Investment Valuation Tools and Techniques for Determining the Value of any Asset 3rd edition by Aswath Damodaran ISBN 8126536004 978-1118011522
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ISBN 10: 8126536004
ISBN 13: 978-1118011522
Author: Aswath Damodaran
The definitive source of information on all topics related to investment valuation tools and techniques
Valuation is at the heart of any investment decision, whether that decision is buy, sell or hold. But the pricing of many assets has become a more complex task in modern markets, especially after the recent financial crisis. In order to be successful at this endeavor, you must have a firm understanding of the proper valuation techniques. One valuation book stands out as withstanding the test of time among investors and students of financial markets, Aswath Damodaran’sInvestment Valuation.
Now completely revised and updated to reflect changing market conditions, this third edition comprehensively introduces investment professionals and students to the range of valuation models available and how to chose the right model for any given asset valuation scenario. This edition includes valuation techniques for a whole host of real options, start-up firms, unconventional assets, distressed companies and private equity, and real estate. All examples have been updated and new material has been added.
- Fully revised to incorporate valuation lessons learned from the last five years, from the market crisis and emerging markets to new types of equity investments
- Includes valuation practices across the life cycle of companies and emphasizes value enhancement measures, such as EVA and CFROI
- Contains a new chapter on probabilistic valuation techniques such as decision trees and Monte Carlo Simulation
- Author Aswath Damodaran is regarded as one of the best educators and thinkers on the topic of investment valuation
This indispensable guide is a must read for anyone wishing to gain a better understanding of investment valuation and its methods. With it, you can take the insights and advice of a recognized authority on the valuation process and immediately put them to work for you.
Investment Valuation Tools and Techniques for Determining the Value of any Asset 3rd Table of contents:
CHAPTER 1 Introduction to Valuation
A Philosophical Basis for Valuation
Generalities about Valuation
The Role of Valuation
Conclusion
Questions and Short Problems
CHAPTER 2 Approaches to Valuation
Discounted Cash Flow Valuation
Relative Valuation
Contingent Claim Valuation
Conclusion
Questions and Short Problems
CHAPTER 3 Understanding Financial Statements
The Basic Accounting Statements
Asset Measurement and Valuation
Measuring Financing Mix
Measuring Earnings and Profitability
Measuring Risk
Other Issues in Analyzing Financial Statements
Conclusion
Questions and Short Problems
CHAPTER 4 The Basics of Risk
What is Risk?
Equity Risk and Expected Return
Alternative Models for Equity Risk
A Comparative Analysis of Equity Risk Models
Models of Default Risk
Conclusion
Questions and Short Problems
CHAPTER 5 Option Pricing Theory and Models
Basics of Option Pricing
Determinants of Option Value
Option Pricing Models
Extensions of Option Pricing
Conclusion
Questions and Short Problems
CHAPTER 6 Market Efficiency—Definition, Tests, and Evidence
Market Efficiency and Investment Valuation
What Is an Efficient Market?
Implications of Market Efficiency
Necessary Conditions for Market Efficiency
Propositions about Market Efficiency
Testing Market Efficiency
Cardinal Sins in Testing Market Efficiency
Some Lesser Sins That Can Be a Problem
Evidence on Market Efficiency
Time Series Properties of Price Changes
Market Reaction to Information Events
Market Anomalies
Evidence on Insiders and Investment Professionals
Conclusion
Questions and Short Problems
CHAPTER 7 Riskless Rates and Risk Premiums
The Risk-Free Rate
Equity Risk Premium
Default Spreads on Bonds
Conclusion
Questions and Short Problems
CHAPTER 8 Estimating Risk Parameters and Costs of Financing
The Cost of Equity and Capital
Cost of Equity
From Cost of Equity to Cost of Capital
Best Practices at Firms
Conclusion
Questions and Short Problems
CHAPTER 9 Measuring Earnings
Accounting versus Financial Balance Sheets
Adjusting Earnings
Conclusion
Questions and Short Problems
CHAPTER 10 From Earnings to Cash Flows
The Tax Effect
Reinvestment Needs
Conclusion
Questions and Short Problems
CHAPTER 11 Estimating Growth
The Importance of Growth
Historical Growth
Analyst Estimates of Growth
Fundamental Determinants of Growth
Qualitative Aspects of Growth
Conclusion
Questions and Short Problems
CHAPTER 12 Closure in Valuation: Estimating Terminal Value
Closure in Valuation
The Survival Issue
Closing Thoughts on Terminal Value
Conclusion
Questions and Short Problems
CHAPTER 13 Dividend Discount Models
The General Model
Versions of the Model
Issues in Using the Dividend Discount Model
Tests of the Dividend Discount Model
Conclusion
Questions and Short Problems
