Financial Valuation

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Valuation

McKinsey & Company Inc.,Tim Koller,Marc Goedhart,David Wessels
Valuation Book PDF

Author : McKinsey & Company Inc.,Tim Koller,Marc Goedhart,David Wessels
Publisher : John Wiley & Sons
Page : 1200 pages
File Size : 51,9 Mb
Release : 2010-07-16
Category : Business & Economics
ISBN : 9780470889930

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Valuation by McKinsey & Company Inc.,Tim Koller,Marc Goedhart,David Wessels Pdf

The number one guide to corporate valuation is back and better than ever Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline. Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions Addresses how you can interpret the results of a valuation in light of a company's competitive situation Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.

Financial Modeling and Valuation

Paul Pignataro
Financial Modeling and Valuation Book PDF

Author : Paul Pignataro
Publisher : John Wiley & Sons
Page : 432 pages
File Size : 51,7 Mb
Release : 2013-07-10
Category : Business & Economics
ISBN : 9781118558768

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Financial Modeling and Valuation by Paul Pignataro Pdf

Written by the Founder and CEO of the prestigious New York School of Finance, this book schools you in the fundamental tools for accurately assessing the soundness of a stock investment. Built around a full-length case study of Wal-Mart, it shows you how to perform an in-depth analysis of that company's financial standing, walking you through all the steps of developing a sophisticated financial model as done by professional Wall Street analysts. You will construct a full scale financial model and valuation step-by-step as you page through the book. When we ran this analysis in January of 2012, we estimated the stock was undervalued. Since the first run of the analysis, the stock has increased 35 percent. Re-evaluating Wal-Mart 9months later, we will step through the techniques utilized by Wall Street analysts to build models on and properly value business entities. Step-by-step financial modeling - taught using downloadable Wall Street models, you will construct the model step by step as you page through the book. Hot keys and explicit Excel instructions aid even the novice excel modeler. Model built complete with Income Statement, Cash Flow Statement, Balance Sheet, Balance Sheet Balancing Techniques, Depreciation Schedule (complete with accelerating depreciation and deferring taxes), working capital schedule, debt schedule, handling circular references, and automatic debt pay downs. Illustrative concepts including detailing model flows help aid in conceptual understanding. Concepts are reiterated and honed, perfect for a novice yet detailed enough for a professional. Model built direct from Wal-Mart public filings, searching through notes, performing research, and illustrating techniques to formulate projections. Includes in-depth coverage of valuation techniques commonly used by Wall Street professionals. Illustrative comparable company analyses - built the right way, direct from historical financials, calculating LTM (Last Twelve Month) data, calendarization, and properly smoothing EBITDA and Net Income. Precedent transactions analysis - detailing how to extract proper metrics from relevant proxy statements Discounted cash flow analysis - simplifying and illustrating how a DCF is utilized, how unlevered free cash flow is derived, and the meaning of weighted average cost of capital (WACC) Step-by-step we will come up with a valuation on Wal-Mart Chapter end questions, practice models, additional case studies and common interview questions (found in the companion website) help solidify the techniques honed in the book; ideal for universities or business students looking to break into the investment banking field.

The Little Book of Valuation

Aswath Damodaran
The Little Book of Valuation Book PDF

Author : Aswath Damodaran
Publisher : John Wiley & Sons
Page : 256 pages
File Size : 45,7 Mb
Release : 2011-03-29
Category : Business & Economics
ISBN : 1118064143

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The Little Book of Valuation by Aswath Damodaran Pdf

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

Tim Koller,McKinsey & Company Inc.,Marc Goedhart,David Wessels
Valuation Book PDF

Author : Tim Koller,McKinsey & Company Inc.,Marc Goedhart,David Wessels
Publisher : John Wiley & Sons
Page : 960 pages
File Size : 42,6 Mb
Release : 2020-05-21
Category : Business & Economics
ISBN : 9781119611882

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Valuation by Tim Koller,McKinsey & Company Inc.,Marc Goedhart,David Wessels Pdf

McKinsey & Company's bestselling guide to teaching corporate valuation - the fully updated seventh edition Valuation: Measuring and Managing the Value of Companies, University Edition is filled with the expert guidance from McKinsey & Company that students and professors have come to rely on for over nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals and students around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders. This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies. For thirty years, Valuation has remained true to its basic principles and continues to offer a step-by-step approach to teaching valuation fundamentals, including: Analyzing historical performance Forecasting performance Estimating the cost of capital Interpreting the results of a valuation in context Linking a company's valuation multiples to core performance drivers The University Edition contains end-of-chapter review questions to help students master key concepts from the book. Wiley also offers an Online Instructor's Manual with a full suite of learning resources to complement valuation classroom instruction.

