Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation (Wiley Finance), ISBN:9780471702160
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Binding: Paperback Release Date: May 2006 Edition: 4 List Price:$39.95
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ISBN-13: 9780471702160 ISBN-10: 0471702161 Author: Tim Koller, Marc Goedhart, David Wessels, Jeffrey P. Lessard, Inc. McKinsey & Company Publisher: Wiley
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Summary:
The Ideal Companion to VALUATION FOURTH EDITION
If you want to get more out of Valuation, Fourth Edition, then pick up the Valuation Workbook. This comprehensive study guide provides you with an invaluable opportunity to explore your understanding of the strategies and techniques covered in the main text, before putting it to work in real-world situations.
This hands-on Workbook: * Walks you through Valuation, Fourth Edition--providing chapter-by-chapter coverage of the core text * Tests your comprehension of the ideas presented throughout, with multiple-choice questions and problems * Offers complete coverage of forecasting short, medium, and continuing value; calculating and interpreting results; real option pricing methods; and much more
Valuation Workbook is filled with a wealth of practical learning exercises and information that will help you understand and apply the proven principles found in Valuation, Fourth Edition.
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The bridge between management and finance
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As a management consultant, this book bridges between management activities and financial performance.It makes sense of an organizations' day-to-day activities, from the investors'/organization owners' point of view.
Book should be retitled valueing a company purely on the basis of its past cash flow
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This is a good intro to give the basics of valuation for "old economy" businesses. It determines the valuation of companies based almost exclusively on their cash flow over the previous few years (i.e., 3, 5 and 7 year periods) to the analysis. Unfortunately it ignores (completely) too many issues that play an extremely important role in valuation. For example, the quality, background, knowledge of management, the products the company manufactures, the markets for these products, macroeconomic conditions, intellectual property, market position (i.e., oligopolistic? Is entry/exit difficult in the industry?). Not one of these issues is even touched upon!!! The authors seem to be implying that these issues are irrelevant!! Only the cash flow over the previous few years forecast forward (i.e., discounted for present value) matters according to the book!!! Perhaps this type of mentality explains why the overwhelming majority of mergers and acquistions fail!!!!
If you are looking purely for a way to use past cash flows to determine a company's "value" this is the book for you. If you are looking for a discussion of just about any other factor affecting valuation, forget it.
Valuation Review
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The delivery took three times as long as Amazon promised and the book was damaged when I recieved it. Also, it was missing content (i.e. End of chapter questions.)
Excellent
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This was the first time i purchased a book online. Transaction was simple and services were prompt.
Senior Manager at Accenture
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The workbook force you to look at the information you received from "Valuation" from different perspective and you will recognize what you missed or misunderstood. Also, application of "Valuation" concepts in a controlled environment will make you confident that you are applying "Valation" correctly/appropriately in the real life. This is important since the matter being discussed is directly related to money!
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