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Shareholder Value Explained de Alan Warner

Shareholder Value Explained: MB Finance

Autor Alan Warner, Allison Hennell
en Limba Engleză Paperback – 7 feb 2001
Today companies come under intense pressure to create and measure shareholder value. Managers need to get to grips with performance measures in order to do so. But which of the numerous value creation models should you adopt? This best-selling briefing – now revised and updated in a second edition – provides a much needed independent review of the different value creation models and offers practical advice on how such a system should be implemented. The viability of alternative approaches is assessed through practical examples. The briefing then explores the ways in which you can maximise shareholder value at both strategic and operational levels within your company.
Contents include:
  • Financial performance measurement in context
  • Operational measures of business performance
  • Shareholder ratios
  • Economic value added
  • Other approaches to measuring shareholder value at corporate level
  • Cascading shareholder value measures into the business
  • Value based management
  • Case studies
Features new content on:
  • economic value added (EVA)
  • total shareholder return (TSR)
  • cashflow return on investment (CFROI)
  • updated case study material
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Specificații

ISBN-13: 9780273653035
ISBN-10: 0273653032
Pagini: 128
Dimensiuni: 210 x 297 x 9 mm
Greutate: 0.36 kg
Ediția:2Nouă
Editura: Pearson Education
Colecția Financial Times/ Prentice Hall
Seria MB Finance

Locul publicării:Harlow, United Kingdom

Cuprins

List of figures
Preface
List of abbreviations
The broader context of financial performance measurement
  • WYMIWYG – what you measure is what you get!
  • The implications of WYMIWYG for shareholder value measurement
  • The creation of shareholder value
  • The problems of applying the shareholder value equation to measure performance
  • The benefits of an integrated and balanced performance measurement system
Operational measures of business performance
  • The objectives of financial analysis
  • Key operational measures
  • The cascading power of ROCE
  • Cash flow analysis – the operational perspective
Shareholder ratios
  • Ratios from published accounts
  • Ratios from stock market information
  • The impact of gearing
  • Cash flow
Economic value added
  • What is EVA?
  • How to derive EVA
  • Other adjustments to arrive at economic profit
  • The issues of understandability and credibility
  • Calculation of the cost of capital
  • A summary of the arguments for EVA
  • Actual versus incremental EVA
Other approaches to measuring shareholder value at the corporate level
  • Market value added
  • The basis of share price valuation
  • The concept of total shareholder return
  • The implications for top management of publicly quoted companies
  • The link between TSR and EVA
Cascading shareholder value measures into the business
  • The calculation of current and terminal values
  • Creating value by beating expectations
  • Applying the TBR framework
  • Linking the old to the new
  • Unilever – a case study of TBR implementation
Cash flow return on investment
  • How to calculate CFROI
  • Business valuations
  • Changing the mindset
  • From measures to management
Value-based management
  • What is value-based management?
  • Stage 1 – understanding value creation
  • Stage 2 – value-based performance measures
  • Stage 3 – communication
  • The pitfalls of shareholder value
  • The benefits of shareholder value
  • Two case studies – success and failure
Appendix: measuring shareholder value through the use of discounted cash flow techniques
References

Notă biografică

Alan Warner is a qualified chartered management accountant, formerly Directorof Studies at Ashridge Management College and a founding member of the Management Training Partnership (MTP). He has written a wide range of articles on financial, management and HR issues appearing in The Times, Management Today, Personnel Management and all the major accounting journals. In recent years his writing efforts have been concentrated on a unique trilogy of books that are all in the form of novels which make difficult topics easy to understand and apply.
 
Alison Hennell is a chartered accountant, having qualified with Coopers & Lybrand. She moved into management training when she joined MTP in 1995 and recently moved on to a freelance capacity.
The Management Training Partnership was formed in 1987 by three senior staff at Ashridge Management College and has rapidly grown to become one of the largest UK-based providers of tailored management training. MTP designs and delivers tailored programmes in three core topic areas: Finance, Marketing/Strategy and Behavioural Skills. The Partnership has a range of blue-chip clients including Unilever, British Airways, BP and Boots, and employs 17 full-time tutors, all specialists with management experience.