Valuing and Investing in Equities

Valuing and Investing in Equities
Author: Francesco Curto
Publsiher: Academic Press
Total Pages: 250
Release: 2020-03
ISBN 10: 0128138483
ISBN 13: 9780128138489
Language: EN, FR, DE, ES & NL

Valuing and Investing in Equities Book Review:

Valuing and Investing in Equities: CROCI: Cash Return on Capital Investment develops a common-sense framework for value investors. By distinguishing investors from speculators, it acknowledges the variety of styles and goals in the financial markets. After explaining the intuition behind due diligence, portfolio construction, and stock picking, it shows the reader how to perform these steps and how to evaluate their results. Francesco Curto illuminates the costs and opportunities afforded by valuation strategies, inflation, and bubbles, emphasizing their effects on each other within the CROCI framework. Balancing analytics with an engaging clarity, the book neatly describes a comprehensive, time-tested approach to investing. Annual returns from this investment approach demand everyone's attention. - Describes the Cash Return on Capital Invested (CROCI) methodology - Provides a step by step approach in building investment strategies - Presents 25 years of insights from CROCI's valuation and investment results

The Little Book of Value Investing

The Little Book of Value Investing
Author: Christopher H. Browne
Publsiher: John Wiley & Sons
Total Pages: 208
Release: 2016-05-03
ISBN 10: 0470105496
ISBN 13: 9780470105498
Language: EN, FR, DE, ES & NL

The Little Book of Value Investing Book Review:

There are many ways to make money in today’s market, but the one strategy that has truly proven itself over the years is value investing. Now, with The Little Book of Value Investing, Christopher Browne shows you how to use this wealth-building strategy to successfully buy bargain stocks around the world.

Corporate Valuation for Portfolio Investment

Corporate Valuation for Portfolio Investment
Author: Robert A. G. Monks,Alexandra Reed Lajoux
Publsiher: John Wiley & Sons
Total Pages: 556
Release: 2010-11-09
ISBN 10: 9781576603178
ISBN 13: 1576603172
Language: EN, FR, DE, ES & NL

Corporate Valuation for Portfolio Investment Book Review:

A detailed guide to the discipline of corporate valuation Designed for the professional investor who is building an investment portfolio that includes equity, Corporate Valuation for Portfolio Investment takes you through a range of approaches, including those primarily based on assets, earnings, cash flow, and securities prices, as well as hybrid techniques. Along the way, it discusses the importance of qualitative measures such as governance, which go well beyond generally accepted accounting principles and international financial reporting standards, and addresses a variety of special situations in the life cycle of businesses, including initial public offerings and bankruptcies. Engaging and informative, Corporate Valuation for Portfolio Investment also contains formulas, checklists, and models that the authors, or other experts, have found useful in making equity investments. Presents more than a dozen hybrid approaches to valuation, explaining their relevance to different types of investors Charts stock market trends, both verbally and visually, enabling investors to think like traders when needed Offers valuation guidance based on less quantitative factors, namely management quality and factors relating to the company and the economy Corporate Valuation for Portfolio Investment puts this dynamic discipline in perspective and presents proven ways to determine the value of corporate equity securities for the purpose of portfolio investment.

The Little Book of Valuation

The Little Book of Valuation
Author: Aswath Damodaran
Publsiher: John Wiley & Sons
Total Pages: 256
Release: 2011-03-29
ISBN 10: 9781118064146
ISBN 13: 1118064143
Language: EN, FR, DE, ES & NL

The Little Book of Valuation Book Review:

An accessible, and intuitive, guide to stock valuation Valuation is at the heart of any investment decision, whether that decision is to buy, sell, or hold. In The Little Book of Valuation, expert Aswath Damodaran explains the techniques in language that any investors can understand, so you can make better investment decisions when reviewing stock research reports and engaging in independent efforts to value and pick stocks. Page by page, Damodaran distills the fundamentals of valuation, without glossing over or ignoring key concepts, and develops models that you can easily understand and use. Along the way, he covers various valuation approaches from intrinsic or discounted cash flow valuation and multiples or relative valuation to some elements of real option valuation. Includes case studies and examples that will help build your valuation skills Written by Aswath Damodaran, one of today's most respected valuation experts Includes an accompanying iPhone application (iVal) that makes the lessons of the book immediately useable Written with the individual investor in mind, this reliable guide will not only help you value a company quickly, but will also help you make sense of valuations done by others or found in comprehensive equity research reports.

