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Valuation Techniques : Discounted Cash Flow, Earnings Quality, Measures of Value Added, and Real Options
Contributor(s): Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Series: CFA Institute Investment PerspectivesPublisher: New York : Wiley, 2012Copyright date: ©2013Description: Online-Ressource (624 p)ISBN:- 9781118397435
- 332.63221
- 332.63/221 23
- HG4028.V3 L346 2012
- HG4028.V3
Contents:
Summary: 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 leading valuation experts from CFA Institute, this book brings together the insights and expertise of some of the most astute and successful investment minds of the past 50 years. From Benjamin Graham, the "father of value investing," to Aswath Damodaran, you'll learn what these investment luminaries haPPN: PPN: 807375233Package identifier: Produktsigel: ZDB-26-MYL | ZDB-30-PAD | ZDB-30-PBE | ZDB-30-PQE
Valuation Techniques: Discounted Cash Flow, Earnings Quality, Measures of Value Added, and Real Options; Copyright; Contents; Foreword; Introduction; Part I: Valuation Perspectives: Then and Now; Chapter 1: Two Illustrative Approaches to Formula Valuations of Common Stocks; Notes; Chapter 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; Chapter 3: Company Performance and Measures of Value Added; Foreword; Acknowledgments; 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 3A: 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 3B: Net Present Value and Internal Rate of Return; Glossary; Notes; References; Chapter 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
Chapter 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; Chapter 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 6A: Merck & Company Financial Data; Appendix 6B: Statistical Data: Pharmaceutical Industry; Appendix 6C: Competitive Strategy Analysis Framework; Appendix 6D: Review of the Dupont Financial Ratio Analysis Method; Appendix 6E: 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
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