Corporate valuation: a guide for managers and investors
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Mason, Ohio
South-Western/Cengage Learning
2009
|
| Edition: | [Nachdr.] |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIV, 301 S. graph. Darst. |
| ISBN: | 9780324274288 032429073X 0324274289 |
Staff View
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV035848356 | ||
| 003 | DE-604 | ||
| 005 | 20130313 | ||
| 007 | t | ||
| 008 | 091126s2009 xxud||| |||| 00||| eng d | ||
| 020 | |a 9780324274288 |9 978-0-324-27428-8 | ||
| 020 | |a 032429073X |c textonly |9 0-324-29073-X | ||
| 020 | |a 0324274289 |c pkg. |9 0-324-27428-9 | ||
| 020 | |a 9780324274288 |9 978-0-324-27428-8 | ||
| 035 | |a (OCoLC)635133023 | ||
| 035 | |a (DE-599)BVBBV035848356 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c US | ||
| 049 | |a DE-355 |a DE-739 | ||
| 050 | 0 | |a HG4028.V3 | |
| 084 | |a QP 770 |0 (DE-625)141937: |2 rvk | ||
| 100 | 1 | |a Daves, Phillip R. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Corporate valuation |b a guide for managers and investors |c Phillip R. Daves ; Michael C. Ehrhardt ; Ronald E. Shrieves |
| 250 | |a [Nachdr.] | ||
| 264 | 1 | |a Mason, Ohio |b South-Western/Cengage Learning |c 2009 | |
| 300 | |a XIV, 301 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Unternehmen | |
| 650 | 4 | |a Corporations |x Valuation | |
| 650 | 4 | |a Business enterprises |x Valuation | |
| 650 | 0 | 7 | |a Unternehmensbewertung |0 (DE-588)4078594-4 |2 gnd |9 rswk-swf |
| 655 | 7 | |0 (DE-588)4123623-3 |a Lehrbuch |2 gnd-content | |
| 689 | 0 | 0 | |a Unternehmensbewertung |0 (DE-588)4078594-4 |D s |
| 689 | 0 | |C b |5 DE-604 | |
| 700 | 1 | |a Ehrhardt, Michael C. |d 1955- |e Verfasser |0 (DE-588)130090387 |4 aut | |
| 700 | 1 | |a Shrieves, Ronald E. |e Verfasser |4 aut | |
| 856 | 4 | 2 | |m Digitalisierung UB Regensburg |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018706480&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-018706480 | ||
Record in the Search Index
| _version_ | 1804140820133052416 |
|---|---|
| adam_text | Contents
About the Author
χ
Preface
xii
PART
1
Basic Concepts of Corporate Valuation
1
Chapter
1
Why Corporate Valuation?
2
Introduction
2
Our Goals
3
Our Approach: One Step at a Time
4
Discounted Cash Flow Techniques
4
Accounting Skills
6
Technology Skills
6
Preview of What s Ahead
6
Summary
7
Chapter
2
A Complete Corporate Valuation for a Simple
Company
8
Introduction
8
The Basic Concepts of Valuation
9
Valuing a Very Simple Company
9
Investors
9
The Corporate Valuation Model
11
The Weighted Average Cost of Capital
11
Calculating Free Cash Flows
12
An Overview of Financial Statements
13
The Balance Sheet
13
The Income Statement
14
Calculating Free Cash Flows
15
Calculating NOPAT
15
Calculating Operating Capital
1
б
Free Cash Flow
17
Corporate Valuation
18
Corporate Performance: The Return on Invested Capital
20
Applications of the Corporate Valuation Model
22
Mergers and Acquisitions
22
Value-Based Management
23
Fundamental Investing
23
Summary
23
Spreadsheet Problems
24
Appendix
2
Comparing Bond and Stock Valuation Models with the
Corporate Valuation Model
26
Bond Pricing
26
The Discounted Dividend Model of Stock Pricing
27
The Uses of Free Cash Flow
28
PART
2
Intermediate Concepts of Corporate Valuation
29
Chapter
3
Financial Statements and Free Cash Flow
30
Introduction
30
What Is Cash Flow, Anyway?
