kgw valuation model user guide

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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