Valuation: Measuring and Managing the Value of Companies, Fourth Edition
At the crossroads of corporate strategy and finance lies valuation. And in today's economy—whether you're a seasoned manager or a budding business professional—it's essential to excel at measuring, managing, and maximizing shareholder and company value. Valuation, hailed by financial professionals worldwide as the single best guide of its kind, will show you how to do just that and much more.Thoroughly revised and expanded to reflect business conditions in today's volatile global economy,Valuation, Fourth Editioncontinues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. 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.Valuation, Fourth Editionis filled with expert guidance that managers at all levels, investors, and students have come to trust. It contains a solid framework for valuation:Analyzing historical performance, including reorgan-izing a company's financial statements to reflect economic rather than accounting performanceForecasting performance, with emphasis on not just the mechanics of forecasting but also how to think about a company's future economicsEstimating the cost of capital with practical tips that aren't found in textbooksInterpreting the results of a valuation in light of a company's competitive situationLinking a company's valuation multiples to the core drivers of its performanceValuation, Fourth Editionremains true to its roots with an extensive discussion on the complexity of measuring corporate performance to assess historical financial results properly and to gain insight into a company's ability to create value in the future (its corporate "health"). A complementary chapter advises managers how to run companies to create long-term value, and a new chapter explores ways to improve communication with financial markets.Valuation, Fourth Editionstands alone in this field with its reputation of quality and consistency. The author team of Tim Koller, Marc Goedhart, and David Wessels has taken the latest insights from their experiences working with global companies and created one of the most engaging and insightful guides to valuation. If you want to hone your valuation skills today and improve them for years to come, look no further than theFourth Edition of Valuation.