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Autore: |
Costantini Pascal
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Titolo: |
Cash return on capital invested [[electronic resource] ] : ten years of investment analysis with the CROCI economic profit model / / Pascal Costantini
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Pubblicazione: | Amsterdam ; ; Boston, MA, : Butterworth-Heinemann, c2006 |
Edizione: | 1st ed. |
Descrizione fisica: | 1 online resource (245 p.) |
Disciplina: | 658.155 |
Soggetto topico: | Corporations - Valuation |
Corporations - Finance | |
Cash flow | |
Cash management | |
Soggetto genere / forma: | Electronic books. |
Note generali: | "Elsevier finance"--jacket. |
Nota di bibliografia: | Includes bibliographical references and index. |
Nota di contenuto: | 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 finance |
Coffee 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, PPP | |
Invisibility 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 | |
Same 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 | |
7 Investment analysis | |
Sommario/riassunto: | In 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 |
Altri titoli varianti: | Ten years of investment analysis with the CROCI economic profit model |
Investment analysis with the CROCI economic profit model | |
CROCI economic profit model | |
Titolo autorizzato: | Cash return on capital invested ![]() |
ISBN: | 1-280-63125-2 |
9786610631254 | |
0-08-046178-6 | |
Formato: | Materiale a stampa ![]() |
Livello bibliografico | Monografia |
Lingua di pubblicazione: | Inglese |
Record Nr.: | 9910457664003321 |
Lo trovi qui: | Univ. Federico II |
Opac: | Controlla la disponibilità qui |