The Dark Side of Valuation

Valuing Old Tech, New Tech, and New Economy Companies

Aswath Damodaran

480 pages, parution le 15/03/2001

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Résumé

Technology companies have exploded in importance, yet investors and analysts face unprecedented challenges in valuing them. In The Dark Side of Valuation, one of the world's leading valuation experts reviews every approach, demonstrating exactly how to adapt traditional techniques to minimize risks and maximize returns. Aswath Damodaran begins with an overview of the markets' dramatic shift towards technology stocks - specifically new technology stocks. He then identifies key valuation principles and techniques, demonstrating them through five case studies that encompass the entire technology company lifecycle: Amazon, Ariba, Cisco, Motorola, and a new IPO-ready startup.

Coverage includes:

Adaptation of discounted cash flow models for tech companies with limited histories, shifting business mixes, and volatile stock prices
The limitations of traditional accounting definitions in measuring technology company cash flows
Superior processes for estimating future revenues, earnings, and cash flows
Evaluation of the impact of management and employee stock options on share value and earnings multiples
An in-depth assessment of PEG and price-to sale ratios
Relative valuation: fundamentals, earnings multiples, and revenue multiples

L'auteur - Aswath Damodaran

Aswath Damodaran is Professor of Finance at the Stern School of Business at New York University, where he teaches corporate finance and equity valuation. Damodaran has written two books on equity valuation (Damodaran on Valuation and Investment Valuation), as well as two books on corporate finance (Corporate Finance: Theory and Practice and Applied Corporate Finance: A User's Manual). He also published widely in leading journals of finance, including The Journal of Financial and Quantitative Analysis, The Journal of Finance, The Journal of Financial Economics, and the Review of Financial Studies.

Damodaran received the Stern School of Business Excellence in Teaching Award in 1988, 1991, 1992, and 1999. In 1194, he was profiled in Business Week as one of the top 12 U.S. business school professors

Sommaire

Chapter 1: The Dark Side of Valuation
Chapter 2: Show Me the Money: The Fundamentals of Discounted Cash Flow Valuation
Chapter 3: The Price of Risk: Estimating Discount Rates
Chapter 4: Cash is King: Estimating Cash Flows
Chapter 5: Looking Forward: Estimating Growth
Chapter 6: Estimating Firm Value
Chapter 7: Management Options, Control, and Liquidity
Chapter 8: Relative Valuation
Chapter 9: Earnings Multiples
Chapter 10: Other Multiples
Chapter 11: Real Options in Valuation
Chapter 12: Value Enhancement
Chapter 13: A PostScript
Index

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Caractéristiques techniques

	PAPIER
Éditeur(s)	Prentice Hall
Auteur(s)	Aswath Damodaran
Parution	15/03/2001
Nb. de pages	480
Format	16 x 23,5
Couverture	Relié
Poids	972g
Intérieur	Noir et Blanc
EAN13	9780130406521
ISBN13	978-0-13-040652-1