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Investment Valuation
Tools and Techniques for Determining the Value of Any Asset
Valuation is at the heart of every investment decision, whether that decision is to buy, sell, or hold. But the pricing of any financial asset has become a more complex task in modern financial markets. Now completely revised and fully updated to reflect changing market conditions, Investment Valuation, Second Edition, provides expert instruction on how to value virtually any type of asset–stocks, bonds, options, futures, real assets, and much more.
Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses real–world examples and the most current valuation tools, as he guides you through the theory and application of valuation models and highlights their strengths and weaknesses.
Expanded coverage addresses:
∗ Valuation of unconventional assets, financial service firms, start–ups, private companies, dot–coms, and many other traditionally valued assets
∗ Risk in foreign countries and how best to deal with it
∗ Using real option theory and option pricing models in valuing business and equity
∗ The models used to value different types of assets and the elements of these models
∗ How to choose the right model for any given asset valuation scenario
∗ Online real–time valuations that are continually updated at www.damodaran.com
A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation, Second Edition, will be a valuable asset for anyone learning about this critical part of the investment process.
Tools and Techniques for Determining the Value of Any Asset
Valuation is at the heart of every investment decision, whether that decision is to buy, sell, or hold. But the pricing of any financial asset has become a more complex task in modern financial markets. Now completely revised and fully updated to reflect changing market conditions, Investment Valuation, Second Edition, provides expert instruction on how to value virtually any type of asset–stocks, bonds, options, futures, real assets, and much more.
Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses real–world examples and the most current valuation tools, as he guides you through the theory and application of valuation models and highlights their strengths and weaknesses.
Expanded coverage addresses:
∗ Valuation of unconventional assets, financial service firms, start–ups, private companies, dot–coms, and many other traditionally valued assets
∗ Risk in foreign countries and how best to deal with it
∗ Using real option theory and option pricing models in valuing business and equity
∗ The models used to value different types of assets and the elements of these models
∗ How to choose the right model for any given asset valuation scenario
∗ Online real–time valuations that are continually updated at www.damodaran.com
A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation, Second Edition, will be a valuable asset for anyone learning about this critical part of the investment process.
From the Inside Flap
Investment Valuation
Tools and Techniques for Determining the Value of Any Asset
Regarded as one of the top experts on investment valuation, NYU Stern Business School professor Aswath Damodaran returns with a completely revised Second Edition of his classic, Investment Valuation. This practical, comprehensive guide covers a wide range of tools and techniques, both new and old, for determining the value of any asset, including the valuation of stocks, bonds, options, futures, real assets, and much more.
Using updated real–world examples and the most current valuation tools, this Second Edition addresses new sectors such as dot–coms, private companies, and financial service firms that pose complex valuation problems. Damodaran guides you through the theory and application of different valuation models and clarifies the entire process from cash flow valuation and relative valuation to acquisition valuation.
An invaluable resource for authoritative information, analysis, and insight, Investment Valuation, Second Edition, covers all the key topics in asset valuation, including:
∗ Choosing the right valuation model for any given asset valuation scenario
∗ Applying valuation techniques to start–up firms, unconventional assets, private equity, and real estate
∗ Risk and return–domestically and abroad
∗ Value enhancement measures such as economic value–added (EVA) and cash flow return on investment (CFROI)
∗ Using real option theory and option pricing models in valuing individual assets such as patents as well as entire businesses
Investment Valuation, Second Edition, thoroughly explains the valuation process from the ground up and offers you some of the most flexible approaches to valuing assets. Now you can easily access a significant number of data sets and spreadsheets associated with this book online at www.damodaran.com. In fact, the valuations will be constantly updated online, so you can have a closer link to real–time valuations.
Filled with case studies and proven valuation models, this indispensable guide is a must for anyone wishing to gain a better understanding of investment valuation and its methods. Take the insight and advice of a recognized authority on the valuation process and put them to work for you today. --This text refers to the Hardcover edition.
Tools and Techniques for Determining the Value of Any Asset
Regarded as one of the top experts on investment valuation, NYU Stern Business School professor Aswath Damodaran returns with a completely revised Second Edition of his classic, Investment Valuation. This practical, comprehensive guide covers a wide range of tools and techniques, both new and old, for determining the value of any asset, including the valuation of stocks, bonds, options, futures, real assets, and much more.
Using updated real–world examples and the most current valuation tools, this Second Edition addresses new sectors such as dot–coms, private companies, and financial service firms that pose complex valuation problems. Damodaran guides you through the theory and application of different valuation models and clarifies the entire process from cash flow valuation and relative valuation to acquisition valuation.
An invaluable resource for authoritative information, analysis, and insight, Investment Valuation, Second Edition, covers all the key topics in asset valuation, including:
∗ Choosing the right valuation model for any given asset valuation scenario
∗ Applying valuation techniques to start–up firms, unconventional assets, private equity, and real estate
∗ Risk and return–domestically and abroad
∗ Value enhancement measures such as economic value–added (EVA) and cash flow return on investment (CFROI)
∗ Using real option theory and option pricing models in valuing individual assets such as patents as well as entire businesses
Investment Valuation, Second Edition, thoroughly explains the valuation process from the ground up and offers you some of the most flexible approaches to valuing assets. Now you can easily access a significant number of data sets and spreadsheets associated with this book online at www.damodaran.com. In fact, the valuations will be constantly updated online, so you can have a closer link to real–time valuations.
Filled with case studies and proven valuation models, this indispensable guide is a must for anyone wishing to gain a better understanding of investment valuation and its methods. Take the insight and advice of a recognized authority on the valuation process and put them to work for you today. --This text refers to the Hardcover edition.
Inside This Book
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First Sentence
Every asset, financial as well as real, has a value. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
Every asset, financial as well as real, has a value. Read the first page
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Concordance
Browse Sample PagesConcordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
18 of 20 people found the following review helpful
Format:Paperback
This is an excellent book for Level 2 of the Chartered Financial Analyst (CFA) curriculum. This book presents clearly and concisely various discounted cash flow (DDM, FCFF & FCFE) and relative valuation techniques (P/E, P/Sales, P/BV), with sound rationale on the most appropriate technique for each particular circumstance. Your efforts in attempting to understand this book will be well rewarded. The substance of this book covers a fairly significant chunk (20%) of the CFA Level 2 curriculum.
6 of 7 people found the following review helpful
Format:Paperback
This book covers many issues which are extremelly topical and provides a framework for solving these issues.
I've used the work on equity risk premiums in risky countries and on the WACC heavily. It is well written and easy to read (except, of course, the heavily technical detail, which requires some thought at times).
I've had a quick flick through the stuff on calculating beta in the CAPM environment and wish I had this book when I was an investment banking junior. It covers common mistakes in estimating beta (some of which I made in the past) and provides an opinion on some commonly used methods.
I thoroughly recommend this book. If you practice in finance and need to know the quantitative stuff this book is indespensible.
Format:Paperback|Amazon Verified Purchase
If you want to learn about valuation and also get good explanations on valuation, (not just the how but also the why)
I suggest you buy this book immediately!
I suggest you buy this book immediately!
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