05543nam 2200697Ia 450 991045811290332120200520144314.01-281-02411-297866110241160-08-051480-4(CKB)1000000000363579(EBL)298451(OCoLC)469608153(SSID)ssj0000306873(PQKBManifestationID)11223691(PQKBTitleCode)TC0000306873(PQKBWorkID)10306985(PQKB)11037194(MiAaPQ)EBC298451(PPN)170232018(Au-PeEL)EBL298451(CaPaEBR)ebr10127928(CaONFJC)MIL102411(EXLCZ)99100000000036357920040514d2004 uy 0engurcn|||||||||txtccrPrinciples of cash flow valuation[electronic resource] an integrated market-based approach /Joseph Tham, Ignacio Vélez-ParejaAmsterdam ;Boston, MA Elsevier Academic Pressc20041 online resource (517 p.)Academic Press advanced finance seriesDescription based upon print version of record.1-4933-0204-3 0-12-686040-8 Includes bibliographical references (p. 479-482) and index.Front Cover; PRINCIPLES OF CASH FLOW VALUATION: An Integrated Market-Based Approach; Copyright Page; CONTENTS; PREFACE; ABOUT THE AUTHORS; Chapter 1. Basic Concepts in Market-Based Cash Flow Valuation; 1.1 Introduction; 1.2 Market-Based Procedure for Valuation; 1.3 Steps in Cash Flow Valuation; 1.4 Present Value; 1.5 The Standard After-Tax Weighted Average Cost of Capital; 1.6 Types of Cash Flows; 1.7 Weighted Average Cost of Capital in an M & M World; 1.8 WACC in an M & M World with Taxes; 1.9 The Fundamental Free Cash Flow Relationship1.10 The Main Valuation Methods and Formulas for Cost of Capital 1.11 The Cash Flow to Equity Approach; 1.12 Estimating the Cost of Capital; 1.13 Adjusted Present Value Approach; 1.14 Various Formulations for the Cost of Capital; 1.15 Summary and Concluding Remarks; Chapter 2. Time Value of Money and Introduction to Cost of Capital; 2.1 Introduction; Section 1; 2.2 Nominal Prices, Constant Prices, and Real Prices; 2.3 Risk Premium with the Capital Asset Pricing Model; 2.4 Calculating PV with a Finite Stream of Cash Flows; Section 2; 2.5 Valuation with a Finite Stream of Cash Flows2.6 Summary and Concluding Remarks Appendix A; A2.1 Calculating the PV with Cash Flow in Perpetuity (Without Growth); A2.2 WACC in an M & M World with Taxes; A2.5 Free Cash Flow in Perpetuity with Growth; A2.6 Cash Flow to Equity; Appendix B; B2.1 Using the CAPM to Find the Cost of Capital; B2.2 Discount Rate for the Tax Shield is the Return to Unlevered Equity; Chapter 3. Basic Review of Financial Statements and Accounting Concepts; 3.1 Financial Statements and Accounting Concepts; Section 1; 3.2 Balance Sheet; 3.3 Working Capital; 3.4 (Book) Value of Equity; 3.5 Income Statement3.6 Cash Flow Statement (CFS) According to GAAP 3.7 Cash Budget Statement; 3.8 Differences between the CFS According to GAAP and the CB Statement; 3.9 Integration of the Financial Statements; Section 2; 3.10 Preliminary Tables; 3.11 Summary and Concluding Remarks; Appendix A; Appendix B; Chapter 4. Constructing Integrated Pro-Forma Financial Statements, Part One; 4.1 Basic Financial Statements; 4.2 Simple Numerical Example; 4.3 Goals and Policies for Selected Variables; 4.4 Depreciation Schedule; 4.5 Estimated Target Variables; 4.6 Preliminary Tables for the Simple Example4.7 Constructing the Financial Statements for the Simple Example 4.8 Detailed Cash Budget Statement in Year 5; 4.9 Balance Sheet; 4.10 Cash Flow Statement According to GAAP; 4.11 Summary and Concluding Remarks; Appendix A; Chapter 5. Constructing Integrated Pro-Forma Financial Statements, Part Two; 5.1 Constructing Financial Statements; 5.2 Impact on Demand of Changes in Price and of Expenditures on Advertising and Promotion; 5.3 Real Rate of Interest, the Risk-Premium for Debt, and the Reinvestment Return: Interest Rates Estimation; 5.4 Depreciation Schedule5.5 Initial Cash Budget for Year 0The valuation of assets, both tangible and intangible, is an important element of corporate finance. Putting a price tag on ideas is almost impossible, and in the new economy, where companies grow dependent on intangible assets all the time, market volatility can be attributed in large part to our collective ignorance of their value. There are two basic approaches to valuation: from financial statements to cash flows, and from cash flows to financial statements. The former projects historical financial statements into the future and the latter attempts to construct cash flow statements and usAcademic Press advanced finance series.Cash flowValuationCash flowAccountingElectronic books.Cash flowValuation.Cash flowAccounting.658.15244Tham Joseph953267Vélez Pareja Ignacio1943-953268MiAaPQMiAaPQMiAaPQBOOK9910458112903321Principles of cash flow valuation2155003UNINA