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Valuation techniques : discounted cash flow, earnings quality, measures of value added, and real options /
Analysis and insights from top thought leaders on a pivotal topic in investing and asset management Valuation is the cornerstone for investment analysis, and a thorough understanding and correct application of valuation methodologies are critical for long-term investing success. Edited by two leadin...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Otros Autores: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Hoboken, New Jersey :
John Wiley & Sons, Inc.,
©2013.
|
| Colección: | CFA Institute investment perspectives series.
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| Temas: | |
| Acceso en línea: | Texto completo Texto completo |
Tabla de Contenidos:
- Foreword
- Introduction
- Part I. : Valuation Perspectives: Then and Now
- 1. : Two Illustrative Approaches to Formula Valuations of Common Stocks
- Notes
- 2. : Seeking a Margin of Safety and Valuation
- Two Basic Investment Goals
- The Price of Money is Fake
- The Future is Uncertain
- Dealing with Macro Risk
- Owning an Enterprise Preserves Purchasing Power
- Seek a Margin of Safety
- Valuation
- Business Model Erosion
- Focus on Assets, Not on Residual Equity.
- ManagementFlexibility to Look Different
- Conclusion
- Question and Answer Session
- Note
- Part II. : Valuation Methodologies
- 3. : Company Performance and Measures of Value Added
- Foreword
- Introduction
- How Value Is Created
- Relating New Performance Methods to Capital-Budgeting Techniques
- Summary
- Traditional Measures of Performance
- Return-on-Investment Ratios
- Tobin's q
- Summary
- Measures of Value Added
- Economic Profit
- Market Value Added
- Reconciling Economic Value Added with Market Value Added
- Challenges in Applying Value-Added Measures
- Holt's Cfroi
- Summary.
- Comparison of Alternative Performance MeasuresThe Sample
- The Variables
- Empirical Results
- Summary
- Conclusions
- Appendix 3. A: The Firm's Cost Of Capital
- Cost of Debt
- Cost of Preferred Stock
- The Cost of Common Equity
- Weighted-Average Cost of Capital
- Issues in Calculating a WACC
- Appendix 3. B: Net Present Value and Internal Rate of Return
- Notes
- 4. : The Affordable Dividend Approach to Equity Valuation
- Affordable Dividends
- Affordable vs. Conventional dividends
- Significance of Difference
- Book Value vs. Economic Value weights
- Conclusion
- Notes.
- 5. : Discounted-Cash-Flow Approach to ValuationThe DCF Formula
- Estimation of Cash Flows
- Discount Rate
- Definition
- External Factors
- Internal Factors
- Components
- Terminal Value
- Conclusion
- Question and Answer Section
- Note
- 6. : Equity Securities Analysis Case Study: Merck & Company
- Recent Annual Reports
- Strategic Objectives
- Structural Reorganization
- Position on Health Care Reform
- Outlook for the Future
- Fundamentals of the U.S. Pharmaceutical Industry
- Pricing and the Demand for Pharmaceuticals
- Consolidation and Joint Ventures
- Marketing Trends.
- International CompetitionThe U.S. Political/Regulatory Environment
- Tasks to be Completed
- Appendix 6. A: Merck & Company Financial Data
- Appendix 6. B: Statistical Data: Pharmaceutical Industry
- Appendix 6. C: Competitive Strategy Analysis Framework
- Appendix 6. D: Review of the Dupont Financial Ratio Analysis Method
- Appendix 6. E: Selected Valuation Methods
- Single-Stage Constant-Growth DCF Model
- Multistage DCF Model
- H-Model
- Financial Ratios Approaches
- Guideline Answers: The Merck Case
- The Current Issues Involved in Marketing Pharmaceuticals.
- The Competitive Structure of the U.S. Pharmaceutical Industry.