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Product details
File Size: 17311 KB
Print Length: 416 pages
Publisher: Wiley; 1 edition (December 4, 2017)
Publication Date: December 4, 2017
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B077ZF77YV
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If you are a newly promoted Board Member, CEO, CFO, CHRO on the corporate side and or just been promoted Asset / Investment Manager or Head of Corporate Governance from the investment world this is a MUST READ!As a new promoted "Strategic Leader" this book along with Bart Madden's book "Value Creation, Prof Aswath Damodaran's book "The Little Book of Valuation", Paul Carroll's book "Billion Dollar Lessons" and lastly "Business Model Generation" by Alexander Osterwalder will ensure that you leave your legacy as one of the top Value Creating / Innovation leaders in your industry.At the core to "Beyond Earning" is the great thinking of Bart Madden, Bryant Mathews, Dave Holland, Tom Hillman, Michel Lerner, Michael Mauboussin and the rest of the team at Credit Suisse about the Corporate Life-Cycle of Innovation, Investment and Value Creation !By recognizing at what stage a company is at in its life-cycle of growth, innovation , investment, Future Value and Returns on Capital ( CFROI or ROIC ), Competitive Advantage and the FADE in that advantage over time, will ensure leaders stay at the top of their game in making strategic decisions of where to invest and related capital allocation decisions that drives longer term value creation for shareholders and broader stakeholders.Too many books on business strategy, finance and valuation fail to recognize the Life-Cycle and the need to balance making investments now that will drive both growth in Future Value and Current Value of the Enterprise and thus drive long term shareholder returns (TSR). Taking a longer term view not a quarterly earnings view, and the critical trade-off decisions in making current investments ( tangible and intangible ) that will depress short term earnings for longer term value creation and the ability to balance those decisions effectively.Real economic value creation which only happens when the returns on capital are in excess of the cost of capital over time ( positive economic profit and DCF of Enterprise Value into current and future value ) and where innovation - the 7 levels of innovation / profitable growth is at the foundation to beating the FADE in returns on capital in the long term.Bryant , David and the team at Credit Suisse share in "Beyond Earnings" great insights and global statistics from over 30 yrs + of being on the front line of investment management / asset management.My copy of the book has sticky notes all over the chapters related to the Competitive Life-Cycle and fade in competitive advantage ( returns on capital X competitive advantage period ) ; the persistence in profitability and how on average companies lose 10 % of excess returns per year and validating that companies need to continuously refill the innovation / growth pipeline ; forecasting growth and returns, and the table on page 312 based on the CreditSuisseHOLT global database of companies provides benchmarks for growth and the sustainability of growth / innovation and at what rates of growth based on over 30 years of global data, is worth its weight in gold for the Board or C-Suite; how the capital markets are interpreting strategy, levels of innovation / growth capacity and the current value and future value drivers ( efficiency growth and innovation growth ) .The reader ( Board , CEO, CFO , CHRO, etc ) can see from Bart Madden's "Value Creation Thinking" where many companies are in their Life-Cycle of Future Value ( % Future ) compared to their returns on capital and the fade in returns on capital ( CFROI) and their level of competitive advantage compared to others in their sector and direct peers.Putting all this into action for strategic decision making ( by company and sector ) and a Life-Cycle review for the next Board meeting and strategic planning session by the C-Suite!and then to Prof Aswath Damodaran's thinking / analytics for industry sector benchmarks following from his many books also including the "Dark Side of Valuation".We can now all see ( including the Board ) which "strategic leadership" teams are truly creating longer term value, sustainable competitive advantage and should be rewarded for that!PSI am a former PWC consultant ( business strategy and executive search ) and a former advisor to CitiCorp in setting up their corporate finance, corporate credit, M&A , leverage finance and VC financing teams.My bookshelf is covered with most of the books / thought leadership on business strategy, accounting, finance and company valuation from 30 years also being on the front line.
This is the third generation update on the CS HOLT CFROI corporate performance and cashflow valuation model. David and Bryant have managed to assemble a readable book on a complicated subject that is neatly compartmentalized into the critical components that drive any valuation model. While the book covers the CFROI model specifically, there is plenty of mental jewelry included to build upon for analysts employing any other methodology. The real world corporate examples of changes in life cycle and corporate performance keep the reader engaged and anxious to move on to the next section.
I've always been a believer that the ultimate test of value of any asset is the ability to generate cash flows in the long run and beating the investors' return expectation. This book expounds on those principles and gives more tools on how to analyze and diagnose companies on there ability to create value.
Beyond Earnings is a comprehensive roadmap on fundamental value creation - in both theory and practical application - a must-read guide for investors and corporate decision makers who use the HOLT framework.
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