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Valuation

Author: McKinsey & Company Inc.
Publisher: John Wiley & Sons
ISBN: 1118874137
Size: 14.85 MB
Format: PDF, ePub
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McKinsey & Company's #1 best-selling guide to corporate valuation, now in its sixth edition Valuation is the single best guide of its kind, helping financial professionals worldwide excel at measuring, managing, and maximizing shareholder and company value. This new sixth edition provides insights on the strategic advantages of value-based management, complete detailed instruction, and nuances managers should know about valuation and valuation techniques as applied to different industries, emerging markets, and other special situations. Valuation lies at the crossroads of corporate strategy and finance. In today's economy, it has become an essential role — and one that requires excellence at all points. This guide shows you everything you need to know, and gives you the understanding you need to be effective. Estimate the value of business strategies to drive better decision making Understand which business units a corporate parent is best positioned to own Assess major transactions, including acquisitions, divestitures, and restructurings Design a capital structure that supports strategy and minimizes risk As the valuation function becomes ever more central to long- and short-term strategy, analysts and managers need an authoritative reference to turn to for answers to challenging situations. Valuation stands ahead of the field for its reputation, quality, and prestige, putting the solutions you need right at your fingertips.

Damodaran On Valuation

Author: Aswath Damodaran
Publisher: John Wiley & Sons
ISBN: 0470049375
Size: 71.27 MB
Format: PDF, ePub, Mobi
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"Aswath Damodaran is simply the best valuation teacher around. If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf. You can bet that I do." -- Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places In order to be a successful CEO, corporate strategist, or analyst, understanding the valuation process is a necessity. The second edition of Damodaran on Valuation stands out as the most reliable book for answering many of today?s critical valuation questions. Completely revised and updated, this edition is the ideal book on valuation for CEOs and corporate strategists. You'll gain an understanding of the vitality of today?s valuation models and develop the acumen needed for the most complex and subtle valuation scenarios you will face.

Valuation

Author: George Chacko
Publisher: FT Press
ISBN: 0132905272
Size: 11.96 MB
Format: PDF, ePub, Mobi
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Master corporate valuation: the financial art and science of accurately valuing any business. George Chacko's Applied Corporate Finance: Valuation is the first valuation book to combine true academic rigor with the practical skills you need to successfully value companies in the real world. Renowned financial instructor and investment manager George Chacko focuses on concepts, techniques, tools, and methodologies that lead directly to accurate valuations, and explains each key concept with up-to-date examples. One step at a time, Chacko develops a practical, rigorous approach to conducting valuation, addressing the projection of financial statements, calculation of free cash flows, risk-adjusted cost of capital, and leading methodologies including WACC, flow-to-equity, and Adjusted Present Value (APV). By avoiding elementary content that financial managers, analysts, and MBA-level finance students already know, this book can focus more tightly on the realistic techniques and advanced issues practitioners are actually concerned with. Coverage includes: market value and accounting balance sheets, cash cycles, the DuPont formula, financial distress, and capital as a risk buffer; constructing pro-formas, projecting and bridging financing shortfalls, and planning sustainable growth; sources/uses of cash, cash income statements, pro-forma balance sheet changes, working capital, depreciation, and capital expenditures; risk-free cost, investment risks, and diversifiable vs. idiosyncratic risks; NPV, APV, Optimal Debt Ratios, Capital Structure Dynamics, Terminal Value Calculations, and more. For all finance professionals, analysts, and MBA students who need to sharpen their skills in valuation and related areas of corporate finance, accounting, or strategic planning.

Valuation For Arbitration

Author: Mark Kantor
Publisher: Kluwer Law International
ISBN: 9041127356
Size: 57.72 MB
Format: PDF
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This book provides a clear understanding of the nuts and bolts of valuation approaches for business investments, including market, income and asset-based methods. It reviews tools that arbitrators may employ to reach their final compensation assessment on a principled basis. The bookand’s many practical recommendations explore the decision making processes entailed in three central aspects of the arbitratorand’s role: and• advance planning to enhance understanding of expert valuation evidence; and• identification of and“apples-to-orangesand” miscomparisons; and and• recognition of the true comparability between the business at issue and other examples offered in the expert evidence. The presentation focuses not only on the legal standards applicable to the valuation (full or adequate compensation, reparations, restitution, actual loss, fair market value, fair or reasonably equivalent value, lost profits, etc.), but also on the informed judgment and reasonableness that must enter into the process of weighing the facts of each case and determining its aggregate significance. The book considers common valuation methods like discounted cash flows, adjusted present values, capitalized cash flows, adjusted book values and comparable sales and transactions. Additionally, it addresses means for arbitrators to assess expert valuation evidence in complex business investment disputes. and"Best book 2008 of the OGEMID awards!and"

