Valuation: Measuring and Managing the Value of Companies (Wiley Finance)

Valuation: Measuring and Managing the Value of Companies (Wiley Finance)

McKinsey & Company’s #1 best-selling guide to corporate valuation?the fully updated seventh edition Valuation has been the foremost resource for measuring company value for nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders. This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies.   Clear, accessible chapters cover the fundamental principles of value creation, analyzing and forecasting performance, capital structure and dividends, valuing high-growth companies, and much more. The Financial Times calls the book ?one of the practitioners? best guides to valuation.?  This book:  Provides complete, detailed guidance on every crucial aspect of corporate valuation Explains the strategies, techniques, and nuances of valuation every manager needs to know Covers both core and advanced valuation techniques and management strategies Features/Includes a companion website that covers key issues in valuation, including videos, discussions of trending topics, and real-world valuation examples from the capital markets For over 90 years, McKinsey & Company has helped corporations and organizations make substantial and lasting improvements in their performance. Through seven editions and 30 years, Valuation: Measuring and Managing the Value of Companies, has served as the definitive reference for finance professionals, including investment bankers, financial analysts, CFOs and corporate managers, venture capitalists, and students and instructors in all areas of finance.


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Editorial Reviews

From the Inside Flap

Not all CEOs, business managers, and financial managers possess a deep understanding of value, although it is essential knowledge to creating value for companies and shareholders.

McKinsey’s Valuation: Measuring and Managing the Value of Companies, Seventh Edition, with its companion DCF Model Download, provides the knowledge executives need to make value-creating decisions–replacing some of the myths that pervade the corporate world with proven principles of value creation.

Thoroughly revised and expanded to reflect business conditions in today’s volatile global economy, Valuation + DCF Model Download, Seventh Edition provides up-to-date insights and practical advice on how to create, manage, and measure the value of an organization.

The Seventh Edition provides:

  • An overview of the two core principles of valuation: the idea that return on invested capital and growth drive cash flow, and a conversation principle that anything that doesn’t increase cash flow doesn’t create value (unless it reduces risk).
  • Guidance for using discounted cash flow (DCF) to value a company, with an emphasis on how to analyze historical performance, forecast free cash flows, estimate the appropriate opportunity cost of capital, identify sources of value, and interpret results.
  • An explanation of how to analyze and incorporate in your valuation such complex issues as taxes, pensions, reserves, inflation, and foreign currency, complete with a case-study example.
  • A framework for value creation built upon designing a portfolio of businesses, executing strategic M&A decisions and divestitures, and aligning appropriate capital structure and proper communication of business strategy with the financial markets.
  • An exploration of special situations in which valuation is complex, such as the multi-dimensional challenges of valuing higher growth companies, emerging markets, cyclical companies, and banks; or in the use of option-pricing theory and decision trees in valuations.

Acclaimed for 25 years by corporate finance experts as the best guide in its class, Valuation, Seventh Edition explains, step-by-step, how to do valuation well. Business managers will learn how to decide among alternative business strategies by estimating the value of each strategic choice; how to assess major transactions such as acquisitions, divestitures, and restructurings; how to design an effective capital structure to support the corporation’s strategy and minimize the risk of financial distress; and how to create value and improve corporate performance. –This text refers to the hardcover edition.

From the Back Cover


“The book’s clarity and comprehensive coverage make it one of the best practitioners’ guides to valuation.”
?Financial Times

Valuation . . . is a reminder of why shareholder value is still the most powerful idea in business and why many criticisms thrown at it are unfair.”
?The Economist

“A ‘how to’ guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies.”
?The New York Times

“Cuts through the clutter and confusion to focus executives on what really drives value creation.”
?Fernando Tennenbaum, CFO, AB InBev

“Clearly articulates both the principles and practical applications of creating value.”
?John Graham, D. Richard Mead Professor of Finance, Fuqua School of Business, Duke University

“The best valuation book just got better. It is required reading for all executives.”
?Benjamin C. Esty, Roy and Elizabeth Simmons Professor of Business Administration, Harvard Business School

“The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition.”
?Dr. Raymond Breu, retired CFO, Novartis AG –This text refers to the hardcover edition.

About the Author

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. –This text refers to the hardcover edition.

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Additional information

Best Sellers Rank

#137,732 in Kindle Store (See Top 100 in Kindle Store) #12 in Valuation (Kindle Store) #53 in Valuation (Books) #191 in Investing Basics

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