MKXZ公司價值評估(英文版)(pdf 46頁)

MKXZ公司價值評估內容簡介：
All steps of the McKinsey model are outlined. Essential steps are: calculationof free cash flow, forecasting of future accounting data (profit and loss accounts andbalance sheets), and discounting of free cash flow. There is particular emphasis onforecasting those balance sheet items which relate to Property, Plant, and Equipment.There is an exemplifying valuation included (of a company called McKay),as an illustration.
Key words: Valuation, free cash flow, discounting, accounting dataJEL classification: G31, M41, C60This tutorial explains all the steps of the McKinsey valuation model, also referred toas the discounted cash flow model and described in Tom Copeland, Tim Koller, and JackMurrin: Valuation: Measuring and Managing the Value of Companies (Wiley, New York;1st ed. 1990, 2nd ed. 1994, 3rd ed. 2000). The purpose is to enable the reader to set up acomplete valuation model of his/her own, at least for a company with a simple structure(e. g., a company that does not consist of several business units and is not involved inextensive foreign operations). The discussion proceeds by means of an extended valuationexample. The company that is subject to the valuation exercise is the McKay company.

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