Tom Copeland, Tim Koller, Jack
Valuation - Measuring and
Managing the Value of Companies
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.
book from Copeland on DCF Valuation.
"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
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.