The Art of Company Valuation and Financial Statement Analysis

Nicolas Schmidlin
The Art of Company Valuation and Financial Statement Analysis Book PDF

Author : Nicolas Schmidlin
Publisher : John Wiley & Sons
Page : 275 pages
File Size : 45,5 Mb
Release : 2014-06-09
Category : Business & Economics
ISBN : 9781118843093

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The Art of Company Valuation and Financial Statement Analysis by Nicolas Schmidlin Pdf

The Art of Company Valuation and Financial Statement Analysis: A value investor’s guide with real-life case studies covers all quantitative and qualitative approaches needed to evaluate the past and forecast the future performance of a company in a practical manner. Is a given stock over or undervalued? How can the future prospects of a company be evaluated? How can complex valuation methods be applied in practice? The Art of Company Valuation and Financial Statement Analysis answers each of these questions and conveys the principles of company valuation in an accessible and applicable way. Valuation theory is linked to the practice of investing through financial statement analysis and interpretation, analysis of business models, company valuation, stock analysis, portfolio management and value Investing. The book’s unique approach is to illustrate each valuation method with a case study of actual company performance. More than 100 real case studies are included, supplementing the sound theoretical framework and offering potential investors a methodology that can easily be applied in practice. Written for asset managers, investment professionals and private investors who require a reliable, current and comprehensive guide to company valuation, the book aims to encourage readers to think like an entrepreneur, rather than a speculator, when it comes to investing in the stock markets. It is an approach that has led many to long term success and consistent returns that regularly outperform more opportunistic approaches to investment.

Damodaran on Valuation

Aswath Damodaran
Damodaran on Valuation Book PDF

Author : Aswath Damodaran
Publisher : John Wiley & Sons
Page : 696 pages
File Size : 53,9 Mb
Release : 2016-02-08
Category : Business & Economics
ISBN : 9780470049372

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Damodaran on Valuation by Aswath Damodaran Pdf

"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.

Business Valuation

Z. Christopher Mercer,Travis W. Harms
Business Valuation Book PDF

Author : Z. Christopher Mercer,Travis W. Harms
Publisher : John Wiley & Sons
Page : 291 pages
File Size : 53,7 Mb
Release : 2007-09-24
Category : Business & Economics
ISBN : 9780470178669

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Business Valuation by Z. Christopher Mercer,Travis W. Harms Pdf

Praise for Business Valuation: An Integrated Theory, 2nd Edition "The Second Edition of Business Valuation: An Integrated Theory manages to present the theoretical analysis of valuation from the first edition and expand on that discussion by providing additional guidance on implementing the relevant valuation theories, notably in its expanded discussion of the Quantitative Marketability Discount Model." —Dr. David Tabak, NERA Economic Consulting Your Essential Valuations Reference Whether you are an accountant, auditor, financial planner, or attorney, Business Valuation: An Integrated Theory, 2nd Edition enables you to understand and correctly apply fundamental valuation concepts. Thoroughly revised and expanded, the Second Edition demystifies modern valuation theory, bringing together various valuation concepts to reveal a comprehensive picture of business valuation. With the implementation of new accounting pronouncements mandating the recognition of numerous assets and liabilities at fair value, it has become critical for CPAs charged with auditing financial statements to understand valuation concepts. With thoughtful and balanced treatment of both theory and application, this essential guide reveals: The "GRAPES of Value"-Growth, Risk and Reward, Alternative Investments, Present Value, Expectations, and Sanity The relationship between the Gordon Model and the discounted cash flow model of valuation The basis for commonly applied, but commonly misunderstood valuation premiums and discounts A practical perspective on the analysis of potential business acquisitions Grounded in the real world of market participants, Business Valuation, 2nd Edition addresses your need to understand business valuation, providing a means of articulating valuation concepts to help you negotiate value-enhancing transactions. If you want to get back to valuation basics, this useful reference will become your guide to defining the various levels of value and developing a better understanding of business appraisal reports.

