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Valuation: Measuring and Managing the Value of Companies, Fourth Edition Hardcover – June 8, 2005
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From the Inside Flap
At the crossroads of corporate strategy and finance lies valuation. And in today's economy—whether you're a seasoned manager or a budding business professional—it's essential to excel at measuring, managing, and maximizing shareholder and company value. Valuation, hailed by financial professionals worldwide as the single best guide of its kind, will show you how to do just that and much more.
Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fourth Edition continues the tradition of its bestselling predecessors by providing 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 Internet bubble and its effect on stock markets, new developments in academic finance, changes in accounting rules (both U. S. and IFRS), and an enhanced global perspective.
Valuation, Fourth 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 reorgan-izing 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
Valuation, Fourth 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"). A complementary chapter advises managers how to run companies to create long-term value, and a new chapter explores ways to improve communication with financial markets.
Valuation, Fourth Edition stands alone in this field with its reputation of quality and consistency. The author team of Tim Koller, Marc Goedhart, and David Wessels has taken the latest insights from their experiences working with global companies and created one of the most engaging and insightful guides to valuation. If you want to hone your valuation skills today and improve them for years to come, look no further than the Fourth Edition of Valuation.
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, 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 Refining and Marketing, BP plc
Praise for the First Edition
"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."
—The New York Times
"The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation."
Top customer reviews
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Please do not misunderstand me, this is a respectable book by the venerable McKinsey & Co. However, it is long on theory and short on practicum. If you are looking for a book on the mechanics of valuation, this is not the book for you. Conversely, if you have mastered the mechanics of valuation and want to graduate to more heady theoretical ground, then you will find no better book than this.