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Corporate valuation : measuring the value of companies in turbulent times / / Mario Massari, Gianfranco Gianfrate, Laura Zanetti
| Corporate valuation : measuring the value of companies in turbulent times / / Mario Massari, Gianfranco Gianfrate, Laura Zanetti |
| Autore | Massari Mario |
| Edizione | [1st edition] |
| Pubbl/distr/stampa | Hoboken, New Jersey : , : Wiley, , 2016 |
| Descrizione fisica | 1 online resource (515 p.) |
| Disciplina | 332.63/2042 |
| Collana | Wiley Finance |
| Soggetto topico | Business enterprises - Valuation |
| ISBN |
1-119-00334-2
1-119-00335-0 1-119-26167-8 |
| Formato | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
Cover; Title Page; Copyright; Contents; Preface; Acknowledgments; About the Author; Chapter 1 Introduction; 1.1 What We Should Know to Value a Company; 1.2 Valuation Methods: An Overview; 1.2.1 Common Practices in the Accounting and Financial Communities; 1.2.2 Approach of This Book; 1.3 The Time Value of Money; 1.4 Uncertainty in Company Valuations; 1.4.1 Organizing the Analysis; 1.5 Uncertainty and Managerial Flexibility; 1.5.1 Static versus Dynamic Assumption; 1.5.2 Some Conclusions on Uncertainty and Managerial Flexibility; 1.5.3 Valuing Companies Assuming a Dynamic Standpoint
1.6 Relationship between Value and UncertaintyChapter 2 Business Forecasting for Valuation; 2.1 Introduction; 2.2 Key Phases of the Business Plan Elaboration; 2.2.1 Markets, Competitive Positioning, and Past Results; 2.2.2 Definition of the Competitive Strategies; 2.2.3 Definition of the Actions Needed to Implement the Competitive Strategy; 2.2.4 The Formulation of the Quantitative Assumptions; 2.2.5 Preparation of the Plan Forecasts; 2.3 What Drives the Preparation of a Business Plan?; 2.3.1 A Components Manufacturer; 2.3.2 Commercial Companies Operating through a Network of Points of Sale 2.3.3 Companies Operating on Order2.3.4 Companies Operating in Regulated Sectors; 2.4 The Main Methodological Issues; 2.4.1 Time Horizon Covered by the Plan; 2.4.2 Real Business Plans versus Nominal Business Plans; 2.4.3 Aspects to Develop in the Phase of Business Plan Critical Analysis; 2.4.4 Sensitivity Analysis; Chapter 3 Scenario Analysis; 3.1 Introduction; 3.2 What Is Scenario Analysis?; 3.3 Difference between Scenario and Sensitivity Analysis; 3.4 When to Perform Scenario Analysis; 3.5 Worst and Best Cases and What Happens Next; 3.6 Multi-Scenario Analysis; 3.7 Pros and Cons 3.8 How to Perform Scenario Analysis in Excel3.9 Conclusions; Chapter 4 Monte Carlo Valuation; 4.1 Introducing Monte Carlo Techniques; 4.2 Monte Carlo and Corporate Valuation; 4.3 A Step-by-Step Procedure; 4.4 Case Study: Outdoor Inc. Valuation; 4.5 A Step-by-Step Guide Using Excel and Crystal Ball; Chapter 5 Determining Cash Flows for Company Valuation; 5.1 Introduction; 5.2 Reorganization of the Balance Sheet; 5.2.1 Uses of Funds Related to Operating Activities; 5.2.2 Sources of Financing; 5.2.3 Reorganization of the Balance Sheet of Printing Co. 5.3 Relationship between a Company's Balance Sheet and~Income Statement5.3.1 Reorganization of Printing Co.'s Income Statement; 5.4 From the Economic to the Financial Standpoint; 5.4.1 Cash Flow from Operating Activities: Cash Generated from Current Operations; 5.4.2 Cash Flow from Operating Activities: Investing Activities; 5.4.3 Cash Flow from Financing Activities; 5.4.4 Cash Flow from Surplus Assets; 5.4.5 Uses and Sources of Funds; 5.5 Cash Flow Definitions and Valuation Models; 5.6 Business Plan and Cash Flow Projections; 5.6.1 The Basic Assumptions 5.6.2 Projecting Cash Flows for Printing Co. |
| Record Nr. | UNINA-9910135025603321 |
Massari Mario
|
||
| Hoboken, New Jersey : , : Wiley, , 2016 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||
The valuation of financial companies : tools and techniques to value banks, insurance companies, and other financial institutions / / Mario Massari, Gianfranco Gianfrate, Laura Zanetti