The Valuation of Financial Companies

Mario Massari,Gianfranco Gianfrate,Laura Zanetti
The Valuation of Financial Companies Book PDF

Author : Mario Massari,Gianfranco Gianfrate,Laura Zanetti
Publisher : John Wiley & Sons
Page : 256 pages
File Size : 49,8 Mb
Release : 2014-01-07
Category : Business & Economics
ISBN : 9781118617267

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The Valuation of Financial Companies by Mario Massari,Gianfranco Gianfrate,Laura Zanetti Pdf

This book presents the main valuation approaches that can beused to value financial institutions. By sketching 1) the differentbusiness models of banks (both commercial and investment banks) andinsurance companies (life, property and casualty and reinsurance);2) the structure and peculiarities of financial institutions’reporting and financial statements; and 3) the main features ofregulatory capital frameworks for banking and insurance (ie BaselIII, Solvency II), the book addresses why such elements make thevaluation of financial institutions different from the valuation ofnon-financial companies. The book then features the valuation models that can be used todetermine the value of banks and insurance companies including theDiscounted Cash Flow, Dividend Discount Model, and Residual IncomeModel (with the appropriate estimation techniques for the cost ofcapital and cash flow in financial industries). The main techniquesto perform the relative valuation of financial institutions arethen presented: along the traditional multiples (P/E, P/BV, P/TBV,P/NAV), the multiples based on industry-specific value drivers arediscussed (for example, P/Pre Provision Profit, P/Deposits,P/Premiums, P/Number of branches). Further valuation tools such asthe “Value Maps” or the “Warranted EquityMethod” will be explained and discussed. The closing sectionof the book will briefly focus on the valuation of specificfinancial companies/vehicles such as closed-end funds, privateequity funds, leasing companies, etc.

Financial Statement Analysis and Business Valuation for the Practical Lawyer

Robert B. Dickie
Financial Statement Analysis and Business Valuation for the Practical Lawyer Book PDF

Author : Robert B. Dickie
Publisher : American Bar Association
Page : 442 pages
File Size : 52,6 Mb
Release : 2006
Category : Business & Economics
ISBN : 1590314743

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Financial Statement Analysis and Business Valuation for the Practical Lawyer by Robert B. Dickie Pdf

Written expressly for business lawyers, this best-selling guide takes you step-by-step through the key principles of corporate finance and accounting. This Second Edition will update the title's content and provide additions to reflect post-Enron SEC and FASB rules and new rules regarding merger and acquisition accounting.

Financial Valuation

James R. Hitchner
Financial Valuation Book PDF

Author : James R. Hitchner
Publisher : John Wiley & Sons
Page : 1582 pages
File Size : 51,8 Mb
Release : 2011-02-23
Category : Business & Economics
ISBN : 9780470915240

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Financial Valuation by James R. Hitchner Pdf

Real world applications and professional consensus by nationally recognized valuation experts Filled with a wealth of detail, practice tips, and examples, Financial Valuation: Applications and Models, Third Edition brings together thirty nationally recognized names in the valuation industry hailing from a variety of professional specializations-including accounting, business appraisal, and financial analysis-to provide practitioners with an indispensable reference on various valuation issues. Assembled by valuation authority James Hitchner, these contributors analyze, explain, and collaborate on the most effective valuation procedures to share real-world applications in the field of financial valuations. Written by 30 top experts in business valuations field Provides the valuation theory, the consensus view on application, and then the tools to apply it An all-encompassing valuation handbook that presents the application of financial valuation theory for business appraisers and consultants New chapters on Assessing Risk and Expert Witness Testimony Expands chapter on Cost of Capital Comprehensive in coverage and authoritative in treatment, James Hitchner's Financial Valuation, Third Edition provides trusted, complete business valuation information for CPAs, appraisers, analysts, attorneys, and corporate executives.

Investment Valuation

Aswath Damodaran
Investment Valuation Book PDF

Author : Aswath Damodaran
Publisher : John Wiley & Sons
Page : 1014 pages
File Size : 40,9 Mb
Release : 2002-01-31
Category : Business & Economics
ISBN : 0471414905

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Investment Valuation by Aswath Damodaran Pdf

Valuation is a topic that is extensively covered in business degree programs throughout the country. Damodaran's revisions to "Investment Valuation" are an addition to the needs of these programs.

