11695nam a2200637 i 4500 000596242 MiAaPQ 20190612071107.0 m o d | cr cnu|||||||| 151109t20152015nju o 001 0 eng d NEZPRACOVANÝ IMPORT 9781118873700 9781118874134 (e-book) (MiAaPQ)EBC4039477 (Au-PeEL)EBL4039477 (CaPaEBR)ebr11113028 (CaONFJC)MIL820159 (OCoLC)918623989 HG4028.V3 .K655 2015 658.15 23 Koller, Tim, author. Valuation : measuring and managing the value of companies / Tim Koller, Marc Goedhart, David Wessels. Sixth edition. Hoboken, New Jersey : Wiley, 2015. ©2015 1 online resource (845 pages). text rdacontent computer rdamedia online resource rdacarrier Wiley Finance Series Includes index. Description based on online resource; title from PDF title page (ebrary, viewed November 9, 2015). Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries. Cover -- Title Page -- Contents -- About the Authors -- Preface -- Why This Book -- Structure of the Book -- Valuation Spreadsheet -- Acknowledgments -- Part One Foundations of Value -- 1 Why Value Value? -- What Does It Mean to Create Shareholder Value? -- Can Stakeholder Interests Be Reconciled? -- Shareholder Capitalism Cannot Solve All Social Issues -- Consequences of Forgetting Value-Creation Principles -- Short-Termism Runs Deep -- This Book -- 2 Fundamental Principles of Value Creation -- The Relationship of Growth, ROIC, and Cash Flow -- Balancing ROIC and Growth to Create Value -- Real-World Examples -- Managerial Implications -- Economic Profit Combines ROIC and Size -- The Math of Value Creation -- Summary -- 3 Conservation of Value and the Role of Risk -- Conservation of Value -- Foundations of the Value Conservation Principle -- Managerial Implications -- Risk and Value Creation -- Price of Risk -- Level of Risk Exposure -- Summary -- 4 The Alchemy of Stock Market Performance -- Why Shareholder Expectations Become a Treadmill -- Real-World Effects of the Expectations Treadmill -- Decomposing TRS -- Understanding Expectations -- Managerial Implications -- 5 The Stock Market Is Smarter Than You Think -- Markets and Fundamentals: A Model -- Markets and Fundamentals: The Evidence -- What about Earnings? -- Earnings from Mergers and Acquisitions (M&A) -- Write-Downs -- Employee Stock Options -- Different Accounting Standards -- Earnings Management -- Earnings Volatility Doesnt Matter -- Meeting Consensus Earnings Estimates Doesn't Matter -- Earnings Guidance -- Diversification and the Conglomerate Discount -- Size and Value -- Market Mechanics Don't Matter -- Index Membership -- Cross-Listing -- Stock Splits -- Value Creation Is More Important than Value Distribution -- Summary -- 6 Return on Invested Capital -- What Drives ROIC?. Alternative Multiples -- Enterprise Value to Revenues -- PEG Ratio -- Multiples of Invested Capital -- Multiples Based on Operating Metrics -- Summary -- 17 Valuation by Parts -- Valuing by Parts: Mechanics and Insights -- Building Business Unit Financial Statements -- Corporate Overhead Costs -- Intercompany Transactions -- Financial Subsidiaries -- Navigating Public Information -- Cost of Capital -- Testing the Value Based on Multiples of Peers -- Summary -- Part Three Advanced Valuation Techniques -- 18 Taxes -- Operating Taxes on the Reorganized Income Statement -- Computing Operating Taxes Using Public Statements -- Computing Operating Taxes: Dealing with Incomplete Data -- Erroneous Alternatives for Computing Operating Taxes -- Converting Operating Taxes to Operating Cash Taxes -- Deferred Taxes on the Reorganized Balance Sheet -- Finding Deferred Taxes in the Annual Report -- Valuing Deferred Taxes -- Closing Thoughts -- 19 