Valuing companies: analysing business worth
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York u.a.
Woodhead-Faulkner
1992
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 255 S. |
| ISBN: | 0859417565 |
Staff View
MARC
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Record in the Search Index
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| adam_text | CONTENTS
Preface and Acknowledgements xi
Chapter 1 An introduction to company valuation 1
Who needs to value a company and why? 3
An overview of the valuation process 5
An overview of the principal valuation models 7
Chapter 2 A framework for valuation 11
Discounted cash flow 14
A model for constant growth into perpetuity 18
Inflation and valuation 19
Estimating the future inflation rate 22
Non year end cash flows 25
Chapter 3 Estimating economic value 27
Are markets price efficient? 28
Dividend growth and free cash flow models 34
Price earnings models and their relationship with FCF
and dividend discount models 41
Valuation of growth opportunities 43
The FCF model and lumpy investment flows 45
Summary 48
Appendix 48
Chapter 4 Forecasting costs and revenues 50
Forecasting: General principles 53
Sales revenue forecasting 59
Production cost factors 62
Research and development costs 66
Margins and profits 67
Cash flows 67
Profit forecasts 71
Balance sheet forecast 72
The effect of changes in forecast variables 73
vii
yiii CONTENTS
Appendix I: Profit, cash and balance sheet forecast
summary checklist 74
Appendix II: New technology and its implications 76
Appendix III: Accounting for deferred tax 80
Chapter 5 Accounting based valuation models 83
Problems caused by GAAP 84
The earnings multiple based approach to valuation 91
Asset values 100
Super profit valuation 108
Chapter 6 Discounted cash flow models — estimating the
discount flow 110
Risk and portfolios of investments 110
Ariskpricing model 112
Estimating the risk premium 117
Estimating 3 120
Financial gearing and cost of capital 121
The cost of capital for foreign activities 128
The cost of capital for smaller companies 130
(is and operational gearing 131
Using proxy 0s an example 132
What to do when no proxies exist 133
Summary 134
Appendix: Valuing subsidised loans 134
Chapter 7 Estimating the cost of complex financing
arrangements 136
A basic option pricing model 138
The Black Scholes option pricing model 139
Financing instruments involving options 140
Swaps 145
Leasing 146
Estimating the discount rate a case example 147
Chapter 8 Discounted cash flow valuation 154
The explicit forecast period 154
The calculation of the horizon (or terminal) value 160
An explanation of the relationship between accounting
profit and present values 165
Taxation and horizon values 171
Modelling the PLB 172
Valuing the business 172
Appendix: Derivation of growth opportunities model 175
Chapter 9 Other aspects of valution 178
The value of merger benefits 178
Special considerations relating to the valuation of
overseas operations 191
Issues relating to non controlling stakes 194
Valuing companies for flotation 199
CONTENTS ix
Trade valuation norms 202
Chapter 10 The special case of acquisitions: The bargaining area
and financing 203
The bargaining area 203
Financing the acquisition 213
Financing: Some accounting considerations 217
Chapter 11 Issues relating to management 220
Quality of management 220
The position of management in a takeover or purchase 221
Protecting the value of the investment 224
Chapter 12 Concluding comments 227
Appendix A 230
Appendix B 234
Notes 236
References 245
Index 251
|
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| discipline | Wirtschaftswissenschaften |
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| id | DE-604.BV011016288 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:02:38Z |
| institution | BVB |
| isbn | 0859417565 |
| language | English |
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| physical | XII, 255 S. |
| publishDate | 1992 |
| publishDateSearch | 1992 |
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| publisher | Woodhead-Faulkner |
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| spelling | Gregory, Alan Verfasser aut Valuing companies analysing business worth Alan Gregory New York u.a. Woodhead-Faulkner 1992 XII, 255 S. txt rdacontent n rdamedia nc rdacarrier Unternehmen Business enterprises Valuation Corporations Finance Corporations Valuation Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s DE-188 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007375216&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Gregory, Alan Valuing companies analysing business worth Unternehmen Business enterprises Valuation Corporations Finance Corporations Valuation Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 |
| title | Valuing companies analysing business worth |
| title_auth | Valuing companies analysing business worth |
| title_exact_search | Valuing companies analysing business worth |
| title_full | Valuing companies analysing business worth Alan Gregory |
| title_fullStr | Valuing companies analysing business worth Alan Gregory |
| title_full_unstemmed | Valuing companies analysing business worth Alan Gregory |
| title_short | Valuing companies |
| title_sort | valuing companies analysing business worth |
| title_sub | analysing business worth |
| topic | Unternehmen Business enterprises Valuation Corporations Finance Corporations Valuation Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Unternehmen Business enterprises Valuation Corporations Finance Corporations Valuation Unternehmensbewertung |
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