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Harvard Business School Press - Value Sweep Mapping Corporate Growth Opportunities.(2002)
Who Should Read This Book
This book is written for managers who don’t want to be valuation
experts; strategists who want to weigh alternatives with a set of
simple calculations; CFOs and business unit heads who want to
compare the varied initiatives clamoring for their approval; and
M.B.A. students who are trying to grasp and use high-powered ideas.
Real people require credible, transparent, and easy-to-use valuation
methods that work across the sweep of growth opportunities.
Readers of this book share a bias toward action; they have jobs
that help to nourish and grow new products, new markets, and
new companies. While the industries and job functions are quite
varied, the needs are the same. The more detailed look at who
should read this book includes:
viii Preface
• Managers at the crossroads. This includes CEOs, CFOs, business
unit heads, and those who head growth initiatives and
other new ventures. Managers at the crossroads must make
the tough choices—“Do I put money into this project or that
one?”—and need a way to compare the value and risk of
growth from business as usual with the value and risk of new
initiatives.
• The staff who support managers at the crossroads. Your boss
read this book, and he dropped it in your lap. (Of course you
should read it, too!) There is a language and a method here
that brings the value and risk of growth to life. You can use
this book to shape alternatives and to quickly summarize
opportunities. Use the Web site, www.valuesweep.com, to
make this process easier.
• Equity analysts. Many analysts write schizophrenic reports.
They use a simple quantitative model to obtain a target stock
price. Meanwhile, significant and interesting growth opportunities
are described in the text surrounding the number—
but they are never directly translated into value. This book is
aimed at giving analysts a way to quantify growth opportunities
in a quick and sensible way.
• Managers who speak to equity analysts and investors. Your company
has some innovative early-stage projects and is performing
well in its current business. The innovative projects
might not hit, yet the pipeline deserves some value credit.
How can Wall Street’s expectations be set? Meanwhile, the
analysts will react harshly if the current business fails to meet
its projections. Are they overreacting? The framework of this
book helps to communicate your answer to these questions.
• Finance staff. Companies want to do the right thing, to select
the strategic investments that increase shareholder value and
to reject all others. The problem is that their valuation
frameworks have not kept up with the complexity of new
business opportunities. The quantitative analysis drags on
and on, and out of frustration, critical decisions are made for
strategic reasons without regard to value. Often, because
growth projects are so exciting, a frothy optimism prevails.
Preface ix
As a remedy, this book offers a hard cold logic about how
growth strategies translate into value. Armed with context,
transparency, and intuition, finance staff can help to speed
up and make credible the tough decisions about growth
opportunities.
• Investors. At the peak of the Internet boom, nearly 20 percent
of the firms traded in U.S. stock markets were not profitable.
A wider range of investors must now do what angel investors
and venture capitalists have been doing for some time—
quantify the value of preprofit growth opportunities. The
framework in this book allows reverse-engineering of stock
prices, and the examples show periods in which the market
over- and undervalued firms rich in growth opportunities.
• Those ready to contribute financial resources to growth opportunities.
Value is opaque in many private markets. Consequently,
there are widely divergent expectations about value that frequently
slow negotiations or, even worse, kill transactions.
The methods of this book create a common point of reference
for those who own growth assets and those who can
bring innovative financing to them.
• Auditors. This book provides a framework to align private
assets with valuations in the public markets, the mark-tomarket
of growth assets. Intangible assets constitute the
majority of corporate value, and growth opportunities are a
large portion of intangible asset value. There’s much debate
but no clear and well-accepted method for the valuation of
intangible assets. My hope is that this book is a solid step
forward.
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[此贴子已经被作者于2007-1-4 12:07:39编辑过]
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