Equity Valuation

Download Equity Valuation ebook PDF or Read Online books in PDF, EPUB, and Mobi Format. Click Download or Read Online button to Equity Valuation book pdf for free now.

Equity Valuation Using Multiples

Author : Andreas Schreiner
ISBN : 9783835095311
Genre : Business & Economics
File Size : 58.46 MB
Format : PDF, ePub, Docs
Download : 195
Read : 770

Andreas Schreiner examines the role of multiples in equity valuation. He transforms the standard multiples valuation method into a comprehensive framework for using multiples in valuation practice, which corresponds to economic theory and is consistent with the results of a broad empirical study of European and U.S. equity markets.
Category: Business & Economics

Equity Valuation

Author : George Athanassakos
ISBN : OCLC:48601409
Genre : Cash management
File Size : 48.20 MB
Format : PDF, ePub
Download : 109
Read : 526

Category: Cash management

Equity Valuation And Analysis

Author : Richard Sloan
ISBN : 107998335X
Genre :
File Size : 42.38 MB
Format : PDF, Mobi
Download : 732
Read : 608

WHY THIS BOOK?This book spans the void between the abstract theoretical treatment of equity valuation and the practical problem of valuing an actual company using real-world data. We give serious treatment to the underlying theory of financial analysis and valuation, but our main goal is to be able to arrive at a pragmatic answer to the important question, "what is this company really worth?" To answer this question, we adopt a different approach from other textbooks. The key differences can be summarized as follows:1. Our focus is on generating good financial statement forecasts. 2. We provide detailed practical guidance on how to obtain and analyze relevant real-world data. 3. We demystify the mechanics of equity valuation.Our overriding theme is that good forecasts of the future financial statements are the key input to a good valuation. Most other aspects of the valuation process are mechanical and can be programmed into a computer. In fact, this text refers often to eVal, a fancy Excel workbook that provides a template for these many mechanical tasks and is freely available. As with many other textbooks, we discuss topics like business strategy analysis, accounting analysis, financial ratio analysis, and so forth. However, we always do so with a clear view to how these analyses help us to generate better financial statement forecasts. We also provide plenty of advice on where to go to obtain the most relevant raw data. Armed with such a rich source of data, we are able to provide you with plenty of practical examples and limitless opportunities for you to practice doing your own analyses. A final goal of this book is to demystify the valuation process. In the past, we have seen students become lost in a sea of valuation formulas and inconsistent spreadsheet models. For example, students get confused as to whether they should use a DDM, DCF, or RIM valuation formula and whether they need to use the CAPM, APT, or MFM to estimate their WACC (and to how many decimal places). They become obsessed with learning acronyms and formulas but flounder when asked to provide a plausible valuation for an actual company. We demonstrate that these different formulas are easily reconciled and refocus students on developing the best set of financial forecasts to plug into these formulas. This reinforces our main point that the key to good valuations is good forecasts.HOW DOES ALL THIS HELP YOU? The theory of financial analysis and valuation is more compelling when linked to real-world examples. The abstract theory of financial statements, ratios, and valuation formulas can be covered in a few boring lectures. What makes this topic exciting is seeing how an organized approach to studying a real company leaves you so much better informed about the firm's future. Is Apple really worth more than any other public company in the world? The answer is probably yes, once you understand its free cash flow generating ability. Tesla wants to produce and sell hundreds of thousands of cars in the future, but can it generate enough cash from existing sales to fund the production of all these new cars? A careful study of their cash flows shows that they will almost certainly be borrowing lots of money to build all these cars. Financial statements, accounting rules, financial ratios, and valuation models are all pretty dull beasts on their own, but if we can use them to answer questions such as these, we can really bring them to life. By blending the theory of equity analysis with practical application, we feel that students learn both more effectively.The book is supported by a comprehensive set of free online resources, including software, cases, and quizzes, all available at http: //www.lundholmandsloan.co
Category:

Equity Valuation And Portfolio Management

Author : Frank J. Fabozzi
ISBN : 9781118156551
Genre : Business & Economics
File Size : 64.81 MB
Format : PDF
Download : 314
Read : 460

