Valuation : measuring and managing the value of companies

Intro -- 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 Examples -- Managerial 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 Evidence -- What 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.