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"Superior equity research requires more than insightful business analysis—it requires effective company valuation. This book provides a thorough introduction to asset valuation, offering a survey of tools, practice and application."
—Scott Stewart, PhD, CFA, former Fidelity Fund Manager and Faculty Director of Boston University's Investment Management Program
"Equity Asset Valuation, Second Edition clearly explains the critical concepts and approaches to valuing stocks in a single, easily digestible book. It is sure to be useful to both students approaching the subject with relatively little experience and to more experienced practitioners looking to refresh knowledge and stay up to date. As is now typical of CFA publications, Equity Asset Valuation, Second Edition sets out a body of practical 'how to' knowledge, while at the same time drawing on and absorbing, when appropriate, more recent academic research and views. This is a very useful book."
—Steve Christie, PhD, Associate Professor, Applied Finance Centre, Macquarie University
"Equity Asset Valuation, Second Edition is comprehensive, highly readable, and replete with useful examples. It is a must read for stock market professionals and serious students of investment decision making."
—Stephen E. Wilcox, PhD, CFA, Professor of Finance and Department Chair, Minnesota State University
CHAPTER 1 Equity Valuation: Applications and Processes.
2. Value Definitions and Valuation Applications.
3. The Valuation Process.
4. Communicating Valuation Results.
CHAPTER 2 Return Concepts.
2. Return Concepts.
3. The Equity Risk Premium.
4. The Required Return on Equity.
5. The Weighted Average Cost of Capital.
6. Discount Rate Selection in Relation to Cash Flows.
CHAPTER 3 Discounted Dividend Valuation.
2. Present Value Models.
3. The Dividend Discount Model.
4. The Gordon Growth Model.
5. Multistage Dividend Discount Models.
6. The Financial Determinants of Growth Rates.
CHAPTER 4 Free Cash Flow Valuation.
1. Introduction to Free Cash Flows.
2. FCFF and FCFE Valuation Approaches.
3. Forecasting Free Cash Flow.
4. Free Cash Flow Model Variations.
5. Nonoperating Assets and Firm Value.
CHAPTER 5 Residual Income Valuation.
2. Residual Income.
3. The Residual Income Model.
4. Residual Income Valuation in Relation to Other Approaches.
5. Accounting and International Considerations.
CHAPTER 6 Market-Based Valuation: Price and Enterprise Value Multiples.
2. Price and Enterprise Value Multiples in Valuation.
3. Price Multiples.
4. Enterprise Value Multiples.
5. International Considerations When Using Multiples.
6. Momentum Valuation Indicators.
7. Valuation Indicators: Issues in Practice.
CHAPTER 7 Private Company Valuation.
2. The Scope of Private Company Valuation.
3. Defi nitions (Standards) of Value.
4. Private Company Valuation Approaches.
5. Summary .
About the Authors.
About the CFA Program.
Posted January 16, 2011
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