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Private Company Valuation : How Credit Risk Reshaped Equity Markets and Corporate Finance Valuation Tools / by Gianluca Oricchio
Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Series: Global Financial MarketsPublisher: London : Palgrave Macmillan UK, 2012Publisher: London : Imprint: Palgrave Macmillan, 2012Description: 1 Online-RessourceISBN:- 9780230291447
- 9781137271785
- 332.63/221 23
- 658.155
- HD61
- HG4028.V3
Contents:
Summary: The recent crisis in financial markets has seen a gradual erosion of risk-free asset classes. In equity markets the credit risk has reached a critical level in valuation. Here a new cost of equity method for private companies is presented based on the pricing of junior subordinated notes. Global business cases are illustrated to support this.PPN: PPN: 1657480380Package identifier: Produktsigel: ZDB-1-PEO | ZDB-2-PEF | ZDB-2-SXEF | ZDB-2-SEB | BSZ-2-PEF
Cover; Half-Title; Title; Copyright; Dedication; Contents; List of Tables; List of Figures; Foreword by Sergio Ermotti; Acknowledgments; 1 Introduction; 1.1 How the financial markets are changed: where is "risk free"?; 1.2 How equity valuation methods are changing: the growing role of credit risk; 1.3 How this book is structured; 2 Private Companies' Equity Valuation Methods; 2.1 Equity value configurations; 2.2 Reliability of equity fair valuation methods; 2.3 Relative valuation and fundamentals-based valuation approaches; 2.4 Relative valuation approaches; 2.5 Earnings-based methods
2.6 Cashflow-based methods2.7 Stock-based methods; 2.8 Intangible assets valuation; 2.8.1 Human capital; 2.8.2 Commercial licences; 2.8.3 Order book; 2.8.4 Brand; 2.8.5 Customer portfolio and customer database; 2.8.6 Mineral exploration and research concessions; 2.9 Flow-stock methods; 2.10 Majority control premium and minority discount; 3 Cost of Equity for Private Companies: The Integrated Pricing Model; 3.1 Introduction; 3.2 Shareholder's expected loss; 3.2.1 The Floor Theorem; 3.2.2 The Cap Theorem; 3.2.3 The Combined Rule for the expected loss for the shareholder
3.3 Junior subordinated pricing model3.4 The relationship between the cost of equity and the credit rating: the Integrated Pricing Model (IPM); 3.4.1 CAPM for private companies; 3.4.2 Fixed income approach for private companies; 4 Integrated Pricing Model in USA; 4.1 RiskCalc USA; 4.1.1 Data description; 4.1.2 Model components; 4.1.3 Validation results; 4.1.4 Further model improvements; 4.2 Business case: Fashionbyte; 4.2.1 Introduction to Fashionbyte; 4.2.2 Business model and competitive advantage; 4.2.3 Equity valuation; 4.2.4 The new approach; 5 Integrated Pricing Model in Japan
5.1 RiskCalc Japan5.1.1 Data description; 5.1.2 Model components; 5.1.3 Validation results; 5.1.4 Further model improvements; 5.1.5 Conclusion; 5.2 Business case: Nippon Solar; 5.2.1 Introduction to Nippon Solar; 5.2.2 Business model and competitive advantages; 5.2.3 Equity valuation; 5.2.4 The new approach; 6 Integrated Pricing Model in China; 6.1 RiskCalc China; 6.1.1 Data description; 6.1.2 Model components; 6.1.3 Validation results; 6.2 Business case: Daijin; 6.2.1 Introduction to Daijin; 6.2.2 Business model and competitive advantages; 6.2.3 Equity valuation; 6.2.4 The new approach
7 Integrated Pricing Model in Russia7.1 RiskCalc Russia; 7.1.1 Unique features of the Russian market; 7.1.2 Data description; 7.1.3 Model components; 7.1.4 Validation results; 7.2 Business case: Ural Fashion; 7.2.1 Introduction to Ural Fashion; 7.2.2 Business Model and competitive advantage; 7.2.3 Equity valuation; 7.2.4 The new approach; 8 Integrated Pricing Model in India; 8.1 RiskCalc emerging markets; 8.1.1 Data description; 8.1.2 Model components; 8.1.3 Validation results; 8.1.4 Model calibration and the adjustment factor; 8.2 Business case: Rabbas; 8.2.1 Introduction to Rabbas
8.2.2 Business model and competitive advantage
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