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Chapter
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1
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Introduction
to Valuation
This
chapter considers: shareholder value versus stakeholder claims;
valuation measures such as cash flow and EVA. |
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2
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What
is Valuation?
This
chapter examines the following concepts related to valuation:
who needs to know the value? - lenders, investors and managers;
objections to EPS and PE as measures; rate-of-return measures;
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3
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Evolution
of Valuation
Accounting
and valuation methods have developed as business has evolved.
This chapter looks at: the need for accounting reform; Benjamin
Graham, the father of stock analysis; value investing today
- Warren Buffett; CAPM; |
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4
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E-Dimension:
Valuation
The
problems with valuation of the dotcoms are well known - but
what is the solution? This chapter discusses: tall e-stories;
EVA online; cannibalizing existing businesses. |
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5
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The
Global Dimension
Globalization presents huge valuation problems. A unified
system is still a long way off. This chapter looks at: international
accounting differences; cross-border valuation; BMW and Rover.
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6
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The
State of the Art
This
chapter looks at some of the problems caused by poor valuation,
and provides a detailed summary of what actions really do
add measurable net value. The subject matter includes: stock
analysts' failures; short-termism; the equity premium - why
people make faulty decisions. |
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7
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Valuation
In Practice
The
great long-term value creators are illustrated here: News
Corporation; Genentech; Nokia. |
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8
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Key
Concepts and Thinkers
This
chapter provides a glossary of accounting terms and discusses
important ideas relating to value, such as: intellectual capital;
value-based management (VBM); the Balanced Scorecard; calculating
discounted cash flow, net present value, internal rate of
return. |
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9
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Resources
A
guide to useful Websites, books and journals. |
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10
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Ten
Steps to Making
the Right Valuations
Key points to remember in valuation and value enhancement,
including: unpredictability; cash flows - the virtue of DCF;
performance measures - the pros and cons. |
