05653nam 2200745Ia 450 991045766400332120200520144314.01-280-63125-297866106312540-08-046178-69780750668545(CKB)1000000000350093(EBL)270336(OCoLC)476003370(SSID)ssj0000118558(PQKBManifestationID)11915504(PQKBTitleCode)TC0000118558(PQKBWorkID)10052502(PQKB)10025497(MiAaPQ)EBC270336(Au-PeEL)EBL270336(CaPaEBR)ebr10138715(CaONFJC)MIL63125(EXLCZ)99100000000035009320060801d2006 uy 0engurcn|||||||||txtccrCash return on capital invested[electronic resource] ten years of investment analysis with the CROCI economic profit model /Pascal Costantini1st ed.Amsterdam ;Boston, MA Butterworth-Heinemannc20061 online resource (245 p.)"Elsevier finance"--jacket.0-7506-6854-7 Includes bibliographical references and index.Front cover; Title page; Copyright page; Table of contents; By way of introduction; A temporary confidence crisis; Structure of the book; Acknowledgements; Mentors, peers and children; Part I What is Investment Analysis?; 1 Investment, investors and financial analysis; An annoying question - inquisitive colleagues; Emotions in motion - tea-leaf reading?; The tools of investment - a (very) brief history of financial ratios; The people of investment - an unfair typology; The economic profit framework; The PE paradox - an introduction to behavioral financeCoffee or beer? The issue of investment 'styles''Approximately and most of the time'; 2 The PE and the Equivalence principle: asset multiple and relative return; Cinderella's slipper - a misunderstanding: economic versus actuarial; The PE ratio and its actuarial framework; The economic construction behind the PE ratio; The equivalence between asset multiple and relative return - the residual income model; Why would you use accounting numbers to fuel the EP model?; Empirical evidence of the Equivalence as an investment tool; Cost of capital and expected return; Is it for real?Discounted cash-flow models and PE ratios - financial and investment analysisThe one-man band; Appendix: The multiple guises of the PE ratio; Part II Digging the Foundations: Reconstruction of Economic Data; 3 Measuring the value of economic assets: the asset multiple; Tidying up a few loose ends; The debt problem: left and right, Cain and Abel, Miller and Modigliani; Liable: legally bound, under an obligation - beware of hidden liabilities; The final calculation of the economic enterprise value; Inflation: apples and oranges, age and half-life, PPPInvisibility and unaccountability: get a life, a non-smoker's dream, the asset testA certain Nobel Prize winner - not much for half a million - physical assets; 4 The relative return; Keynes the speculator, Tobin the investor; jinxed in Pleasantville; Hotelling; a Stephen Hawking definition of assets - straight line's not so straight; Dealing with infinity - cash return on capital invested; The cost of capital: an implicit calculation - fading and failing; An empirical calculation with multiple uses; 5 The price of growth; The stuff of dreams; CROCI and the Big MacSame earnings growth, different valuation Do you think what they think?; Growth matters ... sometimes - some disturbing news for growth managers; The third dimension - the Market Horn of Plenty; Part III Drawing Up the Plans: Analysis of Economic Profits; 6 The fundamental analysis of economic characteristics; The storytellers - fundamental and investment analysis - the special case of financial groups; Missing something? The right chemistry; Three CROCI patterns: a typology of corporate behaviour; Asset growth - another insight into corporate behaviour; Everything and nothing7 Investment analysisIn this book, Pascal Costantini gives a lively and wonderfully readable account of ten years of efforts by a small group of investment analysts to find a reliable, practical and implementable method for valuing and selecting shares. The result of their effort is an original investment methodology called CROCI (Cash Return on Capital Invested), best described as a variation of the economic profit model. For over a decade now, Costantinis group at Deutsche Bank has been using this valuation tool every time it has had to take a view on the pricing of an equity asset, be it a market, a sector or aTen years of investment analysis with the CROCI economic profit modelInvestment analysis with the CROCI economic profit modelCROCI economic profit modelCorporationsValuationCorporationsFinanceCash flowCash managementElectronic books.CorporationsValuation.CorporationsFinance.Cash flow.Cash management.658.155Costantini Pascal901063MiAaPQMiAaPQMiAaPQBOOK9910457664003321Cash return on capital invested2014050UNINA02134nas 2200589- 450 99641134170331620230125213019.02631-827X(DE-599)ZDB3040498-8(OCoLC)1125726619(CKB)4970000000101783(CONSER)--2020243062(EXLCZ)99497000000010178320190421a20199999 o-- -engur|||||||||||rdacontentrdamediardacarrierCrohn's & colitis 360[Oxford] :Oxford University Press,[2019]-1 online resourceRefereed/Peer-reviewedA peer-reviewed, online-only, open access journal. Publishes engaging and informative content that catalyzes dialogue on state-of-the-art comprehensive care for patients with inflammatory bowel disease (IBD) alongside the latest research to advance prevention, treatment and cures. The journal provides a forum for the dissemination of novel insights and innovations across key disciplines involved in IBD care.Crohn's and colitis 360Crohn's and colitis three sixtyCrohn's and colitis three hundred sixtyCrohns Colitis 360Crohn's diseaseCrohn DiseaseColitisIrritable Bowel SyndromeInflammatory Bowel DiseasesGastrointestinal DiseasesDigestive System DiseasesCrohn's diseasefast(OCoLC)fst00883883Periodical.Periodicals.fastCrohn's disease.Crohn Disease.Colitis.Irritable Bowel Syndrome.Inflammatory Bowel Diseases.Gastrointestinal Diseases.Digestive System Diseases.Crohn's disease.616.34Crohn's & Colitis Foundation of America,JOURNAL996411341703316Crohn's & colitis 3602575679UNISA