The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses

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FT Press, Jun 19, 2009 - Business & Economics - 600 pages
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Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today’s most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm’s lifecycle in The Dark Side of Valuation: Valuing Young, Distressed and Complex Businesses.

In this thoroughly revised edition, he broadens his perspective to consider all companies that resist easy valuation, highlighting specific types of hard-to-value firms, including commodity firms, cyclical companies, financial services firms, organizations dependent on intangible assets, and global firms operating diverse businesses. He covers the entire corporate lifecycle, from “idea” and “nascent growth” companies to those in decline and distress, and offers specific guidance for valuing technology, human capital, commodity, and cyclical firms.

 

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Contents

Chapter 1 The Dark Side of Valuation
1
Chapter 2 Intrinsic Valuation
22
Scenario Analysis Decision Trees and Simulations
64
Chapter 4 Relative Valuation
90
Chapter 5 Real Options Valuation
114
A Risky RiskFree Rate
144
Assessing the Price of Risk
168
The Real Economy
194
Mature Companies
312
Declining Companies
361
Cyclical and Commodity Companies
417
Financial Services Companies
449
Firms with Intangible Assets
476
EmergingMarket Companies
505
Multibusiness Global Companies
535
Vanquishing the Dark Side
568

Young and StartUp Companies
213
Chapter 10 Shooting Stars? Growth Companies
263

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About the author (2009)

ASWATH DAMODARAN is Professor of Finance at the Stern School of Business at New York University and one of the world’s most highly regarded experts on valuation and finance. His books include Damodaran on Valuation, Investment Valuation, Corporate Finance: Theory and Practice, and Applied Corporate Finance: A User’s Manual. His recent book, Strategic Risk Taking, explores how we think about risk and the implications for risk management. He has received the Stern School of Business Excellence in Teaching Award seven times and was profiled in BusinessWeek as one of the top twelve U.S. business school professors.

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