Valuation: Measuring and Managing the Value of Companies, Fourth Edition
by McKinsey & Company Inc.
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List Price: $85.00
Our Price: $46.77
Your Save: $ 38.23 ( 45% )
Availability: Usually ships in 24 hours
Manufacturer: Wiley
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Average Customer Rating:  
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Binding: Hardcover
Dewey Decimal Number: 658.15
EAN: 9780471702184
ISBN: 0471702188
Label: Wiley
Number Of Items: 1
Number Of Pages: 768
Publication Date: 2005-06-08
Publisher: Wiley
Studio: Wiley
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Spotlight customer reviews:
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Customer Rating:
Summary: Senior Manager at Accenture
Comment: The workbook force you to look at the information you received from "Valuation" from different perspective and you will recognize what you missed or misunderstood. Also, application of "Valuation" concepts in a controlled environment will make you confident that you are applying "Valation" correctly/appropriately in the real life. This is important since the matter being discussed is directly related to money!
Customer Rating:
Summary: The CD mentioned in the summary is disappointingly not included with this book....
Comment: The book itself is excellent and exactly what I was hoping for.
Amazon Customer services assured me that the CD was included and even sent me a second copy but there was no CD again..... I thought it was too much of a bargain to be true...and it was !! I will scrutinise the summary more diligently next time ;)
Customer Rating:
Summary: Good read but brush up on your math
Comment: I found this book to be a great read in learning about all the various aspects that go into the valuation of a company. It does a great job of making you look at what makes a company tick and how it affects a valuation.
The base of the book is the DCF (Discounted Cash Flows) model. It describes many of the formulas used. I am not a math major or anything so many of them were over my head. The authors did a good job of describing the formulas but if you don't have a good solid foundation it will take a while to break down the formulas.
I did come across many areas in the book that justifies any kind of forecasting is mediocre at best. It's not an exact science and any kind of model is just that - a model of a perfect world. The world is not perfect but perhaps a DCF model is the closest you'll get to being real in a perfect storm.
Customer Rating: 
Summary: Useless
Comment: People buy this book to evaluate companies and make investment decisions, don't they? If that's most of the readers' goal, this book is pretty much useless.
The calculation of net present value (NPV) of companies is purely a concept, which sounds great but impossible to accurately capture quantitatively using a formula.
The difficult is in evaluating stable future cash flow, not on how to calculate the NPV. The evaluation of future cash flow depends on the history of a company, and much more importantly, on the company's business model, the management team, etc. Neither of these are clearly emphasized or discussed in this book. For example, R&D generates future cash flow, but should all R&D be treated equal? More leverage of a wise management is a great thing, but when is leverage good or bad?
If you are into value investing, read Graham's The Intelligent Investor. If you are a pro, read Graham and Dodd's Security Analysis 10 times. Fisher's Common Stocks and Uncommon Profits, albeit old, is also a much more useful reading than this one.
Customer Rating:
Summary: Khurrum's Review
Comment: Being an investment banker, I found this book very productive for enhancing my knowledgebase. This book exposed me to several valuation techniques depending upon the type of industry.
Furthermore, I am very pleased with the effective service which is provided by Amazon.com to deliver this book to me.
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Editorial Reviews:
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Customer Rating:
Summary: Senior Manager at Accenture
Comment: The workbook force you to look at the information you received from "Valuation" from different perspective and you will recognize what you missed or misunderstood. Also, application of "Valuation" concepts in a controlled environment will make you confident that you are applying "Valation" correctly/appropriately in the real life. This is important since the matter being discussed is directly related to money!
Customer Rating:
Summary: The CD mentioned in the summary is disappointingly not included with this book....
Comment: The book itself is excellent and exactly what I was hoping for.
Amazon Customer services assured me that the CD was included and even sent me a second copy but there was no CD again..... I thought it was too much of a bargain to be true...and it was !! I will scrutinise the summary more diligently next time ;)
Customer Rating:
Summary: Good read but brush up on your math
Comment: I found this book to be a great read in learning about all the various aspects that go into the valuation of a company. It does a great job of making you look at what makes a company tick and how it affects a valuation.
The base of the book is the DCF (Discounted Cash Flows) model. It describes many of the formulas used. I am not a math major or anything so many of them were over my head. The authors did a good job of describing the formulas but if you don't have a good solid foundation it will take a while to break down the formulas.
I did come across many areas in the book that justifies any kind of forecasting is mediocre at best. It's not an exact science and any kind of model is just that - a model of a perfect world. The world is not perfect but perhaps a DCF model is the closest you'll get to being real in a perfect storm.
Customer Rating:
Summary: Useless
Comment: People buy this book to evaluate companies and make investment decisions, don't they? If that's most of the readers' goal, this book is pretty much useless.
The calculation of net present value (NPV) of companies is purely a concept, which sounds great but impossible to accurately capture quantitatively using a formula.
The difficult is in evaluating stable future cash flow, not on how to calculate the NPV. The evaluation of future cash flow depends on the history of a company, and much more importantly, on the company's business model, the management team, etc. Neither of these are clearly emphasized or discussed in this book. For example, R&D generates future cash flow, but should all R&D be treated equal? More leverage of a wise management is a great thing, but when is leverage good or bad?
If you are into value investing, read Graham's The Intelligent Investor. If you are a pro, read Graham and Dodd's Security Analysis 10 times. Fisher's Common Stocks and Uncommon Profits, albeit old, is also a much more useful reading than this one.
Customer Rating:
Summary: Khurrum's Review
Comment: Being an investment banker, I found this book very productive for enhancing my knowledgebase. This book exposed me to several valuation techniques depending upon the type of industry.
Furthermore, I am very pleased with the effective service which is provided by Amazon.com to deliver this book to me.
Hailed by financial professionals worldwide as the single best guide of its kind, Valuation, Fourth Edition with CD-ROM combines is thoroughly revised and expanded to reflect business conditions in today’s volatile global economy. Valuation provides up-to-date insights and practical advice on how to create, manage, and measure an organization’s value. 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. This package contains a solid framework that managers at all levels, investors, and students have come to trust.
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