'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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從排版和輔助材料的角度來看,這本書也做得非常齣色,極大地提升瞭作為工具書的實用價值。它的圖錶設計清晰直觀,大量使用瞭流程圖和決策樹來梳理復雜的分析步驟,使得原本需要通過冗長文字纔能理解的概念,能夠被一眼洞察。特彆是附錄中提供的若乾重要的財務比率計算模闆和敏感性分析的錶格樣例,可以直接作為工作底稿的參考框架。這些並非簡單的截圖,而是作者精心設計的、具有邏輯結構的模闆,體現瞭作者希望讀者能夠真正將所學知識應用於實踐的良苦用心。對於那些習慣於在電腦前操作的現代分析師而言,這本書不僅僅是閱讀材料,更像是一份附帶瞭思想架構的“操作手冊”。它成功地平衡瞭深度理論與工具應用之間的關係,確保讀者在理解“為什麼”的同時,也掌握瞭“怎麼做”。總而言之,這是一本能夠被長期放在辦公桌上,隨時翻閱、不斷學習的經典之作,它的價值會隨著我們經驗的積纍而不斷顯現。
评分這本書的實戰指導性簡直讓人眼前一亮。我過去讀過好幾本估值領域的教材,它們大多停留在理論的闡述和復雜公式的堆砌上,讀完後總感覺像隔瞭一層紗,真正要動手操作時,還是摸不著頭腦。但這本書完全不同,它就像一位經驗豐富、手把手帶你的導師,直接切入企業價值評估的核心場景。作者在講解每一種估值模型時,都不是簡單地羅列公式,而是深入剖析瞭在不同行業、不同發展階段的公司應用這些模型時需要注意的陷阱和調整的細節。比如,在討論現金流摺現法(DCF)時,它花瞭大量篇幅去解釋如何構建一個現實且有說服力的預測期現金流,如何根據公司的資本結構變化來確定閤適的加權平均資本成本(WACC),以及更關鍵的,如何構建一個閤理的終值計算方法,而不是敷衍瞭事地用永續增長率一筆帶過。尤其對那些非上市公司或者麵臨重大資本結構調整的公司,它提供的具體操作步驟和案例分析,極大地增強瞭操作的可行性。讀完這一部分,我感覺自己不再是紙上談兵的分析師,而是真正能為企業的估值報告提供可靠數據支撐的專業人士。這種由理論到實踐的無縫銜接,是這本書最大的價值所在。
评分如果讓我用一個詞來形容這本書的論述風格,那一定是“審慎的批判性”。它不會盲目推崇任何一種估值方法為“萬能鑰匙”。相反,作者對每種方法都進行瞭非常深入且毫不留情的批判性審視。比如,在討論使用市盈率(P/E)進行估值時,書中不僅列舉瞭它的便捷性,更重點分析瞭它在麵對負收益公司、周期性行業以及高成長初創企業時的失效性,並明確指齣瞭何時使用P/E是“危險的信號”。這種不偏不倚、直麵工具局限性的態度,對於一個初學者來說是極其寶貴的教育。它教會我們,估值不是找一個“正確答案”,而是選擇在特定情境下“最不錯誤”的估值區間。這種深刻的認識,極大地提升瞭分析的嚴謹度。此外,書中對於“可比公司分析”中“可比性”的界定,提供瞭非常細緻的維度,比如業務模式的相似性、資本結構的一緻性、財務報告口徑的統一性等,避免瞭僅僅因為行業代碼相同就草率地進行比較的低級錯誤。這種對細節的極緻追求,使得這本書的價值遠超一般市麵上的速成指南。
评分這本書在處理復雜交易場景下的估值難題時,展現齣瞭無與倫比的深度和廣度。我們都知道,理論模型在現實世界的並購(M&A)和私有化交易中,往往需要進行大量的定製化調整。這本書恰恰捕捉到瞭這些“現實世界的摩擦力”。它詳細剖析瞭如何在新舊會計準則轉換期內調整財務數據以確保可比性,如何處理股權激勵對未來自由現金流的稀釋效應,以及在杠杆收購(LBO)模型中,如何平衡債務的償還路徑和股東迴報率之間的博弈。有一章專門討論瞭無形資産的價值評估,對於知識産權、品牌價值這類難以量化的資産,作者提供瞭一套結閤市場法和收益法的混閤評估思路,這在許多傳統的金融書籍中是看不到的。讀到這一部分,我感覺自己像是進入瞭一個高級並購團隊的內部研討會,學到的不是教科書上的定義,而是那些真正影響交易價格的關鍵條款和估值“錨點”。對於那些希望進入投資銀行或私募股權領域的人來說,這本書提供的實戰經驗是無價的學習資本。
评分這本書的敘事邏輯和結構安排體現瞭極高的專業素養,閱讀體驗絲滑流暢,完全沒有一般專業書籍那種枯燥和晦澀感。作者似乎深諳如何引導讀者的認知過程,它不是按照傳統的教科書的章節順序來組織內容,而是以一個投資決策的完整流程為主綫展開的。一開始,它就強調瞭估值目標和目的的重要性——為誰做估值?是為瞭並購、融資還是內部決策?這個前提的明確,直接決定瞭後續所有參數的選擇。隨後,它自然而然地引入瞭相對估值和絕對估值兩大陣營的比較和互補性,使得讀者能夠清晰地理解在不同市場環境下,應該側重哪種方法。最讓我印象深刻的是它對“市場情緒與估值偏離”的處理。很多書籍對此往往一帶而過,但這本書卻用相當篇幅探討瞭如何識彆和量化市場情緒對估值的影響,並提供瞭調整情緒溢價(或摺價)的量化框架。這種宏觀視角與微觀操作的結閤,讓我對估值這件事的理解從單純的數字遊戲,上升到瞭對經濟環境和行業動態的綜閤判斷層麵。整體讀下來,你會感到知識體係是不斷嚮上搭建、不斷強化的,而不是零散知識點的堆砌。
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