VALUATIONMEASURINGANDMANAGINGTHEVALUEOFCOMPANIESTheWileyFinanceseriescontainsbookswrittenspecificallyforfinanceandinvestmentprofessionalsaswellassophisticatedindividualinvestorsandtheirfinancialadvisors.Booktopicsrangefromportfoliomanagementtoe-commerce,riskmanagement,finan-cialengineering,valuationandfinancialinstrumentanalysis,aswellasmuchmore.Foralistofavailabletitles,visitourWebsiteatwww.WileyFinance.com.Foundedin1807,JohnWiley&SonsistheoldestindependentpublishingcompanyintheUnitedStates.WithofficesinNorthAmerica,Europe,AustraliaandAsia,Wileyisgloballycommittedtodevelopingandmarketingprintandelectronicproductsandservicesforourcustomers’professionalandpersonalknowledgeandunderstanding.VALUATIONMEASURINGANDMANAGINGTHEVALUEOFCOMPANIESSIXTHEDITIONMcKinsey&CompanyTimKollerMarcGoedhartDavidWesselsCoverimage:©iStock.com/alzajacCoverdesign:WileyCopyright©1990,1994,2000,2005,2010,2015byMcKinsey&Company.Allrightsreserved.PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey.PublishedsimultaneouslyinCanada.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,orotherwise,exceptaspermittedunderSection107or108ofthe1976UnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpaymentoftheappropriateper-copyfeetotheCopyrightClearanceCenter,Inc.,222RosewoodDrive,Danvers,MA01923,(978)750-8400,fax(978)646-8600,orontheWebatwww.copyright.com.RequeststothePublisherforpermissionshouldbeaddressedtothePermissionsDepartment,JohnWiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030,(201)748-6011,fax(201)748-6008,oronlineatwww.wiley.com/go/permissions.LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttotheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurpose.Nowarrantymay...
