The role of the electronic structure in determining the transport prop
erties of ballistic point contacts is studied. The conductance in the
ballistic regime is related to simple geometrical projections of the F
ermi surface. The essential physics is first clarified for simple mode
ls. For real materials the band structure is taken into account using
parameter-free local-spin-density approximation calculations. In magne
tic metallic multilayers the electronic structure gives rise to a larg
e difference in conductance between the parallel and antiparallel conf
igurations. For Co/Cu and Fe/Cr multilayers the dependence of the cond
uctances on the layer thicknesses and the crystal orientations is inve
stigated for the geometries with the current perpendicular, parallel,
and at an angle to the interface planes. In spite of the absence of sp
in-dependent scattering at defects, the ballistic giant magnetoresista
nce effects in the perpendicular geometry can be as large as 120% and
230% in Co/Cu and Fe/Cr multilayers, respectively. [S0163-1829(98)0161
2-8].