Corporate Valuation for Portfolio Investment

Beschreibung

A detailed guide to the discipline of corporate valuation Designed for the professional investor who is building aninvestment portfolio that includes equity, Corporate Valuationfor Portfolio Investment takes you through a range ofapproaches, 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 qualitativemeasures such as governance, which go well beyond generallyaccepted accounting principles and international financialreporting standards, and addresses a variety of special situationsin the life cycle of businesses, including initial public offeringsand bankruptcies. Engaging and informative, Corporate Valuationfor Portfolio Investment also contains formulas, checklists,and models that the authors, or other experts, have found useful inmaking 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 andthe economy Corporate Valuation for Portfolio Investment puts thisdynamic discipline in perspective and presents proven ways todetermine the value of corporate equity securities for the purposeof portfolio investment.

Autor*in

Robert A. G. Monks

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"Bob Monks' new book, Corporate valuation for portfolio investment:analyzing assets, earnings, cash flow, stock price, governance andspecial situations, is a massive tome, weighing in at more than 550pages that are really aimed at institutional investors... The book is eminently readable, exhaustively treating thesubject in simple but engaging language, and using practicalexamples wherever possible. It explains the concepts it uses as itintroduces them. It is both ambitious and modest at the same time,covering all aspects of its subject, but disclaiming precision. Itadmits the hazards of 'determining the present value offuture worth' and that, 'despite GAAP and IFRS,financial reports remain only dim mirrors of company value',stressing other factors 'such as qualitative measures ofcorporate governance.' Getting to the IR heart, the book claims 'valuation beginsfrom the hour a company's leaders find equity investors whobelieve so strongly in the company's economic prospects thatthey are willing to provide capital for it with no stringsattached. This belief in a company's future - this hope- is what makes the value of the stock something more thanthe current value of its assets if valued in a firesale.' Of course the book does, at length, consider the different waysto assess the qualitative aspects of a company's value, butit also expands on that 'hope' that, ultimately, is theadded value of good investor relations beyond sending out thespreadsheets. It is in that qualitative space where an effectiveIRO can tease out and illustrate the factors that are notsusceptible to number crunching. Although the book is officially aimed at fund managers, theauthors do express the hope that others will find it interestingand of value. And they should. Its combination of penetratinginsights that are sharply expressed and carefully built-upreasoning make it not only an amazingly readable work on one of thedrier branches of the dismal science of corporate valuation, butalso eminently well suited to analysts, IROs and others who want arefreshing and provocative look at their subject." -- Ian Williams, Inside Investor Relations, December 3,2010
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