Deep Value

Deep Value
Author: Tobias E. Carlisle
Publsiher: John Wiley & Sons
Total Pages: 240
Release: 2014-08-18
ISBN 10: 1118747968
ISBN 13: 9781118747964
Language: EN, FR, DE, ES & NL

Deep Value Book Review:

The economic climate is ripe for another golden age of shareholder activism Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations is a must-read exploration of deep value investment strategy, describing the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond. The book combines engaging anecdotes with industry research to illustrate the principles and methods of this complex strategy, and explains the reasoning behind seemingly incomprehensible activist maneuvers. Written by an active value investor, Deep Value provides an insider's perspective on shareholder activist strategies in a format accessible to both professional investors and laypeople. The Deep Value investment philosophy as described by Graham initially identified targets by their discount to liquidation value. This approach was extremely effective, but those opportunities are few and far between in the modern market, forcing activists to adapt. Current activists assess value from a much broader palate, and exploit a much wider range of tools to achieve their goals. Deep Value enumerates and expands upon the resources and strategies available to value investors today, and describes how the economic climate is allowing value investing to re-emerge. Topics include: Target identification, and determining the most advantageous ends Strategies and tactics of effective activism Unseating management and fomenting change Eyeing conditions for the next M&A boom Activist hedge funds have been quiet since the early 2000s, but economic conditions, shareholder sentiment, and available opportunities are creating a fertile environment for another golden age of activism. Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations provides the in-depth information investors need to get up to speed before getting left behind.

The Little Book of Investing Like the Pros

The Little Book of Investing Like the Pros
Author: Joshua Pearl,Joshua Rosenbaum
Publsiher: John Wiley & Sons
Total Pages: 320
Release: 2020-03-16
ISBN 10: 1119388260
ISBN 13: 9781119388265
Language: EN, FR, DE, ES & NL

The Little Book of Investing Like the Pros Book Review:

As you have probably noticed, there are quite a few investing books out there. Many of them were written by some of the world's greatest investors. So, why should you read our book? Stock investing is more prevalent than ever, whether directly or indirectly through brokerage accounts, exchange-traded funds, mutual funds, or retirement plans. Despite this, the vast majority of individual investors have no training on how to pick stocks. And, until now, there hasn't been a truly accessible, easy-to-understand resource available to help them. The Little Book of Investing Like the Pros was written to fill this void. We believe the simplicity and accessibility of our stock picking framework is truly unique. Using real-world examples and actual Wall Street models used by the pros, we teach you how to pick stocks in a highly accessible, step-by-step manner. Our goal is straightforward—to impart the skills necessary for finding high-quality stocks while protecting your portfolio with risk management best practices. Our practical approach is designed to help demystify the investing process, which can be intimidating. This training will help set you apart from others who are largely flying blind. Pilots require extensive training before receiving a license. Doctors must graduate medical school, followed by a multi-year residency. Even those providing professional investment advice require certification. But, anyone can buy a stock without any training whatsoever. While buying stocks on a hunch and a prayer may not endanger your life, it can certainly put your finances at risk.

