Firm, Equity Asset, and Fixed Income Securities Valuation: Practical Examples and Case Studies for Accounting and Financial Analyst Students
Gespeichert in:
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cham
Springer
[2024]
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xxv, 484 Seiten Illustrationen |
| ISBN: | 9783031605291 |
Internformat
MARC
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| 264 | 1 | |a Cham |b Springer |c [2024] | |
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Datensatz im Suchindex
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Contents 1 Introduction to Valuation . 1 Introduction . 1 Learning Outcomes . 2 The Value of an Asset . 2 Bases of Value . 4 Valuation Approaches . 5 The General Approach to Valuation . 7 Firm Growth Stages . 7 Growth Phase. 8 Transition Phase . . 8 Mature Phase . The 11-Step Valuation Process for Case Study-Type Questions. 9 The Content and Structure of a Valuation Report . 12 Chapter Summary . 2 The Basics of Time Value of Money . Introduction .
Learning Outcomes . Time Value of Money. Situations Where the Investment Period Is More Than One Year . The Time Value of Money . Compound Interest. Future Values . Interest Rates . Interest Compounded More Than Once a Year. Present Values . Discounting with Compounding More Than Once a Year . Present Values When Compounding is Continuous . Number of Periods. Calculating the Interest Rates . Chapter Summary . End of Chapter Questions . 15 15 15 16 19 20 21 22 25 26 38 40 43 44 50 52 52
xii 3 Contents Solutions to End of Chapter Questions . Reference . 56 63 Valuation of Cash Flows, Annuities, and Perpetuities . 65 65 65 66 66 71 76 76 '80 82 83 87 90 97 102 105 108 114 115 120 127 Introduction . Learning Outcomes . Valuing Cash Flow Streams . The Present Value of a Series of Unequal Cash Flows . Future Values of a Series of Unequal Cash Flows . Series of Cash Flows with Changing Interest Rates . Present Values . Future Values With Changing Interest Rates . Annuities . The Present Value of a Constant Ordinary Annuity . The Future Value of a Constant Ordinary Annuity . Annuity Due. Loan Amortisation . Growing
Annuities. Deferred Annuity . Perpetuities . Chapter Summary . End of Chapter Questions . Solutions to End of Chapter Questions . Reference . 4 Sources and Cost of Long-TermCapital . Introduction . Learning Outcomes . Sources of Capital . Estimating the Rates of Return or Cost of Capital . The Cost of Bank Loans (Fixed and Floating Interest Rates) . The Debt Interest Tax Shield (ITS) . Fixed Income Securities: Bonds and Preference Shares . The Required Rate of Return of Fixed Income Securities . Irredeemable Securities or Securities Redeemable at Current Market Price
. Irredeemable Bonds. Irredeemable Bonds:Semi-Annual Coupon Interest . Irredeemable PreferenceShares . Securities Redeemable at Other Than Current Market Price . Redeemable Bonds: Par Value Redemption . Redeemable Preference Shares . Preference Share Dividend Paid Semi-annually . Securities Issued at a Discount . Alternatively: . Bond Yields . 129 129 130 130 132 133 135 136 138 139 139 141 142 144 145 148 150 151 155 155
Contents Coupon Rate or Nominal Yield . Current Yield . Promised Yield to Maturity (PYTM) . Promised Yield to Call (PYC). Realised Horizon Yield (RHY) . The Cost of Risky Debt . The Cost of Equity Capital . Estimating the Cost of Equity . Dividend Discount Models . Single Holding Period . Double Holding Period . Multiple-Holding Period . Infinite or Indefinite Holding Period Model. Constant Growth Model . Single-Period Holding . Double-Period Holding Constant Growth Model . Multiple Period Holding . Indefinite Period Holding Model . The Alternative Constant
Growth Model . Estimating the Dividend Growth Rate . Estimating Dividend Growth Rate from the Forecasted Earnings Growth. Estimating the Firm’s Sustainable Growth Rate . Capital Asset Pricing Models . The Security Market Line (SML) . Estimating Share Betas . Leveraged and Unleveraged Beta. Corporate Bond Yield Plus RiskPremium . Other Models Used to Estimate the Cost of Equity . Factor Models . The Fama and French Three-Factor Model . The Fama and French Five-Factor Model . The ZCAPM Asset Pricing Model . The Firm’s Cost of Capital . The Weighted Average Cost of Capital (WACC) . New Project . New Project . WACC: Market or Book Values?
