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E-raamat: Equity Asset Valuation

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Navigate equity investments and asset valuation with confidence Equity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. The most comprehensive resource on the market, this text supplements your studies for the third step in the three-level CFA certification program by integrating both accounting and finance concepts to explore a collection of valuation models and challenge you to determine which models are most appropriate for certain companies and circumstances. Detailed learning outcome statements help you navigate your way through the content, which covers a wide range of topics, including how an analyst approaches the equity valuation process, the basic DDM, the derivation of the required rate of return within the context of Markowitz and Sharpe's modern portfolio theory, and more.

Equity investments encompass the buying and holding of shares of stock in the anticipation of collecting income from dividends and capital gains. Determining which shares will be profitable is key, and an array of valuation techniques is applied on today's market to decide which stocks are ripe for investment and which are best left out of your portfolio.





Access the most comprehensive equity asset valuation text on the market Leverage detailed learning outcome statements that focus your attention on key concepts, and guide you in applying the material accurately and effectively Explore a wide range of essential topics, such as the free cash flow approach, valuation using Graham and Dodd type concepts of earning power, associated market multiples, and residual income models Improve your study efforts by leveraging the text during your CFA certification program prep

Equity Asset Valuation, Third Edition is a comprehensive, updated text that guides you through the information you need to know to fully understand the general analysis of equity investments.
Foreword xi
Preface xiii
Acknowledgments xv
About the CFA Investment Series xvii
Chapter 1 Equity Valuation: Applications & Processes
1(38)
Learning Outcomes
1(1)
1 Introduction
2(1)
2 Value Definitions and Valuation Applications
2(1)
2.1 What Is Value?
2(3)
2.2 Applications of Equity Valuation
5(2)
3 The Valuation Process
7(1)
3.1 Understanding the Business
8(9)
3.2 Forecasting Company Performance
17(1)
3.3 Selecting the Appropriate Valuation Model
18(7)
3.4 Converting Forecasts to a Valuation
25(1)
3.5 Applying the Valuation Conclusion: The Analyst's Role and Responsibilities
26(2)
4 Communicating Valuation Results
28(1)
4.1 Contents of a Research Report
28(2)
4.2 Format of a Research Report
30(2)
4.3 Research Reporting Responsibilities
32(1)
5 Summary
33(6)
References
34(1)
Problems
35(4)
Chapter 2 Return Concepts
39(52)
Learning Outcomes
39(1)
1 Introduction
40(1)
2 Return Concepts
40(1)
2.1 Holding Period Return
40(1)
2.2 Realized and Expected (Holding Period) Return
41(1)
2.3 Required Return
41(2)
2.4 Expected Return Estimates from Intrinsic Value Estimates
43(2)
2.5 Discount Rate
45(1)
2.6 Internal Rate of Return
46(1)
3 The Equity Risk Premium
47(1)
3.1 Historical Estimates
48(9)
3.2 Forward-Looking Estimates
57(3)
4 The Required Return on Equity
60(1)
4.1 The Capital Asset Pricing Model
60(8)
4.2 Multifactor Models
68(7)
4.3 Build-Up Method Estimates of the Required Return on Equity
75(4)
4.4 The Required Return on Equity: International Issues
79(1)
5 The Weighted Average Cost of Capital
80(2)
6 Discount Rate Selection in Relation to Cash Flows
82(1)
7 Summary
82(9)
References
84(1)
Problems
85(6)
Chapter 3 Introduction to Industry and Company Analysis
91(56)
Learning Outcomes
91(1)
1 Introduction
92(1)
2 Uses of Industry Analysis
92(1)
3 Approaches to Identifying Similar Companies
93(1)
3.1 Products and/or Services Supplied
93(1)
3.2 Business-Cycle Sensitivities
94(1)
3.3 Statistical Similarities
95(1)
4 Industry Classification Systems
96(1)
4.1 Commercial Industry Classification Systems
96(4)
4.2 Governmental Industry Classification Systems
100(1)
4.3 Strengths and Weaknesses of Current Systems
101(1)
4.4 Constructing a Peer Group
102(4)
5 Describing and Analyzing an Industry
106(3)
5.1 Principles of Strategic Analysis
109(20)
5.2 External Influences on Industry Growth, Profitability, and Risk
129(6)
6 Company Analysis
135(1)
6.1 Elements That Should be Covered in a Company Analysis