Valuation

Author: Thomas E. Copeland
Publisher: John Wiley & Sons Inc
ISBN:
Size: 19.31 MB
Format: PDF, ePub
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"This book on valuation represents fresh new thinking. The writing is clear and direct, combining the best academic principles with actual experience to arrive at value-increasing solutions." -J. Fred Weston Cordner Professor of Money and Financial Markets Graduate School of Management, UCLA "The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation." -Financial Times In the global economy of the 1990s, investors move their money quickly and easily around the world in search of the greatest return. As such, it's essential for today's business graduates to understand the importance of measuring, managing, and maximizing shareholder value. Valuation illustrates how to take advantage of the American tradition of maximizing shareholder value, demonstrates how value-based management contributes to improved strategic thinking, and shows how managers at any level can create value for their companies. In addition, this book provides: A chapter featuring insights into the strategic advantages of value-based management Strategies for multibusiness valuation, and valuation for corporate restructuring, mergers, and acquisitions International comparisons of the cost of capital, differences in accounting procedures,and how valuation works in different countries A detailed case study showing how valuation techniques and principles are applied

The Dark Side Of Valuation

Author: Aswath Damodaran
Publisher: FT Press
ISBN: 9780130406521
Size: 79.95 MB
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Preface Do the old rules still apply? Do we need new valuation metrics, or are the old metrics flexible enough to deal with the companies that constitute the new economy? Can you value a company that has no earnings, no history, and no comparable firms? These are the questions that I have heard repeatedly over the last few years. I have always believed the fundamentals that determine value are the same, no matter what company you value and what market it is in. Increasingly, though, I have faced skeptical audiences who are unwilling to take this belief at face value and have demanded proof that America Online, Amazon.com, or Priceline.com can be valued with traditional models. The genesis for this book was a paper I did on valuing Amazon.com in March 2000, where a discounted cash flow model yielded a value of $34 per share. Since the stock was trading at $80 at that time, there were many who viewed the valuation as either excessively pessimistic or as missing something. The interest in the paper led me to think about writing a book, but I expanded it to cover both new technology and old technology firms. While there are differences in estimation that arise across these firms, I believe that they have far more in common. Why technology firms? I believe that traditional valuation books and models (and I count my book on investment valuation among the culprits) have tended to concentrate on valuing manufacturing or traditional service firms. Technology firms are different. They expand by investing in research and through acquisitions and not by building plant and equipment. Many of them have astronomical growth rates in revenues and often, very little in current earnings. Their assets are often patents, technology, and skilled employees. I look at how the notions of capital expenditures, operating income, and working capital have to be redefined for these firms. I begin this book by laying out the facts on the growth of technology and, in particular, new technology stocks in the equity market and argue that although the principles of valuation might not shift, the focus can change as firms move through their life cycles. This discussion is followed by an extended section (Chapters 2-7) on applying traditional discounted cash flow models to value technology stocks, with an emphasis on the estimation of cash flows, growth, and discount rates for these firms. In the next three chapters, I look at the use of relative valuation to value technology companies, both in terms of adapting existing multiples (such as price-earnings and price-to-sales ratios) and developing new ones (value per Web site visitor, for instance). In Chapter 11, "Real Options in Valuation," I consider an argument made by many for the large premiums paid on technology stocks (i.e., they represent real options to expand into a potentially huge e-commerce market), and consider some questions that a skeptic should ask before accepting this argument. In Chapter 12, "Value Enhancement," I consider how managers of technology firms can enhance the value of their firms through better investment and financing decisions. The book is structured around the valuations of five technology firms-Motorola, Cisco, Amazon.com, Ariba, and Rediff.com. The first three are household names but represent three different points in the technology spectrum. Motorola is an old technology firm with substantial investments in existing assets. It is also a firm that has fallen on hard times in the last few years, largely as a consequence of poor investments and strategic choices. Cisco is one of the great success stories of the 1990s, but a great deal of the market value of the firm reflects expectations about the future. It is also a firm that has chosen to grow through acquisitions and has done it very well. Amazon.com is the poster child (for better or worse) for the new economy stocks that have entered the market in recent years, and the popular press has documented its ups and downs in extensive detail. Ariba and Rediff.com are more recent entrants into the new economy, with Ariba representing the promise (and peril) of the Business-to-Business (B2B) Internet model, and Rediff the potential of an Internet portal serving a market (India) that could be a huge market in the future. One of the limitations of valuing real companies is that your mistakes are there on the printed page for all to see over time, but that prospect does not bother me. At the risk of giving away the punch line, I do find discounted cash flow values for all five companies: Motorola ($32.39), Cisco ($44.92), Amazon.com ($34.37), Ariba ($72.13), and Rediff.com ($19.05). For what it is worth, at the time that I did the valuations in June 2000, I found Amazon to be overvalued at $48 per share and Cisco to be overvalued at $64.88. Motorola at $34.25 per share and Ariba at $75 per share were fairly valued, and Rediff.com was significantly undervalued at $10 per share. By the time I finished the book, Amazon had dropped in value to $30 per share, and Cisco was trading at $51. Motorola had gone from being fairly valued to undervalued, Ariba saw its stock price double, and Rediff remained undervalued. I have no doubt that you will disagree with me on some of the inputs I have used, and the values that you assign these firms will be different from mine. What I would emphasize, therefore, is not the values that I arrive at for these firms, but the process by which I got there. Finally, I want this book to be useful to a wide audience: individual investors who hold technology stocks in their portfolios, equity research analysts, venture capitalists, and managers at technology firms. There are portions of the book that I must confess are not easy reading, but I have tried as much as I can to provide an intuitive rationale for everything that I do. Technology firms, notwithstanding the back and forth of markets, are here to stay, and valuing them is something we all need to grapple with. I hope you find this book useful in that endeavor.

