VALUATION METHODS AND SHAREHOLDER VALUE CREATION FERNANDEZ P Księgarnia

Corporate valuation underlies the interrelationship between corporate strategy, financial analysis, and financial management. Acquisitions, mergers, ESOPs, and private placements are becoming increasingly common in the middle-market as investment banks and nonbank entities become players in this market. Managers and financial professionals need to become conversant in corporate valuation methods in order to expand their relationships with customers and to create profitable opportunities for their organization.

This title provides a catalog of valuation tools, together with guidance on analyzing and valuing a business. The author breaks down the topic to provide advice for any business, no matter how complex. He presents eight different methods of firm valuation and discusses the benefits and limitations of each method, supporting this information with examples from international markets.

CONTENTS

Part I: Basics of Valuation Methods and Shareholder Value Creation

Shareholder Value Creation, Basic Concepts

Company Valuation Methods

Price-Earnings Ratio, Profitability, Cost of Capital, and Growth

Splitting the Price-Earnings Ratio: Franchise Factor, Growth Factor, Interest Factor, and Risk Factor

Market Value and Book Value

Dividends and Market Value

Interest Rates: Their Importance in the Valuation

Valuation Using Multiples: How Do Analysts Reach their Conclusions?

Cash Flow and Net Income

Inflation and Value

Cost of Equity: Beta and Risk Premium

Valuations of Internet Companies: The Case of Terra-Lycos

Part II. Shareholder Value Creation

Proposed Measures of Value Creation: EVA, Economic Profit, MVA, CVA, CFROI, and TSR

EVA, Economic Profit, and Cash Value Added do not Measure Shareholder Value Creation

The RJR Nabisco Valuation

Valuation and Value Creation in Internet-Related Companies

Part III: Rigorous Approaches to Discounted Cash Flow Valuation

Discounted Cash Flow Valuation Methods: Perpetuities, Constant Growth, and General Case

Optimal Capital Structure: Problems with the Harvard and Damodaran Approaches

Financial Literature about Discounted Cash Flow Valuation

Application of the Different Theories to RJR Nabisco

Eight Methods and Seven Theories for Valuing Companies by Cash Flow Discounting

Part IV. Real Options and Brands

Real Options. Valuing Flexibility: Beyond Discounted Cash Flow Valuation

Valuation of Brands and Intangibles

Appendix A: Capital Asset Pricing Model (CAPM)

Glossary

Indices

631 pages

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