The Dark Side of Valuation "Valuing Young, Distressed, and Complex Businesses"

Valuing Young, Distressed, and Complex Businesses

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Damodaran, Aswath

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ISBN:9780137126897
Editorial: Prentice-Hall International Ed
Fecha de la edición:2010
Número de la edición: 2
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Dimensiones: 0 cm x 0 cm
Nº Pág.:600
Idiomas:Ingles,Inglés

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The Definitive Guide to Valuing Hard-to-Value Companies: Now Fully Revised for Today's Financial Markets Financial professionals have long faced the challenge of accurately valuing companies that are difficult to value using conventional methodologies. Years ago, this challenge was most keenly felt in the "dot-com" industries, and many professionals fell victim to the "dark side," creating values that were simply unsustainable. Now, amidst today's global financial crisis, the same challenge applies to a far wider spectrum of enterprises and assets, ranging from Asian equities to mortgage-backed securities and financial services firms. Aswath Damodaran has thoroughly revised this book, broadening its perspective to consider all companies that resist easy valuation. He covers the entire corporate lifecycle, from "idea" and "nascent growth" companies to those in decline and distress, and offers specific guidance for valuing technology, human capital, commodity, and cyclical firms. Damodaran places special emphasis on the financial sector, illuminating the implications of today's radically changed credit markets for valuation. Along the way, he addresses valuation questions that have suddenly gained urgency, ranging from "Are U.S. treasuries risk free?" to "How do you value assets in highly illiquid markets?" *Vanquishing the "dark side" Overcoming the temptation to use unrealistic or simplistic valuation methods*Revisiting the macro inputs that go into valuation What you must know about risk-free rates, risk premiums, and other macroeconomic assumptions*Valuing idea and nascent companies: the first stages of entrepreneurial valuation Intelligent analysis for angel and early venture capital investing*Special challenges associated with valuing financial services firms Includes new insights into projecting the impact of regulatory changes* Best practices and proven solutions from the world's #1 expert in valuation, Aswath Damodaran* Now covers all industries and all stages of the corporate lifecycle* Includes extensive new coverage of valuing financial services and commodities companies* What's that company or asset really worth? The question is more urgent than ever: We've all discovered the havoc that can be caused by misvaluing assets and companies. But some assets are extremely difficult to price with traditional methods. To accurately value them, start with the techniques and best practices in this book. Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today's most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm's lifecycle. Next, he turns to specific types of hard-to-value firms, including commodity firms, cyclical companies, financial services firms, organizations dependent on intangible assets, and global firms operating diverse businesses. Damodaran's insights will be indispensable to everyone involved in valuation: financial professionals, investors, M&A specialists, and entrepreneurs alike.

Ch. 1 The Dark Side of Valuation
Ch. 2 Intrinsic Valuation
Ch. 3 Probabilistic Valuation: Scenario Analysis, Decision Trees, and Simulations
Ch. 4 Relative Valuation
Ch. 5 Real Options Valuation
Ch. 6 A Shaky Base: A "Risky" Risk-Free Rate
Ch. 7 Risky Ventures: Assessing the Price of Risk
Ch. 8 Macro Matters: The Real Economy
Ch. 9 Baby Steps: Young and Start-Up Companies
Ch. 10 Shooting Stars? Growth Companies
Ch. 11 The Grown-Ups: Mature Companies
Ch. 12 Winding Down: Declining Companies
Ch. 13 Ups and Downs: Cyclical and Commodity Companies
Ch. 14 Mark to Market: Financial Services Companies
Ch. 15 Invisible Investments: Firms with Intangible Assets
Ch. 16 Volatility Rules: Emerging-Market Companies
Ch. 17 The Octopus: Multibusiness Global Companies
Ch. 18 Going Over to the Light: Vanquishing the Dark Side