Financial Valuation Workbook

James R. Hitchner
Financial Valuation Workbook Book PDF

Author : James R. Hitchner
Publisher : John Wiley & Sons
Page : 480 pages
File Size : 50,6 Mb
Release : 2017-04-27
Category : Business & Economics
ISBN : 9781119312475

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Financial Valuation Workbook by James R. Hitchner Pdf

Practical valuation exercises with real-world application and expert insight Financial Valuation Workbook cuts the learning curve in half, with practical training for use with any valuation textbook. Packed with tools, resources, and over 300 exercises, this book helps novices get a handle on the complex valuation process, while helping more experienced practitioners organize their engagements. Checklists, flowcharts, reports, information requests, and other resources help streamline the workflow and ensure thorough review, while in-depth coverage places the complexities of the field front-and-center. This new fourth edition features a brand new expanded case study for real-world insight, accompanied by exercises with explanations that deepen the learning process. Expert tips are highlighted throughout to provide additional insight in specific situations, and exercises from basic to advanced map to established training processes. Valuation is as an art, as well as a science, and simply reading a textbook only goes halfway toward true learning—applying what you learn is critical. This book provides hands-on practice alongside useful tools and valuable insight to help solidify your understanding of the many facets of this complex field. Delve into the intricacies of valuation with a new expanded case study and expert tips Follow checklists and flowcharts for each phase of the valuation process Use reports, information requests, and other tools that help organize your workflow Test your understanding with over 300 exercises organized by major area Organized into standard, recognized, and easily identified sections that lend themselves to quick refreshers as well as start-to-finish study, this book is a truly useful resource for beginner and veteran alike. Whether you're learning valuation for the first time or simply need guidance on an unfamiliar situation, Financial Valuation Workbook provides a key resource for any business valuation professional.

Financial Modeling, Actuarial Valuation and Solvency in Insurance

Mario V. Wüthrich,Michael Merz
Financial Modeling Actuarial Valuation and Solvency in Insurance Book PDF

Author : Mario V. Wüthrich,Michael Merz
Publisher : Springer Science & Business Media
Page : 432 pages
File Size : 51,7 Mb
Release : 2013-04-04
Category : Mathematics
ISBN : 9783642313929

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Financial Modeling, Actuarial Valuation and Solvency in Insurance by Mario V. Wüthrich,Michael Merz Pdf

Risk management for financial institutions is one of the key topics the financial industry has to deal with. The present volume is a mathematically rigorous text on solvency modeling. Currently, there are many new developments in this area in the financial and insurance industry (Basel III and Solvency II), but none of these developments provides a fully consistent and comprehensive framework for the analysis of solvency questions. Merz and Wüthrich combine ideas from financial mathematics (no-arbitrage theory, equivalent martingale measure), actuarial sciences (insurance claims modeling, cash flow valuation) and economic theory (risk aversion, probability distortion) to provide a fully consistent framework. Within this framework they then study solvency questions in incomplete markets, analyze hedging risks, and study asset-and-liability management questions, as well as issues like the limited liability options, dividend to shareholder questions, the role of re-insurance, etc. This work embeds the solvency discussion (and long-term liabilities) into a scientific framework and is intended for researchers as well as practitioners in the financial and actuarial industry, especially those in charge of internal risk management systems. Readers should have a good background in probability theory and statistics, and should be familiar with popular distributions, stochastic processes, martingales, etc.

Financial Modelling and Asset Valuation with Excel

Morten Helbæk,Ragnar Løvaas,Jon Olav Mjølhus
Financial Modelling and Asset Valuation with Excel Book PDF

Author : Morten Helbæk,Ragnar Løvaas,Jon Olav Mjølhus
Publisher : Routledge
Page : 524 pages
File Size : 42,8 Mb
Release : 2013-07-18
Category : Business & Economics
ISBN : 9781134620272

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Financial Modelling and Asset Valuation with Excel by Morten Helbæk,Ragnar Løvaas,Jon Olav Mjølhus Pdf

Finance is Excel! This book takes you straight into the fascinating world of Excel, the powerful tool for number crunching. In a clear cut language it amalgamates financial theory with Excel providing you with the skills you need to build financial models for private or professional use. A comprehensive knowledge of modeling in Excel is becoming increasingly important in a competitive labour market. The chapters in part one start with the most basic Excel topics such as cell addresses, workbooks, basic formulas, etc. These chapters get more advanced through part one, and takes you in the end to topics such as array formulas, data tables, pivot tables, etc. The other parts of the book discusses a variety of subjects such as net present value, internal rate of return, risk, portfolio theory, CAPM, VaR, project valuation, asset valuation, firm valuation, loan, leasing, stocks, bonds, options, simulation, sensitivity analysis, etc.

Accounting for Value

Stephen Penman
Accounting for Value Book PDF

Author : Stephen Penman
Publisher : Columbia University Press
Page : 265 pages
File Size : 43,9 Mb
Release : 2010-12-30
Category : Business & Economics
ISBN : 9780231521857

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Accounting for Value by Stephen Penman Pdf

Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.