Franchise Value

A Modern Approach to Security Analysis

Martin L. Leibowitz

502 pages, parution le 08/09/2004

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Résumé

A modern approach to equity valuation

Understanding the key ingredients that combine to affect price/earnings (P/Es) is of crucial importance to the investment process. In Franchise Value, Martin Leibowitz tackles the imposing task of determining what really has an impact on P/Es. The author shows why he subscribes to the conventional logic that the P/E gauges the market's assessment of the firm's future. He then introduce readers to the franchise-value approach to analyzing the prospective cash flows that determine a company's P/E. The franchise-value approach to valuation enables the analyst or investor to break the firm into two key component parts and to value those components. The franchise value approach is original and insightful, and with this book, readers can begin to implement this approach to perform better equity valuations.

L'auteur - Martin L. Leibowitz

MARTIN L. LEIBOWITZ is a managing director in the Research Department of Morgan Stanley. For the prior nine years, he served as vice chairman and chief investment officer of TIAA-CREF, overseeing over $300 billion in assets. Leibowitz has authored several books and more than 130 articles, ten of which have received a Financial Analysts Journal Graham and Dodd Award of Excellence. He was the recipient of AIMR's Nicholas Molodovsky Award in 1995 and the James R. Vertin Award in 1998. In 1995, he received the Distinguished Public Service Award from the Public Securities Association and became the first inductee into the Fixed Income Analysts Society's Hall of Fame. Leibowitz is a vice chair of both the Carnegie Corporation and the Institute for Advanced Study at Princeton. He holds an AB and an MS from the University of Chicago and a PhD in mathematics from the Courant Institute of New York University.

Sommaire

An Introduction to the Franchise Value Approach. Sales-Driven Franchise Value
Franchise Margins and the Sales-Driven Franchise Value
Franchise Value and the Price/Earnings Ratio with Stanley Kogelman
Franchise Valuation under Q-Type Competition
P/E Forwards and Their Orbits
Franchise Labor
Spread-Driven Dividend Discount Models
The Levered P/E Ratio
The Franchise Value Approach to the Leveraged Company
Retirement Planning and the Asset/Salary Ratio with J. Benson

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Caractéristiques techniques

	PAPIER
Éditeur(s)	Wiley
Auteur(s)	Martin L. Leibowitz
Parution	08/09/2004
Nb. de pages	502
Format	16 x 23,5
Couverture	Relié
Poids	765g
Intérieur	Noir et Blanc
EAN13	9780471647881