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Koller, T. Valuation. Measuring and managing the value of companies [Электронный ресурс] / T. Koller, M. Goedhart, D. Wessels. — 5-th edition. — 12,37 Мб. — New Jersey: Wiley. — Издание на англ. яз. — Только электронный ресурс. — Доступ из локальной сети Финуниверситета (чтение). — <URL:http://elib.fa.ru/rbook/Valuathion.pdf>.

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научные издания; полный текст; электронные публикации; стоимость; оценка; оценочная деятельность; управление стоимостью; оценка бизнеса; компании; предприятия; рыночная стоимость; страховая стоимость

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Valuation University Edition, Fifth Edition: Measuring and Managing the Value of Companies
- Contents
- About the Authors
- Preface
- Acknowledgments
- Part One: Foundations of Value
  - Chapter 1: Why Value Value?
    - CONSEQUENCES OF FORGETTING TO VALUE VALUE
    - BENEFITS OF FOCUSING ON LONG-TERM VALUE
    - CHALLENGES OF FOCUSING ON LONG-TERM VALUE
    - REVIEW QUESTIONS
  - Chapter 2: Fundamental Principles of Value Creation
    - GROWTH AND ROIC: DRIVERS OF VALUE
    - CONSERVATION OF VALUE
    - RISK AND VALUE CREATION
    - THE MATH OF VALUE CREATION
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 3: The Expectations Treadmill
    - WHY SHAREHOLDER EXPECTATIONS BECOME A TREADMILL
    - REAL-WORLD EFFECTS OF THE EXPECTATIONS TREADMILL
    - DECOMPOSING TRS
    - UNDERSTANDING EXPECTATIONS
    - MANAGERIAL IMPLICATIONS
    - REVIEW QUESTIONS
  - Chapter 4: Return on Invested Capital
    - DRIVERS OF RETURN ON INVESTED CAPITAL
    - COMPETITIVE ADVANTAGE
    - SUSTAINABILITY OF RETURN ON INVESTED CAPITAL
    - EMPIRICAL ANALYSIS OF RETURNS ON INVESTED CAPITAL
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 5: Growth
    - DRIVERS OF REVENUE GROWTH
    - GROWTH AND VALUE CREATION
    - DIFFICULTY OF SUSTAINING GROWTH
    - EMPIRICAL ANALYSIS OF CORPORATE GROWTH
    - SUMMARY
    - REVIEW QUESTIONS
- Part Two: Core Valuation Techniques
  - Chapter 6: Frameworks for Valuation
    - ENTERPRISE DISCOUNTED CASH FLOW MODEL
    - ECONOMIC-PROFIT-BASED VALUATION MODELS
    - ADJUSTED PRESENT VALUE MODEL
    - CAPITAL CASH FLOW MODEL
    - CASH-FLOW-TO-EQUITY VALUATION MODEL
    - OTHER APPROACHES TO DISCOUNTED CASH FLOW
    - ALTERNATIVES TO DISCOUNTED CASH FLOW
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 7: Reorganizing the Financial Statements
    - REORGANIZING THE ACCOUNTING STATEMENTS: KEY CONCEPTS
    - REORGANIZING THE ACCOUNTING STATEMENTS: IN PRACTICE
    - ADVANCED ANALYTICAL ISSUES
    - REVIEW QUESTIONS
  - Chapter 8: Analyzing Performance and Competitive Position
    - ANALYZING RETURNS ON INVESTED CAPITAL
    - ANALYZING REVENUE GROWTH
    - CREDIT HEALTH AND CAPITAL STRUCTURE
    - ALTERNATIVES TO ROIC
    - GENERAL CONSIDERATIONS
    - REVIEW QUESTIONS
  - Chapter 9: Forecasting Performance
    - DETERMINE LENGTH AND DETAIL OF THE FORECAST
    - COMPONENTS OF A GOOD MODEL
    - MECHANICS OF FORECASTING
    - ADDITIONAL ISSUES
    - REVIEW QUESTIONS
