Valuation

TIM KOLLER is a partner in McKinsey's Stamford, Connecticut office, where he leads a global team of corporate-finance expert consultants. Tim has served clients globally on corporate strategy and capital markets, mergers and acquisitions transactions, and strategic planning and resource allocation.
 
MARC GOEDHART is a senior expert in McKinsey's Amsterdam office and endowed professor of corporate valuation at Rotterdam School of Management, Erasmus University (RSM).
 
DAVID WESSELS is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. He was named by Bloomberg Businessweek as one of America's top business school instructors.
 
MCKINSEY & COMPANY is a global management-consulting firm that serves leading global organizations across a wide range of industries and functions, helping them create change that matters.

The Valuation DCF Model, 7th Edition is a vital companion to the seventh edition of Valuation, containing an expert guide and the renowned discounted cash flow (DCF) valuation model developed by McKinsey's own finance practice. The DCF Model can be used to value real companies in real-world situations, and includes detailed instruction and expert guidance on how to use it. The advantage of the ready-made model is that allows users to focus on analyzing a company's performance instead of worrying about computation errors.

About the Authors ix
 
Preface xi
 
Acknowledgments xv
 
Part One Foundations of Value
 
1 Why Value Value? 3
 
2 Finance in a Nutshell 17
 
3 Fundamental Principles of Value Creation 27
 
4 Risk and the Cost of Capital 55
 
5 The Alchemy of Stock Market Performance 69
 
6 Valuation of ESG and Digital Initiatives 83
 
7 The Stock Market Is Smarter Than You Think 99
 
8 Return on Invested Capital 127
 
9 Growth 155
 
Part Two Core Valuation Techniques
 
10 Frameworks for Valuation 177
 
11 Reorganizing the Financial Statements 205
 
12 Analyzing Performance 239
 
13 Forecasting Performance 259
 
14 Estimating Continuing Value 285
 
15 Estimating the Cost of Capital 305
 
16 Moving from Enterprise Value to Value per Share 335
 
17 Analyzing the Results 357
 
18 Using Multiples 367
 
19 Valuation by Parts 391
 
Part Three Advanced Valuation Techniques
 
20 Taxes 413
 
21 Nonoperating Items, Provisions, and Reserves 427
 
22 Leases 443
 
23 Retirement Obligations 457
 
24 Measuring Performance in Capital-Light Businesses 467
 
25 Alternative Ways to Measure Return on Capital 483
 
26 Inflation 493
 
27 Cross-Border Valuation 507
 
Part Four Managing for Value
 
28 Corporate Portfolio Strategy 527
 
29 Strategic Management: Analytics 547
 
30 Strategic Management: Mindsets and Behaviors 571
 
31 Mergers and Acquisitions 585
 
32 Divestitures 613
 
33 Capital Structure, Dividends, and Share Repurchases 633
 
34 Investor Communications 667
 
Part Five Special Situations
 
35 Emerging Markets 691
 
36 High-Growth Companies 709
 
37 Cyclical Companies 725
 
38 Banks 733
 
39 Flexibility 759
 
Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 793
 
Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 799
 
Appendix C Levering and Unlevering the Cost of Equity 805
 
Appendix D Leverage and the Price-to-Earnings Multiple 813
 
Appendix E Other Capital Structure Issues 817
 
Appendix F Technical Issues in Estimating the Market Risk Premium 823
 
Appendix G Global, International, and Local CAPM 827
 
Appendix H A Valuation of Costco Wholesale 835
 
Appendix I Two-Stage Formula for Continuing Value 859
 
Index 861

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