Shareholder value explained:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London [u.a.]
Financial Times Prentice Hall
2001
|
| Edition: | 2. ed. |
| Series: | Executive briefings
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIV, 115 S. graph. Darst. |
| ISBN: | 0273653032 |
Staff View
MARC
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Record in the Search Index
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|---|---|
| adam_text | ri Contents
List of figures jx
Preface xi
List of abbreviations xiii
Q The broader context of financial performance
measurement 1
WYMIWYG what you measure is what you get! 3
The implications of WYMIWYG for shareholder value
measurement 3
The creation of shareholder value 4
The problems of applying the shareholder value equation to
measure performance 5
The benefits of an integrated and balanced performance
measurement system 6
Q Operational measures of business performance 13
The objectives of financial analysis 15
Key operational measures 16
The cascading power of ROCE 21
Cash flow analysis the operational perspective 23
Q Shareholder ratios 27
Ratios from published accounts 29
Ratios from stock market information 31
The impact of gearing 35
Cash flow 37
Q Economic value added 39
What is EVA? 42
How to derive EVA 42
Other adjustments to arrive at economic profit 45
The issues of understandability and credibility 46
Calculation of the cost of capital 47
Contents
A summary of the arguments for EVA 49
Actual versus incremental EVA 52
Q Other approaches to measuring shareholder
value at the corporate level 55
Market value added 57
The basis of share price valuation 58
The concept of total shareholder return 60
The implications for top management of publicly quoted
companies 64
The link between TSR and EVA 65
Q Cascading shareholder value measures into the
business 67
The calculation of current and terminal values 70
Creating value by beating expectations 72
Applying the TBR framework 72
Linking the old to the new 74
Unilever a case study of TBR implementation 74
Q Cash flow return on investment 83
How to calculate CFROI 85
Business valuations 88
Changing the mindset 90
From measures to management 91
Q Value based management 93
What is value based management? 95
Stage 1 understanding value creation 96
Stage 2 value based performance measures 97
Stage 3 communication 102
The pitfalls of shareholder value 103
The benefits of shareholder value 1°4
Two case studies success and failure 1°4
Appendix: measuring shareholder value through the use of
discounted cash flow techniques 109
References H5
I
List of figures
1.1 Framework for the balanced scorecard 10
2.1 Hierarchy of ratios 22
2.2 Cash flow statement operational level 24
3.1 Relationship between equity and market capitalisation 32
3.2 Impact of gearing example 36
3.3 Gearing method 1 36
3.4 Gearing method 2 36
3.5 Typical route to free cash flow 38
4.1 Simple calculation of EVA 44
4.2 Balance between simplicity and theoretical perfection 46
4.3 The overall framework of the capital asset pricing model 48
4.4 EVA example 1 50
4.5 EVA example 2 51
4.6 EVA example 3 51
4.7 EVA example 4 52
5.1 The TSR framework 59
5.2 Holding a share for five years 61
5.3 Comparison of top shares in the consumer goods sector 63
6.1 The TSR framework 70
6.2 The TBR framework 70
6.3 Value drivers 71
6.4 Link between TSR and EVA 73
6.5 Unilever: beating the fade 77
6.6 From strategy to delivery 79
7.1 The CFROI model 86
7.2 The CFROI framework 88
7.3 The pricing puzzle 88
7.4 The competitive lifecycle 89
7.5 The position of TRW 90
8.1 Business units that create and destroy value 96
8.2 Matrix of shareholder value measures 97
D
List of figures
8.3 A framework for value based management 100
8.4 Measures used in the balanced scorecard for an FMCG company 100
8.5 Boots: overall VBM framework 106
8.6 Boots: framework to link value drivers to shareholder value 107
8.7 Boots: framework to link value drivers, KPIs and performance targets 108
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| any_adam_object | 1 |
| author | Warner, Alan 1964- Hennell, Alison |
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| dewey-ones | 658 - General management |
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| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| id | DE-604.BV013820983 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:52:36Z |
| institution | BVB |
| isbn | 0273653032 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009451526 |
| oclc_num | 46433514 |
| open_access_boolean | |
| owner | DE-739 |
| owner_facet | DE-739 |
| physical | XIV, 115 S. graph. Darst. |
| publishDate | 2001 |
| publishDateSearch | 2001 |
| publishDateSort | 2001 |
| publisher | Financial Times Prentice Hall |
| record_format | marc |
| series2 | Executive briefings |
| spelling | Warner, Alan 1964- Verfasser (DE-588)12236970X aut Shareholder value explained Alan Warner and Alison Hennell 2. ed. London [u.a.] Financial Times Prentice Hall 2001 XIV, 115 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Executive briefings Corporations Finance Corporations Valuation Stockholders Shareholder-Value-Analyse (DE-588)4353913-0 gnd rswk-swf Shareholder-Value-Analyse (DE-588)4353913-0 s DE-604 Hennell, Alison Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009451526&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Warner, Alan 1964- Hennell, Alison Shareholder value explained Corporations Finance Corporations Valuation Stockholders Shareholder-Value-Analyse (DE-588)4353913-0 gnd |
| subject_GND | (DE-588)4353913-0 |
| title | Shareholder value explained |
| title_auth | Shareholder value explained |
| title_exact_search | Shareholder value explained |
| title_full | Shareholder value explained Alan Warner and Alison Hennell |
| title_fullStr | Shareholder value explained Alan Warner and Alison Hennell |
| title_full_unstemmed | Shareholder value explained Alan Warner and Alison Hennell |
| title_short | Shareholder value explained |
| title_sort | shareholder value explained |
| topic | Corporations Finance Corporations Valuation Stockholders Shareholder-Value-Analyse (DE-588)4353913-0 gnd |
| topic_facet | Corporations Finance Corporations Valuation Stockholders Shareholder-Value-Analyse |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009451526&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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