Equity Valuation Science Art or Craft

Equity Valuation  Science  Art  or Craft
Author: Frank J. Fabozzi,Sergio M. Focardi,Caroline Jonas
Publsiher: CFA Institute Research Foundation
Total Pages: 136
Release: 2017-12-27
ISBN 10: 1944960341
ISBN 13: 9781944960346
Language: EN, FR, DE, ES & NL

Equity Valuation Science Art or Craft Book Review:

The price at which a stock is traded in the market reflects the ability of the firm to generate cash flow and the risks associated with generating the expected future cash flows. The authors point to the limits of widely used valuation techniques. The most important of these limits is the inability to forecast cash flows and to determine the appropriate discount rate. Another important limit is the inability to determine absolute value. Widely used valuation techniques such as market multiples - the price-to-earnings ratio, firm value multiples or a use of multiple ratios, for example - capture only relative value, that is, the value of a firm's stocks related to the value of comparable firms (assuming that comparable firms can be identified). The study underlines additional problems when it comes to valuing IPOs and private equity: Both are sensitive to the timing of the offer, suffer from information asymmetry, and are more subject to behavioral elements than is the case for shares of listed firms. In the case of IPOs in particular, the authors discuss how communication strategies and media hype play an important role in the IPO valuation/pricing process.

Equity Asset Valuation

Equity Asset Valuation
Author: Jerald E. Pinto,Elaine Henry,Thomas R. Robinson,John D. Stowe
Publsiher: John Wiley & Sons
Total Pages: 624
Release: 2015-10-16
ISBN 10: 1119104645
ISBN 13: 9781119104643
Language: EN, FR, DE, ES & NL

Equity Asset Valuation Book Review:

Navigate equity investments and asset valuation with confidence Equity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. The most comprehensive resource on the market, this text supplements your studies for the third step in the three-level CFA certification program by integrating both accounting and finance concepts to explore a collection of valuation models and challenge you to determine which models are most appropriate for certain companies and circumstances. Detailed learning outcome statements help you navigate your way through the content, which covers a wide range of topics, including how an analyst approaches the equity valuation process, the basic DDM, the derivation of the required rate of return within the context of Markowitz and Sharpe's modern portfolio theory, and more. Equity investments encompass the buying and holding of shares of stock in the anticipation of collecting income from dividends and capital gains. Determining which shares will be profitable is key, and an array of valuation techniques is applied on today's market to decide which stocks are ripe for investment and which are best left out of your portfolio. Access the most comprehensive equity asset valuation text on the market Leverage detailed learning outcome statements that focus your attention on key concepts, and guide you in applying the material accurately and effectively Explore a wide range of essential topics, such as the free cash flow approach, valuation using Graham and Dodd type concepts of earning power, associated market multiples, and residual income models Improve your study efforts by leveraging the text during your CFA certification program prep Equity Asset Valuation, Third Edition is a comprehensive, updated text that guides you through the information you need to know to fully understand the general analysis of equity investments.

Valuation of Unlisted Direct Investment Equity

Valuation of Unlisted Direct Investment Equity
Author: Emmanuel O. Kumah,Jannick Damgaard,Thomas Elkjaer
Publsiher: International Monetary Fund
Total Pages: 72
Release: 2009-11-01
ISBN 10: 1451873891
ISBN 13: 9781451873894
Language: EN, FR, DE, ES & NL

Valuation of Unlisted Direct Investment Equity Book Review:

This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.

Financial Modeling and Valuation

Financial Modeling and Valuation
Author: Paul Pignataro
Publsiher: John Wiley & Sons
Total Pages: 432
Release: 2013-07-10
ISBN 10: 1118558766
ISBN 13: 9781118558768
Language: EN, FR, DE, ES & NL

Financial Modeling and Valuation Book Review:

