'Understanding valuation is relevant to everyone with an ambition in business. For us a Cevian Capital it is an absolutely critical skill. This book will take you there faster than any other in the field.' Christer Gardell Former Partner McKinsey, Managing Partner and co-founder of Cevian Capital 'A handy, accessible and well-written guide to valuation. The authors manage to capture the reader with high-level synthesis as well as more detailed insights in a great way.' Anna Storakers Head of Group Strategy & Corporate Development, Nordea Bank AB, formerly with Goldman Sachs & Co and McKinsey & Co "If you can envision the future value of a company you are a winner. Make this comprehensive and diligent book on corporate valuation your companion pursuing transactions and you will succeed." Hans Otterling, Founding Partner, CEO Northzone Capital "Both in my previous position as an investment banker and today as an investor in high growth technology companies, corporate valuation has been a most critical subject. The Financial Times guide to Valuationserves as the perfect introduction to the subject and I recommend it to entrepreneurs as well as fellow private investors." Carl Palmstierna, former Partner Goldman Sachs, Business Angel 'Not only will Financial Times Guide to Corporate Valuation provide you with the basic understanding of corporate valuation, it also gives you an interesting insight into non-operational challenges that companies will face. And it does it all in an unexpectedly efficient and reader friendly manner. If you want to learn the basics and only have a few hours to spare, invest them into reading this book!' Daniel Hummel Head of Corporate Finance, Swedbank 'In this highly accessible and reliable introduction to valuation, Messieurs Frykman and Tolleryd have succeeded in selecting only the essential building blocks in a topic that can otherwise be difficult to navigate. Indeed a guide, this book will prove handy to many of us and a breakthrough to some.' Per Hedberg, Academic Director Stockholm School of Economics Russia 'This book provides an accessible and informative entry point to the vast topic of valuation. The book covers mechanics as well as how value is linked to intangibles, growth opportunities and industry structure, all the way providing clear examples of every key idea. The authors understand value: they know what is useful, what is practical and what is critical, and give any reader great guidance to the challenge of getting values right.' Bo Becker Assistant Professor Harvard Business School "I read Frykman & Tolleryds book on Corporate Valuation the first time in the late 90's - the book has not only thought me how to value investments, but also how important it is to focus on long term cashflow when building and leading an organization" Mikael Schiller Owner, Chairman, Acne Studios 'The easy, no-nonsense approach to corporate valuation.' Fiona McGuire, Corporate Finance