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Valuation: Measuring and Managing the Value of Companies 8th ed


ISBN13: 9781394279418
Previous Edition ISBN: 9781119610885
Published: May 2025
Publisher: John Wiley & Sons Ltd
Country of Publication: UK
Format: Hardback
Price: £80.00



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Valuation: Measuring and Managing the Value of Companies has been the gold standard on the topic for more than 30 years. Now in its eighth edition, this acclaimed volume continues to help corporate executives, bankers, other financial professionals, and students around the world gain a deep understanding of valuation and help their companies create and maximize economic value.

Called “the best practitioners' guide to valuation” by The Financial Times and “one of the most influential contemporary books about the world economy” by The Economist, the newly revised eighth edition continues McKinsey's long tradition of excellence. In the book, a team of veteran McKinsey & Company professionals walks 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. You'll also discover:

  • Clear, accessible chapters with detailed guidance on the fundamental principles of value creation
  • Best practices to apply valuation to business strategy questions and communicate with investors
  • Ways to analyze and forecast performance, the cost of capital, and put it all together in a coherent valuation

McKinsey & Company has been helping businesses, governments, nonprofit organizations, and other institutions grow and thrive for almost 100 years. Valuation's authors draw on that storied history to bring you the most relevant, accurate, intuitive, and practical guide to valuation on the market today.

Contents:
About the Authors
Preface
Acknowledgments
Part One Foundations of Value
1. Why Value Value?
2. Finance in a Nutshell
3. Fundamental Principles of Value Creation
4. Risk and the Opportunity Cost of Capital
5. The Alchemy of Stock Market Performance
6. The Stock Market and Economic Fundamentals
7. The Stock Market Is Smarter Than You Think
8. Return on Invested Capital
9. Growth
Part Two Core Valuation Techniques
10. Frameworks for Valuation
11. Reorganizing the Financial Statements
12. Analyzing Performance
13. Forecasting Performance
14. Estimating Continuing Value
15. Estimating the Cost of Capital
16. Moving from Enterprise Value to Value per Share
17. Analyzing the Results
18. Using Multiples
19. Valuation by Parts
Part Three Advanced Valuation Techniques
20. Taxes
21. Nonoperating Items, Provisions, and Reserves
22. Leases
23. Retirement Obligations
24. Measuring Performance in Capital-Light Businesses
25. CFROI and Other Ways to Measure Return on Capital
26. Inflation
27. Cross-Border Valuation
Part Four Managing for Value
28. Corporate Portfolio Strategy
29. Strategic Management: Analytics
30. Strategic Management: Governance, Processes, and Decision Making
31. Mergers and Acquisitions
32. Divestitures
33. Digital Initiatives and Companies
34. Sustainability
35. Capital Structure, Dividends, and Share Repurchases
36. Investor Communications
Part Five Special Situations
37. Leveraged Buyouts
38. Venture Capital
39. High-Growth Companies
40. Flexibility and Options
41. Emerging Markets
42. Cyclical Companies
43. Banks
Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow
Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value
Appendix C Levering and Unlevering the Cost of Equity
Appendix D Leverage and the Price-to-Earnings Multiple
Appendix E Other Capital Structure Issues
Appendix F Technical Issues in Estimating the Market Risk Premium
Appendix G Global, International, and Local CAPM
Appendix H Two-Stage Formula for Continuing Value
Appendix I A Valuation of Costco Wholesale
Index