A detailed look at equity valuation and portfolio management Equity valuation is a method of valuing stock prices using fundamental analysis to determine the worth of the business and discover investment opportunities. In Equity Valuation and Portfolio Management Frank J. Fabozzi and Harry M. Markowitz explain the process of equity valuation, provide the necessary mathematical background, and discuss classic and new portfolio strategies for investment managers. Divided into two comprehensive parts, this reliable resource focuses on valuation and portfolio strategies related to equities. Discusses both fundamental and new techniques for valuation and strategies Fabozzi and Markowitz are experts in the fields of investment management and economics Includes end of chapter bullet point summaries, key chapter take-aways, and study questions Filled with in-depth insights and practical advice, Equity Valuation and Portfolio Management will put you in a better position to excel at this challenging endeavor.
Category: Business & Economics

Equity Valuation

Author : Peter O. Christensen
ISBN : 9781601982728
Genre : Business & Economics
File Size : 71.50 MB
Format : PDF, Mobi
Download : 662
Read : 289

Equity Valuation reviews and critically examines the standard approach to equity valuation using a constant risk-adjusted cost of capital and develops a new valuation approach discounting risk-adjusted fundamentals using nominal zero-coupon interest rates. Equity Valuation is organized as follows. Chapter 2 (Risk-adjusted Discount Rates) reviews standard valuation models based on risk-adjusted discount rates. Chapter 3 (Multi-period Asset Pricing Theory and Accounting Relations) examines key results from multi-period asset pricing theory in discrete-time, and shows how equity valuation models can equivalently be based on free cash flows or accrual accounting numbers. Based on these results, the authors derive an accounting-based multi-period equity valuation model presented in Chapter 4 (An Accounting-based Multi-period Equity Valuation Model) with equilibrium risk-adjustments determined by prices of aggregate consumption claims. Chapter 5 (Equity Valuation with HARA Utility) includes a general equilibrium analysis of a setting in which the investors have HARA utility, and aggregate consumption and residual operating income are jointly normally distributed. A set of appendices follows including Appendix B that extends the setting to preferences with external habit formation (which recently has gained popularity in asset pricing theory), and Appendix C, which discusses the relationship between risk-adjusted expected cash flows and certainty equivalents.
Category: Business & Economics

Equity Valuation

Author : Jan Viebig
ISBN : 9780470758809
Genre : Business & Economics
File Size : 63.3 MB
Format : PDF, Mobi
Download : 834
Read : 1322

Equity Valuation: Models from the Leading Investment Banks is a clear and reader-friendly guide to how today’s leading investment banks analyze firms. Editors Jan Viebig and Thorsten Poddig bring together expertise from UBS, Morgan Stanley, DWS Investment GmbH and Credit Suisse, providing a unique analysis of leading equity valuation models, from the very individuals who use them. Filled with real world insights, practical examples and theoretical approaches, the book will examine the strengths and weaknesses of some of the leading valuation approaches, helping readers understand how analysts: · estimate cash flows · calculate discount rates · adjust for accounting distortions · take uncertainty into consideration Written for investment professionals, corporate managers and anyone interested in developing their understanding of this key area, Equity Valuation: Models from the Leading Investment Banks will arm readers with the latest thinking and depth of knowledge necessary to make the right decisions in their valuation methodologies.
Category: Business & Economics

Principles Of Equity Valuation

Author : Ian Davidson
ISBN : 9780415696029
Genre : Business & Economics
File Size : 69.33 MB
Format : PDF, ePub
Download : 259
Read : 222

The book provides a rigorous introduction to corporate finance and the valuation of equity. The first half of the book covers much of the received theory in these areas such as the relationship between the risk of an equity security and the return one can expect from it, the effects of leverage (that is, the borrowing policies of the firm) on the return one can expect from the firm’s shares and the role that dividends, operating cash flows and accounting earnings play in the valuation of equity. The second half of the book is more advanced and deals with the important role that "real options" (that is, as yet unexploited investment opportunities) play in the valuation of equity.
Category: Business & Economics

Applied Equity Valuation

Author : T. Daniel Coggin
ISBN : 1883249511
Genre : Business & Economics
File Size : 87.28 MB
Format : PDF, Kindle
Download : 981
Read : 1292

