Franchise Value
A Modern Approach to Security Analysis
Buch in deiner Nähe kaufen
Beschreibung
A modern approach to equity valuation
Understanding the key ingredients that combine to affectprice/earnings (P/Es) is of crucial importance to the investmentprocess. In Franchise Value, Martin Leibowitz tackles the imposingtask of determining what really has an impact on P/Es. The authorshows why he subscribes to the conventional logic that the P/Egauges the market's assessment of the firm's future. He thenintroduce readers to the franchise-value approach to analyzing theprospective cash flows that determine a company's P/E. Thefranchise-value approach to valuation enables the analyst orinvestor to break the firm into two key component parts and tovalue those components. The franchise value approach is originaland insightful, and with this book, readers can begin to implementthis approach to perform better equity valuations.
Martin L. Leibowitz, PhD (Stamford, CT), is Vice Chairand Chief Investment Officer at TIAA-CREF, where he is responsiblefor the overall management of all TIAA-CREF investments. He hasauthored several books and more than 130 articles, nine of whichhave received a Financial Analysts Journal Graham and Dodd Award ofExcellence.
Autor*in
Martin L. Leibowitz
Themen in »Franchise Value«
Finance & Investments Finanz- u. Anlagewesen Finanzplanung Institutional & Corporate Finance Institutionelle Finanzplanung
Stimmen zu »Franchise Value«
". . . Most investors don't have a clear sense of what a price-earnings mulitiple implies about a company's future financial performance, or how a company's price-earnings multiple will likely change over time. The widespread use of relative multiples often compounds the problem. Investors frequently justify their valuation conclusions with apples-to-oranges comparisons of businesses with very different economics. Multiples are ubiquitous but remain, on balance, poorly understood. . . . One of the investment industry's all-time great thinkers, Marty Leibowitz, covered many of these topics in a series of papers and monographs over the past 20 years (much of this work was in collaboration with Stanley Kogelman). These articles have been complied for Leibowitz's new book, Franchise Value: A Modern Approach to Security Analysis, which we recommend highly for readers who want to delve into this valuation topic in more detail."--Michael J. Mauboussin, "Mauboussin on Strategy", Legg Mason Capital Management (January 14, 2005).
()