Equity Valuation
Models from Leading Investment Banks
Ed.: Viebig, Jan, Poddig, Thorsten, Varmaz, Armin
Equity Valuation
Models from Leading Investment Banks
Ed.: Viebig, Jan, Poddig, Thorsten, Varmaz, Armin
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Equity Valuation: Models from Leading Investment Banks is a clear and reader-friendly guide to how today's leading investment banks analyze firms. Editors Jan Viebig, Thorsten Poddig and Armin Varmaz bring together expertise from Morgan Stanley, UBS, Credit Suisse, Goldman Sachs and DWS Investment GmbH, providing a unique analysis of leading equity valuation models, from the very individuals who use them. Filled with real world insights, practical examples and theoretical approaches, the book will examine the strengths and weaknesses of some of the leading valuation approaches, helping readers…mehr
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estimate cash flows
calculate discount rates
adjust for accounting distortions
take uncertainty into consideration
Written for investment professionals, corporate managers, students and anyone interested in developing their understanding of this key area, Equity Valuation: Models from Leading Investment Banks will arm readers with the latest thinking and depth of knowledge necessary to make the right decisions in their valuation methodologies.
- Produktdetails
- Wiley Finance
- Verlag: Wiley & Sons
- 1. Auflage
- Seitenzahl: 448
- Erscheinungstermin: 1. Mai 2008
- Englisch
- Abmessung: 250mm x 175mm x 28mm
- Gewicht: 910g
- ISBN-13: 9780470031490
- ISBN-10: 0470031492
- Artikelnr.: 23052379
- Wiley Finance
- Verlag: Wiley & Sons
- 1. Auflage
- Seitenzahl: 448
- Erscheinungstermin: 1. Mai 2008
- Englisch
- Abmessung: 250mm x 175mm x 28mm
- Gewicht: 910g
- ISBN-13: 9780470031490
- ISBN-10: 0470031492
- Artikelnr.: 23052379
Flow (DCF) Models (Jan Viebig and Thorsten Poddig). 1. Introduction. 2. The
Fundamental Value of Stocks and Bonds. 3. Discounted Cash Flow Models: The
Main Input Factors. Part II: Monte Carlo Free Cash Flow to the Firm
(MC-FCFF) Models (Deutsche Bank/DWS) (Jan Viebig and Thorsten Poddig). 4.
Introduction. 5. Standard FCFF Model. 6. Monte Carlo FCFF Models. Part III:
Beyond Earnings: A User's Guide to Excess Return Models and the HOLT
CFROI(r) Framework (Tom Larsen and David Holland). 7. Introduction. 8. From
Accounting to Economics - Part I. 9. From Economics to Valuation - Part I.
10. Where Does Accounting Go Wrong? 11. From Accounting to Economics:
CFROI. 12. From Accounting to Economics: Economic Profit. 13. From
Economics to Valuation - Part II. Appendix1. Vodafone Financial Statements
and Relevant Notes for CFROI Calculation. Appendix 2: Additional Notes from
Vodafone Annual Report for EP Calculation. Part IV: Morgan Stanley
ModelWare's Approach to Intrinsic Value: Focusing on Risk-Reward Trade-Offs
(Trevor S. Harris, Juliet Estridge and Doron Nissim). 14. Introduction. 15.
Linking Fundamental Analysis to the Inputs of the Valuation Model. 16. Our
Valuation Framework. 17. Linking Business Activity to Intrinsic Value
Approach: The ModelWare Profitability Tree. 18. ModelWare's Instrinsic
Value Approach. 19. Treatment of Key Inputs. 20. The Cost of Capital. 21.
Summary and Conclusions. Appendix. Part V: UBS VCAM and EGW
Regression-based Valuation (David Bianco). 22. Introducing "EGQ" - Where
Intrinsic Methods and Empirical Techniques Meet. 23. A Quick Guide to DCF
and Economic Profit Analysis. 24. Regression-based Valuation. 25. UBS
Economic Growth Quotient. 26. UBS EGQ Regression Valuation. 27.