Written by the Founder and CEO of the prestigious New York School of Finance, this book schools you in the fundamental tools for accurately assessing the soundness of a stock investment. Built around a full-length case study of Wal-Mart, it shows you how to perform an in-depth analysis of that company's financial standing, walking you through all the steps of developing a sophisticated financial model as done by professional Wall Street analysts. You will construct a full scale financial model and valuation step-by-step as you page through the book. When we ran this analysis in January of 2012, we estimated the stock was undervalued. Since the first run of the analysis, the stock has increased 35 percent. Re-evaluating Wal-Mart 9months later, we will step through the techniques utilized by Wall Street analysts to build models on and properly value business entities. Step-by-step financial modeling - taught using downloadable Wall Street models, you will construct the model step by step as you page through the book. Hot keys and explicit Excel instructions aid even the novice excel modeler. Model built complete with Income Statement, Cash Flow Statement, Balance Sheet, Balance Sheet Balancing Techniques, Depreciation Schedule (complete with accelerating depreciation and deferring taxes), working capital schedule, debt schedule, handling circular references, and automatic debt pay downs. Illustrative concepts including detailing model flows help aid in conceptual understanding. Concepts are reiterated and honed, perfect for a novice yet detailed enough for a professional. Model built direct from Wal-Mart public filings, searching through notes, performing research, and illustrating techniques to formulate projections. Includes in-depth coverage of valuation techniques commonly used by Wall Street professionals. Illustrative comparable company analyses - built the right way, direct from historical financials, calculating LTM (Last Twelve Month) data, calendarization, and properly smoothing EBITDA and Net Income. Precedent transactions analysis - detailing how to extract proper metrics from relevant proxy statements Discounted cash flow analysis - simplifying and illustrating how a DCF is utilized, how unlevered free cash flow is derived, and the meaning of weighted average cost of capital (WACC) Step-by-step we will come up with a valuation on Wal-Mart Chapter end questions, practice models, additional case studies and common interview questions (found in the companion website) help solidify the techniques honed in the book; ideal for universities or business students looking to break into the investment banking field.

Analysis of Equity Investments

Analysis of Equity Investments
Author: John D. Stowe
Publsiher: Cfa Inst
Total Pages: 318
Release: 2002
ISBN 10: 9780935015768
ISBN 13: 0935015760
Language: EN, FR, DE, ES & NL

Analysis of Equity Investments Book Review:

New Principles of Equity Investment

New Principles of Equity Investment
Author: Les Coleman
Publsiher: Emerald Group Publishing
Total Pages: 280
Release: 2019-03-14
ISBN 10: 1789730651
ISBN 13: 9781789730654
Language: EN, FR, DE, ES & NL

New Principles of Equity Investment Book Review:

The book aligns the best of established theory, empirical evidence and industry practice to operationalise equity investment and match it to practices in the real world. It does not merely repackage the contemporary investment paradigm, but develops a new perspective that follows a rigorous research philosophy and is based on field evidence.

The Art of Value Investing

The Art of Value Investing
Author: John Heins,Whitney Tilson
Publsiher: John Wiley & Sons
Total Pages: 336
Release: 2013-04-12
ISBN 10: 1118233964
ISBN 13: 9781118233962
Language: EN, FR, DE, ES & NL

The Art of Value Investing Book Review:

Says Bill Ackman of Pershing Square Capital Management about The Art of Value Investing: "I learned the investment business largely from the work and thinking of other investors. The Art of Value Investing is a thoughtfully organized compilation of some of the best investment insights I have ever read. Read this book with care. It will be one of the highest-return investments you will ever make." Based on interviews with the world's most-successful value investors, The Art of Value Investing offers a comprehensive set of answers to the questions every equity money manager should have thought through clearly before holding himself or herself out as a worthy steward of other people's money. What market inefficiencies will I try to exploit? How will I generate ideas? What will be my geographic focus? What analytical edge will I hope to have? What valuation methodologies will I use? What time horizon will I typically employ? How many stocks will I own? How specifically will I decide to buy or sell? Will I hedge, and how? How will I keep my emotions from getting the best of me? Who should read The Art of Value Investing? It is as vital a resource for the just starting out investor as for the sophisticated professional one. The former will find a comprehensive guidebook for defining a sound investment strategy from A-to-Z; the latter will find all aspects of his or her existing practice challenged or reconfirmed by the provocative thinking of their most-successful peers. It also is a must read for any investor – institutional or individual – charged with choosing the best managers for the money they are allocating to equities. Choosing the right managers requires knowing all the right questions to ask as well as the answers worthy of respect and attention – both of which are delivered in The Art of Value Investing.

