{"product_id":"corporate-valuation-9781119003335","title":"Corporate Valuation","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eRisk consideration is central to more accurate post-crisis valuation   Corporate Valuation presents the most up-to-date tools and techniques for more accurate valuation in a highly volatile, globalized, and risky business environment.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003eAbout the Author xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Introduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 What We Should Know to Value a Company 1\u003c\/p\u003e \u003cp\u003e1.2 Valuation Methods: An Overview 2\u003c\/p\u003e \u003cp\u003e1.3 The Time Value of Money 4\u003c\/p\u003e \u003cp\u003e1.4 Uncertainty in Company Valuations 5\u003c\/p\u003e \u003cp\u003e1.5 Uncertainty and Managerial Flexibility 9\u003c\/p\u003e \u003cp\u003e1.6 Relationship between Value and Uncertainty 15\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Business Forecasting for Valuation 18\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Introduction 18\u003c\/p\u003e \u003cp\u003e2.2 Key Phases of the Business Plan Elaboration 18\u003c\/p\u003e \u003cp\u003e2.3 What Drives the Preparation of a Business Plan? 27\u003c\/p\u003e \u003cp\u003e2.4 The Main Methodological Issues 49\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Scenario Analysis 54\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Introduction 54\u003c\/p\u003e \u003cp\u003e3.2 What Is Scenario Analysis? 56\u003c\/p\u003e \u003cp\u003e3.3 Difference between Scenario and Sensitivity Analysis 56\u003c\/p\u003e \u003cp\u003e3.4 When to Perform Scenario Analysis 57\u003c\/p\u003e \u003cp\u003e3.5 Worst and Best Cases and What Happens Next 58\u003c\/p\u003e \u003cp\u003e3.6 Multi-Scenario Analysis 59\u003c\/p\u003e \u003cp\u003e3.7 Pros and Cons 61\u003c\/p\u003e \u003cp\u003e3.8 How to Perform Scenario Analysis in Excel 62\u003c\/p\u003e \u003cp\u003e3.9 Conclusions 71\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Monte Carlo Valuation 72\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Introducing Monte Carlo Techniques 72\u003c\/p\u003e \u003cp\u003e4.2 Monte Carlo and Corporate Valuation 74\u003c\/p\u003e \u003cp\u003e4.3 A Step-by-Step Procedure 76\u003c\/p\u003e \u003cp\u003e4.4 Case Study: Outdoor Inc. Valuation 80\u003c\/p\u003e \u003cp\u003e4.5 A Step-by-Step Guide Using Excel and Crystal Ball 100\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Determining Cash Flows for Company Valuation 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Introduction 125\u003c\/p\u003e \u003cp\u003e5.2 Reorganization of the Balance Sheet 126\u003c\/p\u003e \u003cp\u003e5.3 Relationship between a Company's Balance Sheet and Income Statement 134\u003c\/p\u003e \u003cp\u003e5.4 From the Economic to the Financial Standpoint 137\u003c\/p\u003e \u003cp\u003e5.5 Cash Flow Definitions and Valuation Models 141\u003c\/p\u003e \u003cp\u003e5.6 Business Plan and Cash Flow Projections 142\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Choosing the Valuation Standpoint 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Debt and Value 151\u003c\/p\u003e \u003cp\u003e6.2 First Problem: The Relationship between Leverage and Value 152\u003c\/p\u003e \u003cp\u003e6.3 Second Problem: Alternative Valuation Techniques When Debt Benefits from a Fiscal Advantage 162\u003c\/p\u003e \u003cp\u003e6.4 Third Problem: The Choice between an Asset-Side versus an Equity-Side Perspective 165\u003c\/p\u003e \u003cp\u003e6.5 From the Asset Value to the Equity Value 167\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Leverage and Value in Growth Scenarios 168\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Growth, Leverage, and Value 168\u003c\/p\u003e \u003cp\u003e7.2 Nominal and Real Discounting 169\u003c\/p\u003e \u003cp\u003e7.3 Problems with the Discount of Tax Benefit 172\u003c\/p\u003e \u003cp\u003e7.4 Cost of Capital Formulas in Growth Scenarios 173\u003c\/p\u003e \u003cp\u003e7.5 The WACC: Some Remarks 