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ID:7279839
大小:980.62 KB
页数:16页
时间:2018-02-10
《kgw valuation model user guide》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、VALUATIONFIFTHEDITIONDesignedtoHelpYouMeasureandManagetheValueofCompaniesUserGuideDCFValuationModel2010TIMKOLLER•MARCGOEDHART•DAVIDWESSELSMcKINSEY&COMPANYIntroductiontotheMcKinseyDCFValuationModel2010Themodelcontainspreformattedfinancialstatementsandanalyticalr
2、eportsforevaluatingperformanceandvaluingprojectedperformanceusingboththeenterpriseDCFandeconomicprofitapproachesdescribedinthebook.Themodelensuresthatallimportantmeasures,suchasreturnoninvestedcapitalandfreecashflow,arecalculatedcorrectlysothattheusercanfocuson
3、analyzingacompany’sperformanceinsteadofworryingaboutcomputationalerrors.Themodelfollowsthethreeforecasttimeperiodsmethodologydescribedinthebook,comprisingfiveyearsofdetailedforecasts,tenyearsofkeyvaluedriverorPhase2forecasts,andacontinuingvalueperiod.Themodelis
4、compatiblewithExcel2003forWindowsandExcel2004forMacintosh,orhigher,andrequirestheinstallationoftheAnalysisToolPakforsuccessfuloperation.Themodelisinread-onlyformat.Anychangesyoumakemustbesavedunderadifferentname.1Whatisthestructureofthemodel?Themodelcomprisesfo
5、urworksheets:McKinseyDCFValuationModelWorksheetsHistoricaldataForecastdriversResultsValuationEnterallincomeEnterforecastCalculates:Providesastatement,balanceassumptionsforIncomestatementone-pagevaluationsheet,andothereachofthethreeCashflowsummaryhistoricaldatat
6、imeperiodsBalancesheetNOPLATInvestedcapitalFreecashflowEconomicprofitINPUTSOUTPUTS2Gettingstarted…TheMcKinseyDCFvaluationmodelopensattheValuationSummarysheet,oneofthetwooutputsheets.Beforeusingthemodel,checkthattheAnalysisToolPak“Add-In”isactive(seeTools,Add-In
7、smenu).ApartfromtheValuationSummarysheet,themodelfollowsastandardconventionfortheuseofcolumns.ARowtitlesBRangenames(ifused)CCheckcalculationsDNon-time-dependentinputs/outputsE:NHistoricalperiod(10years)0:SDetailedforecasts(5years)T:ACPhase2forecasts(10years)ADC
8、ontinuingvalueperiodNote:Thetimeperiodscanbealtered(seefurtherinstructions).Tip:ChooseCustomviews,show―Normal‖beforesaving—thisreturnsyoutothestartingviewwhenyounextopenthem
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