. WACC: Assumptions . The Cost of Debt and Equity with Varying Degrees of Leverage . Modigliani and Miller (1963) . Case: Cost of Capital . Chrome Mine Project . ESA’s Capital Structure . xiii 155 156 157 158 159 160 162 162 163 163 164 165 167 168 168 169 170 172 173 173 174 175 177 177 181 183 186 186 186 187 188 188 189 189 191 192 192 192 195 197 202 202 202
xiv Contents New WACC Formula . Chapter Summary . End of Chapter Practice Questions . Question Case 1 . VR Headsets . The Private Jets Project . Other Information . Question Case 2 . New Projects :. The Financial Training Project . Other Information . Solutions to End of Chapter Questions . Case 1 . Case 2·,. References . 206 207 207 207 209 209 209 210 212 212 213 214 214 215 218 5 Valuation of Fixed Income Securities . Introduction
. Learning Outcomes . Fixed Income Securities . Fixed Income Securities’ Valuation Cash Flows and Discount Rates . Valuation of Irredeemable Securities . Valuation of Irredeemable Bonds . Semi-Annual Coupon-Paying Bonds . Valuation of Irredeemable Preference Shares . Valuation of Redeemable Bonds. Redeemable Preference Shares . Valuation of Zero Coupon Bonds . Chapter Summary . End of Chapter Practice Questions . Solutions to End of Chapter Questions . 219 219 219 220 220 221 221 223 224 225 230 233 234 234 237 6 Valuation of Equities. Introduction . Learning Outcomes . Valuation of Ordinary Shares/Common Stock
. The Discounted Cash Flow Models . The Dividend Discount Model . The Basic Dividend Valuation Model. Finite Holding Periods . One-Year Holding Period . One-Year Holding Period: Constant Growth in Dividends . Two-Year Holding Period . Three-Year Holding Period. Multiple Holding Periods . Infinite or Indefinite Holding Period . . 241 241 241 242 243 243 244 245 245 246 247 249 252 257
Contents 7 Valuation of Ordinary Shares Held for an Infinite Period. Valuation of Shares Paying Constant Growth Dividends . The Modified Constant Growth Dividend Discount Model . Uncertain Dividends . The Two-Stage Growth Model . The Three-Stage Growth Model. Chapter Summary . End of Chapter Practice Questions . Solutions to End of Chapter Questions . 257 258 262 266 267 274 278 278 281 Firm and Equity Valuation Using Free Cash Flow Models . 285 285 286 286 287 292 293 Introduction . Learning Outcomes . Equity and Firm Valuation Using Free Cash Flow Models . Estimation of Free Cash Flows (FCF) . Calculating FCFF and FCFE from the Firm’s Net Income (NI) . Calculating the Firm’s FCFE Directly from Its NI . FCFF and FCFE from the Firm’s Earnings Before Interest and Tax (EBIT) . . . . Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) . FCFF and FCFE from
Cash Flow from Operations (CFO) . Calculating FCFE Directly from CFO . Firm and Equity Valuation Using Free Cash Flows . The Free Cash Flow to Equity Valuation Model . The Constant Growth Rate FCFE Model . . Two-Stage FCFE Model . The E-Model or the Three-Stage FCFE Growth Model . Firm Valuation Using Free Cash Flows. The Constant Growth Rate FCFF Model . Two-Stage Growth FCFF Model . Three-Stage Growth Free Cash Flow Models . Chapter Summary . End of Chapter Practice Questions . Solutions to End of Chapter Questions . 8 XV Valuation Using Multiples . Introduction . Learning Outcomes . Valuation Using Multiples . Equity Valuation Using
Multiples . Price-to-Earnings Ratio . P/E Ratio and the Dividend Discount Model. Price-Earnings Ratio and the Firm’s Return on Equity . Two-Stage Growth Target Equity Multiples. Earnings Growth. 293 295 297 297 298 299 301 303 306 309 310 313 318 324 325 335 341 341 342 342 344 344 348 354 358 363
