麦肯锡公司价值评估详细指导

ATutorialontheMcKinseyModelforValuationofCompaniesL.PeterJennergren?Fourthrevision,August26,2002SSE/EFIWorkingPaperSeriesinBusinessAdministrationNo.1998:1AbstractAllstepsoftheMcKinseymodelareoutlined.Essentialstepsare:calculationoffreecashflow,forecastingoffutureaccountingdata(profitandlossaccountsandbalancesheets),anddiscountingoffreecashflow.ThereisparticularemphasisonforecastingthosebalancesheetitemswhichrelatetoProperty,Plant,andEquip-ment.Thereisanexemplifyingvaluationincluded(ofacompanycalledMcKay),asanillustration.Keywords:Valuation,freecashflow,discounting,accountingdataJELclassification:G31,M41,C60?StockholmSchoolofEconomics,Box6501,S-11383Stockholm,Sweden.TheauthorisindebtedtoJoakimLevin,PerOlsson,andKenthSkogsvikfordiscussionsandcomments.11IntroductionThistutorialexplainsallthestepsoftheMcKinseyvaluationmodel