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VALUATION METHODS AND SHAREHOLDER VALUE CREATIONFERNANDEZ Pwydawnictwo: ACADEMIC PRESS , rok wydania 2002, wydanie IIcena netto: 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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