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Completely Updated, Over 200,000 Copies Sold!
"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."
—New York Times
THE #1 guide TO CORPORATE VALUATION IS NOW BETTER THAN EVER!
"The book's clarity and comprehensive coverage make it one ofthe best practitioners' guides to valuation."
—Financial Times
"Should serve very well the professional manager who wants to do some serious thinking about what really does contribute value to his or her firm and why."
—The Journal of Finance
"Valuation is like a Swiss army knife . . . you will be prepared for just about any contingency."
—Martin H. Dubilier, Chairman of the Board, Clayton & Dubilier, Inc.
"This book on valuation represents fresh new thinking. The writing is clear and direct, combining the best academic principles with actual experience to arrive at value-increasing solutions."
—J. Fred Weston, cordner Professor of Money and Financial Markets, Graduate School of Management, UCLA
System Requirements:
Pentium II PC or greater
Windows 98 or later
128MB RAM
20MB Hard Disk Space
Excel 97 / 2000 (Alone or part of Office 97 / 2000) w/Report Manager & Analysis ToolPak installed and enabled.
(Note: Formulas & Computations are not guaranteed in later versions of Excel)
Video Display: 800 x 600 recommended
- Sales Rank: #1232123 in Books
- Published on: 2000-07-28
- Original language: English
- Number of items: 1
- Dimensions: 10.02" h x 1.34" w x 7.03" l, .0 pounds
- Binding: Paperback
- 512 pages
Review
"Information in the book is clearly presented. A good read which will enable you to approach corporate valuation with confidence." (Lloyd's List, 4th November 2000)
From the Inside Flap
Valuation Measuring and Managing the Value of Companies Second Edition The bestseller that opened the eyes of corporate America to the importance of measuring, managing, and maximizing shareholder value is now expanded and updated to help managers boost their company’s value in a vastly altered business climate. In the global economy of the 1990s, investors move their money quickly and easily around the world in search of the greatest return. This expanded edition of Valuation describes the valuation process and explains the differences between valuation and accounting practices in the United States and those in other countries. It illustrates how to take advantage of the American tradition of maximizing shareholder value, demonstrates how value-based management contributes to improved strategic thinking, and shows managers at every level in any corporation how to create value for their companies. In addition, this book provides:
- A new chapter featuring insights into the strategic advantages of value-based management
- Strategies for multibusiness valuation, valuation of international businesses, and valuation for corporate restructuring, mergers, and acquisitions
- International comparisons of the cost of capital, differences in accounting procedures, and how valuation works in different countries
- A detailed case study showing how valuation techniques and principles are applied
From the Back Cover
Completely Revised and Updated
"This book on valuation represents fresh new thinking. The writing is clear and direct, combining the best academic principles with actual experience to arrive at value-increasing solutions."
-J. Fred Weston, Cordner Professor of Money and Financial Markets, Graduate School of Management, UCLA
THE #1 GUIDE TO CORPORATE VALUATION IS NOW BETTER THAN EVER!
"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies."
-New York Times
Hailed by financial professionals, professors, and students worldwide as the single best guide of its kind, Valuation provides crucial insights into how to measure, manage, and maximize a company's value. This long-awaited Third Edition has been comprehensively updated and expanded to reflect business conditions in today's volatile global economy and to provide highly effective ways for managers at every level to create value for their companies.
In addition to all new case studies, Valuation now includes in-depth coverage on valuing dot.coms, cyclical companies, and companies in emerging markets, along with detailed instructions on how to drive value creation and apply real options to corporate valuation. Here is expert guidance that management and investment professionals and students alike have come to trust, including:
* Valuation's acclaimed chapter devoted to insights into the strategic advantages of value-based management
* Strategies for multibusiness valuation, and valuation for corporate restructuring, mergers, and acquisitions
* International comparisons of the cost of capital, differences in accounting procedures, and how valuation works in different countries
* Detailed, actual case studies showing how valuation techniques and principles are applied
This timeless, respected book on valuation allows you to face the crossroads where corporate strategy and finance meet with more confidence and winning strategies than ever before.
