George Calhoun

Price and Value (eBook, PDF)

A Guide to Equity Market Valuation Metrics

• Format: PDF

Produktbeschreibung

Understand how to use equity market metrics such as the price/earnings ratio (and other multiples) to value public and private enterprises-identify and qualify investments and assess business strategy and performance.

Author George Calhoun, Founding Director of the Quantitative Finance Program at Stevens Institute of Technology, shows you how to use metrics to appraise mergers, acquisitions, and spin-offs. You will be able to shed light on financial market conditions, benchmark fair value assessments, and check and calibrate complex cash flow models.

While multiples are easy to construct, they can be difficult to interpret. The field has become more complex and the question of which metrics perform best can be a source of controversy.

You will;

• Know the definitions, interpretations, and applications of all major market ratios, including: price/earnings (trailing and forward), cyclically adjusted price/earnings, cash-adjusted price/earnings, EV/EBITDA, price/sales, dividend yield, and many more
• Examine the factors that drive the values of ratios from firm level (such as earnings growth, leverage, and governance) to market level (such as inflation, tax and fiscal policy, monetary policy, and international characteristics)
• Apply metrics in: investment analysis, index construction, factor models, sum-of-the-parts analysis of corporate structures, and detection of asset bubbles

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Produktdetails

• Verlag: Apress
• Seitenzahl: 391
• Erscheinungstermin: 3. Februar 2020
• Englisch
• ISBN-13: 9781484255520
• Artikelnr.: 58645618

Autorenporträt

George Calhoun is a professor, and founding director of the Quantitative Finance Program at the Stevens Institute of Technology. He is also is executive director of the Hanlon Financial Systems Center at Stevens, and area coordinator for the graduate and undergraduate finance programs at Stevens. George is the series editor for the Stevens Series in Quantitative Finance & Data Sciences, a book series launched in 2014 with Springer/Apress. He has a PhD from the Wharton School. George has 30 years of experience in the technology industry: in executive and board-level positions at several public companies, including as CEO, chairman of the board (two companies), and audit committee chairman (four companies). He has extensive experience in capital acquisition through public offerings (five), convertible and straight debt offerings, private placements, joint ventures, and venture capital transactions. And he is the author of three books on advanced signal processing technology and applications to the telecommunications field.

Inhaltsangabe

Chapter 1: The Ford Dollar: The Mysterious Multiple.- Chapter 2: The Value Triangle.- Chapter 3: Valuation Ratios.- Chapter 4: Interpretations: P/E as a Dependent Variable.- Chapter 5: Applications: P/E as an Independent Variable.- Chapter 6: Assessments and Qualifications.- Afterword: Fair Price, True Value.- Appendix: A Critical Examination of Discounted Cash Flow Valuation Methods.-

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