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Klappentext Expert valuation guidance from McKinsey & Company that students and professors have come to rely on Valuation, University Edition, Eighth Edition is filled with the expert guidance from McKinsey & Company that students and professors have come to rely on for more than 35 years. Now in its eighth edition, this volume continues to help professors and students around the world gain a deep understanding of valuation. Called "the best practitioners' guide to valuation" by the Financial Times and "the most influential contemporary books about the world economy" by The Economist, the Eighth Edition of Valuation continues McKinsey's long tradition of excellence. In that book, a team of veteran McKinsey & Company professionals walk you through the foundations of valuation, advanced topics like valuing high-growth companies and digital assets, and managerial topics such as corporate portfolio strategy and acquisitions. Here, you'll discover: Questions at the end of each chapter for use in class discussions, assignments, and more with access to a curriculum and test bankBest practices to apply valuation to business strategy questions and communicate with investorsHow to analyze and forecast performance, the cost of capital, and put it all together in a coherent valuation Engaging and accessible, this University Edition contains essential information needed to excel at this challenging endeavor. Inhaltsverzeichnis About the Authors ix Preface xi Acknowledgments xv Part One Foundations of Value 1 Why Value Value? 3 Review Questions 13 2 Finance in a Nutshell 15 Review Questions 24 3 Fundamental Principles of Value Creation 25 Review Questions 51 4 Risk and the Opportunity Cost of Capital 53 Review Questions 67 5 The Alchemy of Stock Market Performance 69 Review Questions 83 6 The Stock Market and Economic Fundamentals 85 Review Questions 104 7 The Stock Market Is Smarter Than You Think 105 Review Questions 124 8 Return on Invested Capital 127 Review Questions 157 9 Growth 159 Review Questions 180 Part Two Core Valuation Techniques 10 Frameworks for Valuation 183 Review Questions 212 11 Reorganizing the Financial Statements 215 Review Questions 249 12 Analyzing Performance 251 Review Questions 270 13 Forecasting Performance 273 Review Questions 300 14 Estimating Continuing Value 303 Review Questions 323 15 Estimating the Cost of Capital 325 Review Questions 355 16 Moving from Enterprise Value to Value per Share 357 Review Questions 378 17 Analyzing the Results 381 Review Questions 391 18 Using Multiples 393 Review Questions 413 19 Valuation by Parts 415 Review Questions 434 Part Three Advanced Valuation Techniques 20 Taxes 439 Review Questions 454 21 Nonoperating Items, Provisions, and Reserves 457 Review Questions 472 22 Leases 473 Review Questions 488 23 Retirement Obligations 491 Review Questions 501 24 Measuring Performance in Capital-Light Businesses 503 Review Questions 518 25 CFROI and Other Ways to Measure Return on Capital 519 Review Questions 529 26 Inflation 531 Review Questions 550 27 Cross-Border Valuation 551 Review Questions 569 Part Four Managing for Value 28 Corporate Portfolio Strategy 573 Review Questions 593 29 Strategic Management: Analytics 595 Review Quest...
