The dark side of valuation : valuing young, distressed, and complex businesses
著者
書誌事項
The dark side of valuation : valuing young, distressed, and complex businesses
Pearson Education, c2018
3rd ed
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注記
Includes bibliographical references and index
内容説明・目次
内容説明
The Definitive Guide to Valuing Hard-to-Value Companies: Fully Revised for Today's Financial Markets
Valuing money-making companies that have long histories and established business models is straightforward. It is when you encounter difficult-to-value companies that you feel the urge to go over to the dark side of valuation-where you abandon first principles and create new metrics. Aswath Damodaran looks at a range of these companies, from start-ups in new businesses to distressed companies, from banks facing regulatory turmoil to commodity firms, and from emerging market upstarts to multinationals that spread across geographies and businesses. With each grouping, he helps you examine the call of the dark side and its practices and frameworks to value these firms.
To answer these questions, Aswath looks at companies across the life cycle and in different markets, from Uber and Shake Shack at one end of the spectrum to Vale, Royal Dutch, and United Technologies at the other end.
In the process, you learn how to
Deal with "abnormally low" and negative risk-free rates in valuation
Adapt to dynamic and changing risk premiums
Value young companies that are disrupting existing businesses
Analyze commodity and cyclical companies across cycles
Value a company as the sum of its parts or as an aggregation of its users/subscribers and customers
Determine the difference between pricing and valuation, and why some investments can only be priced
目次
1 The Dark Side of Valuation Enlightenment: The Tools
Intrinsic Valuation
Probabilistic Valuation: Scenario Analysis, Decision Trees & Simulations
Relative Valuation
Option Valuation
The Dark Side of Macro Inputs
A Shaky Base: A Risky Risk free Rate
Risky Ventures: Assessing the Price of Risk
Macro Matters: The Real Economy
The Dark Side across the Life Cycle
Baby Steps - Valuing start-ups
Off to School - Valuing young companies
Shooting Stars - Valuing growth companies
Not so staid - Valuing mature companies
The inevitable end - Valuing companies in distress and decline
The Dark Side across company types
Ups and Down: Valuing Cyclical and Commodity companies
Mark to Market: Valuing Financial Service companies
Invisible Investments: Valuing firms with intangible assets
Volatility Rules: Valuing Emerging Market companies
The Octopus: Valuing Multi-business, global companies
Puzzle Palace: Valuing the Unusual
The Finale
Lighting the Way: Vanquishing the Dark Side
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