178\u003c\/p\u003e \u003cp\u003e7.6 Real Dimension of Tax Benefits 180\u003c\/p\u003e \u003cp\u003eAppendix 7.1: Derivation of the Formulas to Calculate the Cost of Capital 183\u003c\/p\u003e \u003cp\u003eAppendix 7.2: Pattern of K* el in a Growth Context: Some Remarks 190\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Estimating the Cost of Capital 194\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Defining the Opportunity Cost of Capital 194\u003c\/p\u003e \u003cp\u003e8.2 A Few Comments on Risk 194\u003c\/p\u003e \u003cp\u003e8.3 Practical Approaches to Estimate Keu 197\u003c\/p\u003e \u003cp\u003e8.4 Approach Based on Historical Returns 197\u003c\/p\u003e \u003cp\u003e8.5 Analysis of Stock Returns 198\u003c\/p\u003e \u003cp\u003e8.6 Analysis of Accounting Returns 201\u003c\/p\u003e \u003cp\u003e8.7 Estimating Expected Returns from Current Stock Prices 201\u003c\/p\u003e \u003cp\u003e8.8 Models Based on Returns' Sensitivity to Risk Factors 204\u003c\/p\u003e \u003cp\u003e8.9 The Capital Asset Pricing Model 205\u003c\/p\u003e \u003cp\u003e8.10 Calculating Rf 206\u003c\/p\u003e \u003cp\u003e8.11 Calculating Rp 208\u003c\/p\u003e \u003cp\u003e8.12 Estimating β 212\u003c\/p\u003e \u003cp\u003e8.13 Dealing with Specific Risks 218\u003c\/p\u003e \u003cp\u003e8.14 Conclusions on the Estimation of the Opportunity Cost of Capital 221\u003c\/p\u003e \u003cp\u003e8.15 Cost of Debt 222\u003c\/p\u003e \u003cp\u003e8.16 Cost of Different Types of Debt 224\u003c\/p\u003e \u003cp\u003eAppendix 8.1: CAPM with Personal Taxes 227\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Cash Flow Profiles and Valuation Procedures 229\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 From Business Models to Cash Flow Models 229\u003c\/p\u003e \u003cp\u003e9.2 Cash Flow Profiles of Business Units versus Whole Entity 230\u003c\/p\u003e \u003cp\u003e9.3 Examples of Cash Flow Profiles 231\u003c\/p\u003e \u003cp\u003e9.4 Problems with the Identification of Cash Flow Models 236\u003c\/p\u003e \u003cp\u003e9.5 Cash Flow Models in the Case of Restructuring 237\u003c\/p\u003e \u003cp\u003e9.6 Debt Profile Analysis 237\u003c\/p\u003e \u003cp\u003e9.7 Debt Profile beyond the Plan Horizon Forecast 239\u003c\/p\u003e \u003cp\u003e9.8 The Valuation of Tax Advantages: Alternatives 239\u003c\/p\u003e \u003cp\u003e9.9 Guidelines for Choosing Debt Patterns for Determining Valuations 245\u003c\/p\u003e \u003cp\u003e9.10 Synthetic and Analytical Procedures Valuation 246\u003c\/p\u003e \u003cp\u003e9.11 The Standard Procedure 247\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 A Steady State Cash Flow Model 249\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Value as a Function of Discounted Future Results 249\u003c\/p\u003e \u003cp\u003e10.2 Capitalization of a Normalized Monetary Flow 250\u003c\/p\u003e \u003cp\u003e10.3 The Perpetual Growth Formula 264\u003c\/p\u003e \u003cp\u003e10.4 Formulas for Limited and Variable (Multi-Stage) Growth 275\u003c\/p\u003e \u003cp\u003e10.5 Conclusions 279\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Discounting Cash Flows and Terminal Value 280\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Explicit Projections 280\u003c\/p\u003e \u003cp\u003e11.2 Estimation of the Terminal Value 281\u003c\/p\u003e \u003cp\u003e11.3 Evaluation of Gas Supply Co. 283\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Multiples: An Overview 295\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Preliminary Remarks 295\u003c\/p\u003e \u003cp\u003e12.2 Theory of Multiples: Basic Elements 299\u003c\/p\u003e \u003cp\u003e12.3 Price\/Earnings Ratio (P\/E) 303\u003c\/p\u003e \u003cp\u003e12.4 The EV\/EBIT and EV\/EBITDA Multiples 307\u003c\/p\u003e \u003cp\u003e12.5 Other Multiples 311\u003c\/p\u003e \u003cp\u003e12.6 Multiples and Leverage 312\u003c\/p\u003e \u003cp\u003e12.7 Unlevered Multiples 316\u003c\/p\u003e \u003cp\u003e12.8 Multiples and Growth 320\u003c\/p\u003e \u003cp\u003e12.9 Relationship between Multiples and Growth 325\u003c\/p\u003e \u003cp\u003e12.10 PEG Ratio 326\u003c\/p\u003e \u003cp\u003e12.11 Value Maps 327\u003c\/p\u003e \u003cp\u003eAppendix 12.1: P\/E with Growth 330\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Multiples in Practice 332\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 A Framework for the Use of Stock Market Multiples 332\u003c\/p\u003e \u003cp\u003e13.2 The Significance of Multiples 335\u003c\/p\u003e \u003cp\u003e13.3 The Comparability of Multiples 339\u003c\/p\u003e \u003cp\u003e13.4 Multiples Choice in Valuation Processes 340\u003c\/p\u003e \u003cp\u003e13.5 Estimation of \"Exit\" Multiples 343\u003c\/p\u003e \u003cp\u003e13.6 An Analysis of Deal Multiples 344\u003c\/p\u003e \u003cp\u003e13.7 The Comparable Approach: The Case of Wine Co. 349\u003c\/p\u003e \u003cp\u003eAppendix 13.1: Capital Increases and the P\/E Ratio 358\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 The Acquisition Value 361\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 Definitions of Value: An Overview 361\u003c\/p\u003e \u003cp\u003e14.2 Value Created by an Acquisition 364\u003c\/p\u003e \u003cp\u003e14.3 Value-Components Model 367\u003c\/p\u003e \u003cp\u003e14.4 Further Considerations in Valuing Acquisitions 372\u003c\/p\u003e \u003cp\u003e14.5 Acquisition Value of Plastic Materials Co. 375\u003c\/p\u003e \u003cp\u003e14.6 Acquisition Value of Controlling Interests 377\u003c\/p\u003e \u003cp\u003e14.7 Other Determinants of Control Premium 382\u003c\/p\u003e \u003cp\u003e14.8 Acquisition Value in a Mandatory Tender Offer 384\u003c\/p\u003e \u003cp\u003e14.9 Maximum and Minimum Exchange Ratios in Mergers 386\u003c\/p\u003e \u003cp\u003e14.10 Exchange Ratio and Third-Party Protection 389\u003c\/p\u003e \u003cp\u003eAppendix 14.1: Other Value Definitions 390\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Value and Prices in the Market for Corporate Control 393\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 Price Formation in the Market for Control 393\u003c\/p\u003e \u003cp\u003e15.2 Benefits Arising from Acquisitions 396\u003c\/p\u003e \u003cp\u003e15.3 From the Pricing Model to the Fair Market Value 399\u003c\/p\u003e \u003cp\u003e15.4 Fair Market Value Estimated Adjusting Stand-Alone Cash Flows 401\u003c\/p\u003e \u003cp\u003e15.5 Premiums and Discounts in Valuation 408\u003c\/p\u003e \u003cp\u003e15.6 The Most Common Premiums and Discounts 410\u003c\/p\u003e \u003cp\u003e15.7 Value Levels and Value Expressed by Stock Prices 415\u003c\/p\u003e \u003cp\u003e15.8 Estimating Control Premiums 417\u003c\/p\u003e \u003cp\u003e15.9 Estimating Acquisition Premiums 420\u003c\/p\u003e \u003cp\u003e15.10 Acquisition and Control Premiums in a Perfect World 422\u003c\/p\u003e \u003cp\u003e15.11 Estimating the Value of Controlling Stakes: An Example 426\u003c\/p\u003e \u003cp\u003e15.12 Minority Discount 427\u003c\/p\u003e \u003cp\u003e15.13 Discount for the Lack of Marketability 429\u003c\/p\u003e \u003cp\u003e15.14 Definitions of Value and Estimation Procedures 431\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Valuation Considerations on Rights Issues 432\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Introduction to Rights Issues 432\u003c\/p\u003e \u003cp\u003e16.2 Setting the Subscription Price 433\u003c\/p\u003e \u003cp\u003e16.3 Value of Preemptive Rights 437\u003c\/p\u003e \u003cp\u003e16.4 Conclusions 446\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Carbon Risk and Corporate Value 448\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 Why Carbon Risk Matters 448\u003c\/p\u003e \u003cp\u003e17.2 From Carbon Risks to Carbon Pricing 450\u003c\/p\u003e \u003cp\u003e17.3 Incorporating Carbon Risks in Corporate Valuation 453\u003c\/p\u003e \u003cp\u003e17.4 Carbon Beta 466\u003c\/p\u003e \u003cp\u003eIndex 471\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49406965678423,"sku":"9781119003335","price":71.1,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781119003335.jpg?v=1730497717","url":"https:\/\/bookcurl.com\/products\/corporate-valuation-9781119003335","provider":"Book Curl","version":"1.0","type":"link"}