Director FGS Understanding corporate valuation is crucial for all business people in today's corporate world. No other measure can indicate as completely the current status as well as the future prospects of a company. The Financial Times Guide to Corporate Valuation is a quick, no-nonsense guide to a complex subject. Whether you're a manager, executive, entrepreneur or student this comprehensive reading guide will help you tailor your learning according to your experience, existing knowledge and time constraints. Using the example of a fictional European telecommunications company, Mobitronics, as a model, it provides key insights into universal issues in corporate valuation and the most commonly used valuation methods. THE ONLY STRAIGHTFORWARD GUIDE TO CORPORATE VALUATION
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这本书的实战指导性简直让人眼前一亮。我过去读过好几本估值领域的教材,它们大多停留在理论的阐述和复杂公式的堆砌上,读完后总感觉像隔了一层纱,真正要动手操作时,还是摸不着头脑。但这本书完全不同,它就像一位经验丰富、手把手带你的导师,直接切入企业价值评估的核心场景。作者在讲解每一种估值模型时,都不是简单地罗列公式,而是深入剖析了在不同行业、不同发展阶段的公司应用这些模型时需要注意的陷阱和调整的细节。比如,在讨论现金流折现法(DCF)时,它花了大量篇幅去解释如何构建一个现实且有说服力的预测期现金流,如何根据公司的资本结构变化来确定合适的加权平均资本成本(WACC),以及更关键的,如何构建一个合理的终值计算方法,而不是敷衍了事地用永续增长率一笔带过。尤其对那些非上市公司或者面临重大资本结构调整的公司,它提供的具体操作步骤和案例分析,极大地增强了操作的可行性。读完这一部分,我感觉自己不再是纸上谈兵的分析师,而是真正能为企业的估值报告提供可靠数据支撑的专业人士。这种由理论到实践的无缝衔接,是这本书最大的价值所在。
评分这本书的叙事逻辑和结构安排体现了极高的专业素养,阅读体验丝滑流畅,完全没有一般专业书籍那种枯燥和晦涩感。作者似乎深谙如何引导读者的认知过程,它不是按照传统的教科书的章节顺序来组织内容,而是以一个投资决策的完整流程为主线展开的。一开始,它就强调了估值目标和目的的重要性——为谁做估值?是为了并购、融资还是内部决策?这个前提的明确,直接决定了后续所有参数的选择。随后,它自然而然地引入了相对估值和绝对估值两大阵营的比较和互补性,使得读者能够清晰地理解在不同市场环境下,应该侧重哪种方法。最让我印象深刻的是它对“市场情绪与估值偏离”的处理。很多书籍对此往往一带而过,但这本书却用相当篇幅探讨了如何识别和量化市场情绪对估值的影响,并提供了调整情绪溢价(或折价)的量化框架。这种宏观视角与微观操作的结合,让我对估值这件事的理解从单纯的数字游戏,上升到了对经济环境和行业动态的综合判断层面。整体读下来,你会感到知识体系是不断向上搭建、不断强化的,而不是零散知识点的堆砌。
评分从排版和辅助材料的角度来看,这本书也做得非常出色,极大地提升了作为工具书的实用价值。它的图表设计清晰直观,大量使用了流程图和决策树来梳理复杂的分析步骤,使得原本需要通过冗长文字才能理解的概念,能够被一眼洞察。特别是附录中提供的若干重要的财务比率计算模板和敏感性分析的表格样例,可以直接作为工作底稿的参考框架。这些并非简单的截图,而是作者精心设计的、具有逻辑结构的模板,体现了作者希望读者能够真正将所学知识应用于实践的良苦用心。对于那些习惯于在电脑前操作的现代分析师而言,这本书不仅仅是阅读材料,更像是一份附带了思想架构的“操作手册”。它成功地平衡了深度理论与工具应用之间的关系,确保读者在理解“为什么”的同时,也掌握了“怎么做”。总而言之,这是一本能够被长期放在办公桌上,随时翻阅、不断学习的经典之作,它的价值会随着我们经验的积累而不断显现。
评分这本书在处理复杂交易场景下的估值难题时,展现出了无与伦比的深度和广度。我们都知道,理论模型在现实世界的并购(M&A)和私有化交易中,往往需要进行大量的定制化调整。这本书恰恰捕捉到了这些“现实世界的摩擦力”。它详细剖析了如何在新旧会计准则转换期内调整财务数据以确保可比性,如何处理股权激励对未来自由现金流的稀释效应,以及在杠杆收购(LBO)模型中,如何平衡债务的偿还路径和股东回报率之间的博弈。有一章专门讨论了无形资产的价值评估,对于知识产权、品牌价值这类难以量化的资产,作者提供了一套结合市场法和收益法的混合评估思路,这在许多传统的金融书籍中是看不到的。读到这一部分,我感觉自己像是进入了一个高级并购团队的内部研讨会,学到的不是教科书上的定义,而是那些真正影响交易价格的关键条款和估值“锚点”。对于那些希望进入投资银行或私募股权领域的人来说,这本书提供的实战经验是无价的学习资本。
评分如果让我用一个词来形容这本书的论述风格,那一定是“审慎的批判性”。它不会盲目推崇任何一种估值方法为“万能钥匙”。相反,作者对每种方法都进行了非常深入且毫不留情的批判性审视。比如,在讨论使用市盈率(P/E)进行估值时,书中不仅列举了它的便捷性,更重点分析了它在面对负收益公司、周期性行业以及高成长初创企业时的失效性,并明确指出了何时使用P/E是“危险的信号”。这种不偏不倚、直面工具局限性的态度,对于一个初学者来说是极其宝贵的教育。它教会我们,估值不是找一个“正确答案”,而是选择在特定情境下“最不错误”的估值区间。这种深刻的认识,极大地提升了分析的严谨度。此外,书中对于“可比公司分析”中“可比性”的界定,提供了非常细致的维度,比如业务模式的相似性、资本结构的一致性、财务报告口径的统一性等,避免了仅仅因为行业代码相同就草率地进行比较的低级错误。这种对细节的极致追求,使得这本书的价值远超一般市面上的速成指南。
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