| The valuation of financial companies : tools and techniques to value banks, insurance companies, and other financial institutions / / Mario Massari, Gianfranco Gianfrate, Laura Zanetti |
| Autore | Masari Mario |
| Pubbl/distr/stampa | Chichester, [England] : , : John Wiley & Sons, Incorporation, , 2014 |
| Descrizione fisica | 1 online resource (258 p.) |
| Disciplina | 650 |
| Altri autori (Persone) |
GianfrateGianfranco
ZanettiLaura |
| Collana | Wiley finance series |
| Soggetto topico |
Business
Cash management Financial management |
| Soggetto genere / forma | Electronic books. |
| ISBN |
1-118-82136-X
1-118-61725-8 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
The Valuation of Financial Companies: Tools and Techniques to Value Banks, Insurance Companies, and Other Financial Institutions; Contents; Preface; Acknowledgments; 1 Bank Business Models; 1.1 Economics of Banking; 1.2 Commercial Banks; 1.2.1 Structure of the Industry in the US; 1.2.2 Overview of the US Regulation; 1.2.3 Commercial Banks Balance Sheets; 1.3 Investment Banks; 1.3.1 Structure of the US Banking Industry; 1.3.2 Typical Balance Sheet for an Investment Bank; 1.3.3 The Banking Industry outside the US; 2 Financial Statements Analysis for Banks; 2.1 Balance Sheet; 2.1.1 Assets
2.1.2 Investment Property 2.1.3 Intangibles; 2.1.4 Research and Development; 2.1.5 Goodwill; 2.1.6 Securities; 2.1.7 Equity Stakes; 2.1.8 Loans and Receivables; 2.1.9 Impairment Test; 2.1.10 Financial Liabilities; 2.1.11 Hedging; 2.1.12 De-recognition of Financial Assets and Liabilities; 2.2 The US GAAP for Banks; 2.2.1 Reversal of Impairment; 2.2.2 Transfer among Different Categories; 2.3 Profit & Loss Statement; 2.4 Major Differences between IASIFRS and US GAAP; 2.5 Example of IASIFRS Application; 3 The Regulatory Capital for Banks; 3.1 Regulatory Capital Requirements 3.1.1 Definition of Capital According to Basel I and II 3.1.2 The Risk-Weighted Assets; 3.2 Basel II; 3.2.1 Does Basel II Work?; 3.3 The Reform of Basel III; 3.3.1 New Definition of Capital; 3.3.2 Change in RWA Computation; 3.3.3 New Coefficients; 3.3.4 Leverage Ratio; 3.3.5 Liquidity Ratios; 3.4 Managing the Regulatory Capital; 4 Assessing and Preparing the Business Plan for a Bank; 4.1 STATUS QUO Analysis; 4.1.1 Asset Quality; 4.1.2 Toxic and Illiquid Assets; 4.1.3 Goodwill; 4.1.4 Capitalization; 4.2 Internal Consistency; 4.2.1 Historical versus Projected Performance; 4.2.2 ROE Framework 4.2.3 P&L and Balance Sheet Drivers 4.2.4 P&L versus Balance Sheet; 4.2.5 Asset Side versus Liability Side; 4.2.6 Financial versus Operating Forecasts; 4.3 External Consistency; 4.3.1 Macroeconomic Outlook; 4.3.2 Competitive Dynamics; 4.3.3 Business Plan versus Market Consensus; 4.4 The Forecasting Model of a Bank; 4.4.1 Balance Sheet; 4.4.2 P&L; 4.4.3 Checking Forecasts; 5 Bank Valuation; 5.1 Why Bank Valuation is Different; 5.2 Discounted Returns Model; 5.2.1 The Cost of Capital for Financial Institutions; 5.2.2 The Dividend Discount Model; 5.2.3 The Cash Flow to Equity Model 5.2.4 The Excess Return Model 5.3 Relative Valuation; 5.3.1 Market Multiples; 5.3.2 Deal Multiples; 5.3.3 Multiples from Fundamentals; 5.3.4 Value Maps and Other Regressions; 5.4 Asset Liability-Based Valuation; 5.5 The Sum Of The Parts Framework; 5.6 Bank Valuation in M&A; 5.7 The Valuation of Wells Bank; 6 Insurance Business Models and Financial Statements; 6.1 The Business Model of Insurance Companies; 6.2 Segmentation by Products; 6.2.1 Life and Health; 6.2.2 Property and Casualty; 6.2.3 Reinsurance; 6.3 Distribution Channels; 6.4 Insurance Balance Sheet under US GAAP 6.4.1 Reserves and Separate Accounts |
| Record Nr. | UNINA-9910463465303321 |
|
Masari Mario
|
||
| Chichester, [England] : , : John Wiley & Sons, Incorporation, , 2014 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||
