Aswath Damodaran. INVESTMENT VALUATION: SECOND EDITION. Chapter 1: Introduction to Valuation. 3. Chapter 2: Approaches to Valuation. Chapter 3. Equity Valuation: Models from Leading Investment Banks Aswath Damodaran INVESTMENT VALUATION Real Estate Market Valuation and maroc-evasion.info Library of Congress Cataloging-in-Publication Data: Damodaran, Aswath. Investment valuation: tools and techniques for determining the value of any asset .
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Chapter Outlines and overheads: These are saved as pdf files, and you need Web Casts: These are webcasts of the lectures from the valuation class that I. Aswath. Damodaran. 1. An Introduction to Valuation. Aswath Damodaran There have always been investors in financial markets who have argued that market. Aswath Damodaran. 1. Valuation: What is it: In discounted cash flow valuation, the value of an asset is and taxes, is called the cash flow to equity investors.
Other This web page is designed to support "Investment Valuation", the third edition. The publisher is John Wiley and Sons. You can navigate the site by either going to individual chapters and getting supporting material by chapter, or by going to the supporting material directly. The supporting material includes: Chapter Outlines and overheads: These are saved as pdf files, and you need Adobe Acrobat to read them. You can download Adobe Acrobat by going to the Adobe site.
To go to overheads, click here.
Derivations and Discussion: These represent interesting questions that often come up in the context of the specified topic, with discussions and analyses. Aswath Damodaran. First published: Print ISBN: All rights reserved. About this book "Aswath Damodaran is simply the best valuation teacher around.
If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf.
You can bet that I do. Finding Financial Wisdom in Unconventional Places In order to be a successful CEO, corporate strategist, or analyst, understanding the valuation process is a necessity.
Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including New York University's Distinguished Teaching Award. He has also been named one of the nation's top business school teachers by BusinessWeek. Damodaran conducts training courses in corporate finance and valuation at many leading investment banks.
January 1, Illustration The Value of Growth: Valuing with the H model: Vodafone Illustration Valuing with the Three-stage DDM model: Coca Cola. This spreadsheet allows you to value a stable growth firm, with stable firm characteristics beta and retun on equity and dividends that roughly match cash flows. This spreadsheet allows you to value a firm with a temporary period of high earnings followed by stable growth. This spreadsheet allows you to use the H model to value a stock.
This spreadsheet allows you to value a firm with a period of high growth followed by a transition period where growth declines to a stable growth rate.
Volkswagen Illustration Nestle Illustration Tsingtao Breweries China Illustration Telesp Illustration Valuing Target: Dealing with Operating Leases compare to no lease adjustment value Illustration Valuing Amgen: Valuing Gerdau Steel: Dealing with Country Risk Illustration Valuing a firm with the APV approach: Crew Illustration This spreadsheet allows you to estimate the value of a firm using the FCFF approach.
This spreadsheet allows you to compute the optimal debt ratio firm value for any firm, using the same information used for Boeing. It has updated interest coverage ratios and default spreads built in apv. This spreadsheet allows you to compute the value of a firm, with leverage, using the adjusted present value approach. Comparing PE ratios and growth rates across firms: Beverage Companies Illustration Revisiting the Beverage Sector: Sector Regression.
Estimating the PE ratio for a high growth firm in the two-stage model Illustration Estimating a Fundamental PE ratio Illustration PE Ratios across time Illustration PE Ratios in markets with different fundamentals Illustration Comparing PE ratios across markets Illustration An Example with Emerging Markets Illustration Comparing PE ratios for Global telecomm firms Illustration Valuing Procter and Gamble using the market regression Illustration Estimating the PEG ratio for a firm Illustration Comparing Relative PE ratios for automobile stocks Illustration Steel companies.
Estimating the PBV ratio for a stable firm Illustration Estimating the price-book value ratio for a 'privatization' candidate - Jenapharm Germany Illustration Estimating the PBV ratio for a high growth firm in the two-stage model Illustration Comparing Price to Book Value Ratios: Integrated Oil companies Illustration Valuing a firm using the cross-sectional regression Illustration Estimating the PS ratio for a high growth firm in the two-stage model Illustration Estimating the price to sales ratio for Whole Foods Illustration Estimating the effect of lower margins of price-sales ratios Illustration Choosing between a high-margin and a low-margin strategy.
