The definitive source of information on all topics related to investment valuation tools and techniques Valuation is at the heart of any investment decision, whether that decision is buy, sell or hold. But the pricing of many assets has become a more complex task in modern markets, especially after the recent financial crisis. In order to be successful at this endeavor, you must have a firm understanding of the proper valuation techniques. One valuation book stands out as withstanding the test of time among students of financial markets and investors, Aswath Damodaran'sInvestment Valuation. Now completely revised and updated to reflect changing market conditions, this third edition comprehensively introduces students and investment professionals to the range of valuation models available and how to chose the right model for any given asset valuation scenario. This edition includes valuation techniques for a whole host of real options, start-up firms, unconventional assets, distressed companies and private equity, and real estate. All examples have been updated and new material has been added. An expansion of ancillaries include updated online databases, spreadsheets, and other educational support tools Fully revised to incorporate valuation lessons learned from the last five years, from the market crisis and emerging markets to new types of equity investments Revised examples of company valuations such as companies from Eastern Europe and Africa, which stress the global nature of modern valuation Author Aswath Damodaran is regarded as one of the best educators and thinkers on the topic of investment valuation This indispensable guide is a must read for students wishing to gain a better understanding of investment valuation and its methods. With it, you can take the insights and advice of a recognized authority on the valuation process and immediately put them to work for you.
CHAPTER 1 Introduction to Valuation 1 CHAPTER 2 Approaches to Valuation 11 CHAPTER 3 Understanding Financial Statements 27 CHAPTER 4 The Basics of Risk 58 CHAPTER 5 Option Pricing Theory and Models 87 CHAPTER 6 Market Efficiency Definition, Tests, and Evidence 111 CHAPTER 7 Riskless Rates and Risk Premiums 154 CHAPTER 8 Estimating Risk Parameters and Costs of Financing 182 CHAPTER 9 Measuring Earnings 229 CHAPTER 10 From Earnings to Cash Flows 250 CHAPTER 11 Estimating Growth 271 CHAPTER 12 Closure in Valuation: Estimating Terminal Value 304 CHAPTER 13 Dividend Discount Models 323 CHAPTER 14 Free Cash Flow to Equity Discount Models 351 CHAPTER 15 Firm Valuation: Cost of Capital and Adjusted Present Value Approaches 380 CHAPTER 16 Estimating Equity Value per Share 423 CHAPTER 17 Fundamental Principles of Relative Valuation 453 CHAPTER 18 Earnings Multiples 468 CHAPTER 19 Book Value Multiples 511 CHAPTER 20 Revenue Multiples and Sector-Specific Multiples 542 CHAPTER 21 Valuing Financial Service Firms 581 CHAPTER 22 Valuing Firms with Negative or Abnormal Earnings 611 CHAPTER 23 Valuing Young or Start-Up Firms 643 CHAPTER 24 Valuing Private Firms 667 CHAPTER 25 Aquisitions and Takeovers 702 CHAPTER 26 Valuing Real Estate 739 CHAPTER 27 Valuing Other Assets 766 CHAPTER 28 The Option to Delay and Valuation Implications 781 CHAPTER 29 The Options to Expand and to Abandon: Valuation Implications 805 CHAPTER 30 Valuing Equity in Distressed Firms 826 CHAPTER 31 Value Enhancement: A Discounted Cash Flow Valuation Framework 841 CHAPTER 32 Value Enhancement: Economic Value Added, Cash Flow Return on Investment, and Other Tools 869 CHAPTER 33 Probabilistic Approaches in Valuation: Scenario Analysis, Decision Trees, and Simulations 894 CHAPTER 34 Overview and Conclusion 925 References 939 Index 954
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