Science Of Valuations

Author : Frank J. Fabozzi,Sergio M. Focardi,Caroline Jonas
Publisher : CFA Institute Research Foundation
Page : 136 pages
File Size : 48,7 Mb
Release : 2017-12-27
Category : Business & Economics
ISBN : 9781944960346

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Equity Valuation: Science, Art, or Craft? by Frank J. Fabozzi,Sergio M. Focardi,Caroline Jonas Pdf

The price at which a stock is traded in the market reflects the ability of the firm to generate cash flow and the risks associated with generating the expected future cash flows. The authors point to the limits of widely used valuation techniques. The most important of these limits is the inability to forecast cash flows and to determine the appropriate discount rate. Another important limit is the inability to determine absolute value. Widely used valuation techniques such as market multiples - the price-to-earnings ratio, firm value multiples or a use of multiple ratios, for example - capture only relative value, that is, the value of a firm's stocks related to the value of comparable firms (assuming that comparable firms can be identified). The study underlines additional problems when it comes to valuing IPOs and private equity: Both are sensitive to the timing of the offer, suffer from information asymmetry, and are more subject to behavioral elements than is the case for shares of listed firms. In the case of IPOs in particular, the authors discuss how communication strategies and media hype play an important role in the IPO valuation/pricing process.

Author : Aswath Damodaran
Publisher : John Wiley & Sons
Page : 696 pages
File Size : 49,7 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.

Author : Salvatore Giuffrida
Publisher : Springer Nature
Page : 387 pages
File Size : 46,6 Mb
Release : 2024-05-23
Category : Electronic
ISBN : 9783031537097

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Science of Valuations by Salvatore Giuffrida Pdf

Author : Brian Kettell
Publisher : Elsevier
Page : 223 pages
File Size : 45,5 Mb
Release : 2002-03-25
Category : Business & Economics
ISBN : 9780080520384

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Valuation of Internet and Technology Stocks by Brian Kettell Pdf

Valuation of Internet and Technology Stocks offers practical information on how to value internet and high-tech companies more accurately. The book reviews previous practice, highlights the deficiencies in existing stock market techniques, and shows how to modify or replace them. It also demonstrates how the New Economics necessitates new forms of investment analysis. This book presents new ways of looking, researching and valuing internet and high-tech companies. It explains why there has been a high correlation between high loss companies and a rocketing stock price. It questions whether there is still a place for discounted cash flows when there is no cash flow to discount. It also considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques. Chapters deal with a wide range of topics including: where technology/internet stocks fit in a new economy; how you value traditional common stocks; application of the Porter model to the valuation of technology/internet stocks; problems with applying traditional valuation models for technology/internet stocks; derivative markets and real options; and the lessons that can be learned by investors from the year 2000 collapse of technology/internet stocks. This text will be of interest to traders, investment managers, institutional investors, plan managers, and finance professionals. * 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

Author : John R. Nudds,Charles William Pettitt
Publisher : Geological Society of London
Page : 296 pages
File Size : 43,8 Mb
Release : 1997
Category : Science
ISBN : 1897799764

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The Value and Valuation of Natural Science Collections by John R. Nudds,Charles William Pettitt Pdf

Author : Patrick Anderson
Publisher : Stanford University Press
Page : 441 pages
File Size : 41,9 Mb
Release : 2013-04-10
Category : Business & Economics
ISBN : 9780804783224

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The Economics of Business Valuation by Patrick Anderson Pdf

For decades, the market, asset, and income approaches to business valuation have taken center stage in the assessment of the firm. This book brings to light an expanded valuation toolkit, consisting of nine well-defined valuation principles hailing from the fields of economics, finance, accounting, taxation, and management. It ultimately argues that the "value functional" approach to business valuation avoids most of the shortcomings of its competitors, and more correctly matches the actual motivations and information set held by stakeholders. Much of what we know about corporate finance and mathematical finance derives from a narrow subset of firms: publicly traded corporations. The value functional approach can be readily applied to both large firms and companies that do not issue publicly traded stocks and bonds, cannot borrow without constraints, and often rely upon entrepreneurs to both finance and manage their operations. With historical side notes from an international set of sources and real-world exemplars that run throughout the text, this book is a future-facing resource for scholars in economics and finance, as well as the academically minded valuation practitioner.

Author : Christoph Philipp Wessendorf
Publisher : Springer Nature
Page : 290 pages
File Size : 50,8 Mb
Release : 2021-08-24
Category : Business & Economics
ISBN : 9783658349448

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Indicating Value in Early-Stage Technology Venture Valuation by Christoph Philipp Wessendorf Pdf

Fundraising for venture capital investments have continued to increase in recent years. One crucial step in the investment process is the valuation of the target company. Investors are faced with the great challenge of valuing a young venture without a corporate or financial history, a firm customer relationship or even a business model, while still taking into account the tremendous growth potential. Especially the valuation of technology companies is a difficult and often subjective process. Motivated by these considerations, this dissertation details a design science research project, which aims to develop an artifact that improves the indication of value in early-stage technology venture valuation while enabling operationalizable and fair valuation. This approach ensures a more meaningful valuation and better applicability to early-stage technology ventures compared to traditional methods while supporting the deliberate reduction of information asymmetries between entrepreneurs and investors. Firm-specific characteristics and practical applicability are taken into account.

