The dark side of valuation: valuing old tech, new tech, and new economy companies
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London [u.a.]
Financial Times Prentice Hall
2001
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVII, 479 S. graph. Darst. |
| ISBN: | 013040652X |
Internformat
MARC
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| 100 | 1 | |a Damodaran, Aswath |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The dark side of valuation |b valuing old tech, new tech, and new economy companies |c Aswath Damodaran |
| 264 | 1 | |a London [u.a.] |b Financial Times Prentice Hall |c 2001 | |
| 300 | |a XVII, 479 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
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| 650 | 4 | |a Mathematisches Modell | |
| 650 | 4 | |a Unternehmen | |
| 650 | 4 | |a Business enterprises |x Valuation |x Mathematical models | |
| 650 | 4 | |a Valuation | |
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
Preface xv
Acknowledgments xix
Chapter 1 the dark side df valuation i
Definition of a Technology Firm 2
The Shift to Technology 3
Old Tech to New Tech 6
Extension of the Valuation Metrics 7
The Implications for Valuation 9
New paradigms or Dld Principles:
A Life Cycle perspective 11
Illustrative Examples 16
Summary 17
Endnotes 17
Chapter 2 show me the money:
The Fundamentals df Discounted
Cash Flow Valuation 19
Discounted Gash Flow Value 2D
Valuing an Asset with Guaranteed Gash
Flows 2i
vii
Introducing Uncertainty into valuation 22
Valuing an Asset with Default Risk 23
Valuing an Asset with Equity Risk 26
Valuing an Asset with Equity Risk and Finite Life 28
Valuing an Asset with an Infinite Life 29
Equity and Firm Valuation 29
Dividends and Equity Valuation 32
A Broader Measure of Cash Flows to Equity 37
From Valuing Equity to Valuing the Firm 40
Valuing Technology Stocks 43
Estimated Cash Flow to the Firm 44
Expected Growth 45
Discount Rate 46
Asset Life 47
Bringing It All Together 48
Summary 5D
Endndtes 5D
Chapter 3 the price df risk: estimating
Discount Rates 53
Cost of Equity 54
Risk and Return Models 54
Estimation Issues 58
From Cost of Equity to Cost of Capital 87
Calculating the Cost of Debt 88
Calculating the Cost of Hybrid Securities 92
Calculating the Weights of Debt and Equity Components 94
Estimating the Cost of Capital 99
Summary 1OO
Endnotes 1O1
Chapter4 cash is king: estimating
Cash Fldws 1D5
Defining the Gash Fldw to the Firm 1D6
Operating Earnings (EBIT) IDS
Updated Earnings 107
Adjustments to Operating Earnings 109
The Tax Effect 125
Effective versus Marginal Tax Rate 125
The Effect of Net Operating Losses 127
The Tax Benefits of R D Expensing 129
Reinvestment Needs 13D
Net Capital Expenditures 130
Noncash Working Capital Investments 133
Summary 13V
Endndtes 13B
Chapter 5 lddking forward:
Estimating Grdwth 141
The Importance of Growth 142
Growth Assets and Assets in Place 143
Growth Assets at Technology Firms 143
Historical Growth 145
Estimating Historical Growth 145
The Usefulness of Historical Growth 149
Historical Growth at Technology Firms 153
Analyst Estimates of Growth 155
Number of Analysts Following Technology Firms 155
The Quality of Earnings Forecasts 156
The Fundamental determinants of
Growth 159
Scenario: Stable Return on Capital 159
Scenario: Positive and Changing Return on Capital 165
Scenario: Negative Return on Capital 167
The Qualitative aspects of Growth 17B
The Question of Detail 18D
Summary 1B1
Endnotes 1B1
Chapter 6 estimating firm value ib3
Cldsure in Valuation 1B4
Multiple Approach 184
Liquidation Value 185
Stable Growth Model 186
Valuing Operating Assets 197
the Survival Issue 2DB
Life Cycle and Firm Survival 208
Likelihood of Failure and Valuation 209
Cash and Ndndperating Assets 2 ID
Cash and Marketable Securities 211
Holdings in Other Firms 213
Other Nonoperating Assets 216
Firm Value and Equity Value 219
Summary 221
Endnotes 221
Chapter7 management options,
Cdntrdl, and Liquidity 225
Management and Employee Options 226
The Magnitude of the Option Overhang 226
Options in Existence 229
Future Option Grants 239
Value df Cdntrdl 243
Voting Shares versus Nonvoting Shares 243
Valuing Control 244
Control in Private Businesses 245
Value of Liquidity 245
Determinants of Illiquidity Discount 245
Quantifying the Liquidity Discount 246
Liquidity Discounts at Publicly Traded Firms 247
Summary 24B
Endnotes 249
Chapter 8 relative valuation 251
Use df Relative Valuation 252
Reasons for Popularity 252
Potential Pitfalls 253
Standardized Values and Multiples 253
Earnings Multiples 253
Book Value or Replacement Value Multiples 254
Revenue Multiples 254
Sector Specific Multiples 255
The Four Basic Steps
to Using Multiples 256
Definitional Tests 256
Descriptional Tests 259
Analytical Tests 262
Application Tests 265
Reconciling Relative and Discounted Cash
Flow Valuations 271
Summary 272
Endnotes 273
Chapter 9 earnings multiples 275
Price Earnings Ratio (PE) 275
Definitions of PE Ratio 276
Cross Sectionol Distribution of PE Ratios 277
Determinants of the PE Ratio 282
Using the PE Ratio for Comparisons 289
The PEG Ratid 297
Definition of the PEG Ratio 297
Cross Sectional Distribution of the PEG Ratio 299