136(3)
6.2 Spreadsheet Modeling
139(1)
7 Summary
139(8)
References
142(1)
Problems
143(4)
Chapter 4 Industry and Company analysis
147(84)
Learning Outcomes
147(1)
1 Introduction
148(1)
2 Financial Modeling: An Overview
148(1)
2.1 Income Statement Modeling: Revenue
148(6)
2.2 Income Statement Modeling: Operating Costs
154(13)
2.3 Income Statement Modeling: Non-Operating Costs
167(5)
2.4 Income Statement Modeling: Other Items
172(1)
2.5 Balance Sheet and Cash Flow Statement Modeling
172(2)
2.6 Scenario Analysis and Sensitivity Analysis
174(2)
3 The Impact of Competitive Factors on Prices and Costs
176(8)
4 Inflation and Deflation
184(1)
4.1 Sales Projections with Inflation and Deflation
184(6)
4.2 Cost Projections with Inflation and Deflation
190(2)
5 Technological Developments
192(11)
6 Long-Term Forecasting
203(6)
7 Building a Model
209(1)
7.1 Industry Overview
209(1)
7.2 Company Overview
210(1)
7.3 Construction of Pro Forma Income Statement
211(6)
7.4 Construction of Pro Forma Cash Flow Statement and Balance Sheet
217(6)
7.5 Valuation Inputs
223(1)
8 Summary
223(8)
References
224(1)
Problems
224(7)
Chapter 5 Discounted Dividend Valuation
231(64)
Learning Outcomes
231(1)
1 Introduction
232(1)
2 Present Value Models
233(1)
2.1 Valuation Based on the Present Value of Future Cash Flows
233(2)
2.2 Streams of Expected Cash Flows
235(6)
3 The Dividend Discount Model
241(1)
3.1 The Expression for a Single Holding Period
241(1)
3.2 The Expression for Multiple Holding Periods
242(2)
4 The Gordon Growth Model
244(1)
4.1 The Gordon Growth Model Equation
245(7)
4.2 The Links Among Dividend Growth, Earnings Growth, and Value Appreciation in the Gordon Growth Model
252(1)
4.3 Share Repurchases
252(1)
4.4 The Implied Dividend Growth Rate
253(1)
4.5 The Present Value of Growth Opportunities
254(2)
4.6 Gordon Growth Model and the Price-to-Earnings Ratio
256(3)
4.7 Estimating a Required Return Using the Gordon Growth Model
259(1)
4.8 The Gordon Growth Model: Concluding Remarks
259(1)
5 Multistage Dividend Discount Models
260(1)
5.1 Two-Stage Dividend Discount Model
261(3)
5.2 Valuing a Non-Dividend-Paying Company
264(1)
5.3 The H-Model
265(2)
5.4 Three-Stage Dividend Discount Models
267(5)
5.5 Spreadsheet (General) Modeling
272(2)
5.6 Estimating a Required Return Using Any DDM
274(2)
5.7 Multistage DDM: Concluding Remarks
276(1)
6 The Financial Determinants of Growth Rates
276(1)
6.1 Sustainable Growth Rate
276(2)
6.2 Dividend Growth Rate, Retention Rate, and ROE Analysis
278(3)
6.3 Financial Models and Dividends
281(2)
7 Summary
283(12)
References
286(1)
Problems
287(8)
Chapter 6 Free Cash Flow Valuation
295(66)
Learning Outcomes
295(1)
1 Introduction to Free Cash Flows
296(1)
2 FCFF and FCFE Valuation Approaches
296(1)
2.1 Defining Free Cash Flow
297(1)
2.2 Present Value of Free Cash Flow
298(1)
2.3 Single-Stage (Constant-Growth) FCFF and FCFE Models
299(2)
3 Forecasting Free Cash Flow
301(1)
3.1 Computing FCFF from Net Income
301(4)
3.2 Computing FCFF from the Statement of Cash Flows
305(2)
3.3 Noncash Charges
307(5)
3.4 Computing FCFE from FCFF
312(6)
3.5 Finding FCFF and FCFE from EBIT or EBITDA
318(2)
3.6 FCFF and FCFE on a Uses-of-Free-Cash-Flow Basis
320(2)
3.7 Forecasting FCFF and FCFE
322(5)
3.8 Other Issues in Free Cash Flow Analysis
327(6)
4 Free Cash Flow Model Variations
333(1)
4.1 An International Application of the Single-Stage Model
333(1)
4.2 Sensitivity Analysis of FCFF and FCFE Valuations
334(2)
4.3 Two-Stage Free Cash Flow Models
336(7)
4.4 Three-Stage Growth Models
343(2)
5 Nonoperating Assets and Firm Value
345(1)
6 Summary
346(15)
References
348(1)
Problems
348(13)
Chapter 7 Market-Based Valuation: Price and Enterprise Value Multiples
361(102)
Learning Outcomes
361(1)
1 Introduction
362(1)
2 Price and Enterprise Value Multiples in Valuation
363(1)
2.1 The Method of Comparables
363(2)
2.2 The Method Based on Forecasted Fundamentals
365(1)
3 Price Multiples
366(1)
3.1 Price to Earnings
366(33)
3.2 Price to Book Value
399(11)
3.3 Price to Sales
410(7)
3.4 Price to Cash Flow
417(5)
3.5 Price to Dividends and Dividend Yield
422(4)
4 Enterprise Value Multiples
426(1)
4.1 Enterprise Value to EBITDA
426(6)
4.2 Other Enterprise Value Multiples
432(1)
4.3 Enterprise Value to Sales
433(1)
4.4 Price and Enterprise Value Multiples in a Comparable Analysis: Some Illustrative Data
433(2)
5 International Considerations When Using Multiples
435(2)
6 Momentum Valuation Indicators