Examining the effects of moving to a lower-margin, higher volume strategy: Whole Foods Illustration Valuing a brand name using value-sales ratio Illustration Valuing a brand name: The Coca Cola Example Illustration Revenue Multiples and Margins: Specialty Retailers Illustration Internet Retailers Illustration Price to Sales ratio in a sector across time Illustration Valuing firms using Market Regression Illustration Estimating the Value per Subscriber: Internet Portal Illustration Comparing Value per Member: Social Media companies.
Comparing PE ratios: Insurance Companies Illustration Earnings Multiples for Business: JPM Chase Illustration Price to Book Value Ratios: European Banks. Normalizing Earnings for a Firm after a Poor Year: Daimler Benz in Illustration Dana Corp in Illustration Normalizing Earnings for a Cyclical Firm in a Recession: Historical Margin Illustration Valuing a Cyclical Company: Toyota Illustration Valuing a Commodity Company: Exxon Mobil Illustration Adjust debt ratio over time: Hyundai Illustration There is a dataset on the web that summarizes book and market value debt ratios by industry group in the United States for the most recent year.
This spreadsheet allows you to normalize the earnings for a firm, using a variety of approaches distress.
Estimates the probability that a firm will cease existence as a going concern - i. Estimating Revenue Growth: Tesla Illustration Estimating Reinvestment Needs: Estimating Risk Parameters and Costs of Capital: Estimating Firm Value: Valuing Equity per Share: Value Drivers for Tesla. Values a high growth firm, based on revenue growth and target margins. Estimating a Fundamental Beta: InfoSoft Illustration Adjusting bottom-up beta for non-diversification Illustration Estimating Cost of Debt: Chez Pierre and Infosoft Illustration Estimating Cost of Capital: Estimating Operating Income: Estimating Growth: Closure in Valuation and Terminal Values: Valuing Chez Pierre for sale Illustration Valuing Infosoft Illustration Valuing a Private Equity Stake.
This spreadsheet allows you to estimate the illiquidity discount on a private firm. The Value of Control at Digital Illustration Valuing Synergy: Compaq and Digital Illustration Tax Benefits of writing up Asset Values after Takeover: Congoleum Inc. Setting the Exchange Ratio Illustration Valuing A Leveraged downloadout: This spreadsheet allows you to estimate the approximate value of synergy in a merger or acquisition. This spreadsheet allows you to evaluate the cash flows and the value of a leveraged downloadout.
Valuing an office building Illustration Valuing the Equity Stake in a building Illustration Valuing a property based upon comparables Illustration Regression Approach.
Values a income-generating real estate properties. June Illustration Valuing a dental practice Illustration Valuing the Option to Delay a Project Illustration Valuing a Patent: Avonex in Illustration Valuing Biogen as a firm Illustration Valuing an Oil Reserve Illustration Valuing an oil company - Gulf Oil in Standard deviations in firm value and equity value by industry group in the United States.
Estimate the value of an option to delay an investment. Estimate the value of a patent. Estimate the value of an undeveloped natural resource reserve.
Valuing an Option to Expand: Ambev and Guarana Illustration Considering the value of the option to expand Illustration Valuing an Option to Abandon: Airbus and Lear Aircraft. This spreadsheet allows you to estimate the value of the option to expand a project to cover new markets or new products, using the Black-Scholes model. Estimate the value of the option to abandon an investment. Estimate the value of financial flexibility as an option.
Valuing Equity as an Option Illustration Firm Value and Equity Value Illustration Equity Value and Volatility Illustration Probabilities of default and Default Spreads Illustration Estimate the value the equity in a troubled firm as an option. Potential for value creation from divestiture: Boeing Illustration Operating Margin Comparisons Illustration Tax Burden and Valuation Illustration Value Enhancement at SAP: Value Enhancement at Blockbuster: Status Quo Value versus Restructured Value.