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

von Aswath Damodaran

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Beschreibung

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 in The Dark Side of Valuation: Valuing Young, Distressed and Complex Businesses.

In this thoroughly revised edition, the author looks at how best to deal with low interest rates, volatile equity risk premiums and political risk in valuation.

Readers will gain insight into:

Overcoming the temptation to use unrealistic or simplistic valuation methods
Risk-free rates, risk premiums and other macroeconomic assumptions
Intelligent analysis for angel and early venture capital investing
Projecting the impact of regulatory changes
The stages of the corporate lifecycle
Valuing financial services and commodities companies

Damodaran’s insights will be indispensable to everyone involved in valuation: financial professionals, investors, M&A specialists, and entrepreneurs alike.

The Definitive Guide to Valuing Hard-to-Value Companies: Fully Revised for Today’s Financial Markets

Valuing money-making companies that have long histories and established business models is straightforward. It is when you encounter difficult-to-value companies that you feel the urge to go over to the dark side of valuation—where you abandon first principles and create new metrics. Aswath Damodaran looks at a range of these companies, from start-ups in new businesses to distressed companies, from banks facing regulatory turmoil to commodity firms, and from emerging market upstarts to multinationals that spread across geographies and businesses. With each grouping, he helps you examine the call of the dark side and its practices and frameworks to value these firms.

To answer these questions, Aswath looks at companies across the life cycle and in different markets, from Uber and Shake Shack at one end of the spectrum to Vale, Royal Dutch, and United Technologies at the other end.

In the process, you learn how to

Deal with “abnormally low” and negative risk-free rates in valuation
Adapt to dynamic and changing risk premiums
Value young companies that are disrupting existing businesses
Analyze commodity and cyclical companies across cycles
Value a company as the sum of its parts or as an aggregation of its users/subscribers and customers
Determine the difference between pricing and valuation, and why some investments can only be priced

Autor*in

Aswath Damodaran

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Details

ISBN: 9780134854106

Verlag: Pearson Education Limited