Measuring and Managing the Value of Companies

Valuation - Measuring and Managing the Value of Companies

Tom Copeland, Tim Koller, Jack Murrin

Tom Copeland was previously a partner and co-leader of the corporate finance practice at McKinsey & Company, Inc., and a professor of finance at UCLA's Anderson School of Management. Tim Koller is a partner at McKinsey & Company, Inc., and co-leader of its corporate finance and corporate strategy practice. He specializes in restructuring, mergers and acquisitions, and corporate strategy. Jack Murrin was previously a partner and co-leader of the corporate finance practice at McKinsey & Company, Inc. He has subsequently held senior executive positions at leading financial institutions.

The book from Copeland on DCF Valuation.

Editorial Reviews:

"The book’s clarity and comprehensive coverage make it one of the best practitioners’ guides to valuation." – Financial Times
"Should serve very well the professional manager who wants to do some serious thinking about what really does contribute value to his or her firm and why." – The Journal of Finance
"Valuation is like a Swiss army knife . . . you will be prepared for just about any contingency." – Martin H. Dubilier, Chairman of the Board, Clayton & Dubilier, Inc.
"This book on valuation represents fresh new thinking. The writing is clear and direct, combining the best academic principles with actual experience to arrive at value-increasing solutions." – J. Fred Weston, Professor of Money and Financial Markets, Graduate School of Management, UCLA

The book is not a comprehensive guide to valuation, as it does not discuss all other methods such as the peer group comparison. Nonetheless, it is an excellent reference book on the topic of DCF Valuation. Also the book is a little bit disappointing on Value Based Management. This while the title ("... and Managing ...") and certainly also the firm the writers (used to) work for makes one expect otherwise.

The Copeland book provides excellent information about the DCF valuation process. The reader will learn how to develop the model and where to input the various data, as well as understand how to justify some of the assumptions such as cost of equity. The disk that accompanies the hardcover addition will be very useful to some practitioners, although analysts with strong modeling skills will likely want to create their own spreadsheet. If you have a managers / medium level interest in valuation this is a good book to buy.

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