Determinants of the PEG Ratio 303
Using the PEG Ratio for Comparisons 307
Dther Earnings Multiples 313
Price to Future Earnings 313
Price to Earnings Before R D Expenses 315
Enterprise Value to EBITDA 316
Summary 317
Endndtes 3 IS
Chapter 10 dther multiples 3ig
Revenue Multiples 32D
Definition of Revenue Multiple 320
Cross Sectional Distribution 321
Analysis of Revenue Multiples 324
Using Revenue Multiples in Analysis 333
Multiples of Future Revenues 343
Sector Specific Multiples 344
Definitions of Sector Specific Multiples 345
Determinants of Value 346
Analysis with Sector Specific Multiples 350
Summary 351
Endndtes 352
Chapter 11 real dptions in valuation 353
Basics df Option Pricing 354
Call Options: Description and Payoff Diagrams 354
Put Options: Description and Payoff Diagrams 356
Determinants of Option Value 357
American versus European Options: Variables Relating to Early
Exercise 359
Option Pricing Models 359
A Few Caveats on Applying Option Pricing Models 372
Barrier, Compound, and Rainbow Options 373
The Option to Delay 376
The Payoff Diagram on the Option to Delay 376
Valuing the Option to Delay 378
Practical Considerations 382
Implications for Project Analysis and Valuation 383
Valuing a Patent 384
From Patent Value to Firm Value 387
The Option to Expand 391
Practical Considerations 393
Implications for Valuation 394
When Are Real Options Valuable? Some Key
Tests 397
Quantitative Estimation 397
Key Tests 397
Summary 4 DD
Endnotes 4D1
Chapter 12 value enhancement 403
Value Creation: A Discounted Cash Flow
(DCF) Perspective 4D4
Value Creating and Value Neutral Actions 404
Ways of Increasing Value 406
1
The Value Enhancement Chain 432
Alternatives to the Traditional Valuation
Model 434
Economic Value Added 435
Cash Flow Return on Investment 442
Summary 44 9
Endnotes 451
Chapter 13 a postscript 453
Fundamentals Don t Change 454
Cash Flow, Growth, and Risk 454
Lessons for Investors 455
Lessons for Managers 455
Grow, Grow, Grow... 456
Growth and Value 456
Lessons for Investors 457
Lessons for Managers 458
The Expectations Game 459
Expectations, Information, and Value 459
Lessons for Investors 460
Lessons for Managers 461
Live with Noise 462
Noise in the Valuation of Technology firms 462
Implications for Investors 463
Implications for Managers 464
Summary 465
Endnotes 465
references 467
Index 473
|
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| id | DE-604.BV013870283 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:53:29Z |
| institution | BVB |
| isbn | 013040652X |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009487535 |
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| physical | XVII, 479 S. graph. Darst. |
| publishDate | 2001 |
| publishDateSearch | 2001 |
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| publisher | Financial Times Prentice Hall |
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| spelling | Damodaran, Aswath Verfasser aut The dark side of valuation valuing old tech, new tech, and new economy companies Aswath Damodaran London [u.a.] Financial Times Prentice Hall 2001 XVII, 479 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Mathematisches Modell Unternehmen Business enterprises Valuation Mathematical models Valuation Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Cashflow (DE-588)4136230-5 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s Cashflow (DE-588)4136230-5 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009487535&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Damodaran, Aswath The dark side of valuation valuing old tech, new tech, and new economy companies Mathematisches Modell Unternehmen Business enterprises Valuation Mathematical models Valuation Unternehmensbewertung (DE-588)4078594-4 gnd Cashflow (DE-588)4136230-5 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4136230-5 |
| title | The dark side of valuation valuing old tech, new tech, and new economy companies |
| title_auth | The dark side of valuation valuing old tech, new tech, and new economy companies |
| title_exact_search | The dark side of valuation valuing old tech, new tech, and new economy companies |
| title_full | The dark side of valuation valuing old tech, new tech, and new economy companies Aswath Damodaran |
| title_fullStr | The dark side of valuation valuing old tech, new tech, and new economy companies Aswath Damodaran |
| title_full_unstemmed | The dark side of valuation valuing old tech, new tech, and new economy companies Aswath Damodaran |
| title_short | The dark side of valuation |
| title_sort | the dark side of valuation valuing old tech new tech and new economy companies |
| title_sub | valuing old tech, new tech, and new economy companies |
| topic | Mathematisches Modell Unternehmen Business enterprises Valuation Mathematical models Valuation Unternehmensbewertung (DE-588)4078594-4 gnd Cashflow (DE-588)4136230-5 gnd |
| topic_facet | Mathematisches Modell Unternehmen Business enterprises Valuation Mathematical models Valuation Unternehmensbewertung Cashflow |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009487535&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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