Nonoperating Items, Provisions, and Reserves -- Nonoperating Expenses and One-Time Charges -- Separating Operating from Nonoperating Expenses -- Searching the Notes for Hidden One-Time Items -- Analyzing Each Extraordinary Item for Impact on Future Operations -- Provisions and Their Corresponding Reserves -- Adjustments for the Provisions -- Provisions and Taxes -- Closing Thoughts -- 20 Leases and Retirement Obligations -- Operating Leases -- Adjusting for Operating Leases: An Example -- Estimating the Value of Leased Assets -- Research on Operating Leases as a Form of Debt -- Proposed Changes to the Accounting for Operating Leases -- Securitized Receivables -- Pensions and Other Retirement Benefits -- Analyzing and Valuing Pensions: DuPont Example -- Expected Return and Earnings Manipulation -- Closing Thoughts -- 21 Alternative Ways to Measure Return on Capital -- Value-Based Returns on Capital: ROIC and CFROI. Competitive Advantage -- Price Premium Advantages -- Cost and Capital Efficiency Advantages -- Sustainability of Return on Invested Capital -- Length of Product Life Cycle -- Persistence of Competitive Advantage -- Potential for Product Renewal -- An Empirical Analysis of Returns on Invested Capital -- ROIC Trends -- ROIC by Industry -- Stability of ROIC -- Effect of Acquisitions on ROIC -- Summary -- 7 Growth -- Drivers of Revenue Growth -- Growth and Value Creation -- Why Sustaining Growth Is Hard -- Empirical Analysis of Corporate Growth -- Growth Trends -- Growth across Industries -- Sustaining Growth -- Summary -- Part Two Core Valuation Techniques -- 8 Frameworks for Valuation -- Enterprise Discounted Cash Flow Model -- Valuing Operations -- Identifying and Valuing Nonoperating Assets -- Identifying and Valuing Debt and Other Nonequity Claims -- Valuing Equity -- Economic-Profit-Based Valuation Models -- Adjusted Present Value Model -- Valuing Free Cash Flow at Unlevered Cost of Equity -- Valuing Tax Shields and Other Capital Structure Effects -- Capital Cash Flow Model -- Cash-Flow-to-Equity Valuation Model -- Other Approaches to Discounted Cash Flow -- Alternatives to Discounted Cash Flow -- Multiples -- Real Options -- Summary -- 9 Reorganizing the Financial Statements -- Reorganizing the Accounting Statements: Key Concepts -- Invested Capital: Key Concepts -- Net Operating Profit Less Adjusted Taxes: Key Concepts -- Free Cash Flow: Key Concepts -- Reorganizing the Accounting Statements: In Practice -- Invested Capital: In Practice -- Computing Total Funds Invested -- Reconciling Total Funds Invested -- Calculating NOPLAT -- Reconciliation to Net Income -- Free Cash Flow: In Practice -- Cash Flow Available to Investors -- Reconciling Cash Flow Available to Investors -- Advanced Issues -- Operating Leases. Pensions and Other Postretirement Benefits -- Capitalized Research and Development -- Nonoperating Charges and Restructuring Reserves -- Other Adjustments -- Using Judgment with Adjustments -- 10 Analyzing Performance -- Analyzing Returns on Invested Capital -- Analyzing ROIC with and without Goodwill and Acquired Intangibles -- Decomposing ROIC to Develop an Integrated Perspective of Company Economics -- Analyzing Revenue Growth -- Currency Effects -- Mergers and Acquisitions -- Accounting Changes and Irregularities -- Decomposing Revenue Growth to Develop an Integrated Perspective of Company Economics -- Credit Health and Capital Structure -- Coverage -- Leverage -- Payout Ratio -- Valuation Metrics -- General Considerations -- 11 Forecasting Performance -- Determine the Forecasts Length and Detail -- Components of a Good Model -- Mechanics of Forecasting -- Step 1: Prepare and Analyze Historical Financials -- Step 2: Build the Revenue Forecast -- Step 3: Forecast the Income Statement -- Step 4: Forecast the Balance Sheet: Invested Capital and Nonoperating Assets -- Step 5: Reconcile the Balance Sheet with Investor Funds -- Step 6: Calculate ROIC and FCF -- Additional Issues -- Nonfinancial Operating Drivers -- Fixed versus Variable Costs -- Inflation -- 12 Estimating Continuing Value -- Recommended Formula for DCF Valuation -- Continuing Value Using Economic Profit -- Subtleties of Continuing Value -- Does Length of Forecast Affect a Companys Value? -- How Long Is the Competitive-Advantage Period? -- When Is Value Created? -- Common Pitfalls -- Naive Base-Year Extrapolation -- Naive Overconservatism -- Purposeful Overconservatism -- Evaluating Other Approaches to Continuing Value -- Other DCF Approaches -- Multiples -- Asset-Based Valuations -- Advanced Formulas for Continuing Value -- Closing Thoughts -- 13 Estimating the Cost of Capital. Weighted Average Cost of Capital -- Estimating the Cost of Equity -- Estimating the Market Return -- Adjust for Industry/Company Risk -- Estimating the After-Tax Cost of Debt -- Bond Ratings and Yield to Maturity -- Below-Investment-Grade Debt -- Incorporating the Interest Tax Shield -- Using Target Weights to Determine the Cost of Capital -- Current Capital Structure -- Capital Structure of Peer Companies -- Managements Financing Philosophy -- Complex Capital Structures -- Closing Thoughts -- 14 Moving from Enterprise Value to Value per Share -- Valuing Nonoperating Assets -- Excess Cash and Marketable Securities -- Nonconsolidated Subsidiaries, Noncontrolling Interests, and Equity Investments -- Finance Subsidiaries -- Loans to Other Companies -- Discontinued Operations -- Excess Real Estate -- Tax Loss Carryforwards -- Excess Pension Assets -- Valuing Debt and Debt Equivalents -- Debt -- Operating Leases -- Securitized Receivables -- Unfunded Pension and Other Retirement Liabilities -- Provisions -- Contingent Liabilities -- Valuing Hybrid Securities and Noncontrolling Interests -- Convertible Debt and Convertible Preferred Stock -- Employee Stock Options -- Noncontrolling Interests -- Estimating Value per Share -- 15 Analyzing the Results -- Validating the Model -- Is the Model Technically Robust? -- Is the Model Economically Consistent? -- Are the Results Plausible? -- Sensitivity Analysis -- Assessing the Impact of Individual Drivers -- Analyzing Trade-Offs -- Creating Scenarios -- The Art of Valuation -- 16 Using Multiples -- Value Multibusiness Companies as a Sum of Their Parts -- Use Forward Earnings Estimates -- Use Net Enterprise Value Divided by Adjusted EBITA or NOPLAT -- Why Not Price to Earnings? -- Why Not EV to EBIT? -- Choosing between EBITA and EBITDA -- NOPLAT vs. EBITA -- Adjust for Nonoperating Items -- Use the Right Peer Group. When ROIC Equals IRR. Corporations Valuation. elektronické knihy fd186907 czenas electronic books eczenas Goedhart, Marc H., author. Wessels, David, author. Print version: Koller, Tim. Valuation : measuring and managing the value of companies. Sixth edition. Hoboken, New Jersey : Wiley, c2015 approximately 845 pages Wiley finance series. 9781118873700 ProQuest (Firm) Wiley finance series. https://ebookcentral.proquest.com/lib/vsep/detail.action?docID=4039477 Plný text https://knihovna.vse.cz/zdroje/proquest-ebook-central/?info Informace o práci s e-knihami PQ-OWNED EB PAR 000301186 UEP01 776 E-book Tištěná verze NEPOSILAT EB