31
When Do You Record It? A Cruel Rule
32
The Balance Sheet
33
The Income Statement
35
The Statement of Shareholder s Equity
37
The Statement of Cash Flows
37
ACME s Free Cash Flow
42
Defining Free Cash Flow
42
ACME s Operating Performance
45
Summary
46
Spreadsheet Problems
46
Appendix
3
Reconciling Free Cash Flow with the Statement of Cash
Flows
48
Chapter
4
Estimating the Value of ACME
51
Introduction
51
The Weighted Average Cost of Capital
51
Risk and Return
51
Estimating the Cost of Debt
52
Estimating the Cost of Common Stock
54
Estimating the Target Weights
55
Putting the Pieces Together: Calculating the WACC
55
Estimating the Future Expected Free Cash Flows
56
Alternative Valuation Approaches: The Method of Multiples
61
Summary
63
Spreadsheet Problems
63
Appendix
4
Security Valuation
65
The Whole versus the Sum of the Parts
65
Fundamentals of Security Valuation
65
PART
3
Projecting Financial Statements
77
Chapter
5
Projecting Free Cash Flows
78
Introduction
78
Requirements for Useful Financial Projections
78
Van Leer, Inc.
79
Projecting Financial Statements
81
Modefing
the Financial Statements
81
Choosing Inputs for the Model
84
Calculating Free Cash Flow
88
Summary
89
Spreadsheet Problems
89
Chapter
6
Projecting Consistent
Finandal
Statements: The Miracle
of Accounting
92
Introduction
92
Financial Policies and Projecting Financial Statements
92
Projecting
Long-Term
Debt and Dividends
93
Making Balance Sheets Balance: The Plug Approach
94
Projecting Interest Expense and Interest Income
95
Completing the Projections: Implementing the Financial
Policies
97
Projecting a Complete Income Statement
98
Projecting Complete Balance Sheets
98
Checking Your Projections for Plausibility
102
Summary
104
Spreadsheet Problems
105
Chapter
7
Multiyear Projections and Valuation
108
Introduction
108
One-Year versus Multiyear Projections
108
In the Short Run Anything Can Happen. In the Long Run.
. . 111
Considerations for the Long Run
112
Projecting Operating Profit
112
Projecting Operating Capital
114
Projecting Operating Taxes
118
Dividend and Debt Ratios
118
The Projected Statements
120
Balancing
120
Checking the Projections
120
Using Projections for Valuation
125
Summary
126
Spreadsheet Problems
127
Chapter
б
Technical Issues in Projecting
Finandal
Statements and
Forecasting Financing Needs
129
Introduction
129
When Projections Aren t a Percentage of Sales
130
Linear Model with Intercept
130
Nonlinear Models
132
Lumpy Assets
134
Financial Modeling: Art versus Science
137
Alternative Financing Policies
137
Alternative Dividend Policies
137
Alternative Common Stock Policies
142
Projecting Interest Expense Based on the Average Debt during the
Year
147
Algebraic Solution to Circularity
148
Spreadsheet Solution to Circularity
148
An Illustration Using Van Leer
149
Summary
149
Spreadsheet Problems
150
PART
4
Valuing Actual Companies with the Corporate
Valuation Spreadsheet
153
Chapter
9
The Starting Point for Corporate Valuation: Historical
Financial Statements
154
Introduction
154
An Overview of the Corporate Valuation Spreadsheet
154
Step
1 :
Get the Actual Historical Financial Statements of a
Company
156
Step
2:
Link the Actual Statements to the Comprehensive
Statements
156
Step
3:
Condensing the Comprehensive Statements
160
Step
4:
Analyzing the Current and Historical Financial Position
of the Company
162
Step
5:
Estimating the Weighted Average Cost of Capital
163
Step
6:
Choose the Inputs for Your Projections
163
Step
7:
Completing the Valuation
163
Getting Financial Statements from the Internet
164
1.
Thomson Financial and Thomson
ΟΝΕ
-Business
School
Edition
164
2.
Edgar
165
3.
EdgarScan
165
4.
Yahoo!
165
5.