Equity Markets Valuation and Analysis

Equity Markets  Valuation  and Analysis
Author: H. Kent Baker,Greg Filbeck,Halil Kiymaz
Publsiher: John Wiley & Sons
Total Pages: 448
Release: 2020-09-01
ISBN 10: 1119632935
ISBN 13: 9781119632931
Language: EN, FR, DE, ES & NL

Equity Markets Valuation and Analysis Book Review:

Sharpen your understanding of the financial markets with this incisive volume Equity Markets, Valuation, and Analysis brings together many of the leading practitioner and academic voices in finance to produce a comprehensive and empirical examination of equity markets. Masterfully written and edited by experts in the field, Equity Markets, Valuation, and Analysis introduces the basic concepts and applications that govern the area before moving on to increasingly intricate treatments of sub-fields and market trends. The book includes in-depth coverage of subjects including: · The latest trends and research from across the globe · The controversial issues facing the field of valuation and the future outlook for the field · Empirical evidence and research on equity markets · How investment professionals analyze and manage equity portfolios This book balances its comprehensive discussion of the empirical foundations of equity markets with the perspectives of financial experts. It is ideal for professional investors, financial analysts, and undergraduate and graduate students in finance.

Principles of Equity Valuation

Principles of Equity Valuation
Author: Ian Davidson,Mark Tippett
Publsiher: Routledge
Total Pages: 288
Release: 2012-08-21
ISBN 10: 113628303X
ISBN 13: 9781136283031
Language: EN, FR, DE, ES & NL

Principles of Equity Valuation Book Review:

The book provides a rigorous introduction to corporate finance and the valuation of equity. The first half of the book covers much of the received theory in these areas such as the relationship between the risk of an equity security and the return one can expect from it, the effects of leverage (that is, the borrowing policies of the firm) on the return one can expect from the firm’s shares and the role that dividends, operating cash flows and accounting earnings play in the valuation of equity. The second half of the book is more advanced and deals with the important role that "real options" (that is, as yet unexploited investment opportunities) play in the valuation of equity.

Cash Return on Capital Invested

Cash Return on Capital Invested
Author: Pascal Costantini
Publsiher: Elsevier
Total Pages: 248
Release: 2011-02-24
ISBN 10: 0080461786
ISBN 13: 9780080461786
Language: EN, FR, DE, ES & NL

Cash Return on Capital Invested Book Review:

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 an individual sharein other words, every single working day, since it is this groups job to advise institutional investors on equity valuation. Costantini describes in detail, accompanied by concrete examples in the form of charts and graphs, the precise investment results of the actual implementation of the CROCI approach in the global equity markets since 1996. Readers will enjoy taking this journey with Costantini to see how and why the model was developed, assess the results of ten years of actual implementation and measure the successes of using this model in stock picking and portfolio construction. This book will also make it easy for them to see how the CROCI approach can be used successfully by others now and in the future. The book is divided into four parts. The first part is a review and discussion of the fundamentals of investment analysis. The second part is dedicated to the construction of economic data, with the sole objective of calculating an economically meaningful asset multiple and relative return, the combination of which gives an economic PE ratio, the authors main stock selection tool. While the economic profit model is not exactly new, it is still largely ignored by the investment community. In essence, it does three things: it calculates the real amount of cash, or value created by a business; it compares the market value of an asset to an approximation of its replacement value; and it assumes that the former will converge to the latter through the arbitrage of investors and capital providers. The third part is dedicated to the analysis of economic data, and the last part deals with the actual implementation of the CROCI economic profit model, including real life examples. This final part also discusses how to use the output of the CROCI model with individual stocks, and then with investment portfolios. *Techniques are based on the authors performance record at Deutsche Bank since 1996 *Based on almost ten years of proprietary knowledge and implementation of these techniques *Factual illustrations of the results of the valuation techniques are provided at each step *Techniques are based on the author's performance record at Deutsche Bank since 1996 *Based on almost ten years of proprietary knowledge and implementation of these techniques *Factual illustrations of the results of the valuation techniques are provided at each step

