Massari, M: Corporate Valuation
(Sprache: Englisch)
Risk consideration is central to more accurate post-crisis valuationCorporate Valuation presents the most up-to-date tools and techniques for more accurate valuation in a highly volatile, globalized, and risky business environment. This insightful guide...
Leider schon ausverkauft
versandkostenfrei
Buch (Gebunden)
99.50 €
49 DeutschlandCard Punkte
sammeln
- Lastschrift, Kreditkarte, Paypal, Rechnung
- Kostenlose Rücksendung
- Ratenzahlung möglich
Produktdetails
Produktinformationen zu „Massari, M: Corporate Valuation “
Klappentext zu „Massari, M: Corporate Valuation “
Risk consideration is central to more accurate post-crisis valuationCorporate Valuation presents the most up-to-date tools and techniques for more accurate valuation in a highly volatile, globalized, and risky business environment. This insightful guide takes a multidisciplinary approach, considering both accounting and financial principles, with a practical focus that uses case studies and numerical examples to illustrate major concepts. Readers are walked through a map of the valuation approaches proven most effective post-crisis, with explicit guidance toward implementation and enhancement using advanced tools, while exploring new models, techniques, and perspectives on the new meaning of value. Risk centrality and scenario analysis are major themes among the techniques covered, and the companion website provides relevant spreadsheets, models, and instructor materials.Business is now done in a faster, more diverse, more interconnected environment, making valuation an increasingly more complex endeavor. New types of risks and competition are shaping operations and finance, redefining the importance of managing uncertainty as the key to success. This book brings that perspective to bear in valuation, providing new insight, new models, and practical techniques for the modern finance industry.* Gain a new understanding of the idea of "value," from both accounting and financial perspectives* Learn new valuation models and techniques, including scenario-based valuation, the Monte Carlo analysis, and other advanced tools* Understand valuation multiples as adjusted for risk and cycle, and the decomposition of deal multiples* Examine the approach to valuation for rights issues and hybrid securities, and moreTraditional valuation models are inaccurate in that they hinge on the idea of ensured success and only minor adjustments to forecasts. These rules no longer apply, and accurate valuation demands a shift in the paradigm. Corporate Valuation describes that shift, and how
... mehr
it translates to more accurate methods.
... weniger
Inhaltsverzeichnis zu „Massari, M: Corporate Valuation “
Preface xiAcknowledgments xiiiAbout the Author xvCHAPTER 1 Introduction 11.1 What We Should Know to Value a Company 11.2 Valuation Methods: An Overview 21.3 The Time Value of Money 41.4 Uncertainty in Company Valuations 51.5 Uncertainty and Managerial Flexibility 91.6 Relationship between Value and Uncertainty 15CHAPTER 2 Business Forecasting for Valuation 182.1 Introduction 182.2 Key Phases of the Business Plan Elaboration 182.3 What Drives the Preparation of a Business Plan? 272.4 The Main Methodological Issues 49CHAPTER 3 Scenario Analysis 543.1 Introduction 543.2 What Is Scenario Analysis? 563.3 Difference between Scenario and Sensitivity Analysis 563.4 When to Perform Scenario Analysis 573.5 Worst and Best Cases and What Happens Next 583.6 Multi-Scenario Analysis 593.7 Pros and Cons 613.8 How to Perform Scenario Analysis in Excel 623.9 Conclusions 71CHAPTER 4 Monte Carlo Valuation 724.1 Introducing Monte Carlo Techniques 724.2 Monte Carlo and Corporate Valuation 744.3 A Step-by-Step Procedure 764.4 Case Study: Outdoor Inc. Valuation 804.5 A Step-by-Step Guide Using Excel and Crystal Ball 100CHAPTER 5 Determining Cash Flows for Company Valuation 1255.1 Introduction 1255.2 Reorganization of the Balance Sheet 1265.3 Relationship between a Company's Balance Sheet and Income Statement 1345.4 From the Economic to the Financial Standpoint 1375.5 Cash Flow Definitions and Valuation Models 1415.6 Business Plan and Cash Flow Projections 142CHAPTER 6 Choosing the Valuation Standpoint 1516.1 Debt and Value 1516.2 First Problem: The Relationship between Leverage and Value 1526.3 Second Problem: Alternative Valuation Techniques When Debt Benefits from a Fiscal Advantage 1626.4 Third Problem: The Choice between an Asset-Side versus an Equity-Side Perspective 1656.5 From the Asset Value to the Equity Value 167CHAPTER 7 Leverage and Value in Growth Scenarios 1687.1 Growth, Leverage, and Value 1687.2 Nominal and Real Discounting 1697.3 Problems with the Discount of Tax Benefit
... mehr
