Valuation: the market approach
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Chichester
Wiley
2014
|
| Schriftenreihe: | Wiley finance series
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | VII, 201 S. graph. Darst. |
| ISBN: | 9781118903926 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV042054451 | ||
| 003 | DE-604 | ||
| 005 | 20141006 | ||
| 007 | t | ||
| 008 | 140902s2014 d||| |||| 00||| eng d | ||
| 020 | |a 9781118903926 |c hardback |9 978-1-118-90392-6 | ||
| 035 | |a (OCoLC)891106769 | ||
| 035 | |a (DE-599)BVBBV042054451 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-355 | ||
| 100 | 1 | |a Bernström, Seth |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Valuation |b the market approach |c Seth Bernström |
| 264 | 1 | |a Chichester |b Wiley |c 2014 | |
| 300 | |a VII, 201 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Wiley finance series | |
| 500 | |a Includes bibliographical references and index | ||
| 650 | 0 | 7 | |a Unternehmensbewertung |0 (DE-588)4078594-4 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Kapitalmarkt |0 (DE-588)4029578-3 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Marktwert |0 (DE-588)4516039-9 |2 gnd |9 rswk-swf |
| 689 | 0 | 0 | |a Unternehmensbewertung |0 (DE-588)4078594-4 |D s |
| 689 | 0 | 1 | |a Marktwert |0 (DE-588)4516039-9 |D s |
| 689 | 0 | 2 | |a Kapitalmarkt |0 (DE-588)4029578-3 |D s |
| 689 | 0 | |C b |5 DE-604 | |
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| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |z 978-1-118-90389-6 |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |z 978-1-118-90390-2 |
| 856 | 4 | 2 | |m Digitalisierung UB Regensburg - ADAM Catalogue Enrichment |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027495474&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-027495474 | ||
Datensatz im Suchindex
| _version_ | 1804152489178562560 |
|---|---|
| adam_text | Contents
Acknowledgments
ix
Introduction
1
1
Corporate Valuation
5
1.1
The discounted cash flow approach
5
1.2
The market approach
6
1.3
The net asset approach
6
2
What Value?
9
2.1
Standard of values
9
2.2
Marketability and control
11
2.2.1
Marketability (liquidity)
И
2.2.2
Control
И
2.2.3
Adjusting for marketability and control
13
3
Exchange-traded Shares vs. Transactions
19
3.1
Exchange-traded shares
19
3.2
Transactions
20
4
How to Put the Peer Group Together
23
4.1
The selection process
23
4.1.1
Geography
23
4.1.2
Business model
23
4.2
How many
comparables?
26
4.3
Analyzing the history
26
vi
Contents______________________________________________________
5
Market
Value of Equity vs. Market Value of Operating/
Invested Capital
29
5.1
Market value of equity
29
5.2
Market value of operating/invested capital
29
6
The Value Multiples
39
6.1
EV multiples
40
6.2
Ρ
multiples
42
6.3
Other details to consider
47
7
The Value Drivers
49
7.1
Primary value drivers of the EV multiples
49
7.2
Primary value drivers of the
Ρ
multiples
50
7.3
Assumptions regarding value drivers
50
8
Applying the Market Approach in Practice
53
8.1
The case study
53
8.1.1
EV/Sales
56
8
Л
.2
EV/EBÍT
79
8.1.3
EV/BEV
87
8.1.4
Some closing remarks
90
8.2
Risk
96
8.2.1
The discounted cash flow approach (DCF)
97
8.2.2
Forecasted cash flows
105
8.2-3
Cost of capital (discount rate)
106
8.2.4
Cost of equity (Ke)
107
8.2.5
The capital asset pricing model (CAPM)
107
8.2.6
Adjusted CAPM
114
8.2.7
Cost of debt (Kj)
Π
8
8.2.8
Capital structure
119
8.2.9
Weighted average cost of capital
(
WACC
) 120
8.3
Summary of calculated values
130
8.3.1
EV multiples
130
8.3.2
Price multiples
—
short tuning
131
8.3.3
Concluding remarks
137
9
Using the Market Approach for Reconciliation
141
9.1
The discounted cash flow value of Engineering Corp
141
9.1.1
EV/Sales
146
9
Л
.2
EV/EBIT
158
9.1.3
EV/BEV
165
9.1.4
Some closing remarks
166
Contents
vii
10
Forward-looking Value Multiples
173
11
Summary and Concluding Remarks
181
12 Epilog 189
Appendix: Brief Derivation of the Respective Value Multiple s
Individual Value Drivers
191
Index
197
|
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| id | DE-604.BV042054451 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T01:11:31Z |
| institution | BVB |
| isbn | 9781118903926 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027495474 |
| oclc_num | 891106769 |
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| owner | DE-355 DE-BY-UBR |
| owner_facet | DE-355 DE-BY-UBR |
| physical | VII, 201 S. graph. Darst. |
| publishDate | 2014 |
| publishDateSearch | 2014 |
| publishDateSort | 2014 |
| publisher | Wiley |
| record_format | marc |
| series2 | Wiley finance series |
| spelling | Bernström, Seth Verfasser aut Valuation the market approach Seth Bernström Chichester Wiley 2014 VII, 201 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley finance series Includes bibliographical references and index Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Marktwert (DE-588)4516039-9 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s Marktwert (DE-588)4516039-9 s Kapitalmarkt (DE-588)4029578-3 s b DE-604 Erscheint auch als Online-Ausgabe 978-1-118-90388-9 Erscheint auch als Online-Ausgabe 978-1-118-90389-6 Erscheint auch als Online-Ausgabe 978-1-118-90390-2 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027495474&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bernström, Seth Valuation the market approach Unternehmensbewertung (DE-588)4078594-4 gnd Kapitalmarkt (DE-588)4029578-3 gnd Marktwert (DE-588)4516039-9 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4029578-3 (DE-588)4516039-9 |
| title | Valuation the market approach |
| title_auth | Valuation the market approach |
| title_exact_search | Valuation the market approach |
| title_full | Valuation the market approach Seth Bernström |
| title_fullStr | Valuation the market approach Seth Bernström |
| title_full_unstemmed | Valuation the market approach Seth Bernström |
| title_short | Valuation |
| title_sort | valuation the market approach |
| title_sub | the market approach |
| topic | Unternehmensbewertung (DE-588)4078594-4 gnd Kapitalmarkt (DE-588)4029578-3 gnd Marktwert (DE-588)4516039-9 gnd |
| topic_facet | Unternehmensbewertung Kapitalmarkt Marktwert |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027495474&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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