  - Chapter 10: Estimating Continuing Value
    - RECOMMENDED FORMULA FOR DCF VALUATION
    - RECOMMENDED FORMULA FOR ECONOMIC-PROFIT VALUATION
    - SUBTLETIES OF CONTINUING VALUE
    - COMMON PITFALLS
    - EVALUATING OTHER APPROACHES TO CONTINUING VALUE
    - ADVANCED FORMULAS FOR CONTINUING VALUE
    - REVIEW QUESTIONS
  - Chapter 11: Estimating the Cost of Capital
    - WEIGHTED AVERAGE COST OF CAPITAL
    - ESTIMATING THE COST OF EQUITY
    - ESTIMATING THE AFTER-TAX COST OF DEBT
    - USING TARGET WEIGHTS TO DETERMINE THE COST OF CAPITAL
    - COMPLEX CAPITAL STRUCTURES
    - REVIEW QUESTIONS
  - Chapter 12: Moving from Enterprise Value to Value per Share
    - VALUING NONOPERATING ASSETS
    - VALUING DEBT AND DEBT EQUIVALENTS
    - VALUING HYBRID SECURITIES AND MINORITY INTERESTS
    - ESTIMATING VALUE PER SHARE
    - REVIEW QUESTIONS
  - Chapter 13: Calculating and Interpreting Results
    - VERIFYING VALUATION RESULTS
    - SENSITIVITY ANALYSIS
    - CREATING SCENARIOS
    - VALUATION BY PARTS
    - THE ART OF VALUATION
    - REVIEW QUESTIONS
  - Chapter 14: Using Multiples to Triangulate Results
    - USING THE RIGHT MULTIPLE
    - CALCULATING THE MULTIPLE IN A CONSISTENT MANNER
    - USING THE RIGHT PEER GROUP
    - ALTERNATIVE MULTIPLES
    - SUMMARY
    - REVIEW QUESTIONS
- Part Three: Intrinsic Value and the Stock Market
  - Chapter 15: Market Value Tracks Return on Invested Capital and Growth
    - STOCK MARKETS TRACK ECONOMIC FUNDAMENTALS
    - COMPANY VALUATION LEVELS TRACK RETURN ON INVESTED CAPITAL AND GROWTH
    - TOTAL RETURNS TO SHAREHOLDERS TRACK PERFORMANCE AGAINST EXPECTATIONS
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 16: Markets Value Substance, Not Form
    - MANAGING EARNINGS: NOT WORTH THE EFFORT
    - ECONOMICS OF ACCOUNTING INFORMATION: NO MYSTERY TO THE MARKET
    - TECHNICAL TRADING FACTORS ARE IRRELEVANT FOR VALUE
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 17: Emotions and Mispricing in the Market
    - EMOTIONS RARELY DRIVE STOCK MARKET VALUES
    - COMPANY MISPRICING: CARVE-OUTS AND DUAL LISTINGS
    - COMPANY MISPRICING: OVERREACTION AND UNDERREACTION, REVERSAL AND MOMENTUM
    - MARKET MISPRICING: BUBBLES AND BURSTS
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 18: Investors and Managers in Efficient Markets
    - INVESTORS IN EFFICIENT MARKETS
    - MANAGERIAL IMPLICATIONS
    - REVIEW QUESTIONS
- Part Four: Managing for Value
  - Chapter 19: Corporate Portfolio Strategy
    - WHAT MAKES AN OWNER THE BEST
    - THE BEST-OWNER LIFE CYCLE
    - CONSTANTLY EVOLVING PORTFOLIO OF BUSINESSES
    - CONSTRUCTING THE PORTFOLIO
    - THE MYTH OF DIVERSIFICATION
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 20: Performance Management
    - CHOOSING THE RIGHT METRICS
    - ORGANIZATIONAL SUPPORT
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 21: Mergers and Acquisitions
    - VALUE CREATION FRAMEWORK
    - EMPIRICAL RESULTS
    - ARCHETYPES FOR VALUE-CREATING ACQUISITIONS
    - MORE DIFFICULT STRATEGIES FOR CREATING VALUE FROM ACQUISITIONS
    - ESTIMATION OF OPERATING IMPROVEMENTS
    - HOW TO PAY: IN CASH OR IN STOCK?
