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Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation, 5th Edition

Book Description

The ideal companion to Valuation, Fifth Edition

If you want to get more out of Valuation, Fifth Edition, then pick up the Valuation Workbook. This comprehensive study guide provides you with an invaluable opportunity to explore your understanding of the strategies and techniques covered in the main text, before putting it to work in real-world situations.

Along with a complete answer key, this workbook also covers such essentials as value creation, value metrics, M&A and joint ventures, and valuation frameworks. Brief summary chapters also help to reinforce major points.

  • Walks you through Valuation, Fifth Edition, providing chapter-by-chapter coverage of the core text

  • Offers complete coverage of analyzing historical information, estimating the cost of capital and continuing value, forecasting performance, and calculating results

  • Tests your comprehension of the ideas presented throughout, with multiple-choice questions and problems

Valuation Workbook is filled with a wealth of practical learning exercises and information that will help you understand and apply the proven principles found in Valuation, Fifth Edition.

Table of Contents

  1. Cover
  2. Series
  3. Title Page
  4. Copyright
  5. About the Authors
  6. Introduction
  7. Part One: Questions
    1. 1: Why Value Value?
    2. 2: Fundamental Principles of Value Creation
    3. 3: The Expectations Treadmill
    4. 4: Return on Invested Capital
    5. 5: Growth
    6. 6: Frameworks for Valuation
    7. 7: Reorganizing the Financial Statements
    8. 8: Analyzing Performance and Competitive Position
    9. 9: Forecasting Performance
    10. 10: Estimating Continuing Value
    11. 11: Estimating the Cost of Capital
    12. 12: Moving from Enterprise Value to Value per Share
    13. 13: Calculating and Interpreting Results
    14. 14: Using Multiples to Triangulate Results
    15. 15: Market Value Tracks Return on Invested Capital and Growth
    16. 16: Markets Value Substance, Not Form
    17. 17: Emotions and Mispricing in the Market
    18. 18: Investors and Managers in Efficient Markets
    19. 19: Corporate Portfolio Strategy
    20. 20: Performance Management
    21. 21: Mergers and Acquisitions
    22. 22: Creating Value through Divestitures
    23. 23: Capital Structure
    24. 24: Investor Communications
    25. 25: Taxes
    26. 26: Nonoperating Expenses, One-Time Charges, Reserves, and Provisions
    27. 27: Leases, Pensions, and Other Obligations
    28. 28: Capitalized Expenses
    29. 29: Inflation
    30. 30: Foreign Currency
    31. 31: Case Study: Heineken
    32. 32: Valuing Flexibility
    33. 33: Valuation in Emerging Markets
    34. 34: Valuing High-Growth Companies
    35. 35: Valuing Cyclical Companies
    36. 36: Valuing Banks
  8. Part Two: Answers
    1. 1: Why Value Value?
    2. 2: Fundamental Principles of Value Creation
    3. 3: The Expectations Treadmill
    4. 4: Return on Invested Capital
    5. 5: Growth
    6. 6: Frameworks for Valuation
    7. 7: Reorganizing the Financial Statements
    8. 8: Analyzing Performance and Competitive Position
    9. 9: Forecasting Performance
    10. 10: Estimating Continuing Value
    11. 11: Estimating the Cost of Capital
    12. 12: Moving from Enterprise Value to Value per Share
    13. 13: Calculating and Interpreting Results
    14. 14: Using Multiples to Triangulate Results
    15. 15: Market Value Tracks Return on Invested Capital and Growth
    16. 16: Markets Value Substance, Not Form
    17. 17: Emotions and Mispricing in the Market
    18. 18: Investors and Managers in Efficient Markets
    19. 19: Corporate Portfolio Strategy
    20. 20: Performance Management
    21. 21: Mergers and Acquisitions
    22. 22: Creating Value through Divestitures
    23. 23: Capital Structure
    24. 24: Investor Communications
    25. 25: Taxes
    26. 26: Nonoperating Expenses, One-Time Charges, Reserves, and Provisions
    27. 27: Leases, Pensions, and Other Obligations
    28. 28: Capitalized Expenses
    29. 29: Inflation
    30. 30: Foreign Currency
    31. 31: Case Study: Heineken
    32. 32: Valuing Flexibility
    33. 33: Valuation in Emerging Markets
    34. 34: Valuing High-Growth Companies
    35. 35: Valuing Cyclical Companies
    36. 36: Valuing Banks
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