Valuation: Measuring and Managing the Value of Companies (Hardcover, 7)

About the Authors

Preface

Acknowledgments

Part One: Foundations of Value

1 Why Value Value?

2 Finance in a Nutshell

3 Fundamental Principles of Value Creation

4 Risk and the Cost of Capital

5 The Alchemy of Stock Market Performance

6 Valuation of ESG and Digital Initiatives

7 The Stock Market Is Smarter Than You Think

8 Return on Invested Capital

9 Growth

Part Two: Core Valuation Techniques

10 Frameworks for Valuation

11 Reorganizing the Financial Statements

12 Analyzing Performance

13 Forecasting Performance

14 Estimating Continuing Value

15 Estimating the Cost of Capital

16 Moving from Enterprise Value to Value per Share

17 Analyzing the Results

18 Using Multiples

19 Valuation by Parts

Part Three:  Advanced Valuation Techniques

20 Taxes

21 Nonoperating Items, Provisions, and Reserves

22 Leases

23 Retirement Obligations

24 Measuring Performance in Capital-Light Businesses

25 Alternative Ways to Measure Return on Capital

26 Inflation

27 Cross-Border Valuation

Part Four: Managing for Value

28 Corporate Portfolio Strategy

29 Strategic Management: Analytics

30 Strategic Management: Mind-Sets and Behaviors

31 Mergers and Acquisitions

32 Divestitures

33 Capital Structure, Dividends, and Share Repurchases

34 Investor Communications

Part Five: Special Situations

35 Emerging Markets

36 High-Growth Companies

37 Cyclical Companies

38 Banks

39 Flexibility

Appendixes

A Discounted Economic Profit Equals Discounted Free Cash Flow

B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value

C Levering and Unlevering the Cost of Equity

D Leverage and the Price-to-Earnings Multiple

E Other Capital Structure Issues

F Technical Issues in Estimating the Market Risk Premium

G Global, International, and Local CAPM

H A Valuation of Costco Wholesale

I Two-Stage Formula for Continuing Value

Index