Efnisyfirlit

• Damodaran on Valuation: Security Analysis for Investment and Corporate Finance Second Edition
• Contents
• Preface
• Chapter 1: Introduction to Valuation
  • A PHILOSOPHICAL BASIS FOR VALUATION
  • INSIDE THE VALUATION PROCESS
  • APPROACHES TO VALUATION
  • ROLE OF VALUATION
  • CONCLUSION
• Chapter 2: Estimating Discount Rates
  • WHAT IS RISK?
  • COST OF EQUITY
  • FROM COST OF EQUITY TO COST OF CAPITAL
  • CONCLUSION
• Chapter 3: Measuring Cash Flows
  • CATEGORIZING CASH FLOWS
  • EARNINGS
  • TAX EFFECT
  • REINVESTMENT NEEDS
  • FROM FIRM TO EQUITY CASH FLOWS
  • CONCLUSION
• Chapter 4: Forecasting Cash Flows
  • STRUCTURE OF DISCOUNTED CASH FLOW VALUATION
  • LENGTH OF EXTRAORDINARY GROWTH PERIOD
  • DETAILED CASH FLOW FORECASTS
  • TERMINAL VALUE
  • ESTIMATION APPROACHES
  • CONCLUSION
• Chapter 5: Equity Discounted Cash Flow Models
  • DIVIDEND DISCOUNT MODELS
  • FCFE (POTENTIAL DIVIDEND) DISCOUNT MODELS
  • FCFE VERSUS DIVIDEND DISCOUNT MODEL VALUATION
  • PER SHARE VERSUS AGGREGATE VALUATION
  • CONCLUSION
• Chapter 6: Firm Valuation Models
  • COST OF CAPITAL APPROACH
  • ADJUSTED PRESENT VALUE APPROACH
  • EXCESS RETURN MODELS
  • CAPITAL STRUCTURE AND FIRM VALUE
  • CONCLUSION
• Chapter 7: Relative Valuation: First Principles
  • WHAT IS RELATIVE VALUATION?
  • UBIQUITY OF RELATIVE VALUATION
  • REASONS FOR POPULARITY AND POTENTIAL PITFALLS
  • STANDARDIZED VALUES AND MULTIPLES
  • FOUR BASIC STEPS TO USING MULTIPLES
  • RECONCILING RELATIVE AND DISCOUNTED CASH FLOW VALUATIONS
  • CONCLUSION
• Chapter 8: Equity Multiples
  • DEFINITIONS OF EQUITY MULTIPLES
  • DISTRIBUTIONAL CHARACTERISTICS OF EQUITY MULTIPLES
  • ANALYSIS OF EQUITY MULTIPLES
  • APPLICATIONS OF EQUITY MULTIPLES
  • CONCLUSION
• Chapter 9: Value Multiples
  • DEFINITION OF VALUE MULTIPLES
  • DISTRIBUTIONAL CHARACTERISTICS OF VALUE MULTIPLES
  • ANALYSIS OF VALUE MULTIPLES
  • APPLICATIONS OF VALUE MULTIPLES
  • CONCLUSION
• Chapter 10: Cash, Cross Holdings, and Other Assets
  • CASH AND NEAR-CASH INVESTMENTS
  • FINANCIAL INVESTMENTS
  • HOLDINGS IN OTHER FIRMS
  • OTHER NONOPERATING ASSETS
  • CONCLUSION
  • APPENDIX 10.1: INDUSTRY AVERAGES: CASH RATIOS—JANUARY 2005
• Chapter 11: Employee Equity Options and Compensation
  • EQUITY-BASED COMPENSATION
  • EMPLOYEE OPTIONS
  • RESTRICTED STOCK
  • CONCLUSION
• Chapter 12: The Value of Intangibles
  • IMPORTANCE OF INTANGIBLE ASSETS
  • INDEPENDENT AND CASH-FLOW-GENERATING INTANGIBLE ASSETS
  • FIRMWIDE CASH-FLOW-GENERATING INTANGIBLE ASSETS
  • INTANGIBLE ASSETS WITH POTENTIAL FUTURE CASH FLOWS
  • CONCLUSION
  • APPENDIX 12.1: OPTION PRICING MODELS
• Chapter 13: The Value of Control
  • MEASURING THE EXPECTED VALUE OF CONTROL
  • MANIFESTATIONS OF THE VALUE OF CONTROL
  • CONCLUSION
• Chapter 14: The Value of Liquidity
  • MEASURING ILLIQUIDITY
  • COST OF ILLIQUIDITY: THEORY
  • COST OF ILLIQUIDITY: EMPIRICAL EVIDENCE
  • DEALING WITH ILLIQUIDITY IN VALUATION
  • CONSEQUENCES OF ILLIQUIDITY
  • CONCLUSION
• Chapter 15: The Value of Synergy
  • WHAT IS SYNERGY?
  • VALUING SYNERGY
  • DUBIOUS SYNERGIES
  • EVIDENCE ON SYNERGY—VALUE CREATED AND ADDED
  • COMMON ERRORS IN VALUING SYNERGY
  • CONCLUSION
• Chapter 16: The Value of Transparency
  • AN EXPERIMENT
  • DEFINING COMPLEXITY
  • SOURCES OF COMPLEXITY
  • REASONS FOR COMPLEXITY
  • MEASURING COMPLEXITY
  • CONSEQUENCES OF COMPLEXITY
  • DEALING WITH COMPLEXITY
  • CURES FOR COMPLEXITY
  • CONCLUSION
  • APPENDIX 16.1: STANDARD & POOR’S TRANSPARENCY AND DISCLOSURE INDEX: KEY QUESTIONS
  • APPENDIX 16.2: MEASURING COMPLEXITY WITH A SCORE—AN EXAMPLE
• Chapter 17: The Cost of Distress
  • POSSIBILITY AND CONSEQUENCES OF FINANCIAL DISTRESS
  • DISCOUNTED CASH FLOW VALUATION
  • RELATIVE VALUATION
  • FROM FIRM TO EQUITY VALUE IN DISTRESSED FIRMS
  • CONCLUSION
• Chapter 18: Closing Thoughts
  • CHOICES IN VALUATION MODELS
  • WHICH APPROACH SHOULD WE USE?
  • CHOOSING THE RIGHT DISCOUNTED CASH FLOW MODEL
  • CHOOSING THE RIGHT RELATIVE VALUATION MODEL
  • WHEN SHOULD WE USE THE OPTION PRICING MODELS?
  • TEN STEPS TO BETTER VALUATIONS
  • CONCLUSION
• Index

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