Valuation / Wiley Finance Editions (PDF)

Part One: Foundations of Value. 1. Why Maximize Value? 2. The Value Manager. 3. Fundamental Principles of Value Creation. 4. Do Fundamentals Really Drive the Stock Market? Part Two: Core Valuation Techniques. 5. Frameworks for Valuation. 6. Thinking about Return on Invested Capital and Growth. 7. Analyzing Historical Performance. 8. Forecasting Performance. 9. Estimating Continuing Value. 10. Estimating the Cost of Capital. 11. Calculating and Interpreting Results. 12. Using Multiples for Valuation. Part Three: Making Value Happen. 13. Performance Measurement. 14. Performance Management. 15. Creating Value through Mergers and Acquisitions. 16. Creating Value through Divestitures. 17. Capital Structure. 18. Investor Communications. Part Four: Advanced Valuation Issues. 19. Valuing Multibusiness Companies. 20. Valuing Flexibility. 21. Cross-Border Valuation. 22. Valuation in Emerging Markets. 23. Valuing High-Growth Companies. 24. Valuing Cyclical Companies. 25. Valuing Financial Institutions. Appendix A: Economic Profit and the Key Value Driver Formula. Appendix B: Discounted Economic Profit Equals Discounted Free Cash Flow. Appendix C: Adjusted Present Value Equals Discounted Free Cash Flow. Appendix D: Levering and Unlevering the Cost of Equity. Appendix E: Leverage and the Price-Earnings Multiple. Index.

The authors are all current or former consultants of McKinsey &
Company's corporate finance practice. Collectively they have
more than 50 years of experience in consulting and financial
education.

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. With
consultants deployed from over 80 offices in more than 40
countries, McKinsey advises companies on strategic, operational,
organizational, financial, and technological issues. The firm has
extensive experience in all major industry sectors and primary
functional areas, as well as in-depth expertise in high-priority
areas for today's business leaders.

Tim Koller is a partner in McKinsey's New York
office. He leads the firm's Corporate Performance Center and
is a member of the leadership group of the firm's global
corporate finance practice. In his 20 years in consulting Tim has
served clients in North America and Europe on corporate strategy
and capital markets, M&A transactions, and value-based
management. He leads the firm's research activities in
valuation and capital markets. He was formerly with Stern Stewart
& Company, and Mobil Corporation. He received his MBA from the
University of Chicago.

Marc Goedhart is an associate principal in
McKinsey's Amsterdam office and a member of the leadership
group of the firm's corporate finance practice in Europe.
Marc has served clients across Europe on portfolio restructuring,
capital markets, and M&A transactions. He taught finance as an
assistant professor at Erasmus University in Rotterdam, where he
also earned a PhD in finance.

David Wessels is an adjunct professor of finance at the
Wharton School of the University of

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