Investment Valuation

Investment Valuation
Author: Aswath Damodaran
Publsiher: John Wiley & Sons
Total Pages: 992
Release: 2002-01-31
ISBN 10: 9780471414902
ISBN 13: 0471414905
Language: EN, FR, DE, ES & NL

Investment Valuation Book Review:

Valuation is a topic that is extensively covered in business degree programs throughout the country. Damodaran's revisions to "Investment Valuation" are an addition to the needs of these programs.

The Investment Checklist

The Investment Checklist
Author: Michael Shearn
Publsiher: John Wiley & Sons
Total Pages: 384
Release: 2011-09-20
ISBN 10: 1118149459
ISBN 13: 9781118149454
Language: EN, FR, DE, ES & NL

The Investment Checklist Book Review:

A practical guide to making more informed investmentdecisions Investors often buy or sell stocks too quickly. When you baseyour purchase decisions on isolated facts and don't take the timeto thoroughly understand the businesses you are buying, stock-priceswings and third-party opinion can lead to costly investmentmistakes. Your decision making at this point becomes dangerousbecause it is dominated by emotions. The InvestmentChecklist has been designed to help you develop an in-depthresearch process, from generating and researching investment ideasto assessing the quality of a business and its management team. The purpose of The Investment Checklist is to help youimplement a principled investing strategy through a series ofchecklists. In it, a thorough and comprehensive research process ismade simpler through the use of straightforward checklists thatwill allow you to identify quality investment opportunities. Eachchapter contains detailed demonstrations of how and where to findthe information necessary to answer fundamental questions aboutinvestment opportunities. Real-world examples of how investmentmanagers and CEOs apply these universal principles are alsoincluded and help bring the concepts to life. These checklists willhelp you consider a fuller range of possibilities in yourinvestment strategy, enhance your ability to value your investmentsby giving you a holistic view of the business and each of itsmoving parts, identify the risks you are taking, and much more. Offers valuable insights into one of the most important aspectsof successful investing, in-depth research Written in an accessible style that allows aspiring investorsto easily understand and apply the concepts covered Discusses how to think through your investment decisions morecarefully With The Investment Checklist, you'll quickly be able toascertain how well you understand your investments by the questionsyou are able to answer, or not answer, without making the costlymistakes that usually hinder other investors.

The Intelligent Investor

The Intelligent Investor
Author: Benjamin Graham
Publsiher: Harpercollins
Total Pages: 340
Release: 1985
ISBN 10: 9780060155476
ISBN 13: 0060155477
Language: EN, FR, DE, ES & NL

The Intelligent Investor Book Review:

Analyzes the principles of stock selection and various approaches to investing, and compares the patterns and behavior of specific securities under diverse economic conditions

OECD Benchmark Definition of Foreign Direct Investment 2008 Fourth Edition

OECD Benchmark Definition of Foreign Direct Investment 2008 Fourth Edition
Author: OECD
Publsiher: OECD Publishing
Total Pages: 241
Release: 2009-10-15
ISBN 10: 9264045740
ISBN 13: 9789264045743
Language: EN, FR, DE, ES & NL

OECD Benchmark Definition of Foreign Direct Investment 2008 Fourth Edition Book Review:

The OECD Benchmark Definition of Foreign Direct Investment sets the world standard for FDI statistics. It provides a single point of reference for statisticians and users on all aspect of FDI statistics, while remaining compatible with other internationally accepted statistical standards.