Achieving Fair Value

How companies can better manage their relationships with investors

Mark C. Scott

250 pages, parution le 04/02/2005

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Résumé

If you were to ask a number of CEOs of large public companies what they considered the most demanding aspect of their job, you might expect it to be managing the business itself, dealing with difficult customers and employees, handling capital allocation issues, or cash flow.

You would be wrong.

The most common response is managing the relationship with the financial markets and institutional investors. Dealing with the markets accounts for up to 25% of a CEO's time and 35% of a CFO's, making it the single biggest demand on a company's most valuable resource. Despite this, few companies have a formal investor strategy and the goals they set with regard to their investors are also often not clear. By default, it is all too easy for companies to slip into the trap of seeking to maximise shareprice, which in turn holds real dangers of destroying long term shareholder value.

Achieving Fair Value is the first book to explore the issue of what might constitute a robust investor strategy for a large quoted company. It focuses on a range of processes and methodologies by which a company can improve the way it deals with its institutional investors, in the process reducing investor churn and managing down shareprice volatility. At the core of this approach to managing investors is the notion of fair value - the pursuit of a market value which fairly reflects the fundamental, long term value creation potential of the business.

"Achieving Fair Value provides clearly written, intelligent insight into the relationship between companies and the financial analysis community. By illustrating the share valuation process, and the costs of being over- or undervalued, Mark Scott's book calls for senior management to be strategic and forward thinking. One thing is certain, the return on investment in Achieving Fair Value is outstanding!"
Kai Peters, Chief Executive, Ashridge

L'auteur - Mark C. Scott

Mark C. Scott graduated with a First Class Honours Degree from Christ Church College, Oxford. He completed an M.Phil at Cambridge University and an MBA at Harvard Business School. He originally trained as a management consultant, working for Michael Porter at Monitor Company, and subsequently joined WPP Group plc, the world's largest marketing services group. In 1998 Mark left WPP to help form Lighthouse Global Network, a start-up marketing services group acquired in 2000 by Cordiant Communications in a deal valued at $600m.

Mark is a director of the Ashridge Strategic Management Centre, and continues to be involved in the consolidation of professional services firms. He is the author of four books with John Wiley & Sons including The Professional Service Firm and Value Drivers.

Sommaire

Introduction: What is "fair value" and why does it matter?
The imperative for a fair value strategy
- Getting the goals right
- Why do the markets get it wrong?
- Understanding the institutional fund manager
The building blocks of fair value
- Towards a fair value strategy
- Determining fair value
- Targeting value determining investors
- Profiling value determining investors
Delivering a fair value strategy
- Towards fair value levers
- Deciding how much to tell investors
- Deciding how to tell investors
- The role of management quality
The challenge of managing for fair value
- Managing a fair value strategy - The challenge of coordination
- What to expect from the next decade

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Caractéristiques techniques

	PAPIER
Éditeur(s)	Wiley
Auteur(s)	Mark C. Scott
Parution	04/02/2005
Nb. de pages	250
Format	15,5 x 23,5
Couverture	Relié
Poids	505g
Intérieur	Noir et Blanc
EAN13	9780470023907
ISBN13	978-0-470-02390-7