Valuation: Measuring and Managing the Value of Companies, University Edition

Series
 Title Page
 Copyright
 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
 Review Questions
 Notes
 2: Fundamental Principles of Value Creation
 The Relationship of Growth, ROIC, and Cash Flow
 Balancing ROIC and Growth to Create Value. Real-World ExamplesManagerial Implications
 Economic Profit Combines ROIC and Size
 The Math of Value Creation
 Summary
 Review Questions
 Notes
 3: Conservation of Value and the Role of Risk
 Conservation of Value
 Risk and Value Creation
 Summary
 Review Questions
 Notes
 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
 Review Questions
 Notes
 5: The Stock Market Is Smarter Than You Think
 Markets and Fundamentals: A Model. Markets and Fundamentals: The EvidenceWhat about Earnings?
 Earnings Management
 Diversification and the Conglomerate Discount
 Size and Value
 Market Mechanics Don't Matter
 Value Creation Is More Important than Value Distribution
 Summary
 Review Questions
 Notes
 6: Return on Invested Capital
 What Drives ROIC?
 Competitive Advantage
 Sustainability of Return on Invested Capital
 An Empirical Analysis of Returns on Invested Capital
 Summary
 Review Questions
 Notes
 7: Growth
 Drivers of Revenue Growth
 Growth and Value Creation
 Why Sustaining Growth Is Hard. Empirical Analysis of Corporate GrowthSummary
 Review Questions
 Notes
 Part Two: Core Valuation Techniques
 8: 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
 Other Approaches to Discounted Cash Flow
 Alternatives to Discounted Cash Flow
 Summary
 Review Questions
 Notes
 9: Reorganizing the Financial Statements
 Reorganizing the Accounting Statements: Key Concepts
 Reorganizing the Accounting Statements: In Practice
 Advanced Issues. Review QuestionsNotes
 10: Analyzing Performance
 Analyzing Returns on Invested Capital
 Analyzing Revenue Growth
 Credit Health and Capital Structure
 General Considerations
 Review Questions
 Notes
 11: Forecasting Performance
 Determine the Forecast's Length and Detail
 Components of a Good Model
 Mechanics of Forecasting
 Additional Issues
 Review Questions
 Notes
 12: Estimating Continuing Value
 Recommended Formula for DCF Valuation
 Continuing Value Using Economic Profit
 Subtleties of Continuing Value
 Common Pitfalls
 Evaluating Other Approaches to Continuing Value.