Download Valuation: Measuring and Managing the Value of Companies, by McKinsey & Company Inc., Visit Amazon's Tim Koller Page, PDF

By McKinsey & Company Inc., Visit Amazon's Tim Koller Page, search results, Learn about Author Central, Tim Koller, , Marc Goedhart, David Wessels

Hailed by means of monetary execs around the world because the unmarried top advisor of its variety, Valuation, Fourth version is punctiliously revised and increased to mirror company stipulations in modern day unstable worldwide economic system. Valuation offers updated insights and functional suggestion on easy methods to create, deal with, and degree an organization's price. in addition to all-new case reviews that illustrate how valuation ideas and rules are utilized in real-world events, this finished consultant has been up-to-date to mirror the occasions of the net bubble and its influence on inventory markets, new advancements in educational finance, alterations in accounting ideas (both U. S. and IFRS), and an more suitable worldwide viewpoint. This variation includes the cast framework that managers in any respect degrees, traders, and scholars have come to belief.

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Additional info for Valuation: Measuring and Managing the Value of Companies, Fourth Edition

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The managers first conducted a sensitivity analysis, estimating how the value would be affected by an increase in sales growth of 1 percent, then a rise in margins by a percentage point, and finally, the reduction of capital intensity. 10. Foodco was most sensitive to reductions in capital intensity and increases in margins. If Foodco grew faster at current margins and capital intensity, in fact, its value would actually decrease. Growth would be unprofitable, because Foodco earned a rate of return on invested capital less than its cost of capital.

Once in control, the new owners would often improve operations, divest unrelated businesses, and then resell the newly made-over company for a substantial profit. Although large companies led many of the early hostile takeovers, the emergence of high-yield bond financing opened the door for smaller investors, known as leveraged-buyout (LBO) firms, to take a leading role in the hostile-takeover game. The LBO firms’ early successes attracted the attention of other investors, commercial bankers, and investment bankers.

Yet as the number of participants in the hot market increased, discipline declined. The swelling ranks of LBO firms bid up prices for takeover prospects encouraged by investment bankers, who stood to reap large advisory fees, as well as with the help of commercial bankers, who were willing to support aggressive financing plans. We have reviewed some financial projections that underpinned several high-profile LBO bankruptcies in the late 1980s. Many of these transactions were based on assumptions that the companies could achieve levels of performance, revenue growth, operating margins, and capital utilization never before achieved in their industry.

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