Contents xvi The Price-Earnings Growth Ratio . Equity Valuation Using the Firm’s PEG Ratio . The Price-to-Book (P/ВV) Value and Equity Valuation . The Price-to-Book Ratio and the Firm’s Return on Equity . Another Variant of the Price-to-Book Value Multiple . The Price-to-Sales (P/S) Ratio . Price-to-Cash-Flow Multiple (P/FCFE) . Equity Valuation Using the Inverse of the Multiples . Enterprise Valuation Using Multiples . Firm Value-to-Sales Multiple . Firm Value-to-FCFF Multiple . ·.·. Variants of the FCFF Multiple . Other Enterprise Valuation Multiples . Chapter Summary . End of Chapter Practice Questions . Solutions to End of Chapter Questions . References . 364 365 368 372 376 380 385 387 387 388 389 391 391 411 411 424 432 Valuation Using the Residual Income Valuation Model . Introduction . Learning Outcomes
. The Residual Income Valuation Model . Equity Valuation Using the Residual Income Valuation Model . Calculating Residual Income . Forecasting Residual Income . Single-Stage Growth and Zero-Growth Models . Residual Income and the Finn’s Return on Equity (ROE) . Residual Income and Total Equity . Firm Valuation Using the Residual Income Model . Calculating Residual Income . Single-Stage Growth Residual Income Model . The Abnormal Earnings Growth Valuation Model . Chapter Summary . Appendix . Extensions of the Residual Income Model . End of Chapter Questions . Solutions to End of Chapter Questions . References . 433 433 433 434 436 438 439 442 444 450 455 456 456 459 464
465 465 469 470 474 References. 477 Index . 481 9 |
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| discipline | Wirtschaftswissenschaften |
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| isbn | 9783031605291 |
| language | English |
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| spelling | Moyo, Vusani Verfasser aut Firm, Equity Asset, and Fixed Income Securities Valuation Practical Examples and Case Studies for Accounting and Financial Analyst Students Vusani Moyo Cham Springer [2024] xxv, 484 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Corporate Finance International Finance Business enterprises / Finance International finance Erscheint auch als Online-Ausgabe 978-3-031-60530-7 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=035266796&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Moyo, Vusani Firm, Equity Asset, and Fixed Income Securities Valuation Practical Examples and Case Studies for Accounting and Financial Analyst Students Corporate Finance International Finance Business enterprises / Finance International finance |
| title | Firm, Equity Asset, and Fixed Income Securities Valuation Practical Examples and Case Studies for Accounting and Financial Analyst Students |
| title_auth | Firm, Equity Asset, and Fixed Income Securities Valuation Practical Examples and Case Studies for Accounting and Financial Analyst Students |
| title_exact_search | Firm, Equity Asset, and Fixed Income Securities Valuation Practical Examples and Case Studies for Accounting and Financial Analyst Students |
| title_full | Firm, Equity Asset, and Fixed Income Securities Valuation Practical Examples and Case Studies for Accounting and Financial Analyst Students Vusani Moyo |
| title_fullStr | Firm, Equity Asset, and Fixed Income Securities Valuation Practical Examples and Case Studies for Accounting and Financial Analyst Students Vusani Moyo |
| title_full_unstemmed | Firm, Equity Asset, and Fixed Income Securities Valuation Practical Examples and Case Studies for Accounting and Financial Analyst Students Vusani Moyo |
| title_short | Firm, Equity Asset, and Fixed Income Securities Valuation |
| title_sort | firm equity asset and fixed income securities valuation practical examples and case studies for accounting and financial analyst students |
| title_sub | Practical Examples and Case Studies for Accounting and Financial Analyst Students |
| topic | Corporate Finance International Finance Business enterprises / Finance International finance |
| topic_facet | Corporate Finance International Finance Business enterprises / Finance International finance |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=035266796&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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