Efnisyfirlit

• Cover
• About the Authors
• Preface
• Acknowledgments
• Part One Foundations of Value
  • Chapter 1 Why Value Value?
    • What Does It Mean to Create Shareholder Value?
    • Short-Termism Runs Deep
    • Shareholder Capitalism Cannot Solve Every Challenge
    • Can Stakeholder Interests Be Reconciled?
    • Consequences of Forgetting Value-Creation Principles
    • This Book
    • Review Questions
    • Notes
  • Chapter 2 Finance in a Nutshell
    • The Early Years
    • A New Concept
    • Should Lily and Nate Try to Maximize ROIC?
    • Going Public
    • Expansion into Related Formats
    • Some Lessons
    • Review Questions
    • Notes
  • Chapter 3 Fundamental Principles of Value Creation
    • The Relationship of Growth, ROIC, and Cash Flow
    • Balancing ROIC and Growth to Create Value
    • Some Examples
    • Implications for Managers
    • Economic Profit Combines ROIC and Size
    • Conservation of Value
    • The Math of Value Creation
    • Summary
    • Review Questions
    • Notes
  • Chapter 4 Risk and the Cost of Capital
    • Cost of Capital Is an Opportunity Cost
    • Companies Have Little Control over Their Cost of Capital
    • Create Better Forecasts, Not Ad Hoc Risk Premiums
    • Decide How Much Cash Flow Risk to Take On
    • Decide Which Types of Risk to Hedge
    • Summary
    • Review Questions
    • Notes
  • Chapter 5 The Alchemy of Stock Market Performance
    • Why Shareholder Expectations Become a Treadmill
    • The Treadmill’s Real-World Effects
    • Decomposing TSR
    • Understanding Expectations
    • Implications for Managers
    • Review Questions
    • Notes
  • Chapter 6 Valuation of ESG and Digital Initiatives
    • A Common Framework
    • Environmental, Social, and Governance (ESG) Concerns
    • Digital Initiatives
    • Closing Thoughts
    • Review Questions
    • Notes
  • Chapter 7 The Stock Market Is Smarter Than You Think
    • Markets and Fundamentals: A Model
    • Markets and Fundamentals: The Evidence
    • Myths about Earnings
    • Myths about Earnings Management
    • Myths about Diversification
    • Myths about Company Size
    • Myths about Market Mechanics
    • Myths about Value Distribution
    • Summary
    • Review Questions
    • Notes
  • Chapter 8 Return on Invested Capital
    • What Drives ROIC?
    • Competitive Advantage
    • Sustaining Return on Invested Capital
    • An Empirical Analysis of Returns on Invested Capital
    • Summary
    • Review Questions
    • Notes
  • Chapter 9 Growth
    • Drivers of Revenue Growth
    • Growth and Value Creation
    • Why Sustaining Growth Is Hard
    • Empirical Analysis of Corporate Growth
    • Summary
    • Review Questions
    • Notes
• Part Two Core Valuation Techniques
  • Chapter 10 Frameworks for Valuation
    • Enterprise Discounted Cash Flow Model
    • Economic Profit-Based Valuation Models
    • Adjusted-Present-Value Model
    • Capital Cash Flow Model
    • Cash-Flow-to-Equity Valuation Model
    • Problematic Modifications to Discounted Cash Flow
    • Alternatives to Discounted Cash Flow
    • Summary
    • Review Questions
    • Notes
  • Chapter 11 Reorganizing the Financial Statements
    • Reorganizing the Accounting Statements: Key Concepts
    • Reorganizing the Accounting Statements: In Practice
    • Advanced Issues
    • Review Questions
    • Notes
  • Chapter 12 Analyzing Performance
    • Analyzing Returns on Invested Capital
    • Analyzing Revenue Growth
    • Credit Health and Capital Structure
    • General Considerations
    • Review Questions
    • Notes
  • Chapter 13 Forecasting Performance
    • Determine the Forecast’s Length and Detail
    • Components of a Good Model
    • Mechanics of Forecasting
    • Advanced Forecasting
    • Concluding Thoughts
    • Review Questions
    • Notes
  • Chapter 14 Estimating Continuing Value
    • Recommended Formula for DCF Valuation
    • Continuing Value Using Economic Profit
    • Misunderstandings about Continuing Value
    • Common Pitfalls
    • Other Approaches to Continuing Value
    • Closing Thoughts
    • Review Questions
    • Notes
  • Chapter 15 Estimating the Cost of Capital
    • Calculating the Weighted Average Cost of Capital
    • Estimating the Cost of Equity
    • Estimating the After-Tax Cost of Debt
    • Forecasting Target Capital Structure to Weight WACC Components
