About the Authors ix
Preface xi
Acknowledgments xv
Part One Foundations of Value
1 Why Value Value? 3
Review Questions 16
2 Fundamental Principles of Value Creation 17
Review Questions 34
3 Conservation of Value and the Role of Risk 35
Review Questions 48
4 The Alchemy of Stock Market Performance 49
Review Questions 64
5 The Stock Market is Smarter Than You Think 65
Review Questions 93
6 Return on Invested Capital 95
Review Questions 116
7 Growth 117
Review Questions 134
Part Two Core Valuation Techniques
8 Frameworks for Valuation 137
Review Questions 167
9 Reorganizing the Financial Statements 169
Review Questions 204
10 Analyzing Performance 207
Review Questions 226
11 Forecasting Performance 229
Review Questions 255
12 Estimating Continuing Value 259
Review Questions 280
13 Estimating the Cost of Capital 283
Review Questions 314
14 Moving from Enterprise Value to Value per Share 317
Review Questions 336
15 Analyzing the Results 339
Review Questions 349
16 Using Multiples 351
Review Questions 372
17 Valuation by Parts 375
Review Questions 393
Part Three Advanced Valuation Techniques
18 Taxes 397
Review Questions 411
19 Nonoperating Items, Provisions, and Reserves 413
Review Questions 430
20 Leases and Retirement Obligations 431
Review Questions 448
21 Alternative Ways to Measure Return on Capital 449
Review Questions 471
22 Inflation 473
Review Questions 487
23 Cross-Border Valuation 489
Review Questions 511
24 Case Study: Heineken 513
Part Four Managing for Value
25 Corporate Portfolio Strategy 557
Review Questions 575
26 Performance Management 577
Review Questions 598
27 Mergers and Acquisitions 599
Review Questions 627
28 Divestitures 629
Review Questions 647
29 Capital Structure, Dividends, and Share Repurchases 649
Review Questions 680
30 Investor Communications 681
Review Questions 702
Part Five Special Situations
31 Emerging Markets 705
Review Questions 729
32 Valuing High-Growth Companies 731
Review Questions 745
33 Cyclical Companies 747
Review Questions 755
34 Banks 757
Review Questions 784
35 Flexibility 785
Review Questions 819
Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 821
Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 827
Appendix C Levering and Unlevering the Cost of Equity 833
Appendix D Leverage and the Price-to-Earnings Multiple 841
Appendix E Other Capital Structure Issues 845
Appendix F Technical Issues in Estimating the Market Risk Premium 851
Index 855
McKINSEY & COMPANYis a global management-consulting firm that serves across a wide range of industries and functions.
TIM KOLLER is a partner in McKinsey's New York office, where he leads a global team of corporate-finance expert consultants.
MARC GOEDHART is a senior expert in McKinsey's Amsterdam office and leads the firm's Corporate Performance Center in Europe.
DAVID WESSELS is an adjunct professor of finance at the Wharton School of the University of Pennsylvania.
the sixth edition of Valuation , published last year, a quarter of a century after the first, 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, April 2016)
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