Investment Valuation: Tools and Techniques for Determining the Value of Any Asset
Tools and Techniques for Determining the Value of Any Asset
Valuation is at the heart of every investment decision, whether that decision is to buy, sell, or hold. But the pricing of any financial asset has become a more complex task in modern financial markets. Now completely revised and fully updated to reflect changing market conditions, Investment Valuation, Second Edition, provides expert instruction on how to value virtually any type of asset-stocks, bonds, options, futures, real assets, and much more.
Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses real-world examples and the most current valuation tools, as he guides you through the theory and application of valuation models and highlights their strengths and weaknesses.
Expanded coverage addresses:
* Valuation of unconventional assets, financial service firms, start-ups, private companies, dot-coms, and many other traditionally valued assets
* Risk in foreign countries and how best to deal with it
* Using real option theory and option pricing models in valuing business and equity
* The models used to value different types of assets and the elements of these models
* How to choose the right model for any given asset valuation scenario
* Online real-time valuations that are continually updated at www.damodaran.com
A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation, Second Edition, will be a valuable asset for anyone learning about this critical part of the investment process.
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Option Pricing Theory and Models
Valuing Firms with Negative Earnings
Acquisitions and Takeovers
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acquisition adjusted analysts approach assume average Boeing book value capital expenditures cash flow valuation changes companies comparable firms computed cost of capital cost of debt cost of equity debt ratio default risk default spread depreciation discounted cash flow dividend discount model eamings earnings per share economic value added estimate the value excess returns expected growth rate expected return expenses FCFE firm value firm's flows to equity free cash flow future high-growth higher ILLUSTRATION increase inputs interest rates investments investors leverage market value measure million multiple noncash working capital operating income operating margin outstanding payout ratio PE ratio PEG ratio percent period portfolio present value pretax price-to-book ratio real estate regression reinvestment rate retum return on capital return on equity revenues risk premium risk-free rate riskless rate stable growth rate standard deviation stock price tax rate terminal value unlevered beta value of equity value per share yield
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