Determining value: valuation models and financial statements
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Harlow [u.a.]
Financial Times
2001
|
| Edition: | 1. publ. |
| Series: | Pearson education
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XI, 228 S. |
| ISBN: | 027363979X |
Staff View
MARC
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Record in the Search Index
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| adam_text | Contents
Author s acknowledgements viii
Publisher s acknowledgements x
1 Introduction 1
1.1 Unique features of the book 2
1.2 Who should read this book? 4
1.3 Structure and content of chapters 4
1.4 A focus on fundamental value 5
References 10
2 Stock market valuation 11
2.1 Investment and value 11
2.2 The stock market 12
2.3 Valuation theory 14
2.4 The dividend discount model (DDM) 18
2.5 Using the dividend discount model 20
2.6 The dividend yield and the dividend growth model (DGM) 22
2.7 The dividend yield in practice: a relative measure 25
2.8 Prospective (forward) dividend yields 28
2.9 Multi stage dividend discount models 29
2.10 Problems with dividend based valuation 31
Summary 33
References 34
Appendix 35
3 Growth in dividends and share prices 36
3.1 What causes dividends to grow? 36
3.2 The rate of dividend growth 38
3.3 Links between dividend growth and valuation 42
3.4 The rate of return spread: cost of capital vs. return on equity 45
3.5 Income vs. growth stocks 48
3.6 The need to look beyond dividends 49
Summary 50
Appendix 51
4 The price earnings ratio 53
4.1 A simple model of the price earnings ratio 53
4.2 The normal PE ratio 55
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!
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4.3 The PE ratio and value creation 58
4.4 The PE ratio and the business cycle 62
4.5 The PE ratio and the sustainability of competitive advantage 66
4.6 Growth in the PE ratio 69
4.7 Empirical evidence on the PE ratio 71
Summary ¦ 74
References 75
5 Financial accounting 76
5.1 Fundamental principles of accounting: cash flows vs. accruals 78
5.2 Accounting information and valuation 89
5.3 Creative accounting 91
5.4 A review of financial statements 92
Summary 99
References 100
6 Interpreting the balance sheet 101
6.1 Interpreting the price book value ratio 101
6.2 An economist s measure: Tobin s q 104
6.3 Theoretical foundations of asset values and goodwill 107
6.4 Valuation in practice an analysis of balance sheet
components 111
6.5 Factors affecting the usefulness of the balance sheet 120
6.6 Empirical evidence of the usefulness of book values 122
Summary 124
References 125
7 Measuring earnings 126
7.1 Economic measures of shareholder return 126
7.2 Stewardship and investment: the need for accounting
earnings 131
7.3 Reconciling economic earnings with accounting earnings 134
7.4 The need for three types of earnings measure 137
7.5 From comprehensive income to normalized earnings 138
7.6 Goodwill 143
7.7 Empirical evidence on earnings measurement 146
Summary 147
References 148
8 Measuring the return on capital 150
8.1 Return on equity (ROE) and return on capital employed
(ROCE) 150
8.2 Differences between economic return (IRR) and accounting
return (ROE) 153
8.3 The special case where the IRR equals the ROE 156
Contents
8.4 The general case where the IRR is a weighted average of
the ROEs 158
8.5 How to interpret and use ROE data in practice 162
Summary 164
References . 164
9 Abnormal earnings valuation and EVA 166
9.1 Abnormal earnings model: valuation using book value
and earnings 168
9.2 Ohlson s variant of the model: links between PE, price book
value and ROE ratios 175
9.3 Accounting and valuation problems that the model does
not avoid 180
9.4 EVA a special case of the abnormal earnings valuation model 185
9.5 Empirical evidence on abnormal earnings valuation and EVA 188
Summary 189
References 190
Appendix 191
10 Cash flow models from shareholder value analysis
to CFROI 194
10.1 Discounted cash flow (DCF) model 195
10.2 Price cash flow (PCF) and enterprise value cash flow
(EVCF) ratios 200
10.3 Shareholder value analysis (SVA) 201
10.4 Cash recovery rates (CRR) and cash flow return on
investment (CFROI) 205
10.5 The real options approach to valuation 213
Summary 218
References 218
11 Summary and review 220
Index 225
vii
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| isbn | 027363979X |
| language | English |
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| physical | XI, 228 S. |
| publishDate | 2001 |
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| publisher | Financial Times |
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| series2 | Pearson education |
| spelling | Barker, Richard Verfasser aut Determining value valuation models and financial statements Richard Barker 1. publ. Harlow [u.a.] Financial Times 2001 XI, 228 S. txt rdacontent n rdamedia nc rdacarrier Pearson education Wertpapieranalyse / Bilanzanalyse Financial statements Valuation Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009429553&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Barker, Richard Determining value valuation models and financial statements Wertpapieranalyse / Bilanzanalyse Financial statements Valuation Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 |
| title | Determining value valuation models and financial statements |
| title_auth | Determining value valuation models and financial statements |
| title_exact_search | Determining value valuation models and financial statements |
| title_full | Determining value valuation models and financial statements Richard Barker |
| title_fullStr | Determining value valuation models and financial statements Richard Barker |
| title_full_unstemmed | Determining value valuation models and financial statements Richard Barker |
| title_short | Determining value |
| title_sort | determining value valuation models and financial statements |
| title_sub | valuation models and financial statements |
| topic | Wertpapieranalyse / Bilanzanalyse Financial statements Valuation Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Wertpapieranalyse / Bilanzanalyse Financial statements Valuation Unternehmensbewertung |
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