Business Valuation: Real-World Applications in Emerging Markets serves as a useful guide for those who want to learn business valuation methodology from scratch, applying corporate finance theory to real-world cases. Based on the author’s extensive professional and teaching experience, this text illustrates how basic corporate finance principles and theories shape decisions made by market practitioners and offers an in-depth discussion of various business valuation methods and models with a focus on emerging markets.
By adopting a step-by-step approach, it helps the reader to gain a deeper understanding of this topic, starting with an explanation of essential concepts before gradually moving on to more advanced valuation techniques. To help the reader navigate common valuation processes, brief real-world examples are weaved throughout the text with the final part containing four real valuation cases on which the author served as the appraiser. Key learning and teaching features include: key terminologies; discussion questions; boxed examples and real-world cases; mathematical appendices; and a suite of supplementary instructor’s resources.
This will be a valuable textbook for students taking advanced undergraduate and postgraduate-level courses in business valuation, as well as a practical guide for appraisers.
Business Valuation: Real-World Applications in Emerging Markets serves as a useful guide for those who want to learn business valuation methodology from scratch, applying corporate finance theory to real-world cases.
PART 1: Introductory concepts
1. What is valuation?
2. Financial
statements and cash flow forecasting
3. Valuing streams of cash flows
4. The
cost of capital
5. Introduction to the DCF and relative valuation PART 2:
Theoretical cornerstones in valuation
6. The Modigliani-Miller theorem
7.
From the modern portfolio theory to capital asset pricing models
8.
Discounted cash flow methods
9. Optimal capital structure PART 3: DCF
valuation in practice
10. The terminal value
11. Dealing with the lack of
market values
12. The country risk premium
13. Currency risk in emerging and
international equity markets
14. Control premium and marketability discount
15. Company performance measures and value creation
16. Relative valuation
PART 4: Real-world cases
17. Sofora Telecomunicaciones SA
18. Automotive
Financial
19. Automotive Recovery
20. American Packages
Guillermo L. Dumrauf is a senior expert in valuation and a part-time professor at Universidad del CEMA, Argentina, where he teaches courses on valuation and econometrics at the bachelor's and master's levels of finance. He possesses more than 30 years of academic and practical experience in the field, having taught valuation at more than 50 universities and presented and discussed papers at finance conferences. He has authored several textbooks on corporate finance, fixed income, macroeconomics, investments, and applied mathematics to finance. Guillermo obtained his PhD in Economics from the University of Buenos Aires and serves as a director of a Brazilian company. Writing, teaching, and advising are his passions.
