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Author: Russell James Lundholm Publisher: McGraw-Hill/Irwin ISBN: 9780073309699 Category : Business enterprises Languages : en Pages : 0
Book Description
While focusing on the underlying theories of financial analysis and valuation, this work aims to answer the question, "What is this company really worth?". It takes the view that sound forecasts of financial statements are the key input to a good valuation, and that other aspects of the valuation process are mechanical.
Author: Russell James Lundholm Publisher: McGraw-Hill/Irwin ISBN: 9780073309699 Category : Business enterprises Languages : en Pages : 0
Book Description
While focusing on the underlying theories of financial analysis and valuation, this work aims to answer the question, "What is this company really worth?". It takes the view that sound forecasts of financial statements are the key input to a good valuation, and that other aspects of the valuation process are mechanical.
Author: Russell Lundholm Publisher: McGraw-Hill Education ISBN: 9780073526898 Category : Business & Economics Languages : en Pages : 0
Book Description
Equity Analysis and Valuation with eVal closes the gap between the theoretical treatment of equity valuation and the actual practice of valuing a company using real-world data. While the underlying theories of financial analysis and valuation are given their due, the goal is always to answer the question, “What is this company really worth?” Equity Analysis and Valuation with eVal takes the view that sound forecasts of the future financial statements are the key input to a good valuation, and that most other aspects of the valuation process are mechanical. To that end, the book employs eVal, an Excel-based workbook that guides the user through the forecasting and valuation processes while taking care of the mundane computations. By providing a unified interface for the valuation process, eVal allows you to focus on the forecasting, not on the spreadsheet. The book covers the topics of business strategy analysis, accounting analysis, financial analysis, forecasting and valuation and also alerts readers to common pitfalls encountered in equity valuation and analysis. The book also includes 23 illustrative cases.
Author: Richard Sloan Publisher: ISBN: 9781077902244 Category : Languages : en Pages : 250
Book Description
WHY THIS BOOK?This book spans the void between the abstract theoretical treatment of equity valuation and the practical problem of valuing an actual company using real-world data. We give serious treatment to the underlying theory of financial analysis and valuation, but our main goal is to be able to arrive at a pragmatic answer to the important question, "what is this company really worth?" To answer this question, we adopt a different approach from other textbooks. The key differences can be summarized as follows:1. Our focus is on generating good financial statement forecasts. 2. We provide detailed practical guidance on how to obtain and analyze relevant real-world data. 3. We demystify the mechanics of equity valuation.Our overriding theme is that good forecasts of the future financial statements are the key input to a good valuation. Most other aspects of the valuation process are mechanical and can be programmed into a computer. In fact, this text refers often to eVal, a fancy Excel workbook that provides a template for these many mechanical tasks and is freely available. As with many other textbooks, we discuss topics like business strategy analysis, accounting analysis, financial ratio analysis, and so forth. However, we always do so with a clear view to how these analyses help us to generate better financial statement forecasts. We also provide plenty of advice on where to go to obtain the most relevant raw data. Armed with such a rich source of data, we are able to provide you with plenty of practical examples and limitless opportunities for you to practice doing your own analyses. A final goal of this book is to demystify the valuation process. In the past, we have seen students become lost in a sea of valuation formulas and inconsistent spreadsheet models. For example, students get confused as to whether they should use a DDM, DCF, or RIM valuation formula and whether they need to use the CAPM, APT, or MFM to estimate their WACC (and to how many decimal places). They become obsessed with learning acronyms and formulas but flounder when asked to provide a plausible valuation for an actual company. We demonstrate that these different formulas are easily reconciled and refocus students on developing the best set of financial forecasts to plug into these formulas. This reinforces our main point that the key to good valuations is good forecasts.HOW DOES ALL THIS HELP YOU? The theory of financial analysis and valuation is more compelling when linked to real-world examples. The abstract theory of financial statements, ratios, and valuation formulas can be covered in a few boring lectures. What makes this topic exciting is seeing how an organized approach to studying a real company leaves you so much better informed about the firm's future. Is Apple really worth more than any other public company in the world? The answer is probably yes, once you understand its free cash flow generating ability. Tesla wants to produce and sell hundreds of thousands of cars in the future, but can it generate enough cash from existing sales to fund the production of all these new cars? A careful study of their cash flows shows that they will almost certainly be borrowing lots of money to build all these cars. Financial statements, accounting rules, financial ratios, and valuation models are all pretty dull beasts on their own, but if we can use them to answer questions such as these, we can really bring them to life. By blending the theory of equity analysis with practical application, we feel that students learn both more effectively.The book is supported by a comprehensive set of free online resources, including software, cases, and quizzes, all available at http: //www.lundholmandsloan.co
Author: Russell Lundholm Publisher: McGraw-Hill/Irwin ISBN: 9780077219857 Category : Business & Economics Languages : en Pages : 0
Book Description
Equity Analysis and Valuation with eVal closes the gap between the theoretical treatment of equity valuation and the actual practice of valuing a company using real-world data. While the underlying theories of financial analysis and valuation are given their due, the goal is always to answer the question, “What is this company really worth?”. Equity Analysis and Valuation with eVal takes the view that sound forecasts of the future financial statements are the key input to a good valuation, and that most other aspects of the valuation process are mechanical and best left to computers to solve. To that end, the book includes eVal, an Excel-based software application that guides the user through the forecasting and valuation processes while taking care of the minute details of valuation computations. By providing a unified interface for the valuation process, eVal allows you to focus on the forecasting, not on the spreadsheet. eVal also includes financial data for over 8,000 companies along with links to company websites, SEC filings, forecasts and other great sources of data to improve the user’s forecasts.
