Table of Contents

Introduction xix The Pricing Puzzle: Foundational HOLT Concept and a Key to Better Valuation xix Overview of Book Chapters xxvi Who Are We and What Do We Hope to Achieve xxviii I Financial Performance Assessment 1 Never Forget the Golden Rule: Pursue Strategies with Positive NPV 3 2 The Flying Trapeze of Performance Metrics 31 3 Accounting to Cash Flow Return on Investment 57 II Discounted Cash Flow and Economic Profit Valuation 4 What's ItWorth? Valuing the Firm 113 5 Quantifying the Value and Risk of a Company's CAP 151 6 HOLT Economic Profit 191 7 Risk, Reward, and the HOLT Discount Rate 217 III Value Driver Forecasting 8 The Competitive Life-Cycle of Corporate Evolution 257 9 The Persistence of Corporate Profitability 281 10 Forecasting Growth 303 11 Evaluating Market Expectations 321 12 Closing Thoughts 359 Index 363

About the Author

DAVID HOLLAND is an independent consultant who serves as a senior advisor to Credit Suisse and is an adjunct professor at the University of Cape Town Graduate School of Business. Formerly, he was a managing director at Credit Suisse based in London. David oversaw HOLT Valuation and Analytics, the research and development arm of Credit Suisse HOLT, and ran their global Custom Solutions Group. BRYANT MATTHEWS is the senior director of research for Credit Suisse HOLT. He has over 20 years of professional experience valuing stocks and helping professional investors improve their stock selection process and valuation models. His research on understanding quality and fade has been adopted by professional investors around the world and led to numerous innovations in the flagship Credit Suisse HOLT Lens application.