Damodaran on Valuation: Security Analysis for Investment and Corporate Finance / Edition 1

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Overview

Ideally, the price paid for any asset should reflect the expected cash flow on that asset - but there are two problems that arise in every valuation. The first is that estimating cash flows is an exercise fraught with uncertainty, and the second is that picking the right model to use in valuing an asset is seldom easy. This can lead to significant errors in valuation. Sophisticated practitioners can accurately and consistently determine the value of all types of assets, when they rely on the seasoned advice found in Damodaran on Valuation. This applications-oriented tool covers the full range of available valuation models. It also presents the common elements within these models as well as the subtle variations, debunks the myth concerning their utility, and provides a framework for selecting the right model for any valuation scenario. Damodaran on Valuation systematically examines the three basic approaches to valuation - discounted cash-flow valuation, relative valuation, and contingent claim valuation - and the various models within these broad categories. With the help of numerous real-world examples involving both U.S. and international firms, the book illuminates the purpose of each particular model, its advantages and limitations, the step-by-step process involved in putting the model to work, and the kinds of firms to which it is best applied. Among the tools presented are those designed to estimate the cost of equityincluding the capital cost pricing model and arbitrage pricing model; estimate growth rates - with coverage of how to arrive at a weighted average of growth rates by blending three separate approaches; value equity - focusing on the Gordon Growth Model and the two- and three-stage dividend discount model; measure free cash flows to equity - assets that are carefully delineated from the dividends of most firms; value firms - including free cash flow to firm models, which are especially suited to highly leveraged firms; estimate the value of
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Editorial Reviews

Booknews
Valuation authority Damodaran (finance, NYU) offers an overview of the three basic valuation approaches for investment analysis: discounted cash flow, relative valuation, and contingent claim valuation. He shows how to apply the models within these classes by using case studies of actual firms, and also explains the purpose of each model, its pros and cons, the steps involved in applying it, and the types of firms to which it is most suited. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780471108979
  • Publisher: Wiley
  • Publication date: 10/21/1994
  • Edition number: 1
  • Pages: 232
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.53 (d)

Meet the Author

ASWATH DAMODARAN is Professor of Finance at New York University's Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including New York University's Distinguished Teaching Award. He has also been named one of the nation's top business school teachers by BusinessWeek. Damodaran conducts training courses in corporate finance and valuation at many leading investment banks. He is the author of numerous leading finance books, including the first edition of Damodaran on Valuation, Investment Valuation, Corporate Finance, Investment Management, Investment Philosophies, and Applied Corporate Finance, all published by Wiley.
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Table of Contents

Ch. 1 Introduction to valuation 1
Pt. 1 Discounted cash flow valuation 25
Ch. 2 Estimating discount rates 27
Ch. 3 Measuring cash flows 79
Ch. 4 Forecasting cash flows 117
Ch. 5 Equity discounted cash flow models 157
Ch. 6 Firm valuation models 193
Pt. 2 Relative valuation 231
Ch. 7 Relative valuation : first principles 233
Ch. 8 Equity multiples 255
Ch. 9 Value multiples 295
Ch. 10 Cash, cross holdings, and other assets 327
Ch. 11 Employee equity options and compensation 369
Ch. 12 The value of intangibles 407
Ch. 13 The value of control 457
Ch. 14 The value of liquidity 497
Ch. 15 The value of synergy 541
Ch. 16 The value of transparency 575
Ch. 17 The cost of distress 611
Ch. 18 Closing thoughts 648
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