Company Web Pages
165
Mapping Your Financial Statements from the Actual Worksheets
into the Comprehensive Worksheet
166
Income Statement
167
Balance Sheets
171
Required Special Items
177
Optional Special Items
178
Summary
180
Spreadsheet Problems
181
Appendix
9
Why We Condense the
Financiais
182
Chapter
10
The Condensed Financial Statements and Historical
Analysis
184
Introduction
184
The Condensed Statements
184
Additional Detail on Operating Performance
185
Additional Detail on Nonoperating Performance
188
Adjustments Due to
GAAP
190
Calculating Free Cash Flow
191
NOPAT Calculation
191
Free Cash Flow Calculations
193
Analyzing Home Depot s Past and Present Condition
195
Analysis of Ratios Required to Project Financial Statements
196
Analysis of
Traditional
Ratios as Compared to Competitors
199
Summary
204
Spreadsheet Problems
205
Appendix 10
Mapping the Comprehensive Statements to the
Condensed Statements: Advanced Issues in Measuring
Free Cash Flows
206
Introduction
206
Overview of Financial Statement Adjustments and Condensing
206
Income Statements
207
Balance Sheets: Current Assets
208
Balance Sheets:
Long-Term
Assets
209
Balance Sheets: Current Liabilities
209
Balance Sheets: Long-Term Liabilities and Equity
210
An Explanation of Complicated Accounting and the Impact on
FCF
210
Goodwill
211
Minority Interests
214
Investments and Advances
217
Operating Leases
217
Pension-Related Liabilities
219
LIFO
Reserves
220
Foreign Currency Translations
221
Employee Stock Options
222
Summary
222
Chapter
11
Estimating the Weighted Average Cost of Capital
223
Introduction
223
Estimating the Target Weights
223
Estimating the Values of the Financing Components
224
Estimating the Target Weight for Long-Term Debt
226
Estimating the Target Weight for Short-Term Debt
226
Estimating the Target Weight for Preferred Stock
227
Estimating the Target Weight for Common Equity
227
Estimating the Cost of Long-Term Debt
228
Estimating the Cost of Short-Term Debt
233
Estimating the Cost of Preferred Stock
233
Estimating the Cost of Common Stock
234
Putting the Pieces Together: Calculating the WACC
235
Complications and Advanced Issues
235
Convertible Securities
235
Privately Held Firms and Divisions
237
Summary
237
Spreadsheet Problems
238
Chapter
12
Projecting Cash Flows for an Actual Company
:
Home
Depot
240
Introduction
240
A Useful Perspective on Projections
240
The Mechanics of Projecting the Condensed Statements
241
Using Fade Rates to Input Forecasted Growth Rates
242
Using Fade Rates to Forecast Home Depot s Growth Rates
250
Choosing the Other Inputs Needed to Project Free Cash Flow
252
Choosing the Inputs to Project NOPAT
254
Choosing the Inputs to Project Operating Capital
256
Choosing the Inputs to Calculate Operating Taxes
257
Choosing Inputs to Complete the Projections
257
Specifying the Dividend and Capital Structure Policies
257
Specifying the Nonoperating Items
259
Specifying Interest Rates
259
Completing the Inputs
260
Using Quarterly Data to Improve Your Inputs
260
Reviewing Your Choices of Inputs
262
Avoiding an Error in Your First Year s Projections
263
Spotting Errors
264
Summary
264
Spreadsheet Problems
265
Appendix
12
Top-Down Analysis
266
The Macro Prospective: Global and National
266
The Industry-Level Perspective
266
The Firm-Level Point of View
268
Chapter
13
The Valuation of an Actual Company: Home Depot
269
Introduction
269
Horizon Value Methods
269
The Continuing Value Horizon Formula
269
The Book Value Horizon Formula
271
The Convergence Value Horizon Formula
272
The General Value Horizon Formula
273
The Horizon Value for Home Depot
273
The Value of Operations for Home Depot
274
The Half-Year Adjustment
275
Estimating the Value at Times Other than Fiscal Year-End
276
The Valuation of Home Depot
277
Projections of Other Financial Measures
281
Reverse Engineering/Scenario Analysis
284
Valuing a Company with a Changing Capital Structure
285
Summary
285
Spreadsheet Problems
286
Appendix
13
The Adjusted Present Value Method
288
Capital Structure and the Value of a Company
288
Too Much Debt and Bankruptcy Costs
289
Too Much Debt and Managerial Behavior
290
Valuation When Debt Is Moderate
291
The Unlevered Value of Operations
291
The Value of the Tax Shield
292
Index
295
|
| any_adam_object | 1 |
| author | Daves, Phillip R. Ehrhardt, Michael C. 1955- Shrieves, Ronald E. |
| author_GND | (DE-588)130090387 |
| author_facet | Daves, Phillip R. Ehrhardt, Michael C. 1955- Shrieves, Ronald E. |
| author_role | aut aut aut |
| author_sort | Daves, Phillip R. |
| author_variant | p r d pr prd m c e mc mce r e s re res |
| building | Verbundindex |
| bvnumber | BV035848356 |
| callnumber-first | H - Social Science |
| callnumber-label | HG4028 |
| callnumber-raw | HG4028.V3 |
| callnumber-search | HG4028.V3 |
| callnumber-sort | HG 44028 V3 |
| callnumber-subject | HG - Finance |
| classification_rvk | QP 770 |
| ctrlnum | (OCoLC)635133023 (DE-599)BVBBV035848356 |
| discipline | Wirtschaftswissenschaften |
