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

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As acquisition possibilities in established markets graduallydisappear, growth-oriented corporations continue to investigateemerging economies for opportunities to expand and strengthen theirbusinesses. The myriad challenges of any merger, however, arefurther complicated by a volatile marketplace. Where do companiesget reliable financial data for an emerging market? What is therisk-free rate? How should country-related risk be introduced intothe valuation model? Drawing upon years of extensive research andhis own considerable entrepreneurial experience, Luis Pereiroanswers these questions and more, providing companies with astep-by-step blueprint for evaluating potential acquisitions inValuation of Companies in Emerging Markets: A PracticalApproach.

Directly addressing companies that are actively pursuing investmentopportunities as well as the academic community studying emergingeconomies, this groundbreaking guide bridges the gap between thetheory and practice of company valuation in transition markets.Pereiro provides corporate and private investors with specifictools, data, and practical examples for valuing both new venturesand established companies in volatile arenas. He defines therelevant features of an emerging market, explains why traditionalvaluation techniques prove inadequate, analyzes the importance ofunsystematic risk, and describes the appraisal of a start-up in ahighly speculative atmosphere. In addition to the author's peerlessanalysis, Valuation of Companies in Emerging Markets also:
* Displays 186 charts and tables, packed with actual valuationparameters for both mature and transitioning economies
* Provides 62 numerical, detailed examples of the actualimplementation of valuation techniques in emerging markets
* Focuses on 8 benchmark emerging markets- Argentina, Brazil,Mexico, Russia, Turkey, Indonesia, South Korea, and SouthAfrica-while elucidating principles that can be applied to anytransitioning economy
* Includes 3 extensive studies on both terrestrial and digitalfirms
* Contains 6 useful technical appendixes

Emerging economies promise both high risk and high reward for thesavvy corporate and private investor. Valuation of Companies inEmerging Markets provides the essential tools that companies needto 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 strategicchange projects in multinational corporations such as Bank ofAmerica, Union Carbide, and Nissho Iwai. He is Professor ofEntrepreneurship & Strategy and Director of the Center forEntrepreneurship and Business Venturing at Universidad Torcuato DiTella in Buenos Aires, Argentina. He is also a visiting professorat HEC-School of Management in Paris. His numerous articles haveappeared in many prestigious business journals and books.

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Table of Contents


Valuing Companies in Emerging Markets: Importance andChallenges.

Valuing Companies in Developed Markets: A Review.

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

Fundamental Discounted Cashflow Valuation in Emerging Markets:Unsystematic Risk and Synthetic Company Value.

Valuing Companies in Emerging Markets via Real Options.

Relative Valuation in Emerging Markets: Comparable Companies andTransactions.

Valuing Technology Startups in Emerging Markets.

Appendix A: Valuation Parameters in the Reference EmergingMarkets.

Appendix B: Valuation Parameters in the United States.

Appendix C: Valuation Parameters in Argentina.

Appendix D: Sources of Data on Comparable Companies andTransactions.

Appendix E: Valuation Parameters of U.S. Internet Companies.

Appendix F: Present Value of Asset/Present Value of ExercisePrice.

Appendix G: Best Valuation Practices in the United States andArgentina.


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