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• Cover
• Table of Contents
• Title Page
• Copyright
• Dedication
• Preface to the Fourth Edition
• Chapter 1 Introduction to Valuation
• A Philosophical Basis for Valuation
• Pricing Versus Valuation
• The Bermuda Triangle of Valuation
• Market Efficiency
• The Role of Valuation
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 2 Approaches to Valuation
• Intrinsic Valuation
• Pricing or Relative Valuation
• Contingent Claim Valuation
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 3 Understanding Financial Statements
• The Basic Accounting Statements
• Asset Measurement and Valuation
• Measuring Financing Mix
• Measuring Earnings and Profitability
• Measuring Risk
• Other Issues in Analyzing Financial Statements
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 4 The Basics of Risk
• What Is Risk?
• Equity Risk and Expected Return
• Alternative Models for Equity Risk
• A Comparative Analysis of Equity Risk Models
• Models of Default Risk
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 5 Option Pricing Theory and Models
• Basics of Option Pricing
• Option Pricing Models
• Extensions of Option Pricing
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 6 Market Efficiency—Definition, Tests, and Evidence
• Market Efficiency and Investment Valuation
• What Is an Efficient Market?
• Testing Market Efficiency
• Cardinal Sins in Testing Market Efficiency
• Some Lesser Sins That Can Be a Problem
• Evidence on Market Efficiency
• Time Series Properties of Price Changes
• Market Reaction to Information Events
• Market Anomalies
• Evidence on Insiders and Investment Professionals
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 7 Riskless Rates and Risk Premiums
• The Risk-Free Rate
• Equity Risk Premium
• Default Spreads on Bonds
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 8 Estimating Risk Parameters and Costs of Financing
• The Cost of Equity and Capital
• Cost of Equity
• From Cost of Equity to Cost of Capital
• Best Practices at Firms
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 9 Measuring Earnings
• The Lead-in: From Accounting Data to Financial Information
• Adjusting Earnings
• Measuring Earnings Power: Clean Up and Time Differences
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 10 From Earnings To Cash Flows
• The Tax Effect
• Reinvestment Needs
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 11 Estimating Growth
• The Importance of Growth
• Historical Growth
• Outsourcing Growth
• Fundamental Determinants of Growth
• Top-Down Growth: From Revenue Growth to Free Cash Flows
• Qualitative Aspects of Growth
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 12 Closure in Valuation: Estimating Terminal Value
• Closure in Valuation
• The Survival Issue
• Closing Thoughts on Terminal Value
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 13 Narrative and Numbers – Story to Value
• Valuation as a Bridge
• The Importance of Storytelling
• The Dangers in Storytelling
• From Story to Numbers: The Process
• Narrative and Numbers Across the Life Cycle
• Story Resets, Changes, and Breaks
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 14 Equity Intrinsic Value Models
• Equity Valuation
• The Dividend Discount Model
• The Augmented Dividend Discount Model
• Potential Dividend or FCFE Models
• FCFE Valuation Versus Dividend Discount Model Valuation
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 15 Firm Valuation: Cost of Capital and Adjusted Present Value Approaches
• Free Cash Flow to the Firm
• Firm Valuation: The Cost of Capital Approach
• Firm Valuation: The Adjusted Present Value Approach
• Firm Valuation: Sum of the Parts
• Effect of Leverage on Firm Value
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 16 Estimating Equity Value per Share
• Value of Nonoperating Assets
• Firm Value and Equity Value
• Stock-Based Compensation
• Value per Share When Voting Rights Vary
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 17 Fundamental Principles of Relative Valuation
• Use of Relative Valuation
• Standardized Values and Multiples
• Four Basic Steps to Using Multiples
• Reconciling Relative and Discounted Cash Flow Valuations
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 18 Earnings Multiples
• Price-Earnings Ratio
• The PEG Ratio
• Other Variants on the PE Ratio
• Enterprise Value to EBITDA Multiple
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 19 Book Value Multiples
• Price-to-Book Equity
• Value-to-Book Ratios
• Tobin’S Q: Market Value/Replacement Cost
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 20 Revenue Multiples and Sector-Specific Multiples
• Revenue Multiples
• Sector-Specific Multiples
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 21 Valuing Financial Service Firms
• Categories of Financial Service Firms
• What Is Unique About Financial Service Firms?
• General Framework for Valuation
• Discounted Cash Flow Valuation
• Relative Valuation
• The Crisis Effect
• Nonbank Financial Service Firms
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 22 Valuing Money-Losing Firms
• Negative Earnings: Consequences and Causes
• Valuing Money-Losing Firms
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 23 Valuing Young or Start-Up Firms
• Information Constraints
• General Framework for Analysis
• Value Drivers
• Estimation Noise
• The Expectations Game
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 24 Valuing Private Firms
• What Makes Private Firms Different?
• Estimating Valuation Inputs at Private Firms
• Valuation Motives and Value Estimates
• Valuing Venture Capital and Private Equity Stakes
• Pricing Private Businesses
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 25 Acquisitions and Takeovers
• Background on Acquisitions
• Steps in an Acquisition
• Takeover Valuation: Biases and Common Errors
• Structuring the Acquisition
• Improving the Odds
• Analyzing Management and Leveraged Buyouts
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 26 Valuing Real Estate
• Real Versus Financial Assets
• Real Estate: The Underfollowed Investment Class
• Intrinsic Valuation of Real Estate
• Comparable/Relative Valuation
• Valuing Real Estate Businesses
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 27 Valuing Other Assets
• Investment classification
• Cash-Flow–Producing Assets
• Collectibles
• Trophy Assets
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 28 The Option to Delay and Valuation Implications
• Real Options: Promise and Pitfalls
• The Option to Delay a Project
• Valuing a Patent
• Natural Resource Options
• Other Applications
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 29 The Options to Expand and to Abandon: Valuation Implications
• The Option to Expand
• When Are Expansion Options Valuable?
• Valuing a Firm with the Option to Expand
• Valuing the Optionality in Users and Data
• Value of Financial Flexibility
• The Option to Abandon
• Reconciling Net Present Value and Real Option Valuations
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 30 Valuing Equity in Distressed Firms
• Equity in Highly Levered Distressed Firms
• Optionality in Valuation: A Corporate Life Cycle Perspective
• Implications of Viewing Equity as an Option
• Estimating the Value of Equity as an Option
• Distressed Equity as an Option: Consequences for Decision-Making
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 31 Value Enhancement: A Discounted Cash Flow Valuation Framework
• Value-Creating and Value-Neutral Actions
• Ways of Increasing Value
• Value Enhancement Chain
• Closing Thoughts on Value Enhancement
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 32 Value Enhancement: Economic Value Added, Cash Flow Return on Investment, and Other Tools
• Economic Value Added
• Cash Flow Return on Investment
• A Postscript on Value Enhancement
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 33 Probabilistic Approaches in Valuation: Scenario Analysis, Decision Trees, and Simulations
• Scenario Analysis
• Decision Trees
• Simulations
• An Overall Assessment of Probabilistic Risk-Assessment Approaches
• Conclusion
• Questions and Short Problems
• Notes
• Chapter 34 Overview and Conclusion
• Choices in Valuation Models
• Which Approach Should You Use?
• Choosing the Right Intrinsic Valuation Model
• Choosing the Right Pricing Model
• When Should You Use the Option Pricing Models?
• Conclusion
• References
• Index
• End User License Agreement