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Equity Valuation：Models from Leading Investment Banks (The Wiley Finance Series)

作者: Jan Viebig

出版社: Wiley

出版时间: 2008-06

版次: 1

ISBN: 9780470031490

装帧: 精装

开本: 32开

纸张: 胶版纸

页数: 409页

分类: 外文古旧书>英文书>管理

2人买过

　　Equity Valuation: Models from the Leading Investment Banks isa clear and reader-friendly guide to how today’s leading investmentbanks analyze firms. Editors Jan Viebig and Thorsten Poddig bringtogether expertise from UBS, Morgan Stanley, DWS Investment GmbHand Credit Suisse, providing a unique analysis of leading equityvaluation models, from the very individuals who use them. Filledwith real world insights, practical examples and theoreticalapproaches, the book will examine the strengths and weaknesses ofsome of the leading valuation approaches, helping readersunderstand how analysts:

  estimate cash flows

  calculate discount rates

  adjust for accounting distortions

  take uncertainty into consideration

  Written for investment professionals, corporate managers andanyone interested in developing their understanding of this keyarea, Equity Valuation: Models from the Leading Investment Bankswill arm readers with the latest thinking and depth of knowledgenecessary to make the right decisions in their valuationmethodologies. 　　Jan Viebig, CFA, is a Managing Director at DWS Investment GmbHin Frankfurt, Germany, where he manages two long / short equityhedge funds. With EUR 142 billion under management, DWS is thelargest asset manager in Germany. DWS is part of Deutsche AssetManagement (DeAM). Jan holds a Diploma and a PhD degree in BusinessAdministration from the University of the Armed Forces in Munichand a Master of International Management (Post-MBA) degree fromThunderbird, School of Global Management. He is a lecturer at theUniversity of Bremen. His research interests are in the field ofhedge funds and equity valuation. Foreword.

Preface.

Acknowledgments.

Abbreviations.

Part I: Discounted Cash Flow (DCF) Models (Jan Viebig and ThorstenPoddig).

　1. Introduction.

　2. The Fundamental Value of Stocks and Bonds.

　3. Discounted Cash Flow Models: The Main Input Factors.

Part II: Monte Carlo Free Cash Flow to the Firm (MC-FCFF) Models(Deutsche Bank/DWS) (Jan Viebig and Thorsten Poddig).

　4. Introduction.

　5. Standard FCFF Model.

　6. Monte Carlo FCFF Models.

Part III: Beyond Earnings: A User's Guide to Excess Return Modelsand the HOLT CFROI® Framework (Tom Larsen and DavidHolland).

　7. Introduction.

　8. From Accounting to Economics - Part I.

　9. From Economics to Valuation - Part I.

　10. Where Does Accounting Go Wrong?

　11. From Accounting to Economics: CFROI.

　12. From Accounting to Economics: Economic Profit.

　13. From Economics to Valuation - Part II.

　Appendix1. Vodafone Financial Statements and Relevant Notes forCFROI Calculation.

　Appendix 2: Additional Notes from Vodafone Annual Report for EPCalculation.

Part IV: Morgan Stanley ModelWare's Approach to Intrinsic Value:Focusing on Risk-Reward Trade-Offs (Trevor S. Harris, JulietEstridge and Doron Nissim).

　14. Introduction.

　15. Linking Fundamental Analysis to the Inputs of the ValuationModel.

　16. Our Valuation Framework.

　17. Linking Business Activity to Intrinsic Value Approach: TheModelWare Profitability Tree.

　18. ModelWare's Instrinsic Value Approach.

　19. Treatment of Key Inputs.

　20. The Cost of Capital.

　21. Summary and Conclusions.

　Appendix.

Part V: UBS VCAM and EGW Regression-based Valuation (DavidBianco).

　22. Introducing "EGQ" - Where Intrinsic Methods and EmpiricalTechniques Meet.

　23. A Quick Guide to DCF and Economic Profit Analysis.

　24. Regression-based Valuation.

　25. UBS Economic Growth Quotient.

　26. UBS EGQ Regression Valuation.

　27. Understanding Regressions.

　28. Appendix Discussions.

Part VI: Leverage Buyout (LBO) Models (Jan Viebig, Daniel Stillitand Thorsten Poddig).

　29. Introduction.

　30. Leveraged Buyouts.

　31. IRRs and the Structure of LBO Models.

　32. Assumptions of LBO Models.

　33. Example: Continental AG.

　34. A Word of Caution.

Part VII: Valuation 101: Approaches and Alternatives (AswathDamodaran).

　35. Introduction.

　36. Overview of Valuation.

　37. Discounted Cash Flow Valuation.

　38. Liquidation and Accounting Valuation.

　39. Relative Valuation.

　40. Real Option valuation.

　41. Closing Thoughts on Value Enhancement.

Part VIII: Final Thoughts on Valuation (Armin Varmaz, ThorstenPoddig and Jan Viebig).

