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Valuation, + Download: Measuring and Managing the Value of Companies, 5th Edition Hardcover – July 26, 2010


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Valuation, + Download: Measuring and Managing the Value of Companies, 5th Edition + Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation + Value: The Four Cornerstones of Corporate Finance
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Editorial Reviews

From the Inside Flap

Corporate finance is simpler and more intuitive than most people think. Yet, executives frequently make decisions that defy the core principles and their own intuition. They subscribe to the common wisdom of "The Street" instead of simple, common financial sense.

McKinsey's Valuation: Measuring and Managing the Value of Companies, Fifth Edition, with its companion DCF Model Download, provides the knowledge executives need to make value-creating decisions—replacing some of the myths that pervade the corporate world with proven principles of value creation.

Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation + DCF Model Download, Fifth Edition provides up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect the events of the real estate bubble and its effect on stock markets, new developments in corporate finance, changes in accounting rules, and an enhanced global perspective.

Valuation + DCF Model Download, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students have come to trust. It contains a solid framework for valuation:

  • Analyzing historical performance, including reorganizing a company's financial statements to reflect economic rather than accounting performance

  • Forecasting performance, with emphasis on not just the mechanics of forecasting but also how to think about a company's future economics

  • Estimating the cost of capital with practical tips that aren't found in textbooks

  • Interpreting the results of a valuation in light of a company's competitive situation

  • Linking a company's valuation multiples to the core drivers of its performance

Hailed by financial professionals worldwide as the single best guide of its kind, Valuation + DCF Model Download, Fifth Edition remains true to its roots, with an extensive discussion on the complexity of measuring corporate performance to assess historical financial results properly and to gain insight into a company's ability to create value in the future (its corporate "health").

At the crossroads of corporate strategy and finance lies valuation. Filled with expert guidance as well as a valuation model developed by McKinsey's own finance practice—which can be accessed through the DCF Model Download—this reliable resource enables everyone from the budding professional to the seasoned manager to excel at measuring, managing, and maximizing shareholder and company value. By combining the dynamic flexibility of a DCF Model Download with the depth and breadth of a classic text, this package will help you hone your valuation skills today and improve them for years to come.

From the Back Cover

The #1 guide to corporate valuation is back . . . and better than ever!

"The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives."—Professor Benjamin C. Esty, Harvard Business School, author of Modern Project Finance: A Casebook

"The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition." —Dr. Raymund Breu, former chief financial officer, Novartis AG

"Valuation gets to the heart of how to measure and manage value in a company. Whether you are evaluating an acquisition, restructuring a corporation, or formulating strategy, this book will help you do it well."—John A. Manzoni, Chief Executive Officer, Talisman Energy Inc.

"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."—New York Times

"The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation."—Financial Times

Also available from McKinsey's suite of Valuation, Fifth Edition products:

Interactive Discounted Cash Flow (DCF) Valuation Model: Available as a companion CD-ROM (978-0-470-42457-5) or DCF Model Download (978-0-470-89455-2), this interactive version of McKinsey's DCF Valuation model allows readers to conduct, with the guidance of McKinsey's valuation techniques, their own valuation analysis of companies.

Valuation Workbook, Fifth Edition: Part of McKinsey's esteemed Valuation approach, this companion workbook (978-0-470-42464-3) is a must-have guide to reviewing and applying the valuation concepts and techniques discussed in Valuation, Fifth Edition.

Value: The Four Cornerstones of Corporate Finance: Value (978-0-470-42460-5) offers an executive overview of the core concepts of corporate finance and their ties to value. Intended for managers and students, this accessible guide offers a solid foundation to valuation.


More About the Author

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.

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