Please visit us at www.WileyValuation.com
WileyValuation.com is a premier Web site devoted to all things valuation. At this unique online community for financial professionals, you will enjoy the following features:
* New information on valuation topics and links to key valuation sites
* Valuation message boards and chats
* Downloadable valuation spreadsheets
Most helpful customer reviews
11 of 11 people found the following review helpful.
Good but bad Excel support
By A Customer
I liked this book. In Russia it is one of the most popular books on valuatuion. But when I can get the perfect excel support for Investment Valuation by Aswath Damodaran or good web support for Valuation Methods and Shareholder Value Creation by Pablo Fernandez, I ask the authors, why don't they put supporting material in disk? I think that the price of their sowtware ($94.50) is too high compairing with the book ($56 with discount), because there is no supporting materials - only 1 spreadsheet (from my point of view does not conform to McKinsey, as the leader of consulting business). I hope, for the 4-th edition we will have a good excel support.
24 of 28 people found the following review helpful.
Buy yourself a large coffee mug before reading this
By A Customer
Although Mr. Copeland's conceptual presentation and arguments for using FCF as the ultimate basis for performance and valuation is indeed compelling, the book falls as a practitioners' guide. Why ? Because Mr. Copeland never addresses a reality that all financial analysts confront ... accessibility / availability / integrity of data on which the analysis is grounded on, particularly when he focuses on subsidiaries of parent companies. Try valuing any one of GE's subsidiaries using Mr. Copeland's prescription ... good luck.
Warning: familiarize yourself w/ accounting principles before reading this. If you aren't, you won't hesitate returning the book back to the book store.
256 of 258 people found the following review helpful.
A lot of Fluff with some big names on the cover
By A Customer
This was the text book for an advanced seminar on Valuation that I took in my MBA program, and I have a feeling the professor will not use this text book ever again. The problem is, as another reviewer observed, these McKinsey guys take great care not to reveal any trade secrets in their text. Therefore you will notice that there is an unusual amount of prose, and a conspicuous lack of financial formulae in this text book. Our professor had to prepare supplemental lecture notes chock full of formulae, exercises, and examples because she realized that much of what is really needed to learn Valuation is not covered, but only mentioned or alluded to in this book. For example, everyone accepts that a controlling interest in a firm is worth more than a minority interest in a firm, and Copeland et. al. mention that discounts and premiums may be necessary to accomodate for this situation, but they give no guidance in calculating such premiums. Further, this book is all about discounted cash flow analysis, which is really only one of several valuation methods. No space is given to relative valuation or the interpretation of multiples such as P/E. The authors' reason for shunning relative valuation is flimsy at best (they argue that relative valuation doesn't help you if you are investing in an industry in which ALL firms are over-valued by the Market).
There are two different groups who might be interested in valuation: investors who want to use valuation techniques to make passive investments in public companies, like Warren Buffett; and entrepreneurs / managers who are charged with the job of buying or selling business assets for their firms. To the first group, I recommend the Valuation books of Aswath Damodaran (my favorite is "The Dark Side of Valuation"). Not only is Damodaran's treatment of the subject matter more complete, but he is much clearer in his explanations because he is not afraid to use an occasional formula (the rule of thumb is that for every formula omitted a writer will have to add an additional two pages of prose just to explain the concepts). Plus, readers get access to Damodaran's web page, which is an amazing supplement full of downloadable excel spreadsheets, PDF files, examples, problem sets, etc., all free to purchasers of his books.
To the second group, I recommend the works of Shannon Pratt et. al., especially Valuing a Business, Valuing Intangible Assets, etc. Pratt is a professional Valuation expert, who is often hired by lawyers, accountants, and business owners to appraise businesses, projects, and assets. Pratt's books represent the state of the art, and cover all techniques in encyclopedic fashion. For my MBA class a Valuation expert from a Big 5 firm came to speak to us one day about her work, and much of the techniques she uses are consistent with Pratt's own writing.
The only reason to read this book is as a bathtub refresher book after you have already studied the techniques of valuation and just want to read what someone else has written about the subject. Remember, though, reading a descriptive book about the French language is not the same as learning to speak it yourself!
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