　42. Introduction.

　43. Valuation in Theory: The Valuation of a Single Asset.

　44. Outlook: The Multi-asset Valuation and Allocation Case.

　45. Summary.

Index.
内容简介:
　　Equity Valuation: Models from the Leading Investment Banks isa clear and reader-friendly guide to how today’s leading investmentbanks analyze firms. Editors Jan Viebig and Thorsten Poddig bringtogether expertise from UBS, Morgan Stanley, DWS Investment GmbHand Credit Suisse, providing a unique analysis of leading equityvaluation models, from the very individuals who use them. Filledwith real world insights, practical examples and theoreticalapproaches, the book will examine the strengths and weaknesses ofsome of the leading valuation approaches, helping readersunderstand how analysts:

  estimate cash flows

  calculate discount rates

  adjust for accounting distortions

  take uncertainty into consideration

  Written for investment professionals, corporate managers andanyone interested in developing their understanding of this keyarea, Equity Valuation: Models from the Leading Investment Bankswill arm readers with the latest thinking and depth of knowledgenecessary to make the right decisions in their valuationmethodologies.
作者简介:
　　Jan Viebig, CFA, is a Managing Director at DWS Investment GmbHin Frankfurt, Germany, where he manages two long / short equityhedge funds. With EUR 142 billion under management, DWS is thelargest asset manager in Germany. DWS is part of Deutsche AssetManagement (DeAM). Jan holds a Diploma and a PhD degree in BusinessAdministration from the University of the Armed Forces in Munichand a Master of International Management (Post-MBA) degree fromThunderbird, School of Global Management. He is a lecturer at theUniversity of Bremen. His research interests are in the field ofhedge funds and equity valuation.
目录:
Foreword.

Preface.

Acknowledgments.

Abbreviations.

Part I: Discounted Cash Flow (DCF) Models (Jan Viebig and ThorstenPoddig).

　1. Introduction.

　2. The Fundamental Value of Stocks and Bonds.

　3. Discounted Cash Flow Models: The Main Input Factors.

Part II: Monte Carlo Free Cash Flow to the Firm (MC-FCFF) Models(Deutsche Bank/DWS) (Jan Viebig and Thorsten Poddig).

　4. Introduction.

　5. Standard FCFF Model.

　6. Monte Carlo FCFF Models.

Part III: Beyond Earnings: A User's Guide to Excess Return Modelsand the HOLT CFROI® Framework (Tom Larsen and DavidHolland).

　7. Introduction.

　8. From Accounting to Economics - Part I.

　9. From Economics to Valuation - Part I.

　10. Where Does Accounting Go Wrong?

　11. From Accounting to Economics: CFROI.

　12. From Accounting to Economics: Economic Profit.

　13. From Economics to Valuation - Part II.

　Appendix1. Vodafone Financial Statements and Relevant Notes forCFROI Calculation.

　Appendix 2: Additional Notes from Vodafone Annual Report for EPCalculation.

Part IV: Morgan Stanley ModelWare's Approach to Intrinsic Value:Focusing on Risk-Reward Trade-Offs (Trevor S. Harris, JulietEstridge and Doron Nissim).

　14. Introduction.

　15. Linking Fundamental Analysis to the Inputs of the ValuationModel.

　16. Our Valuation Framework.

　17. Linking Business Activity to Intrinsic Value Approach: TheModelWare Profitability Tree.

　18. ModelWare's Instrinsic Value Approach.

　19. Treatment of Key Inputs.

　20. The Cost of Capital.

　21. Summary and Conclusions.

　Appendix.

Part V: UBS VCAM and EGW Regression-based Valuation (DavidBianco).

　22. Introducing "EGQ" - Where Intrinsic Methods and EmpiricalTechniques Meet.

　23. A Quick Guide to DCF and Economic Profit Analysis.

　24. Regression-based Valuation.

　25. UBS Economic Growth Quotient.

　26. UBS EGQ Regression Valuation.

　27. Understanding Regressions.

　28. Appendix Discussions.

Part VI: Leverage Buyout (LBO) Models (Jan Viebig, Daniel Stillitand Thorsten Poddig).

　29. Introduction.

　30. Leveraged Buyouts.

　31. IRRs and the Structure of LBO Models.

　32. Assumptions of LBO Models.

　33. Example: Continental AG.

　34. A Word of Caution.

Part VII: Valuation 101: Approaches and Alternatives (AswathDamodaran).

　35. Introduction.

　36. Overview of Valuation.

　37. Discounted Cash Flow Valuation.

　38. Liquidation and Accounting Valuation.

　39. Relative Valuation.

　40. Real Option valuation.

　41. Closing Thoughts on Value Enhancement.

Part VIII: Final Thoughts on Valuation (Armin Varmaz, ThorstenPoddig and Jan Viebig).

　42. Introduction.

　43. Valuation in Theory: The Valuation of a Single Asset.

　44. Outlook: The Multi-asset Valuation and Allocation Case.

　45. Summary.

Index.

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Equity Valuation：Models from Leading Investment Banks (The Wiley Finance Series)

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