The valuation of financial companies : tools and techniques to value banks, insurance companies, and other financial institutions / / Mario Massari, Gianfranco Gianfrate, Laura Zanetti
| The valuation of financial companies : tools and techniques to value banks, insurance companies, and other financial institutions / / Mario Massari, Gianfranco Gianfrate, Laura Zanetti |
| Autore | Masari Mario |
| Pubbl/distr/stampa | Chichester, [England] : , : John Wiley & Sons, Incorporation, , 2014 |
| Descrizione fisica | 1 online resource (258 p.) |
| Disciplina | 650 |
| Altri autori (Persone) |
GianfrateGianfranco
ZanettiLaura |
| Collana | Wiley finance series |
| Soggetto topico |
Business
Cash management Financial management |
| ISBN |
1-118-82136-X
1-118-61725-8 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
The Valuation of Financial Companies: Tools and Techniques to Value Banks, Insurance Companies, and Other Financial Institutions; Contents; Preface; Acknowledgments; 1 Bank Business Models; 1.1 Economics of Banking; 1.2 Commercial Banks; 1.2.1 Structure of the Industry in the US; 1.2.2 Overview of the US Regulation; 1.2.3 Commercial Banks Balance Sheets; 1.3 Investment Banks; 1.3.1 Structure of the US Banking Industry; 1.3.2 Typical Balance Sheet for an Investment Bank; 1.3.3 The Banking Industry outside the US; 2 Financial Statements Analysis for Banks; 2.1 Balance Sheet; 2.1.1 Assets
2.1.2 Investment Property 2.1.3 Intangibles; 2.1.4 Research and Development; 2.1.5 Goodwill; 2.1.6 Securities; 2.1.7 Equity Stakes; 2.1.8 Loans and Receivables; 2.1.9 Impairment Test; 2.1.10 Financial Liabilities; 2.1.11 Hedging; 2.1.12 De-recognition of Financial Assets and Liabilities; 2.2 The US GAAP for Banks; 2.2.1 Reversal of Impairment; 2.2.2 Transfer among Different Categories; 2.3 Profit & Loss Statement; 2.4 Major Differences between IASIFRS and US GAAP; 2.5 Example of IASIFRS Application; 3 The Regulatory Capital for Banks; 3.1 Regulatory Capital Requirements 3.1.1 Definition of Capital According to Basel I and II 3.1.2 The Risk-Weighted Assets; 3.2 Basel II; 3.2.1 Does Basel II Work?; 3.3 The Reform of Basel III; 3.3.1 New Definition of Capital; 3.3.2 Change in RWA Computation; 3.3.3 New Coefficients; 3.3.4 Leverage Ratio; 3.3.5 Liquidity Ratios; 3.4 Managing the Regulatory Capital; 4 Assessing and Preparing the Business Plan for a Bank; 4.1 STATUS QUO Analysis; 4.1.1 Asset Quality; 4.1.2 Toxic and Illiquid Assets; 4.1.3 Goodwill; 4.1.4 Capitalization; 4.2 Internal Consistency; 4.2.1 Historical versus Projected Performance; 4.2.2 ROE Framework 4.2.3 P&L and Balance Sheet Drivers 4.2.4 P&L versus Balance Sheet; 4.2.5 Asset Side versus Liability Side; 4.2.6 Financial versus Operating Forecasts; 4.3 External Consistency; 4.3.1 Macroeconomic Outlook; 4.3.2 Competitive Dynamics; 4.3.3 Business Plan versus Market Consensus; 4.4 The Forecasting Model of a Bank; 4.4.1 Balance Sheet; 4.4.2 P&L; 4.4.3 Checking Forecasts; 5 Bank Valuation; 5.1 Why Bank Valuation is Different; 5.2 Discounted Returns Model; 5.2.1 The Cost of Capital for Financial Institutions; 5.2.2 The Dividend Discount Model; 5.2.3 The Cash Flow to Equity Model 5.2.4 The Excess Return Model 5.3 Relative Valuation; 5.3.1 Market Multiples; 5.3.2 Deal Multiples; 5.3.3 Multiples from Fundamentals; 5.3.4 Value Maps and Other Regressions; 5.4 Asset Liability-Based Valuation; 5.5 The Sum Of The Parts Framework; 5.6 Bank Valuation in M&A; 5.7 The Valuation of Wells Bank; 6 Insurance Business Models and Financial Statements; 6.1 The Business Model of Insurance Companies; 6.2 Segmentation by Products; 6.2.1 Life and Health; 6.2.2 Property and Casualty; 6.2.3 Reinsurance; 6.3 Distribution Channels; 6.4 Insurance Balance Sheet under US GAAP 6.4.1 Reserves and Separate Accounts |
| Record Nr. | UNINA-9910787629903321 |
|
Masari Mario
|
||
| Chichester, [England] : , : John Wiley & Sons, Incorporation, , 2014 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||