1727.4 Cost of Capital Formulas in Growth Scenarios 1737.5 The WACC: Some Remarks 1787.6 Real Dimension of Tax Benefits 180Appendix 7.1: Derivation of the Formulas to Calculate the Cost of Capital 183Appendix 7.2: Pattern of K* el in a Growth Context: Some Remarks 190CHAPTER 8 Estimating the Cost of Capital 1948.1 Defining the Opportunity Cost of Capital 1948.2 A Few Comments on Risk 1948.3 Practical Approaches to Estimate Keu 1978.4 Approach Based on Historical Returns 1978.5 Analysis of Stock Returns 1988.6 Analysis of Accounting Returns 2018.7 Estimating Expected Returns from Current Stock Prices 2018.8 Models Based on Returns' Sensitivity to Risk Factors 2048.9 The Capital Asset Pricing Model 2058.10 Calculating Rf 2068.11 Calculating Rp 2088.12 Estimating 2128.13 Dealing with Specific Risks 2188.14 Conclusions on the Estimation of the Opportunity Cost of Capital 2218.15 Cost of Debt 2228.16 Cost of Different Types of Debt 224Appendix 8.1: CAPM with Personal Taxes 227CHAPTER 9 Cash Flow Profiles and Valuation Procedures 2299.1 From Business Models to Cash Flow Models 2299.2 Cash Flow Profiles of Business Units versus Whole Entity 2309.3 Examples of Cash Flow Profiles 2319.4 Problems with the Identification of Cash Flow Models 2369.5 Cash Flow Models in the Case of Restructuring 2379.6 Debt Profile Analysis 2379.7 Debt Profile beyond the Plan Horizon Forecast 2399.8 The Valuation of Tax Advantages: Alternatives 2399.9 Guidelines for Choosing Debt Patterns for Determining Valuations 2459.10 Synthetic and Analytical Procedures Valuation 2469.11 The Standard Procedure 247CHAPTER 10 A Steady State Cash Flow Model 24910.1 Value as a Function of Discounted Future Results 24910.2 Capitalization of a Normalized Monetary Flow 25010.3 The Perpetual Growth Formula 26410.4 Formulas for Limited and Variable (Multi-Stage) Growth 27510.5 Conclusions 279CHAPTER 11 Discounting Cash Flows and Terminal Value 28011.1 Explicit Projections 28011.2 Estimation of the Terminal Value 28111.3 Evaluation of Gas Supply Co. 283CHAPTER 12 Multiples: An Overview 29512.1 Preliminary Remarks 29512.2 Theory of Multiples: Basic Elements 29912.3 Price/Earnings Ratio (P/E) 30312.4 The EV/EBIT and EV/EBITDA Multiples 30712.5 Other Multiples 31112.6 Multiples and Leverage 31212.7 Unlevered Multiples 31612.8 Multiples and Growth 32012.9 Relationship between Multiples and Growth 32512.10 PEG Ratio 32612.11 Value Maps 327Appendix 12.1: P/E with Growth 330CHAPTER 13 Multiples in Practice 33213.1 A Framework for the Use of Stock Market Multiples 33213.2 The Significance of Multiples 33513.3 The Comparability of Multiples 33913.4 Multiples Choice in Valuation Processes 34013.5 Estimation of "Exit" Multiples 34313.6 An Analysis of Deal Multiples 34413.7 The Comparable Approach: The Case of Wine Co. 349Appendix 13.1: Capital Increases and the P/E Ratio 358CHAPTER 14 The Acquisition Value 36114.1 Definitions of Value: An Overview 36114.2 Value Created by an Acquisition 36414.3 Value-Components Model 36714.4 Further Considerations in Valuing Acquisitions 37214.5 Acquisition Value of Plastic Materials Co. 37514.6 Acquisition Value of Controlling Interests 37714.7 Other Determinants of Control Premium 38214.8 Acquisition Value in a Mandatory Tender Offer 38414.9 Maximum and Minimum Exchange Ratios in Mergers 38614.10 Exchange Ratio and Third-Party Protection 389Appendix 14.1: Other Value Definitions 390CHAPTER 15 Value and Prices in the Market for Corporate Control 39315.1 Price Formation in the Market for Control 39315.2 Benefits Arising from Acquisitions 39615.3 From the Pricing Model to the Fair Market Value 39915.4 Fair Market Value Estimated Adjusting Stand-Alone Cash Flows 40115.5 Premiums and Discounts in Valuation 40815.6 The Most Common Premiums and Discounts 41015.7 Value Levels and Value Expressed by Stock Prices 41515.8 Estimating Control Premiums 41715.9 Estimating Acquisition Premiums 42015.10 Acquisition and Control Premiums in a Perfect World 42215.11 Estimating the Value of Controlling Stakes: An Example 42615.12 Minority Discount 42715.13 Discount for the Lack of Marketability 42915.14 Definitions of Value and Estimation Procedures 431CHAPTER 16 Valuation Considerations on Rights Issues 43216.1 Introduction to Rights Issues 43216.2 Setting the Subscription Price 43316.3 Value of Preemptive Rights 43716.4 Conclusions 446CHAPTER 17 Carbon Risk and Corporate Value 44817.1 Why Carbon Risk Matters 44817.2 From Carbon Risks to Carbon Pricing 45017.3 Incorporating Carbon Risks in Corporate Valuation 45317.4 Carbon Beta 466Index 471
... weniger
Bibliographische Angaben
- Autoren: Mario Massari , Gianfranco Gianfrate , Laura Zanetti
- 512 Seiten, Maße: 15,6 x 23,6 cm, Gebunden, Englisch
- Verlag: Wiley John + Sons
- ISBN-10: 1119003334
- ISBN-13: 9781119003335
- Erscheinungsdatum: 26.08.2016
Sprache:
Englisch
Kommentar zu "Massari, M: Corporate Valuation"
0 Gebrauchte Artikel zu „Massari, M: Corporate Valuation“
| Zustand | Preis | Porto | Zahlung | Verkäufer | Rating |
|---|
Schreiben Sie einen Kommentar zu "Massari, M: Corporate Valuation".
Kommentar verfassen