437(5)
7 Valuation Indicators: Issues in Practice
442(1)
7.1 Averaging Multiples: The Harmonic Mean
442(2)
7.2 Using Multiple Valuation Indicators
444(5)
8 Summary
449(14)
References
452(2)
Problems
454(9)
Chapter 8 Residual Income Valuation
463
Learning Outcomes
463(1)
1 Introduction
464(1)
2 Residual Income
464(3)
2.1 The Use of Residual Income in Equity Valuation
467(1)
2.2 Commercial Implementations
468(1)
3 The Residual Income Model
469(3)
3.1 The General Residual Income Model
472(5)
3.2 Fundamental Determinants of Residual Income
477(1)
3.3 Single-Stage Residual Income Valuation
478(2)
3.4 Multistage Residual Income Valuation
480(4)
4 Residual Income Valuation in Relation to Other Approaches
484(3)
4.1 Strengths and Weaknesses of the Residual Income Model
487(1)
4.2 Broad Guidelines for Using a Residual Income Model
487(1)
5 Accounting and International Considerations
488(1)
5.1 Violations of the Clean Surplus Relationship
489(9)
5.2 Balance Sheet Adjustments for Fair Value
498
Chapter 7 Market-Based Valuation: Price and Enterprise Value Multiples
361(102)
Learning Outcomes
361(1)
1 Introduction
362(1)
2 Price and Enterprise Value Multiples in Valuation
363(1)
2.1 The Method of Comparables
363(2)
2.2 The Method Based on Forecasted Fundamentals
365(1)
3 Price Multiples
366(1)
3.1 Price to Earnings
366(33)
3.2 Price to Book Value
399(11)
3.3 Price to Sales
410(7)
3.4 Price to Cash Flow
417(5)
3.5 Price to Dividends and Dividend Yield
422(4)
4 Enterprise Value Multiples
426(1)
4.1 Enterprise Value to EBITDA
426(6)
4.2 Other Enterprise Value Multiples
432(1)
4.3 Enterprise Value to Sales
433(1)
4.4 Price and Enterprise Value Multiples in a Comparable Analysis: Some Illustrative Data
433(2)
5 International Considerations When Using Multiples
435(2)
6 Momentum Valuation Indicators
437(5)
7 Valuation Indicators: Issues in Practice
442(1)
7.1 Averaging Multiples: The Harmonic Mean
442(2)
7.2 Using Multiple Valuation Indicators
444(5)
8 Summary
449(14)
References
452(2)
Problems
454(9)
Chapter 8 Residual Income Valuation
463(50)
Learning Outcomes
463(1)
1 Introduction
464(1)
2 Residual Income
464(3)
2.1 The Use of Residual Income in Equity Valuation
467(1)
2.2 Commercial Implementations
468(1)
3 The Residual Income Model
469(3)
3.1 The General Residual Income Model
472(5)
3.2 Fundamental Determinants of Residual Income
477(1)
3.3 Single-Stage Residual Income Valuation
478(2)
3.4 Multistage Residual Income Valuation
480(4)
4 Residual Income Valuation in Relation to Other Approaches
484(3)
4.1 Strengths and Weaknesses of the Residual Income Model
487(1)
4.2 Broad Guidelines for Using a Residual Income Model
487(1)
5 Accounting and International Considerations
488(1)
5.1 Violations of the Clean Surplus Relationship
489(9)
5.2 Balance Sheet Adjustments for Fair Value
498(1)
5.3 Intangible Assets
498(3)
5.4 Nonrecurring Items
501(1)
5.5 Other Aggressive Accounting Practices
501(1)
5.6 International Considerations
502(11)
Summary
503(1)
References
504(2)
Problems
506(7)
Chapter 9 Private Company Valuation
513(50)
Learning Outcomes
513(1)
1 Introduction
514(1)
2 The Scope of Private Company Valuation
514(1)
2.1 Private and Public Company Valuation: Similarities and Contrasts
514(2)
2.2 Reasons for Performing Valuations
516(2)
3 Definitions (Standards) of Value
518(2)
4 Private Company Valuation Approaches
520(1)
4.1 Earnings Normalization and Cash Flow Estimation Issues
521(6)
4.2 Income Approach Methods of Private Company Valuation
527(10)
4.3 Market Approach Methods of Private Company Valuation
537(8)
4.4 Asset-Based Approach to Private Company Valuation
545(1)
4.5 Valuation Discounts and Premiums
546(7)
4.6 Business Valuation Standards and Practices
553(2)
5 Summary
555(8)
References
556(1)
Problems
556(7)
Glossary 563(10)
About the Editors and Authors 573(4)
About the CFA Program 577(2)
Index 579
JERALD E. PINTO, PHD, CFA, has been at CFA Institute since 2002 as Visiting Scholar, Vice President, and now Director, Curriculum Projects in the Credentialing Division for the CFA and CIPM Programs.

ELAINE HENRY, PHD, CFA, is a Clinical Associate Professor of Accounting at Fordham University.

THOMAS R. ROBINSON, PHD, CFA, is president and CEO of AACSB International—The Association to Advance Collegiate Schools of Business (AACSB).

JOHN D. STOWE, PHD, CFA, is the JPMorgan Professor of Finance at Ohio University.
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