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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>.Дата создания записи: 28.06.2019 Тематика: научные издания; полный текст; электронные публикации; стоимость; оценка; оценочная деятельность; управление стоимостью; оценка бизнеса; компании; предприятия; рыночная стоимость; страховая стоимость УДК: Разрешенные действия: –
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Оглавление
- 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
- Chapter 1: Why Value Value?
- 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
- Chapter 6: Frameworks for Valuation
- 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
- Chapter 15: Market Value Tracks Return on Invested Capital and Growth
- 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
- Chapter 19: Corporate Portfolio Strategy
- 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
- Chapter 25: Taxes
- 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
- Chapter 32: Valuing Flexibility
- 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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