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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adjusted amortization 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 country risk debt ratio default risk default spread depreciation discounted cash flow dividend discount model earnings per share estimate the value excess returns expected growth rate expected return FCFE firm value firm's flow to equity forecasts free cash flow high growth higher ILLUSTRATION increase interest rates investment investors leverage market risk market value measure million multiples noncash working capital operating income operating leases option outstanding payout ratio PEG ratio percent present value price-to-book ratio pricing model R&D expenses regression research asset return on capital return on equity risk premium risk-free rate riskless rate stable growth rate standard deviation stock price terminal value trading Treasury bond rate underlying asset unlevered beta value of equity value per share Yes Yes Yes