    • Estimating WACC for Complex Capital Structures
    • Closing Thoughts
    • Review Questions
    • Notes
  • Chapter 16 Moving from Enterprise Value to Value per Share
    • The Valuation Buildup Process
    • Valuing Nonoperating Assets
    • Valuing Interest-Bearing Debt
    • Valuing Debt Equivalents
    • Valuing Hybrid Securities and Noncontrolling Interests
    • Estimating Value per Share
    • Review Questions
    • Notes
  • Chapter 17 Analyzing the Results
    • Validating the Model
    • Sensitivity Analysis
    • Creating Scenarios
    • The Art of Valuation
    • Review Questions
    • Notes
  • Chapter 18 Using Multiples
    • Value Multibusiness Companies as a Sum of Their Parts
    • Use Forward Earnings Estimates
    • Use Net Enterprise Value Divided by Adjusted EBITA or NOPAT
    • Adjust for Nonoperating Items
    • Use the Right Peer Group
    • Alternative Multiples
    • Summary
    • Review Questions
    • Notes
  • Chapter 19 Valuation by Parts
    • The Mechanics of Valuing by Parts
    • Building Business Unit Financial Statements
    • Cost of Capital
    • Testing the Value Based on Multiples of Peers
    • Summary
    • Review Questions
    • Notes
• Part Three Advanced Valuation Techniques
  • Chapter 20 Taxes
    • Estimating Operating Taxes
    • Converting Operating Taxes to Operating Cash Taxes
    • Deferred Taxes on the Reorganized Balance Sheet
    • Valuing Deferred Taxes
    • Closing Thoughts
    • Review Questions
    • Notes
  • Chapter 21 Nonoperating Items, Provisions, and Reserves
    • Nonoperating Expenses and One-Time Charges
    • Provisions and Their Corresponding Reserves
    • Closing Thoughts
    • Review Questions
    • Notes
  • Chapter 22 Leases
    • Accounting for Operating Leases
    • Valuing a Company with Operating Leases
    • Adjusting Historical Financial Statements for Operating Leases
    • An Alternative Method for Valuing Operating Leases
    • Closing Thoughts
    • Review Questions
    • Notes
  • Chapter 23 Retirement Obligations
    • Reorganizing the Financial Statements with Pensions
    • Pensions and the Cost of Capital
    • Relevering Beta to Estimate the Cost of Equity
    • Incorporating Pensions into the Value of Equity
    • Closing Thoughts
    • Review Questions
    • Notes
  • Chapter 24 Measuring Performance in Capital-Light Businesses
    • Capitalizing Expensed Investments
    • When Businesses Need Little or No Capital
    • Summary
    • Review Questions
    • Notes
  • Chapter 25 Alternative Ways to Measure Return on Capital
    • When ROIC Equals IRR
    • When CFROI Equals IRR
    • Choosing between ROIC and CFROI
    • Flaws of Other Cash Returns on Capital
    • Summary
    • Review Questions
    • Notes
  • Chapter 26 Inflation
    • Inflation Leads to Lower Value Creation
    • Historical Analysis in Times of High Inflation
    • Financial Projections in Real and Nominal Terms
    • Summary
    • Review Questions
    • Notes
  • Chapter 27 Cross-Border Valuation
    • Forecasting Cash Flows
    • Estimating the Cost of Capital
    • Applying a Domestic- or Foreign-Capital WACC
    • Incorporating Foreign-Currency Risk in the Valuation
    • Using Translated Foreign-Currency Financial Statements
    • Summary
    • Review Questions
    • Notes
• Part Four Managing for Value
  • Chapter 28 Corporate Portfolio Strategy
    • Bet on the Horse—or the Jockey?
    • What Makes an Owner the Best?
    • The Best-Owner Life Cycle
    • Dynamic Portfolio Management
    • The Myth of Diversification
    • Constructing the Portfolio
    • Summary
    • Review Questions
    • Notes
  • Chapter 29 Strategic Management: Analytics
    • Adopting a Granular Perspective
    • Taking the Enterprise View
    • Applying Value Drivers to Monitor Performance
    • Setting Targets
    • Monitoring Results
    • Summary
    • Review Questions
    • Notes
  • Chapter 30 Strategic Management: Mindsets and Behaviors
    • Strong Governance
    • Debiased Decision Making
    • Synchronized and Streamlined Processes
    • Closing Thoughts
    • Review Questions
    • Notes
  • Chapter 31 Mergers and Acquisitions
    • A Framework for Value Creation
    • Empirical Results
    • Archetypes for Value-Creating Acquisitions
    • Longer-Odds Strategies for Creating Value from Acquisitions
    • Estimating Operating Improvements
    • How to Pay: With Cash or Stock?
