Valuation: Measuring And Managing The Value Of Companies 5th Edition

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The number one guide to corporate valuation is back and better than ever Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, "Valuation, Fifth 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 new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. "Valuation, Fifth Edition" is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline.Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitionsAddresses how you can interpret the results of a valuation in light of a company's competitive situationAlso available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model "Valuation, Fifth Edition" stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.

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Preface. Acknowledgments. Part One Foundations of Value. 1 Why ValueValue? 2 Fundamental Principles of Value Creation. 3 The Expectations Treadmill. 4 Return on Invested Capital. 5 Growth. Part Two Core Valuation Techniques. 6 Frameworks for Valuation. 7 Reorganizing the Financial Statements. 8 Analyzing Performance and Competitive Position. 9 Forecasting Performance. 10 Estimating Continuing Value. 11 Estimating the Cost of Capital. 12 Moving from Enterprise Value to Value per Share. 13 Calculating and Interpreting Results. 14 Using Multiples to Triangulate Results. Part Three Intrinsic Value and the Stock Market. 15 Market Value Tracks Return on Invested Capital and Growth. 16 Markets Value Substance, Not Form. 17 Emotions and Mispricing in the Market. 18 Investors and Managers in Efficient Markets. Part Four Managing for Value. 19 Corporate Portfolio Strategy. 20 Performance Management. 21 Mergers and Acquisitions. 22 Creating Value through Divestitures. 23 Capital Structure. 24 Investor Communications. Part Five Advanced Valuation Issues. 25 Taxes. 26 Nonoperating Expenses, One-Time Charges, Reserves, and Provisions. 27 Leases, Pensions, and Other Obligations. 28 Capitalized Expenses. 29 Inflation. 30 Foreign Currency. 31 Case Study: Heineken. Part Six Special Situations. 32 Valuing Flexibility. 33 Valuation in Emerging Markets. 34 Valuing High-Growth Companies. 35 Valuing Cyclical Companies. 36 Valuing Banks. Appendix A Economic Profit and the Key Value Driver Formula. Appendix B Discounted Economic Profit Equals Discounted Free Cash Flow. Appendix C Derivation of Free Cash Flow,Weighted Average Cost of Capital, and Adjusted Present Value. Appendix D Levering and Unlevering the Cost of Equity. Appendix E Leverage and the Price-to-Earnings Multiple. Index.