MKXZ公司價值評估詳細指導(DOC 46頁)

C1 Introduction
This tutorial explains all the steps of the McKinsey valuation model, also referred to
as the discounted cash flow model and described in Tom Copeland, Tim Koller, and Jack
Murrin: 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 a
complete 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 in
extensive foreign operations). The discussion proceeds by means of an extended valuation
example. The company that is subject to the valuation exercise is the McKay company.
The McKay example in this tutorial is somewhat similar to the Preston example (concerning
a trucking company) in Copeland et al. 1990, Copeland et al. 1994. However,
certain simplifications have been made, for easier understanding of the model. In particular,
the capital structure of McKay is composed only of equity and debt (i. e., no
convertible bonds, etc.). The purpose of the McKay example is merely to present all
essential aspects of the McKinsey model as simply as possible. Some of the historical
income statement and balance sheet data have been taken from the Preston example.
However, the forecasted income statements and balance sheets are totally different from
Preston’s. All monetary units are unspecified in this tutorial (in the Preston example in
Copeland et al. 1990, Copeland et al. 1994, they are millions of US dollars).
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