    - FOCUS ON VALUE CREATION, NOT ACCOUNTING
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 22: Creating Value through Divestitures
    - VALUE CREATION FROM DIVESTITURES
    - HOW TO APPROACH DIVESTITURES
    - DECIDING ON TRANSACTION TYPE
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 23: Capital Structure
    - CAPITAL STRUCTURE AND VALUE CREATION
    - CREDIT RATINGS AND CAPITAL STRUCTURE
    - SHORT-TERM STEPS TO MANAGE CAPITAL STRUCTURE
    - DESIGNING A LONG-TERM CAPITAL STRUCTURE
    - CREATING VALUE FROM FINANCIAL ENGINEERING
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 24: Investor Communications
    - INTRINSIC VALUE VERSUS MARKET VALUE
    - UNDERSTANDING THE INVESTOR BASE
    - COMMUNICATING TO INTRINSIC INVESTORS
    - SUMMARY
    - REVIEW QUESTIONS
- Part Five: Advanced Valuation Issues
  - Chapter 25: Taxes
    - OPERATING TAXES ON THE REORGANIZED INCOME STATEMENT
    - CONVERTING OPERATING TAXES TO OPERATING CASH TAXES
    - DEFERRED TAXES ON THE REORGANIZED BALANCE SHEET
    - VALUING DEFERRED TAXES
    - REVIEW QUESTIONS
  - Chapter 26: Nonoperating Expenses, One-Time Charges, Reserves, and Provisions
    - NONOPERATING EXPENSES AND ONE-TIME CHARGES
    - PROVISIONS AND THEIR CORRESPONDING RESERVES
    - REVIEW QUESTIONS
  - Chapter 27: Leases, Pensions, and Other Obligations
    - OPERATING LEASES
    - SECURITIZED RECEIVABLES
    - PENSIONS AND OTHER POSTRETIREMENT BENEFITS
    - REVIEW QUESTIONS
  - Chapter 28: Capitalized Expenses
    - EXPENSING VERSUS CAPITALIZATION
    - PROCESS FOR CAPITALIZING R&D
    - ROIC AND FREE CASH FLOW WITH CAPITALIZED R&D
    - OTHER EXPENSES SUITABLE FOR CAPITALIZATION
    - REVIEW QUESTIONS
  - Chapter 29: Inflation
    - INFLATION LEADS TO LOWER VALUE CREATION
    - HISTORICAL ANALYSIS IN TIMES OF HIGH INFLATION
    - FINANCIAL PROJECTIONS IN REAL AND NOMINAL TERMS
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 30: Foreign Currency
    - FORECASTING CASH FLOWS IN FOREIGN AND DOMESTIC CURRENCY
    - ESTIMATING THE COST OF CAPITAL IN FOREIGN CURRENCY
    - INCORPORATING FOREIGN-CURRENCY RISK IN VALUATIONS
    - USING TRANSLATED FOREIGN-CURRENCY FINANCIAL STATEMENTS
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 31: Case Study: Heineken
    - INDUSTRY DEVELOPMENTS
    - REORGANIZING FINANCIAL STATEMENTS
    - ANALYZING HISTORICAL PERFORMANCE
    - FORECASTING PERFORMANCE
    - ESTIMATING COST OF CAPITAL
    - ESTIMATING CONTINUING VALUE
    - CALCULATING AND INTERPRETING RESULTS
- Part Six: Special Situations
  - Chapter 32: Valuing Flexibility
    - UNCERTAINTY, FLEXIBILITY, AND VALUE
    - CLASSIFYING FLEXIBILITY IN TERMS OF REAL OPTIONS
    - METHODS FOR VALUING FLEXIBILITY
    - FOUR-STEP PROCESS FOR VALUING FLEXIBILITY
    - REAL-OPTION VALUATION AND DECISION TREE ANALYSIS: A NUMERICAL EXAMPLE
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 33: Valuation in Emerging Markets
    - HISTORICAL ANALYSIS
    - CREATING A CONSISTENT SET OF ECONOMIC ASSUMPTIONS
    - FORECASTING CASH FLOWS
    - INCORPORATING EMERGING-MARKET RISKS IN THE VALUATION
    - ESTIMATING COST OF CAPITAL IN EMERGING MARKETS
    - CALCULATING AND INTERPRETING RESULTS
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 34: Valuing High-Growth Companies
    - VALUATION PROCESS FOR HIGH-GROWTH COMPANIES
    - UNCERTAINTY IS HERE TO STAY
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 35: Valuing Cyclical Companies
    - SHARE PRICE BEHAVIOR
    - APPROACH TO VALUING CYCLICAL COMPANIES
    - IMPLICATIONS FOR MANAGING CYCLICAL COMPANIES
    - SUMMARY
    - REVIEW QUESTIONS
  - Chapter 36: Valuing Banks
    - ECONOMICS OF BANKING
    - PRINCIPLES OF BANK VALUATION
    - COMPLICATIONS IN BANK VALUATIONS
    - SUMMARY
    - REVIEW QUESTIONS
- 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
  - ENTERPRISE DISCOUNTED CASH FLOW
  - ADJUSTED PRESENT VALUE
- Appendix D: Levering and Unlevering the Cost of Equity
  - UNLEVERED COST OF EQUITY
  - LEVERED COST OF EQUITY
  - LEVERED BETA
- Appendix E: Leverage and the Price-to-Earnings Multiple
  - STEP 1
  - STEP 2
  - STEP 3
- Index

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