CHAPTER 14 Free Cash Flow to Equity Discount Models
Measuring What Firms Can Return to Their Stockholders
FCFE Valuation Models
FCFE Valuation versus Dividend Discount Model Valuation
Conclusion
Questions and Short Problems
CHAPTER 15 Firm Valuation: Cost of Capital and Adjusted Present Value Approaches
Free Cash flow to the Firm
Firm Valuation: The Cost of Capital Approach
Firm Valuation: The Adjusted Present Value Approach
Effect of Leverage on Firm Value
Adjusted Present Value and Financial Leverage
Conclusion
Questions and Short Problems
CHAPTER 16 Estimating Equity Value per Share
Value of Nonoperating Assets
Firm Value and Equity Value
Management and Employee Options
Value per Share When Voting Rights Vary
Conclusion
Questions and Short Problems
CHAPTER 17 Fundamental Principles of Relative Valuation
Use of Relative Valuation
Standardized Values and Multiples
Four Basic Steps to Using Multiples
Reconciling Relative and Discounted Cash Flow Valuations
Conclusion
Questions and Short Problems
CHAPTER 18 Earnings Multiples
Price-Earnings Ratio
The PEG Ratio
Other Variants on the PE Ratio
Enterprise Value to EBITDA Multiple
Conclusion
Questions and Short Problems
CHAPTER 19 Book Value Multiples
Price-to-Book Equity
Applications of Price–Book Value Ratios
Use in Investment Strategies
Value-to-Book Ratios
Tobin’s Q: Market Value/Replacement Cost
Conclusion
Questions and Short Problems
CHAPTER 20 Revenue Multiples and Sector-Specific Multiples
Revenue Multiples
Sector-Specific Multiples
Conclusion
Questions and Short Problems
CHAPTER 21 Valuing Financial Service Firms
Categories of Financial Service Firms
What is Unique about Financial Service Firms?
General Framework for Valuation
Discounted Cash Flow Valuation
Asset-Based Valuation
Relative Valuation
Issues in Valuing Financial Service Firms
Conclusion
Questions and Short Problems
CHAPTER 22 Valuing Firms with Negative or Abnormal Earnings
Negative Earnings: Consequences and Causes
Valuing Negative Earnings Firms
Conclusion
Questions and Short Problems
CHAPTER 23 Valuing Young or Start-Up Firms
Information Constraints
New Paradigms or Old Principles: A Life Cycle Perspective
Venture Capital Valuation
General Framework for Analysis
Value Drivers
Estimation Noise
Implications for Investors
Implications for Managers
The Expectations Game
Conclusion
Questions and Short Problems
CHAPTER 24 Valuing Private Firms
What Makes Private Firms Different?
Estimating Valuation Inputs at Private Firms
Valuation Motives and Value Estimates
Valuing Venture Capital and Private Equity Stakes
Relative Valuation of Private Businesses
Conclusion
Questions and Short Problems
CHAPTER 25 Aquisitions and Takeovers
Background on Acquisitions
Empirical Evidence on the Value Effects of Takeovers
Steps in an Acquisition
Takeover Valuation: Biases and Common Errors
Structuring the Acquisition
Analyzing Management and Leveraged Buyouts
Conclusion
Questions and Short Problems
CHAPTER 26 Valuing Real Estate
Real versus Financial Assets
Discounted Cash Flow Valuation
Comparable/Relative Valuation
Valuing Real Estate Businesses
Conclusion
Questions and Short Problems
CHAPTER 27 Valuing Other Assets
Cash-Flow-Producing Assets
Non-Cash-Flow-Producing Assets
Assets with Option Characteristics
Conclusion
Questions and Short Problems
CHAPTER 28 The Option to Delay and Valuation Implications
The Option to Delay a Project
Valuing a Patent
Natural Resource Options
Other Applications
Conclusion
Questions and Short Problems
CHAPTER 29 The Options to Expand and to Abandon: Valuation Implications
The Option to Expand
When Are Expansion Options Valuable?
Valuing a Firm with the Option to Expand
Value of Financial Flexibility
The Option to Abandon
Reconciling Net Present Value and Real Option Valuations
Conclusion
Questions and Short Problems
CHAPTER 30 Valuing Equity in Distressed Firms
Equity in Highly Levered Distressed Firms
Implications of Viewing Equity as an Option
Estimating the Value of Equity as an Option
Consequences for Decision Making
Conclusion
Questions and Short Problems
CHAPTER 31 Value Enhancement: A Discounted Cash Flow Valuation Framework
Value-Creating and Value-Neutral Actions
Ways of Increasing Value
Value Enhancement Chain
Closing Thoughts on Value Enhancement
Conclusion
Questions and Short Problems
CHAPTER 32 Value Enhancement: Economic Value Added, Cash Flow Return on Investment, and Other Tools
Economic Value Added
Cash Flow Return on Investment
A Postscript on Value Enhancement
Conclusion
Questions and Short Problems
CHAPTER 33 Probabilistic Approaches in Valuation: Scenario Analysis, Decision Trees, and Simulations
Scenario Analysis
Decision Trees
Simulations
An Overall Assessment of Probabilistic Risk-Assessment Approaches
Conclusion
Questions and Short Problems
CHAPTER 34 Overview and Conclusion
Choices in Valuation Models
Which Approach Should You Use?
Choosing the Right Discounted Cash Flow Model
Choosing the Right Relative Valuation Model
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