books about the world economy." - The Economist "A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies." - The New York Times Inhaltsverzeichnis About the Authors ix Preface xi Acknowledgments xv Part One Foundations of Value 1 Why Value Value? 3 2 Finance in a Nutshell 13 3 Fundamental Principles of Value Creation 23 4 Risk and the Opportunity Cost of Capital 49 5 The Alchemy of Stock Market Performance 63 6 The Stock Market and Economic Fundamentals 77 7 The Stock Market Is Smarter Than You Think 97 8 Return on Invested Capital 117 9 Growth 147 Part Two Core Valuation Techniques 10 Frameworks for Valuation 171 11 Reorganizing the Financial Statements 201 12 Analyzing Performance 235 13 Forecasting Performance 255 14 Estimating Continuing Value 283 15 Estimating the Cost of Capital 303 16 Moving from Enterprise Value to Value per Share 333 17 Analyzing the Results 355 18 Using Multiples 365 19 Valuation by Parts 385 Part Three Advanced Valuation Techniques 20 Taxes 407 21 Nonoperating Items, Provisions, and Reserves 423 22 Leases 439 23 Retirement Obligations 455 24 Measuring Performance in Capital-Light Businesses 465 25 CFROI and Other Ways to Measure Return on Capital 481 26 Inflation 491 27 Cross-Border Valuation 511 Part Four Managing for Value 28 Corporate Portfolio Strategy 531 29 Strategic Management: Analytics 551 30 Strategic Management: Governance, Processes, and Decision Making 573 31 Mergers and Acquisitions 589 32 Divestitures 617 33 Digital Initiatives and Companies 633 34 Sustainability 653 35 Capital Structure, Dividends, and Share Repurchases 671 36 Investor Communications 703 Part Five Special Situations 37 Leveraged Buyouts 729 38 Venture Capital 749 39 High-Growth Companies 763 40 Flexibility and Options 779 41 Emerging Markets 815 42 Cyclical Companies 833 43 Banks 843 Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 865 Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 869 Appendix C Levering and Unlevering the Cost of Equity 875 Appendix D Leverage and the Price-to-Earnings Multiple 883 Appendix E Other Capital Structure Issues 887 Appendix F Technical Issues in Estimating the Market Risk Premium 891 Appendix G Global, International, and Local CAPM 895 Appendix H Two-Stage Formula for Continuing Value 903 Appendix I A Valuation of Costco Wholesale 905 Index 931 ...

Inhalt

About the Authors ix

Preface xi

Acknowledgments xv

Part One Foundations of Value

1 Why Value Value? 3

2 Finance in a Nutshell 13

3 Fundamental Principles of Value Creation 23

4 Risk and the Opportunity Cost of Capital 49

5 The Alchemy of Stock Market Performance 63

6 The Stock Market and Economic Fundamentals 77

7 The Stock Market Is Smarter Than You Think 97

8 Return on Invested Capital 117

9 Growth 147

Part Two Core Valuation Techniques

10 Frameworks for Valuation 171

11 Reorganizing the Financial Statements 201

12 Analyzing Performance 235

13 Forecasting Performance 255

14 Estimating Continuing Value 283

15 Estimating the Cost of Capital 303

16 Moving from Enterprise Value to Value per Share 333

17 Analyzing the Results 355

18 Using Multiples 365

19 Valuation by Parts 385

Part Three Advanced Valuation Techniques

20 Taxes 407

21 Nonoperating Items, Provisions, and Reserves 423

22 Leases 439

23 Retirement Obligations 455

24 Measuring Performance in Capital-Light Businesses 465

25 CFROI and Other Ways to Measure Return on Capital 481

26 Inflation 491

27 Cross-Border Valuation 511

Part Four Managing for Value

28 Corporate Portfolio Strategy 531

29 Strategic Management: Analytics 551

30 Strategic Management: Governance, Processes, and Decision Making 573

31 Mergers and Acquisitions 589

32 Divestitures 617

33 Digital Initiatives and Companies 633

34 Sustainability 653

35 Capital Structure, Dividends, and Share Repurchases 671

36 Investor Communications 703

Part Five Special Situations

37 Leveraged Buyouts 729

38 Venture Capital 749

39 High-Growth Companies 763

40 Flexibility and Options 779

41 Emerging Markets 815

42 Cyclical Companies 833

43 Banks 843

Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 865

Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 869

Appendix C Levering and Unlevering the Cost of Equity 875

Appendix D Leverage and the Price-to-Earnings Multiple 883

Appendix E Other Capital Structure Issues 887

Appendix F Technical Issues in Estimating the Market Risk Premium 891

Appendix G Global, International, and Local CAPM 895

Appendix H Two-Stage Formula for Continuing Value 903

Appendix I A Valuation of Costco Wholesale 905

Index 931