Author: Frank J. Fabozzi Publisher: John Wiley & Sons ISBN: 1118156552 Category : Business & Economics Languages : en Pages : 576
Book Description
A detailed look at equity valuation and portfolio management Equity valuation is a method of valuing stock prices using fundamental analysis to determine the worth of the business and discover investment opportunities. In Equity Valuation and Portfolio Management Frank J. Fabozzi and Harry M. Markowitz explain the process of equity valuation, provide the necessary mathematical background, and discuss classic and new portfolio strategies for investment managers. Divided into two comprehensive parts, this reliable resource focuses on valuation and portfolio strategies related to equities. Discusses both fundamental and new techniques for valuation and strategies Fabozzi and Markowitz are experts in the fields of investment management and economics Includes end of chapter bullet point summaries, key chapter take-aways, and study questions Filled with in-depth insights and practical advice, Equity Valuation and Portfolio Management will put you in a better position to excel at this challenging endeavor.
Author: Jerald E. Pinto Publisher: John Wiley & Sons ISBN: 047057965X Category : Business & Economics Languages : en Pages : 526
Book Description
A comprehensive look at the equity valuation process With the Second Edition of Equity Asset Valuation, the distinguished team of Jerald Pinto, Elaine Henry, Thomas Robinson, and John Stowe, fully update information associated with this important discipline. Blending theory with practice, they detail the contemporary techniques used to determine the intrinsic value of an equity security, and show you how to successfully apply these techniques in both foreign and domestic markets. Unlike alternative works in this field, the Second Edition of Equity Asset Valuation clearly integrates finance and accounting concepts into the discussion-providing the evenness of subject matter treatment, consistency of notation, and continuity of topic coverage that is so critical to the learning process. Addresses essential issues in this arena, including the equity valuation process, discounted dividend valuation, free cash flow valuation, and residual income valuation Each author brings his own unique experiences and perspectives to the equity analysis process Distills the knowledge, skills, and abilities you need to succeed in today's fast-paced financial environment Companion Workbook also available Valuable for classroom study, self-study, and general reference, this book contains clear, example-driven coverage of many of today's most important valuation issues.
Author: John D. Stowe Publisher: John Wiley & Sons ISBN: 0470052821 Category : Business & Economics Languages : en Pages : 338
Book Description
"Here is an essential tool for the investor: clear, practical, insightful, and concise. This book should have a long, useful life in a professional's library." —Jeffrey P. Davis, CFA, Chief Investment Officer, Lee Munder Capital Group "This book provides a clear, comprehensive overview of equity valuation concepts and methods. It is well suited for finance practitioners who want to strengthen their understanding of equity asset valuation and as a supplemental reading in advanced undergraduate and graduate courses addressing security analysis and business valuation." —Professor Robert Parrino, CFA, PhD, Department of Finance, Red McCombs School of Business, The University of Texas at Austin "CFA Institute has done it again. This will be a 'must' reference book for anyone serious about the nuances of equity investment valuation." —Robert D. Arnott, Chairman, Research Affiliates "Equity Asset Valuation concisely and clearly explains the most widely used approaches to equity evaluation. In addition to thoroughly explaining the implementation of each valuation method, there is sophisticated discussion of the commonsense financial economics and accounting issues underlying the methods." —David Blackwell, Head and RepublicBank/James W. Aston Professor of Finance, Mays Business School, Texas A&M University
Author: Jerald E. Pinto Publisher: John Wiley & Sons ISBN: 1119628113 Category : Business & Economics Languages : en Pages : 224
Book Description
Equity Asset Valuation Workbook, Fourth Edition provides the key component of effective learning: practice. This companion workbook conveniently aligns with the text chapter-by-chapter, provides brief chapter summaries to refresh your memory on key points before you begin working, and explicitly lays out the learning objectives so you understand the “why” of each problem. These features reinforce essential theories and their practical application, assist you in gaining proficiency in the core concepts behind these theories, and accurately determine when and how to implement them. Those who self study will find solutions to all exercise problems. This workbook lets you: Refresh your memory with succinct chapter summaries Enhance your understanding with topic-specific practice problems Work toward explicit chapter objectives to internalize key information Practice important techniques with real-world applications For everyone who wants a practical route to mastering the general analysis of stock shares held by individuals and funds, Equity Asset Valuation Workbook, Fourth Edition lives up to its reputation for clarity and world-class practice based on actual scenarios investors face every day.
Author: Russell James Lundholm
Author: Russell James Lundholm
Author: Russell James Lundholm
Author: Russell Lundholm
Author: Richard Sloan
Author: Russell Lundholm
Author: Я Ивановскій
Author: Frank J. Fabozzi
Author: Jerald E. Pinto
Author: John D. Stowe
Author: Jerald E. Pinto