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Valuation Methods and Shareholder Value Creation
Pablo Fernandez (Author)
9780122538414, Elsevier Science
Hardback, published 11 September 2002
631 pages, Approx. 150 illustrations
22.9 x 15.1 x 3.4 cm, 1.01 kg
"This book is an impressive synthesis of sound theory and best practice, accessible to the novice and yet of such depth as to be compelling to the advanced practitioner. It is an important addition to the professional library of both the aspirant to senior executive positions, and to the finance specialist. Acquire it without hesitation." --Robert F. Bruner, Distinguished Professor of Business Administration and Executive Director of the Batten Institute, University of Virginia, Charlottesville "Pablo Fernandez's Valuation Methods and Shareholder Value Creation is an ambitious and comprehensive managerial treatment of valuation. Valuing projects and firms is critical to the work of executives, investors, bankers and others, and this book provides these decision-makers with a valuable road map through this difficult terrain." --Peter Tufano, Sylvan C. Coleman Professor of Financial Management and Chair, Finance Area, Harvard Business School
Valuation Methods and Shareholder Value Creation provides a comprehensive examination of valuation tools and guidance for analyzing and valuing a business. It covers the basics of valuation methods and shareholder value creation in addition to rigorous approaches to discounted cash flow valuation and real options for valuing a company. It highlights quantitative analyses of firm value; emphasizes qualitative management assessments; and integrates data from international companies. By examining eight different methods of discounted cash flow valuation and discussing the pros and cons of each method, the book offers thorough, accessible coverage of corporate valuation. The book provides well-structured guidance for practitioners and MBA students with a background in finance.
Basic Concepts
Company Valuation Methods
Price-Earnings Ratio, Profitability, Cost of Capital, and Growth
Splitting the Price-Earnings Ratio: Franchise, Growth, Interest, and Risk Factors
Market Value and Book Value
Dividends and Market Value
Interest Rates
Valuation Using Multiples
Cash Flow and Net Income
Inflation and Value
Cost of Equity
Valuations of Internet Companies
Proposed Measures of Value Creation, Economic Profit, MVA, CVA, CFROI, and TSR
EVA, Economic Profit, and Cash Value Added do not Measure Shareholder Value Creation
The RJR Nabisco Valuation
Valuation and Value Creation in Internet-Related Companies
Discounted Cash Flow Valuation Methods
Optimal Capital Structure
Financial Literature about Discounted Cash Flow Valuation
Application of the Different Theories to RJR Nabisco
Eight Methods and Seven Theories for Valuing Companies by Cash Flow Discounting
Real Options
Valuation of Brands and Intangibles
Appendix A: Capital Asset Pricing Model (CAPM).
Subject Areas: Corporate governance [KJR], Budgeting & financial management [KJMV1], Stocks & shares [KFFM2], Corporate finance [KFFH], Financial reporting, financial statements [KFCR], Economics [KC]
