| Description |
1 online resource |
| Series |
CFA Institute investment perspectives |
|
CFA Institute investment perspectives series.
|
| Contents |
Foreword -- Introduction -- Part I. : Valuation Perspectives: Then and Now -- 1. : Two Illustrative Approaches to Formula Valuations of Common Stocks -- Notes -- 2. : Seeking a Margin of Safety and Valuation -- Two Basic Investment Goals -- The Price of Money is Fake -- The Future is Uncertain -- Dealing with Macro Risk -- Owning an Enterprise Preserves Purchasing Power -- Seek a Margin of Safety -- Valuation -- Business Model Erosion -- Focus on Assets, Not on Residual Equity |
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ManagementFlexibility to Look Different -- Conclusion -- Question and Answer Session -- Note -- Part II. : Valuation Methodologies -- 3. : Company Performance and Measures of Value Added -- Foreword -- Introduction -- How Value Is Created -- Relating New Performance Methods to Capital-Budgeting Techniques -- Summary -- Traditional Measures of Performance -- Return-on-Investment Ratios -- Tobin's q -- Summary -- Measures of Value Added -- Economic Profit -- Market Value Added -- Reconciling Economic Value Added with Market Value Added -- Challenges in Applying Value-Added Measures -- Holt's Cfroi -- Summary |
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Comparison of Alternative Performance MeasuresThe Sample -- The Variables -- Empirical Results -- Summary -- Conclusions -- Appendix 3. A: The Firm's Cost Of Capital -- Cost of Debt -- Cost of Preferred Stock -- The Cost of Common Equity -- Weighted-Average Cost of Capital -- Issues in Calculating a WACC -- Appendix 3. B: Net Present Value and Internal Rate of Return -- Notes -- 4. : The Affordable Dividend Approach to Equity Valuation -- Affordable Dividends -- Affordable vs. Conventional dividends -- Significance of Difference -- Book Value vs. Economic Value weights -- Conclusion -- Notes |
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5. : Discounted-Cash-Flow Approach to ValuationThe DCF Formula -- Estimation of Cash Flows -- Discount Rate -- Definition -- External Factors -- Internal Factors -- Components -- Terminal Value -- Conclusion -- Question and Answer Section -- Note -- 6. : Equity Securities Analysis Case Study: Merck & Company -- Recent Annual Reports -- Strategic Objectives -- Structural Reorganization -- Position on Health Care Reform -- Outlook for the Future -- Fundamentals of the U.S. Pharmaceutical Industry -- Pricing and the Demand for Pharmaceuticals -- Consolidation and Joint Ventures -- Marketing Trends |
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International CompetitionThe U.S. Political/Regulatory Environment -- Tasks to be Completed -- Appendix 6. A: Merck & Company Financial Data -- Appendix 6. B: Statistical Data: Pharmaceutical Industry -- Appendix 6. C: Competitive Strategy Analysis Framework -- Appendix 6. D: Review of the Dupont Financial Ratio Analysis Method -- Appendix 6. E: Selected Valuation Methods -- Single-Stage Constant-Growth DCF Model -- Multistage DCF Model -- H-Model -- Financial Ratios Approaches -- Guideline Answers: The Merck Case -- The Current Issues Involved in Marketing Pharmaceuticals |
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The Competitive Structure of the U.S. Pharmaceutical Industry |
| Summary |
Analysis and insights from top thought leaders on a pivotal topic in investing and asset management Valuation is the cornerstone for investment analysis, and a thorough understanding and correct application of valuation methodologies are critical for long-term investing success. Edited by two leading valuation experts from CFA Institute, this book brings together the insights and expertise of some of the most astute and successful investment minds of the past 50 years. From Benjamin Graham, the "father of value investing," to Aswath Damodaran, you'll learn what these investment luminaries have to say about investment valuation techniques, including earnings and cash flow analysis.-Features the best thinking on valuation from the industry's masters on the topic, supplemented with dozens of fascinating and instructive real-world examples -Comprehensively discusses special valuation situations, such as real options, employee stock options, highly leveraged firms, corporate takeovers, and more -Supplies you with the tools you need to successfully navigate and thrive in the ever-changing financial markets -Is being produced with the full support and input of CFA Institute, the world's leading association of investment professionals |
| Notes |
Includes index |
| Bibliography |
Includes bibliographical references and index |
| Notes |
Print version record and CIP data provided by publisher |
| Subject |
Corporations -- Valuation.
|
|
Investment analysis.
|
|
BUSINESS & ECONOMICS -- Investments & Securities -- Stocks.
|
|
Corporations -- Valuation.
|
|
Investment analysis.
|
| Form |
Electronic book
|
| Author |
Voss, Jason Apollo.
|
| LC no. |
2012024652 |
| ISBN |
9781118417607 |
|
1118417607 |
|
9781118421796 |
|
1118421795 |
|
9781118450178 |
|
1118450175 |
|
1118397436 |
|
9781118397435 |
|