    • Focus on Value Creation, Not Accounting
    • Characteristics of Better Acquirers
    • Closing Thoughts
    • Review Questions
    • Notes
  • Chapter 32 Divestitures
    • Value Creation from Divestitures
    • Why Executives Shy Away from Divestitures
    • Assessing Potential Value from Divestitures
    • Deciding on Transaction Type
    • Summary
    • Review Questions
    • Notes
  • Chapter 33 Capital Structure, Dividends, and Share Repurchases
    • Practical Guidelines
    • A Four-Step Approach
    • Setting a Target Capital Structure
    • Payouts to Shareholders
    • Equity Financing
    • Debt Financing
    • Divestitures of Noncore Businesses
    • Creating Value from Financial Engineering
    • Summary
    • Review Questions
    • Notes
  • Chapter 34 Investor Communications
    • Objectives of Investor Communications
    • Intrinsic Value vs. Market Value
    • Which Investors Matter?
    • Communicating with Intrinsic Investors
    • Listening to Investors
    • Earnings Guidance
    • Meeting Consensus Earnings Forecasts
    • Summary
    • Review Questions
    • Notes
• Part Five Special Situations
  • Chapter 35 Emerging Markets
    • Why Scenario DCF Is More Accurate than Risk Premiums
    • Applying the Scenario DCF Approach
    • Estimating Cost of Capital in Emerging Markets
    • Other Complications in Valuing Emerging-Markets Companies
    • Triangulating Valuation
    • Summary
    • Review Questions
    • Notes
  • Chapter 36 High-Growth Companies
    • A Valuation Process for High-Growth Companies
    • Uncertainty Is Here to Stay
    • Summary
    • Review Questions
    • Notes
  • Chapter 37 Cyclical Companies
    • Share Price Behavior
    • An Approach to Valuing Cyclical Companies
    • Implications for Managing Cyclical Companies
    • Summary
    • Review Questions
    • Notes
  • Chapter 38 Banks
    • Economics of Banking
    • Principles of Bank Valuation
    • Complications in Bank Valuations
    • Summary
    • Review Questions
    • Notes
  • Chapter 39 Flexibility
    • A Hierarchy of Approaches
    • Uncertainty, Flexibility, and Value
    • Managing Flexibility
    • Methods for Valuing Flexibility
    • Four Steps to Valuing Flexibility
    • Real-Option Valuation and Decision Tree Analysis: A Numerical Example
    • Summary
    • Review Questions
    • Notes
• Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow
  • Proof Using Perpetuities
  • Generalized Proof
  • Notes
• Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value
  • Enterprise Discounted Cash Flow
  • Adjusted Present Value
  • Notes
• Appendix C Levering and Unlevering the Cost of Equity
  • Unlevered Cost of Equity
  • Levered Cost of Equity
  • Levered Beta
  • Unlevered Beta and Pensions
• Appendix D Leverage and the Price-to-Earnings Multiple
  • Step 1: Defining Unlevered P/E
  • Step 2: Linking Net Income to NOPAT
  • Step 3: Deriving Levered P/E
• Appendix E Other Capital Structure Issues
  • Pecking-Order Theory
  • Market-Based Rating Approach
  • Leverage, Coverage, and Solvency
  • Notes
• Appendix F Technical Issues in Estimating the Market Risk Premium
  • Calculate Premium Relative to Long-Term Government Bonds
  • Use the Longest Period Possible
  • Use an Arithmetic Average of Longer-Dated (e.g., Ten-Year) Intervals
  • Notes
• Appendix G Global, International, and Local CAPM
  • Global CAPM
  • International CAPM
  • Local CAPM
  • Notes
• Appendix H A Valuation of Costco Wholesale
  • Modeling the Financial Statements
  • Reorganizing the Financial Statements
  • Forecasting the Financials
  • Estimating Continuing Value
  • Estimating the Weighted Average Cost of Capital
  • Valuing the Enterprise and Converting to Equity
  • Putting the Model to Work
  • Note
• Appendix I Two-Stage Formula for Continuing Value
  • Note
• Index
• End User License Agreement

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