麦肯锡价值模型.ppt

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 e 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 P&L
Forecast Inputs (Cont’d)
Debt finance and
Interest rates, addition/repayment
Excess Cash and Balancing Debt
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