Foreword | |
Acknowledgments | |
Introduction | |
Equity Valuation: Applications and Processes | |
Learning Outcomes | |
Introduction | |
Value Definitions and Valuation Applications | |
The Valuation Process | |
Communicating Valuation Results | |
Summary | |
Problems | |
Return Concepts | |
Learning Outcomes | |
Introduction | |
Return Concepts | |
The Equity Risk Premium | |
The Required Return on Equity | |
The Weighted Average Cost of Capital | |
Discount Rate Selection in Relation to Cash Flows | |
Summary | |
Discounted Dividend Valuation | |
Learning Outcomes | |
Introduction | |
Present Value Models | |
The Dividend Discount Model | |
The Gordon Growth Model | |
Multistage Dividend Discount Models | |
The Financial Determinants of Growth Rates | |
Summary | |
Free Cash Flow Valuation | |
Learning Outcomes | |
Introduction to Free Cash Flows | |
FCFF and FCFE Valuation Approaches | |
Forecasting Free Cash Flow | |
Free Cash Flow Model Variations | |
Nonoperating Assets and Firm Value | |
Summary | |
Residual Income Valuation | |
Learning Outcomes | |
Introduction | |
Residual Income | |
The Residual Income Model | |
Residual Income Valuation in Relation to Other Approaches | |
Accounting and International Considerations | |
Summary | |
Market-Based Valuation: Price and Enterprise Value Multiples | |
Learning Outcomes | |
Introduction | |
Price and Enterprise Value Multiples in Valuation | |
Price Multiples | |
Enterprise Value Multiples | |
International Considerations When Using Multiples | |
Momentum Valuation Indicators | |
Valuation Indicators: Issues in Practice | |
Summary | |
Private Company Valuation | |
Learning Outcomes | |
Introduction | |
The Scope of Private Company Valuation | |
Defi nitions (Standards) of Value | |
Private Company Valuation Approaches | |
Summary | |
Glossary | |
References | |
About the Authors | |
About the CFA Program | |
Index | |
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