Valuation (PDF)

About the Authors. Preface. Acknowledgments. Part One Foundations of Value. 1 WhyValueValue? 2 Fundamental Principles of Value Creation. 3 The Expectations Treadmill. 4 Return on Invested Capital. 5 Growth. Part Two Core Valuation Techniques. 6 Frameworks for Valuation. 7 Reorganizing the Financial Statements. 8 Analyzing Performance and Competitive Position. 9 Forecasting Performance. 10 Estimating Continuing Value. 11 Estimating the Cost of Capital. 12 Moving from Enterprise Value to Value per Share. 13 Calculating and Interpreting Results. 14 Using Multiples to Triangulate Results. Part Three Intrinsic Value and the Stock Market. 15 Market Value Tracks Return on Invested Capital and Growth. 16 Markets Value Substance, Not Form. 17 Emotions and Mispricing in the Market. 18 Investors and Managers in Efficient Markets. Part Four Managing for Value. 19 Corporate Portfolio Strategy. 20 Performance Management. 21 Mergers and Acquisitions. 22 Creating Value through Divestitures. 23 Capital Structure. 24 Investor Communications. Part Five Advanced Valuation Issues. 25 Taxes. 26 Nonoperating Expenses, One-Time Charges, Reserves, and Provisions. 27 Leases, Pensions, and Other Obligations. 28 Capitalized Expenses. 29 Inflation. 30 Foreign Currency. 31 Case Study: Heineken. Part Six Special Situations. 32 Valuing Flexibility. 33 Valuation in Emerging Markets. 34 Valuing High-Growth Companies. 35 Valuing Cyclical Companies. 36 Valuing Banks. Appendix A Economic Profit and the Key Value Driver Formula. Appendix B Discounted Economic Profit Equals Discounted Free Cash Flow. Appendix C Derivation of Free Cash Flow,Weighted Average Cost of Capital, and Adjusted Present Value. Appendix D Levering and Unlevering the Cost of Equity. Appendix E Leverage and the Price-to-Earnings Multiple. Index.

McKINSEY & COMPANY is a management consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Over the past seven decades, the firm's primary objective has remained constant: to serve as an organization's most trusted external advisor on critical issues facing senior management. TIM KOLLER is a partner in McKinsey's New York office. Tim has served clients in North America and Europe on corporate strategy and issues concerning capital markets, M&A transactions, and value-based management. He leads the firm's research activities in valuation and capital markets issues. He received his MBA from the University of Chicago. MARC GOEDHART is an associate principal in McKinsey's Amsterdam office. Marc has served clients across Europe on portfolio restructuring, issues concerning capital markets, and M&A transactions. He received a PhD in finance from Erasmus University Rotterdam. DAVID WESSELS is an adjunct professor of finance and director of executive education at the Wharton School of the University of Pennsylvania. Named by BusinessWeek as one of America's top business school instructors, he teaches corporate valuation at the MBA and Executive MBA levels. David received his PhD from the University of California at Los Angeles.

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