Valuation
Avoiding the Winner's Curse
Kenneth R. Ferris, Barbara S. Pécherot Petitt
Résumé
Valuation will always be both an art and a science. This book will help you master both the science and the art. Concise, realistic, and easy to use, it brings together the field's best "rules of thumb," helps you compare every key approach, and offers practical solutions for your most important valuation challenges.
Leading practitioners Kenneth R. Ferris and Barbara S. Pécherot Petitt review the entire valuation process, offering real-world advice for both acquiring and valuing target companies. Next, they cover each of today's most important valuation techniques, including discounted cash flow analysis, earnings multiples analysis, adjusted present value analysis, economic value analysis, and real option analysis, as well as such related concerns as the accounting structure of a deal, accounting for goodwill, and much more.
From traditional ROE analysis to the latest reporting and tax issues, this book doesn't just make valuation comprehensible: it gives you the tools and insight you need to make valuation work.
- Avoiding the process errors that lead to inaccurate valuation
- Pharmaceuticals, manufacturing, chemicals, food, technology, and more
- What to calculate, how to calculate it, and how to intelligently project the future
- Discounted cash flow, earnings multiples, adjusted present value, real options and more
- Income statement, balance sheet, and cash flow statement transformations
- Pooling, purchase accounting, goodwill, and other critical issues
- Covers the entire valuation process, start to finish
- Offers expert guidance for choosing among traditional and alternative methods
- Covers reporting, accounting, and tax considerations in depth
- Includes examples and case studies from widely diverse industries
- Illuminates key points with actual data for the Nokia Corporation
The M&A environment has never been more unforgiving, as target companies work harder than ever to maximize their worth, and acquiring companies fight to avoid overvaluation—the "winner's curse." In Valuation: Avoiding the Winner's Curse, two leading practitioners offer a hands-on, practical guide to valuation as it's practiced right now. The authors focus on the most crucial issues you face in valuing companies, offering expert advice and proven "rules of thumb" you simply won't find elsewhere.
The authors introduce and illustrate both traditional and alternative valuation models, drawing on recent experience to illuminate the key accounting, reporting, and tax issues you must face in order to value a company accurately. They walk through several examples and case studies, including Eli Lilly, Quaker Oats, and Air Products and Chemicals-and clarify many key points with actual data for the Nokia Corporation.
Whether you've moved valuation in-house or you're scrutinizing the work of your outside consultants far more closely, Valuation: Avoiding the Winner's Curse gives you crucial skills for minimizing risk-and maximizing shareholder value.
Contents
- 1. Valuation: An Overview.
- 2. Financial Review and Pro Forma Analysis.
- 3. Traditional Valuation Models.
- 4. Alternative Valuation Models.
- 5. Accounting Dilemmas in Valuation Analysis.
- 6. Financial Reporting and Tax Considerations in Mergers and Acquisitions.
- 7. Some Final Thoughts.
Caractéristiques techniques
| PAPIER | |
| Éditeur(s) | Prentice Hall |
| Auteur(s) | Kenneth R. Ferris, Barbara S. Pécherot Petitt |
| Parution | 18/06/2002 |
| Nb. de pages | 226 |
| Format | 16 x 23,5 |
| Couverture | Relié |
| Poids | 555g |
| Intérieur | Noir et Blanc |
| EAN13 | 9780130348043 |
| ISBN13 | 978-0-13-034804-3 |
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