| edition | [Nachdr.] |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01795nam a2200457zc 4500</leader><controlfield tag="001">BV035848356</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20130313 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">091126s2009 xxud||| |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780324274288</subfield><subfield code="9">978-0-324-27428-8</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">032429073X</subfield><subfield code="c">textonly</subfield><subfield code="9">0-324-29073-X</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">0324274289</subfield><subfield code="c">pkg.</subfield><subfield code="9">0-324-27428-9</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780324274288</subfield><subfield code="9">978-0-324-27428-8</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)635133023</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV035848356</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-355</subfield><subfield code="a">DE-739</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HG4028.V3</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QP 770</subfield><subfield code="0">(DE-625)141937:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Daves, Phillip R.</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Corporate valuation</subfield><subfield code="b">a guide for managers and investors</subfield><subfield code="c">Phillip R. Daves ; Michael C. Ehrhardt ; Ronald E. Shrieves</subfield></datafield><datafield tag="250" ind1=" " ind2=" "><subfield code="a">[Nachdr.]</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Mason, Ohio</subfield><subfield code="b">South-Western/Cengage Learning</subfield><subfield code="c">2009</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XIV, 301 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Unternehmen</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Corporations</subfield><subfield code="x">Valuation</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Business enterprises</subfield><subfield code="x">Valuation</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Unternehmensbewertung</subfield><subfield code="0">(DE-588)4078594-4</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4123623-3</subfield><subfield code="a">Lehrbuch</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Unternehmensbewertung</subfield><subfield code="0">(DE-588)4078594-4</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="C">b</subfield><subfield code="5">DE-604</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Ehrhardt, Michael C.</subfield><subfield code="d">1955-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)130090387</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Shrieves, Ronald E.</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">Digitalisierung UB Regensburg</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018706480&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-018706480</subfield></datafield></record></collection> |
| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV035848356 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:06:03Z |
| institution | BVB |
| isbn | 9780324274288 032429073X 0324274289 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-018706480 |
| oclc_num | 635133023 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-739 |
| owner_facet | DE-355 DE-BY-UBR DE-739 |
| physical | XIV, 301 S. graph. Darst. |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | South-Western/Cengage Learning |
| record_format | marc |
| spelling | Daves, Phillip R. Verfasser aut Corporate valuation a guide for managers and investors Phillip R. Daves ; Michael C. Ehrhardt ; Ronald E. Shrieves [Nachdr.] Mason, Ohio South-Western/Cengage Learning 2009 XIV, 301 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Unternehmen Corporations Valuation Business enterprises Valuation Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Unternehmensbewertung (DE-588)4078594-4 s b DE-604 Ehrhardt, Michael C. 1955- Verfasser (DE-588)130090387 aut Shrieves, Ronald E. Verfasser aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018706480&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Daves, Phillip R. Ehrhardt, Michael C. 1955- Shrieves, Ronald E. Corporate valuation a guide for managers and investors Unternehmen Corporations Valuation Business enterprises Valuation Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4123623-3 |
| title | Corporate valuation a guide for managers and investors |
| title_auth | Corporate valuation a guide for managers and investors |
| title_exact_search | Corporate valuation a guide for managers and investors |
| title_full | Corporate valuation a guide for managers and investors Phillip R. Daves ; Michael C. Ehrhardt ; Ronald E. Shrieves |
| title_fullStr | Corporate valuation a guide for managers and investors Phillip R. Daves ; Michael C. Ehrhardt ; Ronald E. Shrieves |
| title_full_unstemmed | Corporate valuation a guide for managers and investors Phillip R. Daves ; Michael C. Ehrhardt ; Ronald E. Shrieves |
| title_short | Corporate valuation |
| title_sort | corporate valuation a guide for managers and investors |
| title_sub | a guide for managers and investors |
| topic | Unternehmen Corporations Valuation Business enterprises Valuation Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Unternehmen Corporations Valuation Business enterprises Valuation Unternehmensbewertung Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018706480&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT davesphillipr corporatevaluationaguideformanagersandinvestors AT ehrhardtmichaelc corporatevaluationaguideformanagersandinvestors AT shrievesronalde corporatevaluationaguideformanagersandinvestors |