Valuation of Companies in Emerging Markets: A Practical Approach / Edition 1

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As acquisition possibilities in established markets gradually disappear, growth-oriented corporations continue to investigate emerging economies for opportunities to expand and strengthen their businesses. The myriad challenges of any merger, however, are further complicated by a volatile marketplace. Where do companies get reliable financial data for an emerging market? What is the risk-free rate? How should country-related risk be introduced into the valuation model? Drawing upon years of extensive research and his own considerable entrepreneurial experience, Luis Pereiro answers these questions and more, providing companies with a step-by-step blueprint for evaluating potential acquisitions in Valuation of Companies in Emerging Markets: A Practical Approach.

Directly addressing companies that are actively pursuing investment opportunities as well as the academic community studying emerging economies, this groundbreaking guide bridges the gap between the theory and practice of company valuation in transition markets. Pereiro provides corporate and private investors with specific tools, data, and practical examples for valuing both new ventures and established companies in volatile arenas. He defines the relevant features of an emerging market, explains why traditional valuation techniques prove inadequate, analyzes the importance of unsystematic risk, and describes the appraisal of a start-up in a highly speculative atmosphere. In addition to the author's peerless analysis, Valuation of Companies in Emerging Markets also:

• Displays 186 charts and tables, packed with actual valuation parameters for both mature and transitioning economies

• Provides 62 numerical, detailed examples of the actual implementation of valuation techniques in emerging markets

• Focuses on 8 benchmark emerging markets- Argentina, Brazil, Mexico, Russia, Turkey, Indonesia, South Korea, and South Africa-while elucidating principles that can be applied to any transitioning economy

• Includes 3 extensive studies on both terrestrial and digital firms

• Contains 6 useful technical appendixes

Emerging economies promise both high risk and high reward for the savvy corporate and private investor. Valuation of Companies in Emerging Markets provides the essential tools that companies need to make the right decisions.

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Product Details

  • ISBN-13: 9780471220787
  • Publisher: Wiley
  • Publication date: 8/1/2002
  • Series: Wiley Finance Series, #134
  • Edition number: 1
  • Pages: 507
  • Product dimensions: 9.21 (w) x 6.14 (h) x 1.19 (d)

Meet the Author

LUIS E. PEREIRO is a consultant who has steered several strategic change projects in multinational corporations such as Bank of America, Union Carbide, and Nissho Iwai. He is Professor of Entrepreneurship & Strategy and Director of the Center for Entrepreneurship and Business Venturing at Universidad Torcuato Di Tella in Buenos Aires, Argentina. He is also a visiting professor at HEC-School of Management in Paris. His numerous articles have appeared in many prestigious business journals and books.

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Table of Contents


CHAPTER 1 Valuing Companies in Emerging Markets: Importance and Challenges 1

CHAPTER 2 Valuing Companies in Developed Markets: A Review 32

CHAPTER 3 Fundamental Discounted Cashflow Valuation in Emerging Markets: Cashflows and the Cost-of-Equity Capital 92

CHAPTER 4 Fundamental Discounted Cashflow Valuation in Emerging Markets: Unsystematic Risk and Synthetic Company Value 175

CHAPTER 5 Valuing Companies in Emerging Markets via Real Options 222

CHAPTER 6 Relative Valuation in Emerging Markets: Comparable Companies and Transactions 247

CHAPTER 7 Valuing Technology Startups in Emerging Markets 319

APPENDIX A Valuation Parameters in the Reference Emerging Markets 429

APPENDIX B Valuation Parameters in the United States 438

APPENDIX C Valuation Parameters in Argentina 449

APPENDIX D Sources of Data on Comparable Companies and Transactions 462

APPENDIX E Valuation Parameters of U.S. Internet Companies 464

APPENDIX F Present Value of Asset/Present Value of Exercise Price 483

APPENDIX G Best Valuation Practices in the United States and Argentina 488


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