Strategic valuation of companies:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London [u.a.]
Financial Times Prentice Hall
2001
|
| Ausgabe: | 2. ed. |
| Schriftenreihe: | Financial times executive briefings
|
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVI, 232 S. graph. Darst. |
| ISBN: | 0273653318 |
Internformat
MARC
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Datensatz im Suchindex
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|---|---|
| adam_text | J— Contents
Executive summary xi
List of abbreviations xv
Q Introduction 1
1.1 Coverage and purposes of valuation 3
1.2 Parties potentially interested in valuation 4
1.3 The opportunity cost principle 6
1.4 An overview of the principal valuation models 7
1.5 Additional factors in takeover valuation 10
1.6 Valuing flexibility 11
1.7 Valuing technology companies 12
1.8 Summary 12
Q Review of traditional valuation models and their
contemporary operationalisation 13
2.1 Introduction 15
2.2 Limitations of accounting data 16
2.3 Earnings multiple-based approaches to valuation 21
2.4 Asset-based valuations 29
2.5 Summary 35
Q Fundamental DCF models 37
3.1 Introduction 39
3.2 DCF with constant growth into perpetuity 45
3.3 Inflation and valuation 46
3.4 Estimating the future inflation rate 49
3.5 International inflation rates 52
3.6 Dividend growth and free cash flow models 52
3.7 The free cash flow model 55
3.8 Price-earnings models and their relationship with FCF
and dividend discount models 58
3.9 The basic link between accounting profits, book values
and DCF value 61
I Contents
3.10 The FCF model and lumpy investment flows 63
Appendix 3.1 Derivation of the constant growth formula 64
Appendix 3.2 Proof of the equivalence of dividend
discount, FCF and PE models under constant
growth assumptions 65
Q The cost of capital in DCF models 67
4.1 Introduction 69
4.2 The historical perspective 71
4.3 Forward projection or expected returns 73
4.4 A single-index risk pricing model: the CAPM 74
4.5 Applying the CAPM 77
4.6 Alternatives to the CAPM 83
4.7 The effect of changing gearing levels on the equity
cost of capital 88
4.8 Cost of other classes of capital 92
4.9 Weighted average cost of capital 106
4.10 Case example of WACC estimation 107
4.11 Hurdle rates and cost of capital 110
4.12 Summary 111
Appendix 4.1 Excel spreadsheet formulae for the
Black-Scholes option pricing model 112
Q Forecasting free cash flows and calculating
horizon values 115
5.1 Relationships between variables 117
5.2 General principles of forecasting 120
5.3 Forecasting free cash flows: the forecast period
and horizon values 127
5.4 The explicit forecast period 127
5.5 Transition period forecasts 129
5.6 The calculation of the horizon (or terminal) value 129
5.7 An explanation of the relationship between
accounting profit and present values 133
5.8 Practical examples of the link between accounting
earnings and present values 136
5.9 FCF for technology and Internet stocks 143
5.10 Taxation and horizon values 144
Contents |
5.11 Valuing the SBU 145
5.12 Valuing the business 145
Q Contemporary methods for operationalising
the FCF method 147
6.1 Introduction 149
6.2 Residual income or economic profit models and
CFR explained 150
6.3 The application of EP and CFR models in practice 163
6.4 Summary and conclusions 173
Q Additional factors in valuation for takeovers
and mergers 175
7.1 Introduction 177
7.2 The value of merger benefits 177
7.3 Special considerations relating to the valuation of
overseas operations 185
7.4 The empirical evidence on mergers 188
O Value added through flexibility 191
8.1 Introduction 193
8.2 Basic types of option in company valuation 194
8.3 Valuing real options 195
Appendices 207
A Glynwed pic - restated accounts, year ended
31 December 1999 209
B Discount tables 213
C Annuity tables 215
Notes 217
References 225
|
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| id | DE-604.BV025275372 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:30:12Z |
| institution | BVB |
| isbn | 0273653318 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-019910143 |
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| physical | XVI, 232 S. graph. Darst. |
| publishDate | 2001 |
| publishDateSearch | 2001 |
| publishDateSort | 2001 |
| publisher | Financial Times Prentice Hall |
| record_format | marc |
| series2 | Financial times executive briefings |
| spelling | Gregory, Alan Verfasser aut Strategic valuation of companies Alan Gregory 2. ed. London [u.a.] Financial Times Prentice Hall 2001 XVI, 232 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Financial times executive briefings HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019910143&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Gregory, Alan Strategic valuation of companies |
| title | Strategic valuation of companies |
| title_auth | Strategic valuation of companies |
| title_exact_search | Strategic valuation of companies |
| title_full | Strategic valuation of companies Alan Gregory |
| title_fullStr | Strategic valuation of companies Alan Gregory |
| title_full_unstemmed | Strategic valuation of companies Alan Gregory |
| title_short | Strategic valuation of companies |
| title_sort | strategic valuation of companies |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019910143&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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