Valuation Mckinsey Pdf Download

At the crossroads of corporate strategy and finance lies valuation. This book enables everyone, from the budding professional to the seasoned manager, to excel at measuring and maximizing shareholder and company value.

Tim Koller is a partner in McKinsey's Stamford, Connecticut, office, where he is a founder of McKinsey's Strategy and Corporate Finance Insights team, a global group of corporate-finance expert consultants. In his 35 years in consulting, Tim has served clients globally on corporate strategy and capital markets, mergers and acquisitions transactions, and strategic planning and resource allocation. He leads the firm's research activities in valuation and capital markets. Before joining McKinsey, he worked with Stern Stewart & Company and with Mobil Corporation. He received his MBA from the University of Chicago.

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Marc Goedhart is a senior expert in McKinsey's Amsterdam office and an endowed professor of corporate valuation at Rotterdam School of Management, Erasmus University (RSM). Over the past 25 years, Marc has served clients across Europe on portfolio restructuring, M&A transactions, and performance management. He received his PhD in finance from Erasmus University.

David Wessels is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. Named by Bloomberg Businessweek as one of America's top business school instructors, he teaches courses on corporate valuation and private equity at the MBA and executive MBA levels. David is also a director in Wharton's executive education group, serving on the executive development faculties of several Fortune 500 companies. A former consultant with McKinsey, he received his PhD from the University of California at Los Angeles.

Tim Koller, Marc Goedhart, and David Wessels set out the core principles of valuation and offer a step-by-step guide to measuring the value of a company. This seventh edition of Valuation (the first was published in 1990) also addresses three factors challenging many value strategies today: the rising proportion of investments in intangible assets, the network effects enjoyed by dominant technology companies, and incorporating an environmental, social, and governance (ESG) lens in assessing value.

Over the last 35 years, higher market valuations have beendriven by steadily increasing margins and return on capital. For assetallocators, the higher valuations for US companies relative to other countries reflect higher ROIC.

Appears to be a bible for valuation. I had always taken Aswath Damodaran at that, but this one appears to be a very useful addition to the kit for those who want to fairly value tech companies and companies with high intangible assets.

Agree. Damodaran and this book are the best publicly available sources on valuation. I would also add UBS Fundamental Analytics to the list, but this is not publicly available (only for their clients, and I had a luck to read through my work).

Wiley.comAmazon.comBarnes&Noble.comBooks-A-MillionIndieBoundFind in a libraryAll sellers _OC_InitNavbar({"child_node":[{"title":"My library","url":" =114584440181414684107\u0026source=gbs_lp_bookshelf_list","id":"my_library","collapsed":true},{"title":"My History","url":"","id":"my_history","collapsed":true}],"highlighted_node_id":""});Valuation: Measuring and Managing the Value of Companies, University EditionMcKinsey & Company Inc., Tim Koller, Marc Goedhart, David WesselsJohn Wiley & Sons, Jun 23, 2020 - Business & Economics - 960 pagesMcKinsey & Company's bestselling guide to teaching corporate valuation - the fully updated seventh edition

Valuation: Measuring and Managing the Value of Companies, University Edition is filled with the expert guidance from McKinsey & Company that students and professors have come to rely on for over nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals and students around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders.

This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies. For thirty years, Valuation has remained true to its basic principles and continues to offer a step-by-step approach to teaching valuation fundamentals, including:

The University Edition contains end-of-chapter review questions to help students master key concepts from the book.

Wiley also offers an Online Instructor's Manual with a full suite of learning resources to complement valuation classroom instruction.

Valuation is the single best guide of its kind, helping financial professionals worldwide excel at measuring, managing, and maximizing shareholder and company value. This new sixth edition provides insights on the strategic advantages of value-based management, complete detailed instruction, and nuances managers should know about valuation and valuation techniques as applied to different industries, emerging markets, and other special situations.

As the valuation function becomes ever more central to long- and short-term strategy, analysts and managers need an authoritative reference to turn to for answers to challenging situations. Valuation stands ahead of the field for its reputation, quality, and prestige, putting the solutions you need right at your fingertips.

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 a senior expert 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. Table of contents About the Authors ix

Valuation has been the foremost resource for measuring company value for nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders.

MARC GOEDHART is a senior expert in McKinsey's Amsterdam office and endowed professor of corporate valuation at Rotterdam School of Management, Erasmus University (RSM). DAVID WESSELS is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. He was named by Bloomberg Businessweek as one of America's top business school instructors. MCKINSEY & COMPANY is a global management-consulting firm that serves leading global organizations across a wide range of industries and functions, helping them create change that matters.Read an ExcerptClick to read or download

Clear, accessible chapters cover the fundamental principles of value creation, analyzing and forecasting performance, capital structure and dividends, valuing high-growth companies, and much more. The Financial Times calls the book "one of the practitioners' best guides to valuation."

McKinsey & Company's #1 bestselling guide to corporate valuation, now in its Seventh Edition The revised Seventh Edition of Valuation offers detailed, step-by-step explanations of how to easily and effectively measure and manage the value of companies. This book contains proven valuation frameworks that have been used successfully in McKinsey & Company's consulting work, including illustrative case studies that put the spotlight on practical judgments involved in developing and using valuations. PRAISE FOR VALUATION "The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation."

--Financial Times "Valuation . . . is a reminder of why shareholder value is still the most powerful idea in business and why many criticisms thrown at it are unfair."

--The Economist "A 'how to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."

--The New York Times "Cuts through the clutter and confusion to focus executives on what really drives value creation."

--Fernando Tennenbaum, CFO, AB InBev "Clearly articulates both the principles and practical applications of creating value."

--John Graham, D. Richard Mead Professor of Finance, Fuqua School of Business, Duke University "The best valuation book just got better. It is required reading for all executives."

--Benjamin C. Esty, Roy and Elizabeth Simmons Professor of Business Administration, Harvard Business School "The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition."

--Dr. Raymond Breu, retired CFO, Novartis AG

About the Author

I demonstrate that the well known value driver formula (1-ROI/g)/(cost of capital-g) used in corporate valuation is not accurate because it does not account from nominal increases in income from inflation and it does not work when the rate of return for existing assets is different from the growth rate in new assets. The valuation book written by consultants and McKinsey and used by many investment bankers emphasize value drivers and asserts that valuation can be boiled down to the following formula: 2351a5e196