Jerald E. Pinto

Equity Asset Valuation Workbook (eBook, ePUB)

• Format: ePub

Produktbeschreibung

Equity Asset Valuation Workbook, Fourth Edition provides the key component of effective learning: practice. This companion workbook conveniently aligns with the text chapter-by-chapter, provides brief chapter summaries to refresh your memory on key points before you begin working, and explicitly lays out the learning objectives so you understand the "why" of each problem. These features reinforce essential theories and their practical application, assist you in gaining proficiency in the core concepts behind these theories, and accurately determine when and how to implement them. Those who self study will find solutions to all exercise problems. This workbook lets you: * Refresh your memory with succinct chapter summaries * Enhance your understanding with topic-specific practice problems * Work toward explicit chapter objectives to internalize key information * Practice important techniques with real-world applications For everyone who wants a practical route to mastering the general analysis of stock shares held by individuals and funds, Equity Asset Valuation Workbook, Fourth Edition lives up to its reputation for clarity and world-class practice based on actual scenarios investors face every day.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 224
• Erscheinungstermin: 29. Januar 2020
• Englisch
• ISBN-13: 9781119628200
• Artikelnr.: 59981328

Inhaltsangabe

Preface xiii

Acknowledgments xv

About the CFA Investment Series xvii

Chapter 1 Overview of Equity Securities 1

Learning Outcomes 1

1. Introduction 1

2. Equity Securities in Global Financial Markets 2

3. Types and Characteristics of Equity Securities 8

3.1. Common Shares 9

3.2. Preference Shares 11

4. Private versus Public Equity Securities 13

5. Investing in Non-Domestic Equity Securities 15

5.1. Direct Investing 17

5.2. Depository Receipts 17

6. Risk and Return Characteristics of Equity Securities 21

6.1. Return Characteristics of Equity Securities 21

6.2. Risk of Equity Securities 22

7. Equity Securities and Company Value 23

7.1. Accounting Return on Equity 24

7.2. The Cost of Equity and Investors' Required Rates of Return 28

8. Summary 29

References 31

Practice Problems 31

Chapter 2 Introduction to Industry and Company Analysis 35

Learning Outcomes 35

1. Introduction 36

2. Uses of Industry Analysis 36

3. Approaches to Identifying Similar Companies 37

3.1. Products and/or Services Supplied 37

3.2. Business-Cycle Sensitivities 38

3.3. Statistical Similarities 39

4. Industry Classification Systems 40

4.1. Commercial Industry Classification Systems 40

4.2. Governmental Industry Classification Systems 44

4.3. Strengths and Weaknesses of Current Systems 45

4.4. Constructing a Peer Group 46

5. Describing and Analyzing an Industry 50

5.1. Principles of Strategic Analysis 52

5.2. External Influences on Industry Growth, Profitability, and Risk 70

6. Company Analysis 77

6.1. Elements That Should Be Covered in a Company Analysis 77

6.2. Spreadsheet Modeling 80

7. Summary 81

References 84

Practice Problems 84

Chapter 3 Equity Valuation: Concepts and Basic Tools 89

Learning Outcomes 89

1. Introduction 90

2. Estimated Value and Market Price 90

3. Major Categories of Equity Valuation Models 92

4. Present Value Models: The Dividend Discount Model 94

4.1. Dividends: Background for the Dividend Discount Model 94

4.2. The Dividend Discount Model: Description 96

4.3. Preferred Stock Valuation 100

4.4. The Gordon Growth Model 103

4.5. Multistage Dividend Discount Models 108

5. Multiplier Models 112

5.1. Relationships among Price Multiples, Present Value Models, and Fundamentals 112

5.2. The Method of Comparables 116

5.3. Illustration of a Valuation Based on Price Multiples 119

5.4. Enterprise Value 121

6. Asset-Based Valuation 123

7. Summary 127

References 129

Practice Problems 129

Chapter 4 Equity Valuation: Applications and Processes 135

Learning Outcomes 135

1. Introduction 135

2. Value Definitions and Valuation Applications 136

2.1. What is Value? 136

2.2. Applications of Equity Valuation 139

3. The Valuation Process 141

3.1. Understanding the Business 142

3.2. Forecasting Company Performance 152

3.3. Selecting the Appropriate Valuation Model 153

3.4. Converting Forecasts to a Valuation 160

3.5. Applying the Valuation Conclusion: The Analyst's Role and Responsibilities 161

4. Communicating Valuation Results 163

4.1. Contents of a Research Report 1