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More About This Title Valuation Workbook, Fifth Edition: Step-by-Step Exercises and Tests to Help You Master Valuation
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If you want to get more out of Valuation, Fifth Edition, then pick up the Valuation Workbook. This comprehensive study guide provides you with an invaluable opportunity to explore your understanding of the strategies and techniques covered in the main text, before putting it to work in real-world situations.
Along with a complete answer key, this workbook also covers such essentials as value creation, value metrics, M&A and joint ventures, and valuation frameworks. Brief summary chapters also help to reinforce major points.
Walks you through Valuation, Fifth Edition, providing chapter-by-chapter coverage of the core textOffers complete coverage of analyzing historical information, estimating the cost of capital and continuing value, forecasting performance, and calculating resultsTests your comprehension of the ideas presented throughout, with multiple-choice questions and problemsValuation Workbook is filled with a wealth of practical learning exercises and information that will help you understand and apply the proven principles found in Valuation, Fifth Edition.
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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 an associate principal 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.
Erik Benrud is a clinical full professor of finance and the CFA Review Coordinator and Advisor at Drexel University. His research has appeared in many peer-reviewed journals, and he has won teaching and research awards from Association to Advance Collegiate Schools of Business (AACSB)-accredited universities. He consults and has delivered seminars on finance around the world. Erik received his PhD from the University of Virginia where he also taught finance.
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About the Authors ix
Introduction xi
Part One Questions
1 Why Value Value? 3
2 Fundamental Principles of Value Creation 6
3 The Expectations Treadmill 9
4 Return on Invested Capital 12
5 Growth 15
6 Frameworks for Valuation 18
7 Reorganizing the Financial Statements 22
8 Analyzing Performance and Competitive Position 26
9 Forecasting Performance 30
10 Estimating Continuing Value 35
11 Estimating the Cost of Capital 40
12 Moving from Enterprise Value to Value per Share 44
13 Calculating and Interpreting Results 48
14 Using Multiples to Triangulate Results 52
15 Market Value Tracks Return on Invested Capital and Growth 55
16 Markets Value Substance, Not Form 59
17 Emotions and Mispricing in the Market 63
18 Investors and Managers in Efficient Markets 66
19 Corporate Portfolio Strategy 70
20 Performance Management 73
21 Mergers and Acquisitions 77
22 Creating Value through Divestitures 82
23 Capital Structure 86
24 Investor Communications 90
25 Taxes 94
26 Nonoperating Expenses, One-Time Charges, Reserves, and Provisions 97
27 Leases, Pensions, and Other Obligations 101
28 Capitalized Expenses 105
29 Inflation 107
30 Foreign Currency 114
31 Case Study: Heineken 117
32 Valuing Flexibility 123
33 Valuation in Emerging Markets 126
34 Valuing High-Growth Companies 129
35 Valuing Cyclical Companies 132
36 Valuing Banks 142
Part Two Answers
1 Why Value Value? 149
2 Fundamental Principles of Value Creation 150
3 The Expectations Treadmill 152
4 Return on Invested Capital 154
5 Growth 156
6 Frameworks for Valuation 158
7 Reorganizing the Financial Statements 160
8 Analyzing Performance and Competitive Position 162
9 Forecasting Performance 164
10 Estimating Continuing Value 167
11 Estimating the Cost of Capital 170
12 Moving from Enterprise Value to Value per Share 172
13 Calculating and Interpreting Results 174
14 Using Multiples to Triangulate Results 176
15 Market Value Tracks Return on Invested Capital and Growth 178
16 Markets Value Substance, Not Form 180
17 Emotions and Mispricing in the Market 182
18 Investors and Managers in Efficient Markets 184
19 Corporate Portfolio Strategy 186
20 Performance Management 188
21 Mergers and Acquisitions 190
22 Creating Value through Divestitures 192
23 Capital Structure 194
24 Investor Communications 197
25 Taxes 199
26 Nonoperating Expenses, One-Time Charges, Reserves, and Provisions 201
27 Leases, Pensions, and Other Obligations 204
28 Capitalized Expenses 207
29 Inflation 209
30 Foreign Currency 216
31 Case Study: Heineken 219
32 Valuing Flexibility 224
33 Valuation in Emerging Markets 226
34 Valuing High-Growth Companies 228
35 Valuing Cyclical Companies 231
36 Valuing Banks 238
