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首页 Equity asset valuation, 2e.pdf

Equity asset valuation, 2e.pdf

Equity asset valuation, 2e.pdf

上传者: nwguru 2012-12-16 评分 0 0 0 0 0 0 暂无简介 简介 举报

简介:本文档为《Equity asset valuation, 2epdf》,可适用于经济金融领域,主题内容包含$USA$CANAspartoftheCFAInstituteInvestmentSeries,theSecondEditionofEquityAs符等。

$USA$CANAspartoftheCFAInstituteInvestmentSeries,theSecondEditionofEquityAssetValuationhasbeendesignedforawiderangeofindividuals,fromgraduatelevelstudentsfocusedonfinancetopracticinginvestmentprofessionalsThisgloballyrelevantguideoutlinestheessentialmethodsusedtoevaluatemodernequityinvestmentsincludingthosetradedoutsideNorthAmericaInthislatestedition,thedistinguishedteamofJeraldPinto,ElaineHenry,ThomasRobinson,andJohnStowereturnstoprovideyouwiththemostuptodateinformationassociatedwiththisimportantdisciplineBlendingtheorywithpractice,theydetailthecontemporarytechniquesusedtodeterminetheintrinsicvalueofanequitysecurity,andshowyouhowtosuccessfullyapplythesetechniquesinbothforeignanddomesticmarketsTheSecondEditionofEquityAssetValuationclearlyintegratesfinanceandaccountingconceptsintothediscussionprovidingtheevennessofsubjectmattertreatment,consistencyofnotation,andcontinuityoftopiccoveragethatissocriticaltothelearningprocessValuableforselfstudyandgeneralreference,thisrevisedguidecontainsclear,exampledrivencoverageofmanyoftoday’smostimportantvaluationissues,including:•Equityvaluationapplicationsandprocesses•Returnconceptsessentialforevaluatinganinvestment•Discounteddividendvaluation•Freecashflowvaluation•Marketbasedvaluationincludingpriceandenterprisevaluemultiples•Residualincomevaluation•PrivatecompanyvaluationAndtofurtherenhanceyourunderstandingofthetoolsandtechniquespresented,EquityAssetValuationWorkbook,SecondEditionanessentialstudyguidethatcontainschallengingproblemsandsolutionsrelatedtotheconceptsdevelopedhereisalsoavailableWiththeauthorsbringingtheirownuniqueexperiencesandperspectivestotheequityanalysisprocess,thisbookdistillstheknowledge,skills,andabilitiesyouneedtosucceedintoday’sdynamicfinancialenvironmentFilledwithindepthinsightsandpracticaladvice,theSecondEditionofEquityAssetValuationdoesnotsimplyexamineacollectionofvaluationmodelsforyoutouse,itchallengesyoutodeterminewhichmodelsaremostappropriateforspecificcompaniesandsituationsJERALDEPINTO,PHD,CFA,isDirector,CurriculumProjects,intheEducationDivisionatCFAInstituteBeforecomingtotheCFAInstitutein,heconsultedtocorporations,foundations,andpartnershipsininvestmentplanning,portfolioanalysis,valuation,andquantitativeanalysisPintoalsoworkedintheinvestmentandbankingindustriesinNewYorkandtaughtfinanceatNYU’sSternSchoolofBusinessHeholdsanMBAfromBaruchCollege,aPhDinfinancefromtheSternSchool,andisamemberofCFAVirginiaELAINEHENRY,PHD,CFA,isanAssistantProfessorofAccountingattheUniversityofMiami,wheresheteachescoursesinaccounting,financialstatementanalysis,andvaluationAfterworkingincorporatefinanceatLehmanBrothers,strategyconsultingatMcKinseyCompany,andcorporatebankingatCitibank,sheobtainedaPhDfromRutgersUniversitywhereshemajoredinaccountingandminoredinfinanceTHOMASRROBINSON,PHD,CFA,CPA,CFP,isManagingDirectoroftheEducationDivisionatCFAInstituteHejoinedtheCFAInstituteasheadofeducationalcontentinfromtheUniversityofMiami,wherehewasanassociateprofessorofaccountinganddirectoroftheMasterofProfessionalAccountingProgramRobinsonwasalsoconcurrentlymanagingdirectorofaprivatewealthinvestmentadvisoryfirmHewasactivelocallyandnationallywithCFAInstitutepriortojoiningthestaffJOHNDSTOWE,PHD,CFA,isO’BlenessChairProfessorofFinanceatOhioUniversityHepreviouslyservedasHeadofCurriculumDevelopmentandDirectorofExamDevelopmentattheCFAInstituteStowehasalsobeenprofessoroffinanceandassociatedeanattheUniversityofMissouriColumbia,wherehetaughtinvestmentsandcorporatefinanceStowehaswonseveralteachingawardsandhaspublishedfrequentlyinacademicandprofessionaljournalsinfinanceHeisalsocoauthorofacollegeleveltextbookincorporatefinanceStoweearnedhisBAfromCentenaryCollegeandhisPhDineconomicsfromtheUniversityofHoustonHeobtainedhisCFAcharterinJacketDesign:LorettaLeivaJacketPhotograph:GettyimagesEQUITYEQUITYASSETASSETVALUATIONVALUATIONEQUITYEQUITYASSETASSETVALUATIONVALUATIONINVESTMENTSERIESINVESTMENTSERIESSECONDEDITIONSECONDEDITIONJeraldEPinto,CFAElaineHenry,CFAThomasRRobinson,CFAJohnDStowe,CFAPRAISEFOREAN:ISBN“TheSecondEditionofEquityAssetValuationprovideswellwritten,accessible,comprehensivecoverageofimportantconceptsinthevaluationoffirmsandtheclaimsagainsttheircashflowsThetopicalcoverageandrigorarewellsuitedforpractitionersoruniversitystudentswhowanttolearnmoreaboutequityvaluationconceptsandapplicationsorwhowantareliablereferencebookinthisareaIhighlyrecommendit”–RobertParrino,LamarSavingsCentennialProfessorofFinance,McCombsSchoolofBusiness,TheUniversityofTexasatAustin“SuperiorequityresearchrequiresmorethaninsightfulbusinessanalysisitrequireseffectivecompanyvaluationThisbookprovidesathoroughintroductiontoassetvaluation,offeringasurveyoftools,practiceandapplication”–ScottStewart,PhD,CFA,formerFidelityFundManagerandFacultyDirectorofBostonUniversity’sInvestmentManagementProgram“EquityAssetValuation,SecondEditionclearlyexplainsthecriticalconceptsandapproachestovaluingstocksinasingle,easilydigestiblebookItissuretobeusefultobothstudentsapproachingthesubjectwithrelativelylittleexperienceandtomoreexperiencedpractitionerslookingtorefreshknowledgeandstayuptodateAsisnowtypicalofCFApublications,EquityAssetValuation,SecondEditionsetsoutabodyofpractical‘howto’knowledge,whileatthesametimedrawingonandabsorbing,whenappropriate,morerecentacademicresearchandviewsThisisaveryusefulbook”–SteveChristie,PhD,AssociateProfessor,AppliedFinanceCentre,MacquarieUniversity“EquityAssetValuation,SecondEditioniscomprehensive,highlyreadable,andrepletewithusefulexamplesItisamustreadforstockmarketprofessionalsandseriousstudentsofinvestmentdecisionmaking”–StephenEWilcox,PhD,CFA,ProfessorofFinanceandDepartmentChair,MinnesotaStateUniversityEQUITYASSETVALUATIONEQUITYASSETVALUATIONSECONDEDITIONDon’tforgettopickuptheEquityAssetValuationWorkbook,SecondEdition,acompanionstudyguidethatmirrorsthistextchapterbychapterPintoHenryRobinsonStoweflastinddxivflastinddxiv::AM::AMEQUITYASSETVALUATIONffirsinddiffirsinddi::AM::AMCFAInstituteisthepremierassociationforinvestmentprofessionalsaroundtheworld,withover,membersincountriesSincetheorganizationhasdevelopedandadministeredtherenownedCharteredFinancialAnalystProgramWitharichhistoryofleadingtheinvestmentprofession,CFAInstitutehassetthehigheststandardsinethics,education,andprofessionalexcellencewithintheglobalinvestmentcommunity,andistheforemostauthorityontheinvestmentprofessionconductandpracticeEachbookintheCFAInstituteInvestmentSeriesisgearedtowardindustrypractitioners,alongwithgraduatelevelfinancestudents,andcoversthemostimportanttopicsintheindustryTheauthorsofthesecuttingedgebooksarethemselvesindustryprofessionalsandacademicsandbringtheirwealthofknowledgeandexpertisetothisseriesffirsinddiiffirsinddii::AM::AMEQUITYASSETVALUATIONSecondEditionJeraldEPinto,CFAElaineHenry,CFAThomasRRobinson,CFAJohnDStowe,CFAwithacontributionbyRaymondDRath,CFAJohnWileySons,Incffirsinddiiiffirsinddiii::AM::AMCopyrightbyCFAInstituteAllrightsreservedPublishedbyJohnWileySons,Inc,Hoboken,NewJerseyPublishedsimultaneouslyinCanadaNopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,orotherwise,exceptaspermittedunderSectionoroftheUnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpaymentoftheappropriatepercopyfeetotheCopyrightClearanceCenter,Inc,RosewoodDrive,Danvers,MA,(),fax(),oronthewebatwwwcopyrightcomRequeststothePublisherforpermissionshouldbeaddressedtothePermissionsDepartment,JohnWileySons,Inc,RiverStreet,Hoboken,NJ,(),fax(),oronlineathttp:wwwwileycomgopermissionsLimitofLiabilityDisclaimerofWarranty:Whilethepublisherandauthorshaveusedtheirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttotheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurposeNowarrantymaybecreatedorextendedbysalesrepresentativesorwrittensalesmaterialsTheadviceandstrategiescontainedhereinmaynotbesuitableforyoursituationYoushouldconsultwithaprofessionalwhereappropriateNeitherthepublishernorauthorsshallbeliableforanylossofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental,consequential,orotherdamagesForgeneralinformationonourotherproductsandservicesorfortechnicalsupport,pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat(),outsidetheUnitedStatesat()orfax()WileyalsopublishesitsbooksinavarietyofelectronicformatsSomecontentthatappearsinprintmaynotbeavailableinelectronicbooksFormoreinformationaboutWileyproducts,visitourwebsiteatwwwwileycomLibraryofCongressCataloginginPublicationData:EquityassetvaluationJeraldEPintoetalndedpcm(CFAInstituteinvestmentseries)Revedof:EquityassetvaluationJohnDStoweetalcIncludesbibliographicalreferencesandindexISBN(hardback)InvestmentanalysisSecuritiesValuationInvestmentsValuationIPinto,JeraldEIIEquityassetvaluationHGE’dcPrintedintheUnitedStatesofAmericaffirsinddivffirsinddiv::AM::AMvCONTENTSForewordxiAcknowledgmentsxvIntroductionxviiCHAPTEREquityValuation:ApplicationsandProcessesLearningOutcomesIntroductionValueDefinitionsandValuationApplicationsWhatIsValueIntrinsicValueGoingConcernValueandLiquidationValueFairMarketValueandInvestmentValueDefinitionsofValue:SummaryApplicationsofEquityValuationTheValuationProcessUnderstandingtheBusinessIndustryandCompetitiveAnalysisAnalysisofFinancialReportsSourcesofInformationConsiderationsinUsingAccountingInformationForecastingCompanyPerformanceSelectingtheAppropriateValuationModelAbsoluteValuationModelsRelativeValuationModelsValuationoftheTotalEntityandItsComponentsIssuesinModelSelectionandInterpretationConvertingForecaststoaValuationApplyingtheValuationConclusion:TheAnalyst’sRoleandResponsibilitiesCommunicatingValuationResultsContentsofaResearchReportFormatofaResearchReportResearchReportingResponsibilitiesftocinddvftocinddv::AM::AMSummaryProblemsCHAPTERReturnConceptsLearningOutcomesIntroductionReturnConceptsHoldingPeriodReturnRealizedandExpected(HoldingPeriod)ReturnRequiredReturnExpectedReturnEstimatesfromIntrinsicValueEstimatesDiscountRateInternalRateofReturnTheEquityRiskPremiumHistoricalEstimatesArithmeticMeanorGeometricMeanLongtermGovernmentBondsorShorttermGovernmentBillsAdjustedHistoricalEstimatesForwardLookingEstimatesGordonGrowthModelEstimatesMacroeconomicModelEstimatesSurveyEstimatesTheRequiredReturnonEquityTheCapitalAssetPricingModelBetaEstimationforaPublicCompanyBetaEstimationforThinlyTradedStocksandNonpublicCompaniesMultifactorModelsTheFamaFrenchModelExtensionstotheFamaFrenchModelMacroeconomicandStatisticalMultifactorModelsBuildupMethodEstimatesoftheRequiredReturnonEquityBuildupApproachesforPrivateBusinessValuationBondYieldPlusRiskPremiumTheRequiredReturnonEquity:InternationalIssuesTheWeightedAverageCostofCapitalDiscountRateSelectioninRelationtoCashFlowsSummaryProblemsCHAPTERDiscountedDividendValuationLearningOutcomesIntroductionPresentValueModelsviContentsftocinddviftocinddvi::AM::AMValuationBasedonthePresentValueofFutureCashFlowsStreamsofExpectedCashFlowsTheDividendDiscountModelTheExpressionforaSingleHoldingPeriodTheExpressionforMultipleHoldingPeriodsTheGordonGrowthModelTheGordonGrowthModelEquationTheLinksamongDividendGrowth,EarningsGrowth,andValueAppreciationintheGordonGrowthModelShareRepurchasesTheImpliedDividendGrowthRateThePresentValueofGrowthOpportunitiesGordonGrowthModelandthePricetoEarningsRatioEstimatingaRequiredReturnUsingtheGordonGrowthModelTheGordonGrowthModel:ConcludingRemarksMultistageDividendDiscountModelsTwoStageDividendDiscountModelValuingaNonDividendPayingCompanyTheHModelThreeStageDividendDiscountModelsSpreadsheet(General)ModelingEstimatingaRequiredReturnUsingAnyDDMMultistageDDM:ConcludingRemarksTheFinancialDeterminantsofGrowthRatesSustainableGrowthRateDividendGrowthRate,RetentionRate,andROEAnalysisFinancialModelsandDividendsSummaryProblemsCHAPTERFreeCashFlowValuationLearningOutcomesIntroductiontoFreeCashFlowsFCFFandFCFEValuationApproachesDefiningFreeCashFlowPresentValueofFreeCashFlowPresentValueofFCFFPresentValueofFCFESingleStage(ConstantGrowth)FCFFandFCFEModelsConstantGrowthFCFFValuationModelConstantGrowthFCFEValuationModelForecastingFreeCashFlowComputingFCFFfromNetIncomeComputingFCFFfromtheStatementofCashFlowsNoncashChargesComputingFCFEfromFCFFContentsviiftocinddviiftocinddvii::AM::AMFindingFCFFandFCFEfromEBITorEBITDAFCFFandFCFEonaUsesofFreeCashFlowBasisForecastingFCFFandFCFEOtherIssuesinFreeCashFlowAnalysisAnalystAdjustmentstoCFOFreeCashFlowversusDividendsandOtherEarningsComponentsFreeCashFlowandComplicatedCapitalStructuresFreeCashFlowModelVariationsAnInternationalApplicationoftheSingleStageModelSensitivityAnalysisofFCFFandFCFEValuationsTwoStageFreeCashFlowModelsFixedGrowthRatesinStageandStageDecliningGrowthRateinStageandConstantGrowthinStageThreeStageGrowthModelsNonoperatingAssetsandFirmValueSummaryProblemsCHAPTERResidualIncomeValuationLearningOutcomesIntroductionResidualIncomeTheUseofResidualIncomeinEquityValuationCommercialImplementationsTheResidualIncomeModelTheGeneralResidualIncomeModelFundamentalDeterminantsofResidualIncomeSingleStageResidualIncomeValuationMultistageResidualIncomeValuationResidualIncomeValuationinRelationtoOtherApproachesStrengthsandWeaknessesoftheResidualIncomeModelBroadGuidelinesforUsingaResidualIncomeModelAccountingandInternationalConsiderationsViolationsoftheCleanSurplusRelationshipBalanceSheetAdjustmentsforFairValueIntangibleAssetsNonrecurringItemsOtherAggressiveAccountingPracticesInternationalConsiderationsSummaryProblemsviiiContentsftocinddviiiftocinddviii::AM::AMCHAPTERMarketBasedValuation:PriceandEnterpriseValueMultiplesLearningOutcomesIntroductionPriceandEnterpriseValueMultiplesinValuationTheMethodofComparablesTheMethodBasedonForecastedFundamentalsPriceMultiplesPricetoEarningsAlternativeDefinitionsofPECalculatingtheTrailingPEForwardPEValuationBasedonForecastedFundamentalsValuationBasedonComparablesPEsinCrossCountryComparisonsUsingPEstoObtainTerminalValueinMultistageDividendDiscountModelsPricetoBookValueDeterminingBookValueValuationBasedonForecastedFundamentalsValuationBasedonComparablesPricetoSalesDeterminingSalesValuationBasedonForecastedFundamentalsValuationBasedonComparablesPricetoCashFlowDeterminingCashFlowValuationBasedonForecastedFundamentalsValuationBasedonComparablesPricetoDividendsandDividendYieldCalculationofDividendYieldValuationBasedonForecastedFundamentalsValuationBasedonComparablesEnterpriseValueMultiplesEnterpriseValuetoEBITDADeterminingEnterpriseValueValuationBasedonForecastedFundamentalsValuationBasedonComparablesOtherEnterpriseValueMultiplesEnterpriseValuetoSalesPriceandEnterpriseValueMultiplesinaComparableAnalysis:SomeIllustrativeDataInternationalConsideratio

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