Valuation methods and shareholder value creation [[electronic resource] /] / Pablo Fernández

• Record Nr.: UNINA9910456424103321
• Autore: Fernández Pablo <1957->
• Pubbl/distr/stampa: San Diego, Calif., : Academic Press, c2002
• ISBN: 1-281-02040-0; 9786611020408; 0-08-052037-5
• Descrizione fisica: 1 online resource (661 p.)
• Disciplina: 658.15
• Soggetti: Valuation theory; Corporations - Valuation; Price-earnings ratio; Stocks - Prices; Electronic books.
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references and indexes.
• Nota di contenuto: Front Cover; Valuation Methods and Shareholder Value Creation; Copyright Page; Contents; Preface; Acknowledgments; Part I: Basics of Valuation Methods and Shareholder Value Creation; Chapter 1. Shareholder Value Creation, Basic Concepts; 1.1. Increase of Equity Market Value; 1.2. Shareholder Value Added; 1.3. Shareholder Return; 1.4. Required Return to Equity; 1.5. Created Shareholder Value; 1.6. The ROE is not the Shareholder Return; 1.7. Comparison of General electric with Other Companies; 1.8. Value Creation and Value Destruction of the S&P 500; 1.9. What Should the Shareholder return be Compared With? Reference; Chapter 2. Company Valuation Methods; 2.1. Value and Price. What Purpose Does a Valuation Serve?; 2.2. Balance Sheet-Based Methods; 2.3. Income Statement-Based Methods. Relative Valuation; 2.4. Goodwill-Based Methods; 2.5. Cash Flow Discounting-Based methods; 2.6. Which is the Best Method to Use?; 2.7. The Company as the Sum of the Values of Different Divisions: Break-Up Value; 2.8. Valuation Methods Used Depending on the Nature of the Company; 2.9. Key ; Factors Affecting Value: Growth, Return, Risk, and Interest Rates; 2.10. Speculative Bubbles on the Stock Market 2.11 Most Common Errors in Valuations; References; Chapter 3. Price-Earnings Ratio, Profitability, Cost of Capital, and Growth; 3.1. Evolution of the Per on the International Stock Markets; 3.2. Factors Affecting the Per; 3.3. Influence of Growth(g) on the Per; 3.4. Influence of the Roe on the Per; 3.5. Influence of the Required Return to Equity on the PER; 3.6. Influence of Interest Rates on the PER; 3.7. Growth Value and PER Due to Growth; Summary; Appendix 3.1: Price PER Share, Market Capitalization, Earnings PER Share (EPS), Dividend Yield and PER of the Companies Included in the Euro Stoxx 50 on 30 May 2001 Appendix 3.2: Breakdown of the Price PER Share Between No-Growth Price and Growth Value; an Breakdown of the PER (Companies Included in the Euro Stoxx 50 on 30 May 2001); Appendix 3.3: Relationship Between the PER and Growth (g), Required Return to Equity (Ke) and Return on Equity (ROE) in a Company with Constant Growth; Chapter 4. Splitting the Price-Earnings Ratio. Franchise Factor, Growth Factor, Interest Factor, and Risk Factor 4.1 PER, Franchise Factor, and Growth Factor; 4.2. PER*, Franchise Factor*, and Growth Factor; 4.3. PER, Interest Factor, and Risk Factor; 4.4. Value Generation Over Time in Companies with Growth; 4.5. Influence of Growth on the Franchise Factor and on the Growth Factor; 4.6. Influence of the ROE on the Franchise Factor; 4.7. Influence of the Required Return to Equity on the Franchise Factor and on the PER; Appendix 4.1: Splitting the PER; Reference; Chapter 5. Market Value and Book Value
• Sommario/riassunto: Valuation Methods and Shareholder Value Creation provides a comprehensive examination of valuation tools and guidance for analyzing and valuing a business. It covers the basics of valuation methods and shareholder value creation in addition to rigorous approaches to discounted cash flow valuation and real options for valuing a company. By examining eight different methods of discounted cash flow valuation and discussing the pros and cons of each method, Fernández offers thorough, accessible coverage of corporate valuation. With examples and case studies from international markets, this