The Little Book Of Valuation

Author: Aswath Damodaran
Publisher: John Wiley & Sons
ISBN: 9781118064146
Size: 60.30 MB
Format: PDF, Kindle
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An accessible, and intuitive, guide to stock valuation Valuation is at the heart of any investment decision, whether that decision is to buy, sell, or hold. In The Little Book of Valuation, expert Aswath Damodaran explains the techniques in language that any investors can understand, so you can make better investment decisions when reviewing stock research reports and engaging in independent efforts to value and pick stocks. Page by page, Damodaran distills the fundamentals of valuation, without glossing over or ignoring key concepts, and develops models that you can easily understand and use. Along the way, he covers various valuation approaches from intrinsic or discounted cash flow valuation and multiples or relative valuation to some elements of real option valuation. Includes case studies and examples that will help build your valuation skills Written by Aswath Damodaran, one of today's most respected valuation experts Includes an accompanying iPhone application (iVal) that makes the lessons of the book immediately useable Written with the individual investor in mind, this reliable guide will not only help you value a company quickly, but will also help you make sense of valuations done by others or found in comprehensive equity research reports.

Valuation Of Internet And Technology Stocks

Author: Brian Kettell
Publisher: Butterworth-Heinemann
ISBN: 9780750653831
Size: 31.45 MB
Format: PDF, Kindle
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New ways of looking, researching and valuing these companies need to be addressed. Valuation of Internet and Technology Stocks offers practical information to enable institutional investors to value internet.coms and high tech companies more accurately. The author highlights the deficiencies in existing stock market techniques and shows how they need to be modified or, in most cases, replaced with techniques more suited for the revolution in economies which had taken place since 1991. The economic rules in the financial market place have changed to the extent that strategies successfully applied in the post war era have now been relegated to the deleted items box. 'Valuation on Internet and Technology Stocks' reviews existing stock market techniques highlighting their deficiencies and show how the New Economics necessitates new forms of investment analysis. * Investigates why there has been a high correlation between high loss companies and a rocketing stock price * Questions whether there is still a place for discounted cash flows when there is no cash flow to discount * Considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques

Valuation

Author: Wilbur Marshall Urban
Publisher: Psychology Press
ISBN: 9780415296045
Size: 22.71 MB
Format: PDF, Kindle
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First published in 2002. Routledge is an imprint of Taylor & Francis, an informa company.