Recent trends in valuation: from strategy to value
Gespeichert in:
| Weitere Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Chichester
Wiley
2003
|
| Schlagworte: | |
| Online-Zugang: | Contributor biographical information Publisher description Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | XII, 156 S. graph. Darst. |
| ISBN: | 0470850299 |
Internformat
MARC
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| 245 | 1 | 0 | |a Recent trends in valuation |b from strategy to value |c ed. by Luc Keuleneer and Willem Verhoog |
| 264 | 1 | |a Chichester |b Wiley |c 2003 | |
| 300 | |a XII, 156 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Corporations |x Valuation | |
| 650 | 4 | |a Corporations |x Finance | |
| 650 | 4 | |a Strategic planning | |
| 650 | 4 | |a Value | |
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| 700 | 1 | |a Keuleneer, Luc |4 edt | |
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Datensatz im Suchindex
| _version_ | 1804145150745640960 |
|---|---|
| adam_text | Contents
Preface ix
About the editors xi
1 Introduction - strategic valuation: the relationship between 1
strategy, valuation techniques and options
Luc Keuleneer and Willem Verhoog
1. Relationship between value-based management and 2
valuation techniques
1.1. From strategy ... 2
1.2. ... to value 3
2. Option theory in the determination of value 4
3. Conclusion 6
2 Valuation of companies: discounted cash flow, adjusted 7
present value, decision-tree analysis and real options
Wouter De Maeseneire and Luc Keuleneer
1. Introduction 7
2. Discounted cash flow method 9
2.1. Description of the DCF method 9
2.2. Projected free operating cash flows 10
2.3. Essential for the WACC: the cost of equity 11
2.4. Importance of WACC in EVA 16
2.5. Enterprise DCF versus equity DCF 17
2.6. Where can specific valuation parameters be found? 18
vi Contents
2.7. Critique of the DCF method 19
3. Adjusted present value method 19
3.1. Description of the APV method 19
3.2. Critique of the APV method 21
3.3. Critique of DCF and APV 21
4. Decision-tree analysis (DTA) and real options (RO) 21
4.1. Observations 21
4.2. Wrong interpretations of the DCF method 22
(and APV method)
4.3. Real options and the analogy with financial options 23
4.4. When is the value of real options important? 24
4.5. What types of real options exist? 25
4.6. From decision-tree analysis (DTA) to real options 25
4.7. A few examples of real options 26
4.8. Equity as a call option on the firm s assets 31
4.9. Critique of the real option method 31
5. Summary and Conclusions 32
References 33
3. Valuation in practice 35
Tom Copeland
1. Introduction 35
2. Discounted cash flow valuation 36
2.1. Introduction 36
2.2. Empirical tests of discounted cash flow 38
2.3. Discounted cash flow valuation of AOL 43
2.4. Discounted cash flow valuation of Amazon.com 49
3. Expectations-based management 53
3.1. Company performance measurement 53
3.2. Expectations-based management: examples 56
3.3. Expectations and total shareholder return 63
3.4. Expectations-based management: an integrated 63
framework
4. Real options 64
4.1. Introduction 64
4.2. Coal lease valuation 69
4.3. Cancellable operating lease valuation 70
4.4. Consumer PC assembly business: exit decision 72
4.5. Plant construction: multiphase investment 75
Contents vii
4.6. Natural resources: exploration and development 75
4.7. Capital expenditures: a programme 78
4.8 Project analysis: a four-step process 80
Note by the editors 81
4. Value-based management: control processes to create value 87
through integration
Geert Scheipers, Anne Ameels, and Werner Bruggeman
1. Introduction 88
2. Value-based management 89
2.1. Value-based management in perspective 89
2.2. Defining value-based management (VBM) 89
2.3. Why value-based management? 92
2.4. The stakeholder approach versus the shareholder 93
approach
3. Value-based performance metrics 94
3.1. Introduction 94
3.2. Listed perspective 95
3.3. Not-listed perspective 97
4. Value-based management practices 103
4.1. Introduction 103
4.2. Value-based management in practice 103
4.3. Value-based management as a practice 105
5. Conclusion 140
References 145
Index 151
|
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| spelling | Recent trends in valuation from strategy to value ed. by Luc Keuleneer and Willem Verhoog Chichester Wiley 2003 XII, 156 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Corporations Valuation Corporations Finance Strategic planning Value Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Unternehmensbewertung (DE-588)4078594-4 s DE-188 Keuleneer, Luc edt http://www.loc.gov/catdir/bios/wiley045/2002191089.html Contributor biographical information http://www.loc.gov/catdir/description/wiley039/2002191089.html Publisher description http://www.loc.gov/catdir/toc/wiley031/2002191089.html Inhaltsverzeichnis HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022120984&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Recent trends in valuation from strategy to value Corporations Valuation Corporations Finance Strategic planning Value Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4143413-4 |
| title | Recent trends in valuation from strategy to value |
| title_auth | Recent trends in valuation from strategy to value |
| title_exact_search | Recent trends in valuation from strategy to value |
| title_full | Recent trends in valuation from strategy to value ed. by Luc Keuleneer and Willem Verhoog |
| title_fullStr | Recent trends in valuation from strategy to value ed. by Luc Keuleneer and Willem Verhoog |
| title_full_unstemmed | Recent trends in valuation from strategy to value ed. by Luc Keuleneer and Willem Verhoog |
| title_short | Recent trends in valuation |
| title_sort | recent trends in valuation from strategy to value |
| title_sub | from strategy to value |
| topic | Corporations Valuation Corporations Finance Strategic planning Value Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Corporations Valuation Corporations Finance Strategic planning Value Unternehmensbewertung Aufsatzsammlung |
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