Investment Valuation: Tools and Techniques for Determining the Value of Any Asset / Edition 2

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Using real-world examples of companies and securities, this user-friendly book clarifies the entire process of valuation, describing the underlying principles of valuation as well as the unique information required for different types of assets. It guides the reader through the theory and application of difficult valuation models and highlights the strengths and weaknesses of each. Investment Valuation is an indispensable guide for investors, analysts, researchers, and others who must undertake the challenging task of valuing assets.
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Editorial Reviews

From the Publisher
"Aswath Damodaran's work is always worth reading.... For investors and students of the financial markets who want to embark on serious fundamental analysis, it is critical to understand how to go about valuing stocks and other instruments. There is no short cut.... Damodaran's Investment Valuation explains the hard work part." (Seeking Alpha, May 2012)
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Product Details

  • ISBN-13: 9780471414902
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 1/31/2002
  • Edition number: 2
  • Pages: 1008
  • Product dimensions: 9.90 (w) x 7.00 (h) x 1.80 (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 the NYU university-wide Distinguished Teaching Award, and was named one of the nation's top business school teachers by BusinessWeek in 1994. In addition, Damodaran teaches training courses in corporate finance and valuation at many leading investment banks. His publications include Damodaran on Valuation: Security Analysis for Investment and Corporate Finance; Investment Valuation; Corporate Finance; Investment Management; and Applied Corporate Finance, all published by Wiley, and The Dark Side of Valuation.

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Table of Contents

Ch. 1 Introduction to Valuation 1
Ch. 2 Approaches to Valuation 11
Ch. 3 Understanding Financial Statements 26
Ch. 4 The Basics of Risk 60
Ch. 5 Option Pricing Theory and Models 88
Ch. 6 Market Efficiency - Definition, Tests, and Evidence 112
Ch. 7 Riskless Rates and Risk Premiums 154
Ch. 8 Estimating Risk Parameters and Costs of Financing 181
Ch. 9 Measuring Earnings 226
Ch. 10 From Earnings to Cash Flows 247
Ch. 11 Estimating Growth 268
Ch. 12 Closure in Valuation: Estimating Terminal Value 303
Ch. 13 Dividend Discount Models 322
Ch. 14 Free Cash Flow to Equity Discount Models 351
Ch. 15 Firm Valuation: Cost of Capital and Adjusted Present Value Approaches 382
Ch. 16 Estimating Equity Value per Share 423
Ch. 17 Fundamental Principles of Relative Valuation 453
Ch. 18 Earnings Multiples 468
Ch. 19 Book Value Multiples 511
Ch. 20 Revenue Multiples and Sector-Specific Multiples 543
Ch. 21 Valuing Financial Service Firms 575
Ch. 22 Valuing Firms with Negative Earnings 607
Ch. 23 Valuing Young or Start-Up Firms 637
Ch. 24 Valuing Private Firms 662
Ch. 25 Acquisitions and Takeovers 690
Ch. 26 Valuing Real Estate 729
Ch. 27 Valuing Other Assets 757
Ch. 28 The Option to Delay and Valuation Implications 772
Ch. 29 The Options to Expand and to Abandon: Valuation Implications 796
Ch. 30 Valuing Equity in Distressed Firms 817
Ch. 31 Value Enhancement: A Discounted Cash Flow Valuation Framework 832
Ch. 32 Value Enhancement: Economic Value Added, Cash Flow Return on Investment, and Other Tools 863
Ch. 33 Valuing Bonds 887
Ch. 34 Valuing Futures and Forward Contracts 926
Ch. 35 Overview and Conclusion 946
References 961
Index 977
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