Applied Equity Valuation provides comprehensive coverage of the theory and practice of all aspects of valuation, including security valuation in a complex market, bottom-up approach to small capitalization active management, top down/thematic equity management, implementing an integrated quantitative investment process, applying the DDM, value-based equity strategies, market-neutral portfolio management, enhanced indexing, dynamic style allocation, and exploiting global equity pricing anomalies.
Category: Business & Economics

Accounting Information And Equity Valuation

Author : Guochang Zhang
ISBN : 9781461481607
Genre : Business & Economics
File Size : 72.84 MB
Format : PDF, ePub, Mobi
Download : 739
Read : 406

The purpose of this book is to offer a more systematic and structured treatment of the research on accounting‐based valuation, with a primary focus on recent theoretical developments and the resulting empirical analyses that recognize the role of accounting information in making managerial decisions. Since its inception, valuation research in accounting has evolved primarily along an “empirically driven” path. In the absence of models constructed specifically to explain this topic, researchers have relied on economic intuition and theories from other disciplines (mainly finance and economics) as a basis for designing empirical analyses and interpreting findings. Although this literature has shed important light on the usefulness of accounting information in capital markets, it is obvious that the lack of a rigorous theoretical framework has hindered the establishment of a systematic and well‐structured literature and made it difficult to probe valuation issues in depth. More recently, however, progress has been made on the theoretical front. The two most prominent frameworks are (i) the “linear information dynamic approach” and (ii) the “real options‐based approach” which recognizes managerial uses of accounting information in the pursuit of value generation. This volume devotes its initial chapters to an evaluation of the models using the linear dynamic approach, and then provides a synthesis of the theoretical studies that adopt the real options approach and the empirical works which draw on them. The book also makes an attempt to revisit and critique existing empirical research (value-relevance and earnings-response studies) within the real options-based framework. It is hoped that the book can heighten interest in integrating theoretical and empirical research in this field, and play a role in helping this literature develop into a more structured and cohesive body of work. Value is of ultimate concern to economic decision-makers, and valuation theory should serve as a platform for studying other accounting topics. The book ends with a call for increased links of other areas of accounting research to valuation theory.
Category: Business & Economics

Equity Valuation Science Art Or Craft

Author : Frank J. Fabozzi
ISBN : 9781944960346
Genre : Business & Economics
File Size : 35.43 MB
Format : PDF, Kindle
Download : 560
Read : 1196

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.
Category: Business & Economics

Equity Valuation Risk And Investment

Author : Peter C. Stimes
ISBN : 9781118160756
Genre : Business & Economics
File Size : 72.22 MB
Format : PDF, Kindle
Download : 623
Read : 742

Author Peter Stimes’s analysis of the investment process has long been inspired by some of the best minds in the world of finance, yet some of the ways in which he approaches this discipline are truly unique. In Equity Valuation, Risk, and Investment, Stimes shares his extensive expertise with you and reveals how practitioners can integrate and apply both the theory and quantitative analysis found in finance to the day-to-day decisions they must make with regard to important investment issues.
Category: Business & Economics

Equity Asset Valuation

Author : John D. Stowe
ISBN : 9780470052822
Genre : Business & Economics
File Size : 23.38 MB
Format : PDF, ePub, Docs
Download : 626
Read : 754

"Here is an essential tool for the investor: clear, practical, insightful, and concise. This book should have a long, useful life in a professional's library." —Jeffrey P. Davis, CFA, Chief Investment Officer, Lee Munder Capital Group "This book provides a clear, comprehensive overview of equity valuation concepts and methods. It is well suited for finance practitioners who want to strengthen their understanding of equity asset valuation and as a supplemental reading in advanced undergraduate and graduate courses addressing security analysis and business valuation." —Professor Robert Parrino, CFA, PhD, Department of Finance, Red McCombs School of Business, The University of Texas at Austin "CFA Institute has done it again. This will be a 'must' reference book for anyone serious about the nuances of equity investment valuation." —Robert D. Arnott, Chairman, Research Affiliates "Equity Asset Valuation concisely and clearly explains the most widely used approaches to equity evaluation. In addition to thoroughly explaining the implementation of each valuation method, there is sophisticated discussion of the commonsense financial economics and accounting issues underlying the methods." —David Blackwell, Head and RepublicBank/James W. Aston Professor of Finance, Mays Business School, Texas A&M University
Category: Business & Economics

