On The Valuation Of Companies With Growth Opportunities
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| Author | : McKinsey & Company Inc. |
| Publisher | : John Wiley & Sons |
| Total Pages | : 860 |
| Release | : 2010-07-16 |
| Genre | : Business & Economics |
| ISBN | : 0470889934 |
The number one guide to corporate valuation is back and better than ever Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline. Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions Addresses how you can interpret the results of a valuation in light of a company's competitive situation Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.
| Author | : José Pablo Dapena |
| Publisher | : |
| Total Pages | : |
| Release | : 2004 |
| Genre | : |
| ISBN | : |
Each company faces day to day investment opportunities. Just by staying in business the company is taking a decision of reinvesting capital. These opportunities have to be fairly valued to overcome misallocation of resources. A project with high growth opportunities requires high reinvestments to take full advantage of them until it reaches its mature stage. These investments can be seen as a succession of call options on future growth. When a company with such prospects is valued using the discounted cash flow technique and growth is taken implicitly in the growing cash flows and the residual value, the value thus obtained will be higher than the true one (under certain circumstances). Technology advances and the effects of globalization create enormous growth opportunities, and so misvaluation risks are higher.
| Author | : Richard E. Ottoo |
| Publisher | : Routledge |
| Total Pages | : 190 |
| Release | : 2020-04-14 |
| Genre | : Business & Economics |
| ISBN | : 1136542477 |
How can we value an enterprise, like a young internet start-up company, that has no earnings or cash flows, so that traditional and conventional valuation techniques are therefore not applicable? One of the most notable recent industrial revolutions has been the emergence of Biotechnology and Internet companies. Most of these technology companies are predominantly young with no history of earnings or cash flows to evaluate. This book addresses the problem, and presents a model for valuing enterprises that may have no existing assets but only growth opportunities.
| Author | : Vinay Couto |
| Publisher | : John Wiley & Sons |
| Total Pages | : 296 |
| Release | : 2017-01-10 |
| Genre | : Business & Economics |
| ISBN | : 1119268532 |
A practical approach to business transformation Fit for Growth* is a unique approach to business transformation that explicitly connects growth strategy with cost management and organization restructuring. Drawing on 70-plus years of strategy consulting experience and in-depth research, the experts at PwC’s Strategy& lay out a winning framework that helps CEOs and senior executives transform their organizations for sustainable, profitable growth. This approach gives structure to strategy while promoting lasting change. Examples from Strategy&’s hundreds of clients illustrate successful transformation on the ground, and illuminate how senior and middle managers are able to take ownership and even thrive during difficult periods of transition. Throughout the Fit for Growth process, the focus is on maintaining consistent high-value performance while enabling fundamental change. Strategy& has helped major clients around the globe achieve significant and sustained results with its research-backed approach to restructuring and cost reduction. This book provides practical guidance for leveraging that expertise to make the choices that allow companies to: Achieve growth while reducing costs Manage transformation and transition productively Create lasting competitive advantage Deliver reliable, high-value performance Sustainable success is founded on efficiency and high performance. Companies are always looking to do more with less, but their efforts often work against them in the long run. Total business transformation requires total buy-in, and it entails a series of decisions that must not be made lightly. The Fit for Growth approach provides a clear strategy and practical framework for growth-oriented change, with expert guidance on getting it right. *Fit for Growth is a registered service mark of PwC Strategy& Inc. in the United States
| Author | : Martha Amram |
| Publisher | : Harvard Business Press |
| Total Pages | : 285 |
| Release | : 2002 |
| Genre | : Business & Economics |
| ISBN | : 9781578514588 |
The stock market routinely values corporate growth opportunities. But inside companies, managers struggle to quantify the value of growth initiatives and to align internal valuations with those in the financial markets. Value Sweep is the first book to lay out a simple and transparent valuation method that works for the varied growth opportunities facing the modern corporation. Based on extensive research and years of frontline work within corporations, valuation and strategy expert Martha Amram takes readers beyond the numbers, providing a new lens and a better vocabulary for envisioning, understanding, and valuing growth across a wide sweep of assets-from mature businesses to those being reshaped by intellectual property and e-commerce. Rigorous, yet easy to use, this innovative approach allows managers to place diverse growth projects on a single "map" of value. This comparison enables them to better direct resources and attention to the most valuable projects. Value Sweep tackles the hard valuation issues and shows: When to use traditional valuation methods, such as Discounted Cash Flow, and when to use more innovative methods such as decision analysis or real options How to quickly value growth opportunities and compare the result to sensible valuation benchmarks Why venture capital valuations are so sensitive to fluctuations in the stock market Why it is difficult to value intellectual property and how to use approximate valuation results in negotiations Why the simplest valuation methods work best for investments in information technology How to roll up project-level valuations into a corporate growth engine AUTHORBIO: Martha Amram is an independent consultant and adviser to Fortune 500 companies and start-ups, and the author of Real Options (ISBN 0875848451, HBS Press, 1998). She lives in Palo Alto, California.