The valuation of financial companies : tools and techniques to value banks, insurance companies, and other financial institutions / / Mario Massari, Gianfranco Gianfrate, Laura Zanetti
| The valuation of financial companies : tools and techniques to value banks, insurance companies, and other financial institutions / / Mario Massari, Gianfranco Gianfrate, Laura Zanetti |
| Autore | Masari Mario |
| Pubbl/distr/stampa | Chichester, [England] : , : John Wiley & Sons, Incorporation, , 2014 |
| Descrizione fisica | 1 online resource (258 p.) |
| Disciplina | 650 |
| Altri autori (Persone) |
GianfrateGianfranco
ZanettiLaura |
| Collana | Wiley finance series |
| Soggetto topico |
Business
Cash management Financial management |
| ISBN |
1-118-82136-X
1-118-61725-8 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
The Valuation of Financial Companies: Tools and Techniques to Value Banks, Insurance Companies, and Other Financial Institutions; Contents; Preface; Acknowledgments; 1 Bank Business Models; 1.1 Economics of Banking; 1.2 Commercial Banks; 1.2.1 Structure of the Industry in the US; 1.2.2 Overview of the US Regulation; 1.2.3 Commercial Banks Balance Sheets; 1.3 Investment Banks; 1.3.1 Structure of the US Banking Industry; 1.3.2 Typical Balance Sheet for an Investment Bank; 1.3.3 The Banking Industry outside the US; 2 Financial Statements Analysis for Banks; 2.1 Balance Sheet; 2.1.1 Assets
2.1.2 Investment Property 2.1.3 Intangibles; 2.1.4 Research and Development; 2.1.5 Goodwill; 2.1.6 Securities; 2.1.7 Equity Stakes; 2.1.8 Loans and Receivables; 2.1.9 Impairment Test; 2.1.10 Financial Liabilities; 2.1.11 Hedging; 2.1.12 De-recognition of Financial Assets and Liabilities; 2.2 The US GAAP for Banks; 2.2.1 Reversal of Impairment; 2.2.2 Transfer among Different Categories; 2.3 Profit & Loss Statement; 2.4 Major Differences between IASIFRS and US GAAP; 2.5 Example of IASIFRS Application; 3 The Regulatory Capital for Banks; 3.1 Regulatory Capital Requirements 3.1.1 Definition of Capital According to Basel I and II 3.1.2 The Risk-Weighted Assets; 3.2 Basel II; 3.2.1 Does Basel II Work?; 3.3 The Reform of Basel III; 3.3.1 New Definition of Capital; 3.3.2 Change in RWA Computation; 3.3.3 New Coefficients; 3.3.4 Leverage Ratio; 3.3.5 Liquidity Ratios; 3.4 Managing the Regulatory Capital; 4 Assessing and Preparing the Business Plan for a Bank; 4.1 STATUS QUO Analysis; 4.1.1 Asset Quality; 4.1.2 Toxic and Illiquid Assets; 4.1.3 Goodwill; 4.1.4 Capitalization; 4.2 Internal Consistency; 4.2.1 Historical versus Projected Performance; 4.2.2 ROE Framework 4.2.3 P&L and Balance Sheet Drivers 4.2.4 P&L versus Balance Sheet; 4.2.5 Asset Side versus Liability Side; 4.2.6 Financial versus Operating Forecasts; 4.3 External Consistency; 4.3.1 Macroeconomic Outlook; 4.3.2 Competitive Dynamics; 4.3.3 Business Plan versus Market Consensus; 4.4 The Forecasting Model of a Bank; 4.4.1 Balance Sheet; 4.4.2 P&L; 4.4.3 Checking Forecasts; 5 Bank Valuation; 5.1 Why Bank Valuation is Different; 5.2 Discounted Returns Model; 5.2.1 The Cost of Capital for Financial Institutions; 5.2.2 The Dividend Discount Model; 5.2.3 The Cash Flow to Equity Model 5.2.4 The Excess Return Model 5.3 Relative Valuation; 5.3.1 Market Multiples; 5.3.2 Deal Multiples; 5.3.3 Multiples from Fundamentals; 5.3.4 Value Maps and Other Regressions; 5.4 Asset Liability-Based Valuation; 5.5 The Sum Of The Parts Framework; 5.6 Bank Valuation in M&A; 5.7 The Valuation of Wells Bank; 6 Insurance Business Models and Financial Statements; 6.1 The Business Model of Insurance Companies; 6.2 Segmentation by Products; 6.2.1 Life and Health; 6.2.2 Property and Casualty; 6.2.3 Reinsurance; 6.3 Distribution Channels; 6.4 Insurance Balance Sheet under US GAAP 6.4.1 Reserves and Separate Accounts |
| Record Nr. | UNINA-9910816467003321 |
|
Masari Mario
|
||
| Chichester, [England] : , : John Wiley & Sons, Incorporation, , 2014 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||