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 leadi...
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| Format: | eBook |
| Language: | Inglés |
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Hoboken, N.J. :
John Wiley & Sons
c2013.
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| Edition: | 1st edition |
| Series: | CFA Institute investment perspectives series
CFA Institute Investment Perspectives |
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| See on Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009628590006719 |
Table of Contents:
- 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
- Management Flexibility 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; 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 Valuation The 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 Competition The 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
