麦肯锡价值模型.pptVIP

McKinsey Valuation Model A brief Introduction Important notes Make sure that the Analysis ToolPak and Report Manager Add-ins are installed before you use the model The model is in read-only format. Any changes you make must be saved under a different file name Enter General Section before making a valuation Facilities Used in the Model Functions and Reference Grouping and Outlining Collapse and Expand: +/-, and 1/2 Range name Coloring Scheme: input: yellow; link: blue; calculation: white Components of the Model Historical Data Forecast Drivers Results Valuation Summary Time Horizon Historical Period Three-phase forecast period: Detailed forecast: 5 years Key Driver forecast: 10 years Continuing Value period Historical Inputs You can enter up to 10 years of data Historical Income Statement Statement of Changes in Equity Historical Balance Sheet Off Balance Sheet Items Enter number of shares in full Forecast Inputs General Section Operations Operating items and working capital Balance Sheet Items Three standard options for Capex Off Balance Sheet Items Provisions and Non-operating PL Forecast Inputs (Cont’d) Debt finance and WACC Interest rates, addition/repayment Excess Cash and Balancing Debt WACC calculation is not included in the model Equity Finance Tax Forecast Inputs (Cont’d.) Phase 2 and CV Drivers Phase 2: six major inputs CV period: ROIC growth Constants and Dates Results Valuation Summary Results Sheet No Inputs Grouping Important calculations Checking cell Valuation Summary Sheet Enterprise DCF and EP Printing Print All Valuation Summary Financial Statements Results (Noplat etc) Ratios Phase 2 key summary Historical Inputs Forecast inputs Print results * *