LEADER 05620nam 2200733Ia 450 001 9910784366003321 005 20230120004340.0 010 $a1-280-63125-2 010 $a9786610631254 010 $a0-08-046178-6 024 3 $z9780750668545 035 $a(CKB)1000000000350093 035 $a(EBL)270336 035 $a(OCoLC)476003370 035 $a(SSID)ssj0000118558 035 $a(PQKBManifestationID)11915504 035 $a(PQKBTitleCode)TC0000118558 035 $a(PQKBWorkID)10052502 035 $a(PQKB)10025497 035 $a(MiAaPQ)EBC270336 035 $a(Au-PeEL)EBL270336 035 $a(CaPaEBR)ebr10138715 035 $a(CaONFJC)MIL63125 035 $a(EXLCZ)991000000000350093 100 $a20060801d2006 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCash return on capital invested$b[electronic resource] $eten years of investment analysis with the CROCI economic profit model /$fPascal Costantini 205 $a1st ed. 210 $aAmsterdam ;$aBoston, MA $cButterworth-Heinemann$dc2006 215 $a1 online resource (245 p.) 300 $a"Elsevier finance"--jacket. 311 $a0-7506-6854-7 320 $aIncludes bibliographical references and index. 327 $aFront 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 finance 327 $aCoffee 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? 327 $aDiscounted 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, PPP 327 $aInvisibility 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 Mac 327 $aSame 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 nothing 327 $a7 Investment analysis 330 $aIn 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 a 517 3 $aTen years of investment analysis with the CROCI economic profit model 517 3 $aInvestment analysis with the CROCI economic profit model 517 3 $aCROCI economic profit model 606 $aCorporations$xValuation 606 $aCorporations$xFinance 606 $aCash flow 606 $aCash management 615 0$aCorporations$xValuation. 615 0$aCorporations$xFinance. 615 0$aCash flow. 615 0$aCash management. 676 $a658.155 700 $aCostantini$b Pascal$01498218 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910784366003321 996 $aCash return on capital invested$93723708 997 $aUNINA