|  | Authors: McKinsey & Company Inc., Tim Koller, Marc Goedhart, David Wessels
Publisher: Wiley
List Price: $85.00
Buy New: $40.95
as of 11/22/2009 12:33 CST details
You Save: $44.05 (52%)
New (49) Used (25) from $34.95
Seller: nysantosh
Rating:  26 reviews
Sales Rank: 19821
Languages: English (Original Language), English (Unknown), English (Published)
Media: Hardcover
Edition: 4
Pages: 768
Number Of Items: 1
Shipping Weight (lbs): 3.2
Dimensions (in): 10 x 7.1 x 1.7
ISBN: 0471702188
Dewey Decimal Number: 658.15
UPC: 723812727360
EAN: 9780471702184
ASIN: 0471702188
Publication Date: June 8, 2005
Availability: Usually ships in 1-2 business days
Condition: Mint condition, bought but never used. No wear, notes or markings on pages - dust jacked shows minimal wear.
|
| Customer Reviews:
Showing reviews 16-20 of 26
 Difficult to use, disorganized April 12, 2007
panthur (Delray Beach, FL)
14 out of 23 found this review helpful
I used this book for an MBA finance class but I am not keeping it as a reference. I felt it was convoluted and badly organized. It was difficult to look up subjects using the index when you wanted to just crack the book and find a formula or look for something specific. Since that's what I would do if I kept the book as a reference, the value for me is not there. I'm looking for a different book that is better organized and easier to understand for my reference book.
 new bk delivered within a week February 11, 2007
jan
1 out of 41 found this review helpful
the shipping fee is free and i got the bk within a week. Most importantly, it's a new bk which price is nearly half of the original price in the bookstore!! awesome!
This is a review of only the CD - i.e., Excel model March 28, 2006
guy on the west coast
101 out of 104 found this review helpful
Let me say that I like the McKinsey model and use it a lot to value certain companies. Overall, I found that the Results section of the model really helped me understand the detailed nuances of the McKinsey model, especially given that the book itself is sometimes vague.
I gave the CD product 4 stars, instead of 5 stars, because I felt that:
1) The PDF instructional manual on using the model is woefully inadequate.
2) There were a few serious errors in the model.
3) The model took the easy way out on a lot of difficult valuation items.
1. The PDF manual is woefully inadequate. Reading it, you think the model is self-explanatory, but it really isn't. You have to really study the numbers to understand what assumptions the model wants you to make. In this regard, the book is marginally helpful, the examples in the book is slightly more helpful. In many cases, I had to turn to other valuation texts to figure out a few things.
2. The model is for the most part, error-free. But I did catch two calculation errors that I will share, so that others can avoid the pain. First, in the Forecast Drivers tab, there is a data row called Capex. It looks back at the optional Capital Expenditure line as an off-balance sheet item in 'Historical Data.' This is inconsistent with the book's data driven approach and specification that CapEx = change in Net PPE + Depreciation. You may want to recorrect the Capex formula to specify this. Why the model asks us to manually specify the Capital Expenditures in Historical Data, I have no idea.
Another error I saw is in the Results tab. In the Ratios section, there is one called 'Enterprise value / EBITA'. If you look at the formula, it points to EBIT. You need to correct this by having it point to Reported EBITA.
3. I think the model takes the easy way out on a lot of the most difficult items. For example, the book advocates treatment of R&D as a capitalized asset, and yet the model excludes this entirely. The book advocates dealing with the market value of debt, but the model just incorporates the book value of debt. The model leaves as an entry item the value of the lease as a balance sheet item, when it you could easily just as well incorporate extensions to model this. This is the same for options, convertible debt, customer receivables, unutilized/discontinued assets, etc.
Basically, the book is aggressive in advocating a firm estimation of operational value, NOA value, and Debt/DE claims, but the model is much less ambitious.
This does not make the model useless. It's a great data-driven model. It just requires the user to build sophisticated extensions to deal with the most complicated parts. At the same time, this is no cheap model. They are probably making lots of money on it. I would have expected the folks at McKinsey to provide extensions to handle the most complicated aspects of valuation, in addition to the core items.
 Fantastic Book but the CD is a complete waste of Money November 16, 2005
Ric G (London, UK)
31 out of 55 found this review helpful
I was so impressed with the fourth Edition of the Valuation text (if you don't own it, buy it now) that I went and ordered the accompanying CD-rom thinking that it would have all the basic financial templates outlined in the book. I specifically wanted a valuation model for Banks.
Whilst the model on the CD is fine for valuing non-financial companies, I HAD ALREADY DOWNLOADED IT FROM THE NET FOR FREE. Furthermore the CD didn't include a model for valuing banks - I'm going to have to build a new one from scratch.
In other words, I've paid a fortune for something I had already got for free. Ironic then, that the model comes from a leading consulting company (McKinsey)...what's the saying about consultants charging a fortune to tell you things you already know (or in my case sell me things I already OWN).
Valuation (McKinsey - 4th Edition) October 25, 2005
Jon Bull (Boston, MA USA)
17 out of 21 found this review helpful
This book is awesome. It offers incredibly comprehensive and insightful methods for rearranging financial statements into key drivers of firm value. It also teaches you how to apply those drivers to create a forecast for the future. Individual chapters are dedicated to the more complex concepts. This is a great resource for an aspiring or practicing analyst.
Showing reviews 16-20 of 26
|
|
|
