Damodaran on Valuation_ Security Analysis for Investment and Corporate Finance ( PDFDrive )
cardsand 1965 FordMustangsoutthereandthatthepricesat whichtheyhavebeenboughtandsoldcanbeobtained.With equity valuation, relative ...
2.Peergroupaverage.Analystscomparehowtheircompany ispriced(usingamultiple)withhowthepeergroupispriced (using the average for tha ...
Applicability of Multiples and Limitations Theallureof multiplesisthattheyaresimpleand easyto relate to. They can be used to obt ...
these firms. If, for instance, we find a company to be undervalued because it trades at 15 times earnings and comparablecompanie ...
bevaluedasafunctionofthefollowingvariables:thecurrent valueandthevarianceinvalueoftheunderlyingasset,the strikepriceandthetimeto ...
specifiedlevel.Therearemanyassetsthatgenerallyarenot viewed as options but still share option characteristics. A patentcanbeanal ...
models.Itcan,however, bevaluedasanoption.Thesame canbe said aboutequity ina money-losing companywith substantialdebt;mostinvesto ...
underlying asset and the variancein that value cannot be extractedfrom financialmarkets andhaveto be estimated. Thus the final v ...
Fundamental Analysts Theunderlyingthemeinfundamentalanalysisisthatthetrue value of the firm can be related to its financial char ...
Theirfocusis notsomuchonwhatthecompanyis worth todaybutratherwhatitsvaluewouldbeifitweremanaged well. Investors like Carl Icahn, ...
predictable patterns, that there are not enough marginal investors taking advantage of these patterns to eliminate them,andthat ...
movements thanto selectstocks and thatthesepredictions canbebasedonfactorsthatareobservable.Whilevaluation of individual stocks ...
growthandriskareimpliedinthismarketprice,ratherthan on finding undervalued or overvalued firms. Valuation in Acquisition Analysi ...
Thereisaroleforvaluationateverystageofafirm’s life cycle.Forsmallprivatebusinessesthinkingaboutexpanding, valuationplaysakeyrole ...
ownerdies,andfordivorceproceedingswhencouplesbreak up. Whilethe principlesof valuationmaynot be different whenvaluingabusinessfo ...
lowerthanmarketequity.Thisthenpushesupthevaluefor thesefirms.Whilethismaymaketheaskingpriceattractive tothesellersofthesefirms,v ...
PART ONE Discounted Cash Flow Valuation Indiscountedcashflowvaluation,webeginwiththepremise thatthevalueofanassetisthepresentval ...
alsoconsiderhowbesttoestimatetheterminalvalueatthe end of the estimation phase. InChapter5,welookatequityvaluationmodels,beginni ...
CHAPTER 2 Estimating Discount Rates Indiscountedcash flowvaluations, thediscountratesused shouldreflecttheriskinessofthecashflow ...
speeding ticket, or worse still, getting into an accident. Webster’sdictionary,infact,definesriskas“exposingtoloss or damage.” T ...
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