Understanding Regressions. 28. Appendix Discussions. Part VI: Leverage
Buyout (LBO) Models (Jan Viebig, Daniel Stillit and Thorsten Poddig). 29.
Introduction. 30. Leveraged Buyouts. 31. IRRs and the Structure of LBO
Models. 32. Assumptions of LBO Models. 33. Example: Continental AG. 34. A
Word of Caution. Part VII: Valuation 101: Approaches and Alternatives
(Aswath Damodaran). 35. Introduction. 36. Overview of Valuation. 37.
Discounted Cash Flow Valuation. 38. Liquidation and Accounting Valuation.
39. Relative Valuation. 40. Real Option valuation. 41. Closing Thoughts on
Value Enhancement. Part VIII: Final Thoughts on Valuation (Armin Varmaz,
Thorsten Poddig and Jan Viebig). 42. Introduction. 43. Valuation in Theory:
The Valuation of a Single Asset. 44. Outlook: The Multi-asset Valuation and
Allocation Case. 45. Summary. Index.
Flow (DCF) Models (Jan Viebig and Thorsten Poddig). 1. Introduction. 2. The
Fundamental Value of Stocks and Bonds. 3. Discounted Cash Flow Models: The
Main Input Factors. Part II: Monte Carlo Free Cash Flow to the Firm
(MC-FCFF) Models (Deutsche Bank/DWS) (Jan Viebig and Thorsten Poddig). 4.
Introduction. 5. Standard FCFF Model. 6. Monte Carlo FCFF Models. Part III:
Beyond Earnings: A User's Guide to Excess Return Models and the HOLT
CFROI(r) Framework (Tom Larsen and David Holland). 7. Introduction. 8. From
Accounting to Economics - Part I. 9. From Economics to Valuation - Part I.
10. Where Does Accounting Go Wrong? 11. From Accounting to Economics:
CFROI. 12. From Accounting to Economics: Economic Profit. 13. From
Economics to Valuation - Part II. Appendix1. Vodafone Financial Statements
and Relevant Notes for CFROI Calculation. Appendix 2: Additional Notes from
Vodafone Annual Report for EP Calculation. Part IV: Morgan Stanley
ModelWare's Approach to Intrinsic Value: Focusing on Risk-Reward Trade-Offs
(Trevor S. Harris, Juliet Estridge and Doron Nissim). 14. Introduction. 15.
Linking Fundamental Analysis to the Inputs of the Valuation Model. 16. Our
Valuation Framework. 17. Linking Business Activity to Intrinsic Value
Approach: The ModelWare Profitability Tree. 18. ModelWare's Instrinsic
Value Approach. 19. Treatment of Key Inputs. 20. The Cost of Capital. 21.
Summary and Conclusions. Appendix. Part V: UBS VCAM and EGW
Regression-based Valuation (David Bianco). 22. Introducing "EGQ" - Where
Intrinsic Methods and Empirical Techniques Meet. 23. A Quick Guide to DCF
and Economic Profit Analysis. 24. Regression-based Valuation. 25. UBS
Economic Growth Quotient. 26. UBS EGQ Regression Valuation. 27.
Understanding Regressions. 28. Appendix Discussions. Part VI: Leverage
Buyout (LBO) Models (Jan Viebig, Daniel Stillit and Thorsten Poddig). 29.
Introduction. 30. Leveraged Buyouts. 31. IRRs and the Structure of LBO
Models. 32. Assumptions of LBO Models. 33. Example: Continental AG. 34. A
Word of Caution. Part VII: Valuation 101: Approaches and Alternatives
(Aswath Damodaran). 35. Introduction. 36. Overview of Valuation. 37.
Discounted Cash Flow Valuation. 38. Liquidation and Accounting Valuation.
39. Relative Valuation. 40. Real Option valuation. 41. Closing Thoughts on
Value Enhancement. Part VIII: Final Thoughts on Valuation (Armin Varmaz,
Thorsten Poddig and Jan Viebig). 42. Introduction. 43. Valuation in Theory:
The Valuation of a Single Asset. 44. Outlook: The Multi-asset Valuation and
Allocation Case. 45. Summary. Index.