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Valuation: Measuring and Managing the Value of Companies, 3rd Edition Hardcover – July 28, 2000

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Editorial Reviews


"Information in the book is clearly presented. A good read which will enable you to approach corporate valuation with confidence." (Lloyd's List, 4th November 2000)

From the Inside Flap

Hailed by financial professionals worldwide as the single best guide of its kind, Valuation provides crucial insights into how to measure, manage, and maximize a company's value. This long-awaited Third Edition has been comprehensively updated and expanded to reflect business conditions in today's volatile global economy and to provide highly effective ways for managers at every level to create value for their companies.

In addition to all new case studies, Valuation now includes in-depth coverage on valuing dot.coms, cyclical companies, and companies in emerging markets, along with detailed instructions on how to drive value creation and apply real options to corporate valuation. Here is expert guidance that management and investment professionals and students alike have come to trust, including:
* Valuation's acclaimed chapter devoted to insights into the strategic advantages of value-based management
* Strategies for multibusiness valuation, and valuation for corporate restructuring, mergers, and acquisitions
* International comparisons of the cost of capital, differences in accounting procedures, and how valuation works in different countries
* Detailed, actual case studies showing how valuation techniques and principles are applied

This timeless, respected book on valuation allows you to face the crossroads where corporate strategy and finance meet with more confidence and winning strategies than ever before.

McKinsey & Company, inc. is an international top management consulting firm. Founded in 1926, McKinsey & Company, Inc. advises leading companies around the world on issues of strategy, organization, and operations, and in specialized areas such as finance, information technology and the Internet, research and development, sales, marketing, manufacturing, and distribution.

Please visit us at is a premier Web site devoted to all things valuation. At this unique online community for financial professionals, you will enjoy the following features:
* New information on valuation topics links to key valuation sites
* Valuation message boards and chats
* Downloadable valuation spreadsheets

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Product Details

  • Series: Frontiers in Finance Series (Book 79)
  • Hardcover: 492 pages
  • Publisher: John Wiley & Sons, Inc.; 3 edition (July 28, 2000)
  • Language: English
  • ISBN-10: 0471361909
  • ISBN-13: 978-0471361909
  • Product Dimensions: 7.3 x 1.7 x 10.4 inches
  • Shipping Weight: 2.4 pounds
  • Average Customer Review: 3.3 out of 5 stars  See all reviews (38 customer reviews)
  • Amazon Best Sellers Rank: #1,219,962 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

256 of 258 people found the following review helpful By A Customer on May 24, 2001
Format: Hardcover
This was the text book for an advanced seminar on Valuation that I took in my MBA program, and I have a feeling the professor will not use this text book ever again. The problem is, as another reviewer observed, these McKinsey guys take great care not to reveal any trade secrets in their text. Therefore you will notice that there is an unusual amount of prose, and a conspicuous lack of financial formulae in this text book. Our professor had to prepare supplemental lecture notes chock full of formulae, exercises, and examples because she realized that much of what is really needed to learn Valuation is not covered, but only mentioned or alluded to in this book. For example, everyone accepts that a controlling interest in a firm is worth more than a minority interest in a firm, and Copeland et. al. mention that discounts and premiums may be necessary to accomodate for this situation, but they give no guidance in calculating such premiums. Further, this book is all about discounted cash flow analysis, which is really only one of several valuation methods. No space is given to relative valuation or the interpretation of multiples such as P/E. The authors' reason for shunning relative valuation is flimsy at best (they argue that relative valuation doesn't help you if you are investing in an industry in which ALL firms are over-valued by the Market).
There are two different groups who might be interested in valuation: investors who want to use valuation techniques to make passive investments in public companies, like Warren Buffett; and entrepreneurs / managers who are charged with the job of buying or selling business assets for their firms. To the first group, I recommend the Valuation books of Aswath Damodaran (my favorite is "The Dark Side of Valuation").
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54 of 58 people found the following review helpful By P. Bhatt on July 3, 2001
Format: Paperback
The first part of the book covers very basic material that may be found anywhere on the Internet or in a beginner's finance text book. This portion will be valuable only to introductory students of the subject.
The second two parts, which deal with actual valuation techniques, are very verbose, but lacking in organization and depth. This half assumes that you are already familiar with concepts such as WACC, Free Cash Flows, and other accounting and valuation terms. Although several valuation techniques are indeed discussed, by no means is the list comprehensive. Furthermore, no systematic approach to deriving or explaining the formulas is available, and often, terms not introduced earlier are used.
On the positive side, however, the book makes easy reading and focuses on a more practical, rather than academic or theoretical, discussion of valuation.
This book may not provide much value to a serious student of valuation. Furthermore, I do not believe it will make an ideal reference for the experienced professional either. At best, it will make a good second reference for a graduate level course in valuation.
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42 of 44 people found the following review helpful By Paul A. Broni on October 12, 1998
Format: Hardcover
This book provides excellent information about the DCF Valuation process. The reader will learn how to develop the model and where to input the various data, as well as understand how to justify some of the assumptions such as cost of equity. The disk that accompanies the hardcover addition will be very useful to some practitioners, although analysts with strong modeling skills will likely want to create their own spreadsheet. The book, however, is not a comprehensive guide to valuation, as it does not discuss other methods such as the peer group comparison. Nonetheless, it is an excellent reference book on the topic of DCF Valuation, and it belongs on every financial analyst's desk.
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23 of 24 people found the following review helpful By on August 26, 1997
Format: Paperback
I am an MBA student at Univ. of Texas at Austin, and am an avid reader of corporate finance literature, research. This book is the finest that I have ever come across, and bridges the gap between things I know and things that I can teach myself. If you are a person who needs to know the nitty-gritty details, I recommend this book along with Damodaran on Valuation. This book covers broad topics extremely well, and Damodaran on Valuation gives u the nitty-gritty detail
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19 of 20 people found the following review helpful By Markus Breuer on June 16, 2001
Format: Hardcover
This book is well researched, well structured, well written. From a scientific point of view, however, there are 2 topics Mr CCopeland should improve in his next edition: (1) He should write more on CFROI and CVA (Cash-Value-Added) (2) Improve the chapter on forecsting future performance
(1) His treatment of CVA was a bit unfair, because it was invented by Boston Consulting - McKinsey_#s arch enemy Nr.1. It is true, that CVA has got downsides, but ist seems that Mr Copeland did not see, or did not understand, that CVA has got a large advantage vs EVA/FCF-Valuation: It can be aligned with Strategy because you can simulate future performance more easily That means: If you use CVA, you can simulate how - experience curve effects change CVA - changes in lead time change CVA - slashing the number of product variants change CVA.
If you try to do this with FCF-Valuation, you go nuts, because to forecast FCF you must -evaluate the companys strategy first and -forecast future cash flows over a ten year horizon for dozens of scenarios. The step form strategy to scenario opens the door for manipulations, and in most cases a consultant will simply use an ROIC-Tree with generic value drivers.
If you tell a production manager to 'optimize his COGS/Sales ratio' he'll tell you that your nuts.
All-in-all this book is still a must read for beginners. -
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