Equity Asset Valuation.


Jerald E. Pinto
Bok Engelsk 2015 · Electronic books.
Omfang
1 online resource (622 pages)
Utgave
3rd ed.
Opplysninger
Intro -- Equity Asset Valuation -- Contents -- Foreword -- Preface -- Acknowledgments -- About the CFA Institute Investment Series -- Chapter 1 Equity Valuation: Applications &amp -- Processes -- Learning Outcomes -- 1. Introduction -- 2. Value Definitions and Valuation Applications -- 2.1. What Is Value? -- 2.2. Applications of Equity Valuation -- 3. The Valuation Process -- 3.1. Understanding the Business -- 3.2. Forecasting Company Performance -- 3.3. Selecting the Appropriate Valuation Model -- 3.4. Converting Forecasts to a Valuation -- 3.5. Applying the Valuation Conclusion: The Analyst's Role and Responsibilities -- 4. Communicating Valuation Results -- 4.1. Contents of a Research Report -- 4.2. Format of a Research Report -- 4.3. Research Reporting Responsibilities -- 5. Summary -- References -- Problems -- Chapter 2 Return Concepts -- Learning Outcomes -- 1. Introduction -- 2. Return Concepts -- 2.1. Holding Period Return -- 2.2. Realized and Expected (Holding Period) Return -- 2.3. Required Return -- 2.4. Expected Return Estimates from Intrinsic Value Estimates -- 2.5. Discount Rate -- 2.6. Internal Rate of Return -- 3. The Equity Risk Premium -- 3.1. Historical Estimates -- 3.2. Forward-Looking Estimates -- 4. The Required Return on Equity -- 4.1. The Capital Asset Pricing Model -- 4.2. Multifactor Models -- 4.3. Build-Up Method Estimates of the Required Return on Equity -- 4.4. The Required Return on Equity: International Issues -- 5. The Weighted Average Cost of Capital -- 6. Discount Rate Selection in Relation to Cash Flows -- 7. Summary -- References -- Problems -- Chapter 3 Introduction to Industry and Company Analysis -- Learning Outcomes -- 1. Introduction -- 2. Uses of Industry Analysis -- 3. Approaches to Identifying Similar Companies -- 3.1. Products and/or Services Supplied -- 3.2. Business-Cycle Sensitivities.. - 3.3. Statistical Similarities -- 4. Industry Classification Systems -- 4.1. Commercial Industry Classification Systems -- 4.2. Governmental Industry Classification Systems -- 4.3. Strengths and Weaknesses of Current Systems -- 4.4. Constructing a Peer Group -- 5. Describing and Analyzing an Industry -- 5.1. Principles of Strategic Analysis -- 5.2. External Influences on Industry Growth, Profitability, and Risk -- 6. Company Analysis -- 6.1. Elements That Should be Covered in a Company Analysis -- 6.2. Spreadsheet Modeling -- 7. Summary -- References -- Problems -- Chapter 4 Industry and Company analysis -- Learning Outcomes -- 1. Introduction -- 2. Financial Modeling: An Overview -- 2.1. Income Statement Modeling: Revenue -- 2.2. Income Statement Modeling: Operating Costs -- 2.3. Income Statement Modeling: Non-Operating Costs -- 2.4. Income Statement Modeling: Other Items -- 2.5. Balance Sheet and Cash Flow Statement Modeling -- 2.6. Scenario Analysis and Sensitivity Analysis -- 3. The Impact of Competitive Factors on Prices and Costs -- 4. Inflation and Deflation -- 4.1. Sales Projections with Inflation and Deflation -- 4.2. Cost Projections with Inflation and Deflation -- 5. Technological Developments -- 6. Long-Term Forecasting -- 7. Building a Model -- 7.1. Industry Overview -- 7.2. Company Overview -- 7.3. Construction of Pro Forma Income Statement -- 7.4. Construction of Pro Forma Cash Flow Statement and Balance Sheet -- 7.5. Valuation Inputs -- 8. Summary -- References -- Problems -- Chapter 5 Discounted Dividend Valuation -- Learning Outcomes -- 1. Introduction -- 2. Present Value Models -- 2.1. Valuation Based on the Present Value of Future Cash Flows -- 2.2. Streams of Expected Cash Flows -- 3. The Dividend Discount Model -- 3.1. The Expression for a Single Holding Period -- 3.2. The Expression for Multiple Holding Periods.. - 4. The Gordon Growth Model -- 4.1. The Gordon Growth Model Equation -- 4.2. The Links Among Dividend Growth, Earnings Growth, and Value Appreciation in the Gordon Growth Model -- 4.3. Share Repurchases -- 4.4. The Implied Dividend Growth Rate -- 4.5. The Present Value of Growth Opportunities -- 4.6. Gordon Growth Model and the Price-to-Earnings Ratio -- 4.7. Estimating a Required Return Using the Gordon Growth Model -- 4.8. The Gordon Growth Model: Concluding Remarks -- 5. Multistage Dividend Discount Models -- 5.1. Two-Stage Dividend Discount Model -- 5.2. Valuing a Non-Dividend-Paying Company -- 5.3. The H-Model -- 5.4. Three-Stage Dividend Discount Models -- 5.5. Spreadsheet (General) Modeling -- 5.6. Estimating a Required Return Using Any DDM -- 5.7. Multistage DDM: Concluding Remarks -- 6. The Financial Determinants of Growth Rates -- 6.1. Sustainable Growth Rate -- 6.2. Dividend Growth Rate, Retention Rate, and ROE Analysis -- 6.3. Financial Models and Dividends -- 7. Summary -- References -- Problems -- Chapter 6 Free Cash Flow Valuation -- Learning Outcomes -- 1. Introduction to Free Cash Flows -- 2. FCFF and FCFE Valuation Approaches -- 2.1. Defining Free Cash Flow -- 2.2. Present Value of Free Cash Flow -- 2.3. Single-Stage (Constant-Growth) FCFF and FCFE Models -- 3. Forecasting Free Cash Flow -- 3.1. Computing FCFF from Net Income -- 3.2. Computing FCFF from the Statement of Cash Flows -- 3.3. Noncash Charges -- 3.4. Computing FCFE from FCFF -- 3.5. Finding FCFF and FCFE from EBIT or EBITDA -- 3.6. FCFF and FCFE on a Uses-of-Free-Cash-Flow Basis -- 3.7. Forecasting FCFF and FCFE -- 3.8. Other Issues in Free Cash Flow Analysis -- 4. Free Cash Flow Model Variations -- 4.1. An International Application of the Single-Stage Model -- 4.2. Sensitivity Analysis of FCFF and FCFE Valuations -- 4.3. Two-Stage Free Cash Flow Models.. - 4.4. Three-Stage Growth Models -- 5. Nonoperating Assets and Firm Value -- 6. Summary -- References -- Problems -- Chapter 7 Market-Based Valuation: Price and Enterprise Value Multiples -- Learning Outcomes -- 1. Introduction -- 2. Price and Enterprise Value Multiples in Valuation -- 2.1. The Method of Comparables -- 2.2. The Method Based on Forecasted Fundamentals -- 3. Price Multiples -- 3.1. Price to Earnings -- 3.2. Price to Book Value -- 3.3. Price to Sales -- 3.4. Price to Cash Flow -- 3.5. Price to Dividends and Dividend Yield -- 4. Enterprise Value Multiples -- 4.1. Enterprise Value to EBITDA -- 4.2. Other Enterprise Value Multiples -- 4.3. Enterprise Value to Sales -- 4.4. Price and Enterprise Value Multiples in a Comparable Analysis: Some Illustrative Data -- 5. International Considerations When Using Multiples -- 6. Momentum Valuation Indicators -- 7. Valuation Indicators: Issues in Practice -- 7.1. Averaging Multiples: The Harmonic Mean -- 7.2. Using Multiple Valuation Indicators -- 8. Summary -- References -- Problems -- Chapter 8 Residual Income Valuation -- Learning Outcomes -- 1. Introduction -- 2. Residual Income -- 2.1. The Use of Residual Income in Equity Valuation -- 2.2. Commercial Implementations -- 3. The Residual Income Model -- 3.1. The General Residual Income Model -- 3.2. Fundamental Determinants of Residual Income -- 3.3. Single-Stage Residual Income Valuation -- 3.4. Multistage Residual Income Valuation -- 4. Residual Income Valuation in Relation to Other Approaches -- 4.1. Strengths and Weaknesses of the Residual Income Model -- 4.2. Broad Guidelines for Using a Residual Income Model -- 5. Accounting and International Considerations -- 5.1. Violations of the Clean Surplus Relationship -- 5.2. Balance Sheet Adjustments for Fair Value -- 5.3. Intangible Assets -- 5.4. Nonrecurring Items.. - 5.5. Other Aggressive Accounting Practices -- 5.6. International Considerations -- Summary -- References -- Problems -- Chapter 9 Private Company Valuation -- Learning Outcomes -- 1. Introduction -- 2. The Scope of Private Company Valuation -- 2.1. Private and Public Company Valuation: Similarities and Contrasts -- 2.2. Reasons for Performing Valuations -- 3. Definitions (Standards) of Value -- 4. Private Company Valuation Approaches -- 4.1. Earnings Normalization and Cash Flow Estimation Issues -- 4.2. Income Approach Methods of Private Company Valuation -- 4.3. Market Approach Methods of Private Company Valuation -- 4.4. Asset-Based Approach to Private Company Valuation -- 4.5. Valuation Discounts and Premiums -- 4.6. Business Valuation Standards and Practices -- 5. Summary -- References -- Problems -- Glossary -- About the Editors and Authors -- About the CFA Program -- Index -- EULA.
Emner
Sjanger
Dewey
ISBN
9781119104629
ISBN(galt)

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