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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

Series: Frontiers in Finance Series (Book 79)

Hardcover: 492 pages

Publisher: John Wiley & Sons, Inc.; 3 edition (July 28, 2000)

Language: English

ISBN-10: 0471361909

ISBN-13: 978-0471361909

Product Dimensions: 7.3 x 1.7 x 10.4 inches

Shipping Weight: 2.4 pounds

Average Customer Review: 3.4 out of 5 stars  See all reviews (39 customer reviews)

Best Sellers Rank: #816,268 in Books (See Top 100 in Books) #106 in Books > Business & Money > Finance > Corporate Finance > Valuation #3969 in Books > Business & Money > Education & Reference #4537 in Books > Business & Money > Accounting

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").

Valuation: Measuring and Managing the Value of Companies, 3rd Edition Valuation: Measuring and Managing the Value of Companies, Fourth Edition, University Edition Valuation: Measuring and Managing the Value of Companies, University Edition, 5th Edition Valuation: Measuring and Managing the Value of Companies, University Edition (Wiley Finance) Valuation: Measuring and Managing the Value of Companies, 5th Edition Valuation: Measuring and Managing the Value of Companies (Wiley Finance) Valuation + DCF Model Download: Measuring and Managing the Value of Companies (Wiley Finance) Corporate Valuation: Measuring the Value of Companies in Turbulent Times (Wiley Finance) The Valuation of Financial Companies: Tools and Techniques to Measure the Value of Banks, Insurance Companies and Other Financial Institutions (The Wiley Finance Series) Valuation for M&A: Building Value in Private Companies Measuring and Improving Social Impacts: A Guide for Nonprofits, Companies, and Impact Investors Practical Lean Accounting: A Proven System for Measuring and Managing the Lean Enterprise, Second Edition Strategic Brand Management: Building, Measuring, and Managing Brand Equity, 4th Edition Social Media ROI: Managing and Measuring Social Media Efforts in Your Organization (Que Biz-Tech) Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions + Valuation Models Business Valuation for Business Owners: Master a Valuation Report, Find the Perfect Business Appraiser and Save Your Company from the Looming Disasters That You Don't Yet Know About Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation + WS (Wiley Finance) Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Second Edition, University Edition Offshore Companies: How To Register Tax-Free Companies in High-Tax Countries