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Summary: Great book!
Review: One of the best books I have ever read (and it is not Argentinian...) Great for all levels!
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Summary: A really useful book
Review: Recently I had to value a medium size company and when this book came to my hands it solved some of my problems and opened my eyes towards a new approach in the valuation of companies.I recommend it!
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Summary: Basic introduction to the valuation
Review: The book covers just the basic concept of the valuation. It is useful for beginners who have no idea how valuation shall be done. However, it is far from practical for professionals.
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Summary: Good as a basic introduction to the subject
Review: The book focuses on the DCF method only. Additionally, it is not very clear introducing the concepts. Although it is a start for basic study, I would not recommend it for professional professional valuation work.
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Summary: A very narrow view on valuation with free cashflows
Review: The book gives a good in depth review of the assesment of cashflows. But the main think it lacks is an indepth perspectief of the issues at hand.
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Summary: descent but needs some more focus
Review: The book was fairly good and gives a healthy prescription for managers of companies, countries and other organizations to aim their energies on value creation. I was intrigued by the country analysis at the begining and ideas on market efficiency, forecasting methods, etc. However, where I think the booked fell in quality was the VERY WIDE SPECTRUM of ideas. The authors could have focused more intensely on a few important concepts. Victor Suggested reading: Profit Patterns
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Summary: The cover and paper quality, and graph color are not good
Review: The book's content is rich and meaningful. But the quality of the paper is very low. Especially the cover paper is not durable. When you open and close the book, the cover paper cracks and becomes as if it is hardly worn. The lines will be formed right at the corner where paper bends.
And the cover paper is not hard, when you wear in the back-pak the corners of the pages including cover paper's will be bent easily. The book will look very old fastly. The graph has not different colors other than black and white. Only black color is used in the graphs. You know that in order to understand different variables in the graph, one should seperate those variables by colors, but publishers or whoever did not do this, which is very bad. That is it
PS Maybe Mr. Tom Copeland did not want his book be printed in such low quality papers and black and white color graphs, but his works should be published in high quality papers including graphs.
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Summary: Superficial and lacking in depth
Review: The first part of the book covers very basic material that may be found anywhere on the Internet or in a beginner's finance text book. This portion will be valuable only to introductory students of the subject. The second two parts, which deal with actual valuation techniques, are very verbose, but lacking in organization and depth. This half assumes that you are already familiar with concepts such as WACC, Free Cash Flows, and other accounting and valuation terms. Although several valuation techniques are indeed discussed, by no means is the list comprehensive. Furthermore, no systematic approach to deriving or explaining the formulas is available, and often, terms not introduced earlier are used. On the positive side, however, the book makes easy reading and focuses on a more practical, rather than academic or theoretical, discussion of valuation. This book may not provide much value to a serious student of valuation. Furthermore, I do not believe it will make an ideal reference for the experienced professional either. At best, it will make a good second reference for a graduate level course in valuation.
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Summary: This IS the bible of valuation
Review: The ultimate, common sense, technical "how to" manual on valuation. This book embodies the entire McKinsey institutional knowledge on valuation (I know - I used to work there). However, a significant note of caution! In the immortal words of Chuang Tzu " Nobody ever became a great horseman by talking about horses". If it were as simple as following the recipe book, would McKinsey have published their state secrets? Good valuation work requires very considerable experience and judgement. Tinker with a few assumptions (especially continuing value assumptions) and you can double or halve your valuation. The greatest potential danger with this book is that you will lull your self into a false sense of security through rigorous adherence to the minutiae of the process. EXPERIENCE MATTERS A LOT IN THE APPLIATION OF THIS PROCESS. That said, in the hands of a knowledgable and thoughtful user, you will not find a better guide to valuation. If only half of the CEO's out there would read it!
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Summary: An excellent overview of the subject
Review: This book has been hailed as a classic by many professionals, and it is easy to see why: It is well-organized, and it provides excellent examples and case studies. Another reader commented that those who want an introduction to this topic is "wasting their time and money." I believe otherwise. If you have a strong interest in the subject, this book will prove very usable. I was surprised that this book was not very math-intensive since the authors assume that the reader already has a rudimentary understanding of finance and accounting. Robert Higgins' "Analysis for Finance Management" is an excellent companion to "Valuation."
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