Author : Simon Woolley
Publisher : Cambridge University Press
Page : 0 pages
File Size : 48,6 Mb
Release : 2009-05-14
Category : Business & Economics
ISBN : 9780521519076

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Sources of Value by Simon Woolley Pdf

An experienced senior practitioner shares the secrets of both the science and the art of financial decision making. The quality of financial decision making explains why some companies succeed whilst others fail. Sources of Value provides an original toolkit that emphasises both technical skills and strategic awareness.

Author : Simon Woolley
Publisher : Unknown
Page : 128 pages
File Size : 53,5 Mb
Release : 2009
Category : Valuation
ISBN : OCLC:502958338

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Sources of Value by Simon Woolley Pdf

An experienced senior practitioner shares the secrets of both the science and the art of financial decision making.--Résumé de l'éditeur.

Author : Rajesh Kumar
Publisher : Academic Press
Page : 514 pages
File Size : 47,6 Mb
Release : 2015-11-05
Category : Business & Economics
ISBN : 9780128025437

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Valuation by Rajesh Kumar Pdf

Valuation: Theories and Concepts provides an understanding on how to value companies that employ non-standard accounting procedures, particularly companies in emerging markets and those that require a wider variety of options than standard texts provide. The book offers a broader, more holistic perspective that is perfectly suited to companies and worldwide markets. By emphasizing cases on valuation, including mergers and acquisition valuation, it responds to the growing expectation that students and professionals must generate comprehensive perspectives based on thorough investigations and a library of valuation theories. Readers will gain a better understanding of the development of complete analyses, including trend analysis of financial parameters, ratio analysis, and differing perspectives on valuation and strategic initiatives. Case studies include stock market performance and synergies and the intrinsic value of the firm are compared with offer price. In addition, full data sets for each chapter are available online. Provides an understanding on how to value companies that employ non-standard accounting procedures, particularly companies in emerging markets Gives readers the ability to compare the intrinsic value of the firm with the offer price Showcases a variety of valuation techniques and provides details about handling each part of the valuation process Each case has data in excel spreadsheets for all companies, and data sets for each chapter are available online

Author : Pablo Fernandez
Publisher : Elsevier
Page : 661 pages
File Size : 52,5 Mb
Release : 2002-09-11
Category : Business & Economics
ISBN : 9780080520377

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Valuation Methods and Shareholder Value Creation by Pablo Fernandez Pdf

Valuation Methods and Shareholder Value Creation provides a comprehensive examination of valuation tools and guidance for analyzing and valuing a business. It covers the basics of valuation methods and shareholder value creation in addition to rigorous approaches to discounted cash flow valuation and real options for valuing a company. It highlights quantitative analyses of firm value; emphasizes qualitative management assessments; and integrates data from international companies. By examining eight different methods of discounted cash flow valuation and discussing the pros and cons of each method, the book offers thorough, accessible coverage of corporate valuation. The book provides well-structured guidance for practitioners and MBA students with a background in finance. Highlights quantitative analyses of firm value Emphasizes qualitative management assessments Integrates data from international companies

Author : Boris Bogdan,Ralph Villiger
Publisher : Springer Science & Business Media
Page : 378 pages
File Size : 40,8 Mb
Release : 2010-04-19
Category : Business & Economics
ISBN : 9783642108204

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Valuation in Life Sciences by Boris Bogdan,Ralph Villiger Pdf

Valuation is a hot topic among life sciences professionals. There is no clear understanding on how to use the different valuation approaches and how to determine input parameters. Some do not value at all, arguing that it is not possible to get realistic and objective numbers out of it. Some claim it to be an art. In the following chapters we will provide the user with a concise val- tion manual, providing transparency and practical insight for all dealing with valuation in life sciences: project and portfolio managers, licensing executives, business developers, technology transfer managers, entrep- neurs, investors, and analysts. The purpose of the book is to explain how to apply discounted cash flow and real options valuation to life sciences p- jects, i.e. to license contracts, patents, and firms. We explain the fun- mentals and the pitfalls with case studies so that the reader is capable of performing the valuations on his own and repeat the theory in the exercises and case studies. The book is structured in five parts: In the first part, the introduction, we discuss the role of the players in the life sciences industry and their p- ticular interests. We describe why valuation is important to them, where they need it, and the current problems to it. The second part deals with the input parameters required for valuation in life sciences, i.e. success rates, costs, peak sales, and timelines.

Author : Sheridan Titman,John D. Martin
Publisher : Unknown
Page : 0 pages
File Size : 41,5 Mb
Release : 2007
Category : Electronic
ISBN : OCLC:1405475411

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Valuation by Sheridan Titman,John D. Martin Pdf

Author : Sheridan Titman
Publisher : Unknown
Page : 556 pages
File Size : 43,6 Mb
Release : 2008
Category : Capital investments
ISBN : 0321384148

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Valuation by Sheridan Titman Pdf

Author : McKinsey & Company Inc.,Tim Koller,Marc Goedhart,David Wessels
Publisher : John Wiley & Sons
Page : 1200 pages
File Size : 42,7 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.