Manager's Tool Kit, Using APV : A Better Tool for Valuing Operations  

Oleh:

Luehrman, Timothy A.

Jenis: Article from Bulletin/Magazine - ilmiah internasional
Dalam koleksi: Harvard Business Review bisa di lihat di link (http://web.b.ebscohost.com/ehost/command/detail?sid=f227f0b4-7315-44a4-a7f7-a7cd8cbad80b%40sessionmgr114&vid=12&hid=105&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&jid=HBR) vol. 75 no. 3 (1997), page 145-155.
Topik: OPERATION; acquisitions; assets; capital budgeting; capital costs; financial analysis; present value; valuation

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: HH10.12 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

For the past 25 years, managers have been taught that the best practice for valuing assets - that is, an existing business, factory, product line, or market position - is to use a discounted - cash - flow (DCF) methodology. That is still true. But the particular version of DCF that has been accepted as the standard - using the weighted-average cost of capital (WACC)- - s now obsolete. Today's better alternative, adjusted present value (APV), is especially versatile and reliable. It will likely replace WACC as the DCF methodology of choice among generalists. Like WACC, APV is used to value operations, or assets - in-place. Timothy Luehrman explains APV and walks readers through a case example designed to teach them how to use it.

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