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valuation measuring and managing the value of companies 6e.pdf
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In this sixth edition, we continue to expand the practical application of finance
to real business problems, reflecting the economic events of the past decade,
new developments in academic finance, and the authors’ own experiences. The
edition is organized in six parts, each with a distinct focus.
Part One, “Foundations of Value,” provides an overview of value creation.
We make the case that managers should focus on long-term value creation for
current and future shareholders, not just some of today’s shareholders looking
for an immediate pop in the share price. We explain the two core principles
of value creation: (1) the idea that return on invested capital and growth
drive cash flow, which in turn drives value, and (2) the conservation of value
principle, which says that anything that doesn’t increase cash flow doesn’t
create value (unless it reduces risk). We devote a chapter each to return on
invested capital and to growth, including strategic principles and empirical
insights.
Part Two, “Core Valuation Techniques,” is a self-contained handbook for
using discounted cash flow (DCF) to value a company. The reader will learn
how to analyze historical performance, forecast free cash flows, estimate the
appropriate opportunity cost of capital, identify sources of value, and interpret
results. We also show how to use multiples of comparable companies to
supplement DCF valuations.
Part Three, “Advanced Valuation Techniques,” explains how to analyze
and incorporate in your valuation such complex issues as taxes, pensions,
reserves, inflation, and foreign currency. Part Three also includes a comprehensive
case valuing Heineken N.V., the Dutch brewer, illustrating how to apply
both the core and advanced valuation techniques.
Part Four, “Managing for Value,” applies the value-creation principles to
practical decisions that managers face. It explains how to design a portfolio
of businesses; how to create value through mergers, acquisitions, and divestitures;
how to construct an appropriate capital structure; and how companies
can improve their communications with the financial markets.
Part Five, “Special Situations,” is devoted to valuation in more complex
contexts. It explores the challenges of valuing high-growth companies, companies
in emerging markets, cyclical companies, and banks. In addition, it shows
how uncertainty and flexibility affect value, and how to apply option-pricing
theory and decision trees in valuations.
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