| Author | : Lawrence A. Cunningham |
| Publisher | : McGraw Hill Professional |
| Total Pages | : 113 |
| Release | : 2004-04-22 |
| Genre | : Business & Economics |
| ISBN | : 007144226X |
Today's Most Easy-to-Understand Introduction to Value Investing--How It Works, and How to Make It Work for You Lawrence Cunningham is one of today's leading authorities on value investing. What Is Value Investing? provides you with the knowledge and tools you need to make value investing a profitable part of your financial strategy. It explains how to: Measure the true value of a stock, not the value given to it by an emotion-driven marketplace Uncover and avoid companies that look impressive but hide serious problems Invest only in companies that fall within your "circle of competence"--products and companies you truly understand Use the eight key rules of value investing to screen every stock for value before you add it to your portfolio Value investors don't simply buy low-priced shares; they invest in solid, proven companies. What is Value Investing? will give you the knowledge to become a successful value investor who insists on investing only in high-quality, time-proven companies and getting them for pennies on the dollar. Lawrence Cunningham is a professor of law and business at Boston College. The author of Outsmarting the Smart Money and How to Think Like Benjamin Graham and Invest Like Warren Buffett, Professor Cunningham has been featured in publications from Forbes to Money and on networks including CNBC, CNN, and PBS.
| Author | : Rusmin Ang |
| Publisher | : John Wiley & Sons |
| Total Pages | : 153 |
| Release | : 2013-04-23 |
| Genre | : Business & Economics |
| ISBN | : 1118567986 |
How to apply the value investing model to today's high-growth Asian companies This revised edition of Value Investing in Growth Companies serves as a step-by-step guide that lets investors combine the value investing and growth investing models to find excellent investment opportunities in emerging Asian companies. Though these two investing styles are very different, the authors' proprietary "jigsaw puzzle" model integrates them into a holistic investing approach that will help readers enjoy the kind of extraordinary results that investors like Warren Buffett or Peter Lynch built their fortunes on. This model focuses on four vital criteria that, when combined, pinpoint excellent companies in which to invest. Those criteria are: simple business models, quality management, healthy financial numbers, and accurate valuation. This book shows investors how to find growth companies in Asia that combine these four criteria for nearly surefire profits. Offers a sensible and stress-free investing strategy that is ideal for anyone looking for investment opportunities in fast-growing Asian countries This revised edition includes new case studies focused specifically on Asian companies and their unique characteristics Perfect for investors who want to focus on high-growth, small-cap companies that offer excellent potential returns
| Author | : Aswath Damodaran |
| Publisher | : Now Publishers Inc |
| Total Pages | : 102 |
| Release | : 2005 |
| Genre | : Business & Economics |
| ISBN | : 1601980140 |
Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
| Author | : McKinsey & Company Inc. |
| Publisher | : Wiley |
| Total Pages | : 528 |
| Release | : 2005-08-05 |
| Genre | : Business & Economics |
| ISBN | : 0471738964 |
Hailed by financial professionals worldwide as the single best guide of its kind, Valuation, Fourth Edition is thoroughly revised and expanded to reflect business conditions in today's volatile global economy. Valuation provides up-to-date insights and practical advice on how to create, manage, and measure an organization's value. Along with all-new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect the events of the Internet bubble and its effect on stock markets, new developments in academic finance, changes in accounting rules (both U. S. and IFRS), and an enhanced global perspective. This edition contains the solid framework that managers at all levels, investors, and students have come to trust.
| Author | : Aswath Damodaran |
| Publisher | : John Wiley & Sons |
| Total Pages | : 269 |
| Release | : 2011-03-29 |
| Genre | : Business & Economics |
| ISBN | : 1118064143 |
An accessible, and intuitive, guide to stock valuation Valuation is at the heart of any investment decision, whether that decision is to buy, sell, or hold. In The Little Book of Valuation, expert Aswath Damodaran explains the techniques in language that any investors can understand, so you can make better investment decisions when reviewing stock research reports and engaging in independent efforts to value and pick stocks. Page by page, Damodaran distills the fundamentals of valuation, without glossing over or ignoring key concepts, and develops models that you can easily understand and use. Along the way, he covers various valuation approaches from intrinsic or discounted cash flow valuation and multiples or relative valuation to some elements of real option valuation. Includes case studies and examples that will help build your valuation skills Written by Aswath Damodaran, one of today's most respected valuation experts Includes an accompanying iPhone application (iVal) that makes the lessons of the book immediately useable Written with the individual investor in mind, this reliable guide will not only help you value a company quickly, but will also help you make sense of valuations done by others or found in comprehensive equity research reports.
