by McKinsey & Company Inc., Tim Koller, Marc Goedhart, David Wessels
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Product Description
Hailed by financial professionals worldwide as the single best guide of its kind, Valuation, Fourth Edition with CD-ROM combines is thoroughly revised and expanded to reflect business conditions in today’s volatile global economy. Valuation provides up-to-date insights and practical advice on how to create, manage, and measure an organization’s value. 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 the events of the Internet bubble and its effect on stock markets, new developments in academic finance, changes in accounting rules (both U. S. and IFRS), and an enhanced global perspective. This package contains a solid framework that managers at all levels, investors, and students have come to trust.
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Average Customer Review:
0 of 0 people found the following review helpful:
 The bridge between management and finance, 2009-01-02
As a management consultant, this book bridges between management activities and financial performance.It makes sense of an organizations' day-to-day activities, from the investors'/organization owners' point of view.
2 of 6 people found the following review helpful:
 Book should be retitled valueing a company purely on the basis of its past cash flow, 2008-10-01
This is a good intro to give the basics of valuation for "old economy" businesses. It determines the valuation of companies based almost exclusively on their cash flow over the previous few years (i.e., 3, 5 and 7 year periods) to the analysis. Unfortunately it ignores (completely) too many issues that play an extremely important role in valuation. For example, the quality, background, knowledge of management, the products the company manufactures, the markets for these products, macroeconomic conditions, intellectual property, market position (i.e., oligopolistic? Is entry/exit difficult in the industry?). Not one of these issues is even touched upon!!! The authors seem to be implying that these issues are irrelevant!! Only the cash flow over the previous few years forecast forward (i.e., discounted for present value) matters according to the book!!! Perhaps this type of mentality explains why the overwhelming majority of mergers and acquistions fail!!!!
If you are looking purely for a way to use past cash flows to determine a company's "value" this is the book for you. If you are looking for a discussion of just about any other factor affecting valuation, forget it.
1 of 5 people found the following review helpful:
 Valuation Review, 2008-09-30
The delivery took three times as long as Amazon promised and the book was damaged when I recieved it. Also, it was missing content (i.e. End of chapter questions.)
1 of 4 people found the following review helpful:
Excellent, 2008-09-30
This was the first time i purchased a book online. Transaction was simple and services were prompt.
1 of 2 people found the following review helpful:
Senior Manager at Accenture, 2008-07-04
The workbook force you to look at the information you received from "Valuation" from different perspective and you will recognize what you missed or misunderstood. Also, application of "Valuation" concepts in a controlled environment will make you confident that you are applying "Valation" correctly/appropriately in the real life. This is important since the matter being discussed is directly related to money!
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