Using Investor Relations To Maximize Equity Valuation

Author : Thomas Ryan
ISBN : 9780471708520
Genre : Business & Economics
File Size : 50.41 MB
Format : PDF, ePub
Download : 685
Read : 1195

A practical guide to proactive investor relations (IR) Investor relations (IR) has traditionally been an administrative function within corporate communications, responsible for disseminating public information and answering investor and media questions. Using Investor Relations to Maximize Equity Valuation challenges this approach, by arguing that IR has been underutilized and then illustrating how it should be elevated to lead a strategic communications effort to preserve or enhance corporate value and lower a company's cost of capital. Divided into four comprehensive parts, this book clearly describes capital markets strategies and tactical operations that these former, senior-level equity analysts and portfolio managers employ. Chad A. Jacobs (Westport, CT) and Thomas M. Ryan (Westport, CT) are the cofounders and co-CEOs of Integrated Corporate Relations.
Category: Business & Economics

Valuation Of Equity Securities

Author : Geoffrey Poitras
ISBN : 9789814295383
Genre : Business & Economics
File Size : 26.64 MB
Format : PDF, Docs
Download : 568
Read : 169

Provides a treatment of academic and practitioner approaches to equity security valuation. This book challenges conventional academic wisdom surrounding the ergodic properties of stochastic processes, guided by historical and philosophical insights. It presents the implications of a general stochastic interpretation of equity security valuation.
Category: Business & Economics

Equity Valuation

Author : David F. Hawkins
ISBN : STANFORD:20500291038
Genre : Business & Economics
File Size : 67.83 MB
Format : PDF, ePub, Mobi
Download : 698
Read : 617

Category: Business & Economics

Equity Valuation And Analysis With Eval

Author : Russell Lundholm
ISBN : 0073309699
Genre : Business enterprises
File Size : 45.89 MB
Format : PDF, ePub, Mobi
Download : 454
Read : 419

While focusing on the underlying theories of financial analysis and valuation, this work aims to answer the question, "What is this company really worth?". It takes the view that sound forecasts of financial statements are the key input to a good valuation, and that other aspects of the valuation process are mechanical.
Category: Business enterprises

Frontier Emerging Equity Markets Securities Price Behavior And Valuation

Author : Oliver S. Kratz
ISBN : 0792385853
Genre : Business & Economics
File Size : 26.26 MB
Format : PDF
Download : 556
Read : 791

Further, this book develops the first comprehensive framework for valuing a frontier equity market. As the first research-level monograph exclusively dedicated to frontier emerging equity market analysis, it offers a unique dual perspective on how academic financial research finds its complementary and sometimes antagonistic counterpart in real-life investment decision-making.
Category: Business & Economics

Equity Asset Valuation Workbook

Author : Jerald E. Pinto
ISBN : 9781119104612
Genre : Business & Economics
File Size : 52.91 MB
Format : PDF, ePub
Download : 442
Read : 1195

Your complete guide to equity assets valuation Equity Asset Valuation Workbook, Third Edition was designed as a companion to Equity Asset Valuation, Third Edition, the most comprehensive text on this subject available on the market. This workbook provides key study tools, such as learning outcomes, chapter summaries, practice problems, and detailed solutions, that guide you in your preparation for the third step in the CFA certification program. These features reinforce essential theories and their practical application, and assist you in understanding the core concepts behind these theories, as well as when and how to implement them. Integrating both accounting and finance concepts, the workbook and its companion text offer a collection of valuation models—and challenge you to determine which models are most appropriate for given companies and circumstances. When you make an equity investment, you purchase and hold a share of stock. Through the payment of dividends and capital gains, this investment can result in income that can boost the performance of your portfolio—but determining which investments are going to be profitable and which are best passed over is key to building a successful equity investment strategy. Access targeted features, such as practice problems, chapter summaries, and learning outcomes, that reiterate your newfound knowledge Prepare for the third step in your CFA certification program with confidence Reinforce the ideas presented by the workbook's companion text, sold separately Expand your understanding of equity assets through versatile material that blends theory and practice to provide you with a realistic understanding of the field Equity Asset Valuation Workbook, Third Edition complements the revised Equity Asset Valuation, Third Edition, and guides your study efforts for the third step in the CFA certification program.
Category: Business & Economics