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• Cover
• Preface
• The CFA Program
• Acknowledgments
• About the CFA Institute Investment Series
• The Texts
• Chapter 1 Overview of Equity Securities
• Learning Outcomes
• 1. Introduction
• 2. Equity Securities in Global Financial Markets
• 3. Types and Characteristics of Equity Securities
• 4. Private versus Public Equity Securities
• 5. Investing in Non-Domestic Equity Securities
• 6. Risk and Return Characteristics of Equity Securities
• 7. Equity Securities and Company Value
• 8. Summary
• References
• Practice Problems
• Notes
• Chapter 2 Introduction to Industry and Company Analysis
• Learning Outcomes
• 1. Introduction
• 2. Uses of Industry Analysis
• 3. Approaches to Identifying Similar Companies
• 4. Industry Classification Systems
• 5. Describing and Analyzing an Industry
• 6. Company Analysis
• 7. Summary
• References
• Practice Problems
• Notes
• Chapter 3 Equity Valuation: Concepts and Basic Tools
• Learning Outcomes
• 1. Introduction
• 2. Estimated Value and Market Price
• 3. Major Categories of Equity Valuation Models
• 4. Present Value Models: The Dividend ­Discount Model
• 5. Multiplier Models
• 6. Asset-Based Valuation
• 7. Summary
• References
• Practice Problems
• Notes
• Chapter 4 Equity Valuation: Applications and Processes
• Learning Outcomes
• 1. Introduction
• 2. Value Definitions and Valuation Applications
• 3. The Valuation Process
• 4. Communicating Valuation Results
• 5. Summary
• References
• Practice Problems
• Notes
• Chapter 5 Return Concepts
• Learning Outcomes
• 1. Introduction
• 2. Return Concepts
• 3. The Equity Risk Premium
• 4. The Required Return on Equity
• 5. The Weighted Average Cost of Capital
• 6. Discount Rate Selection in Relation to Cash Flows
• 7. Summary
• References
• Practice Problems
• Notes
• Chapter 6 Industry and Company Analysis
• Learning Outcomes
• 1. Introduction
• 2. Financial Modeling: An Overview
• 3. The Impact of Competitive Factors on Prices and Costs
• 4. Inflation and Deflation
• 5. Technological Developments
• 6. Long-Term Forecasting
• 7. Building a Model
• 8. Summary
• References
• Practice Problems
• Notes
• Chapter 7 Discounted Dividend Valuation
• Learning Outcomes
• 1. Introduction
• 2. Present Value Models
• 3. The Dividend Discount Model
• 4. The Gordon Growth Model
• 5. Multistage Dividend Discount Models
• 6. The Financial Determinants of Growth Rates
• 7. Summary
• References
• Practice Problems
• Notes
• Chapter 8 Free Cash Flow Valuation
• Learning Outcomes
• 1. Introduction to Free Cash Flows
• 2. FCFF and FCFE Valuation Approaches
• 3. Forecasting Free Cash Flow
• 4. Free Cash Flow Model Variations
• 5. Nonoperating Assets and Firm Value
• 6. Summary
• References
• Practice Problems
• Notes
• Chapter 9 Market-Based Valuation: Price and Enterprise Value Multiples
• Learning Outcomes
• 1. Introduction
• 2. Price and Enterprise Value Multiples in Valuation
• 3. Price Multiples
• 4. Enterprise Value Multiples
• 5. International Considerations When Using ­Multiples
• 6. Momentum Valuation Indicators
• 7. Valuation Indicators: Issues in Practice
• 8. Summary
• References
• Practice Problems
• Notes
• Chapter 10 Residual Income Valuation
• Learning Outcomes
• 1. Introduction
• 2. Residual Income
• 3. The Residual Income Model
• 4. Residual Income Valuation in Relation to Other Approaches
• 5. Accounting and International Considerations
• 6. Summary
• References
• Practice Problems
• Notes
• Chapter 11 Private Company Valuation
• Learning Outcomes
• 1. Introduction
• 2. The Scope of Private Company Valuation
• 3. Definitions (Standards) of Value
• 4. Private Company Valuation Approaches
• 5. Summary
• References
• Practice Problems
• Notes
• Glossary
• About the Editors
• About the CFA Program
• Index
• End User License Agreement