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Covered extensively in business degree programs, valuation is a topic that interests both students, individual investors and financial professionals. This edition covers sectors that pose complex valuation problems like, for example, dot-coms.
ASWATH DAMODARAN is Professor of Finance at New York Universitys Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU university-wide Distinguished Teaching Award, and was named one of the nations top business school teachers by BusinessWeek in 1994. In addition, Damodaran teaches training courses in corporate finance and valuation at many leading investment banks. His publications include Damodaran on Valuation: Security Analysis for Investment and Corporate Finance; Investment Valuation; Corporate Finance; Investment Management; and Applied Corporate Finance, all published by Wiley, and The Dark Side of Valuation.
Since the last edition of Investment Valuation was published over a decade ago, much has changed in the world of finance. For those interested in valuation, these years have been extremely eventful. Now, in the Third Edition of Investment Valuation, New York University Stern Business School Professor Aswath Damodaran-one of the nation's top business school professors-returns with a fully updated edition of his classic text. While written to reflect current market conditions, this reliable resource also stays true to previous editions with coverage of a wide range of tools and techniques, both new and old, for determining the value of any asset, including the valuation of stocks, bonds, options, futures, real assets, and much more. Using updated examples and the most current valuation tools, this Third Edition addresses a variety of new issues that pose complex valuation problems. Page by page, Damodaran guides you through the theory and application of different valuation models and clarifies the entire process from cash flow valuation and relative valuation to acquisition valuation. Engaging and accessible, this revised Third Edition of Investment Valuation: Explores important valuation lessons gleaned from the recent market crisis and provides valuable insights on financial fundamentals-such as risk-free rates, risk premiums, and cash flow estimation-that came to light during this time Offers an increased focus on emerging market companies, which have come to the forefront with the growth of Asia and Latin America Includes valuation practices across the life cycle of companies and emphasizes value enhancement measures such as economic value-added (EVA) and cash flow return on investment (CFROI) Contains a new chapter on probabilistic valuation techniques that includes scenario analysis, decision trees, and simulations Discusses how to choose the right valuation model for any given asset valuation scenario And much more Investment Valuation, Third Edition thoroughly explains the valuation process from the ground up and offers you some of the most flexible approaches to valuing assets. Now you can easily access a significant number of datasets and spreadsheets associated with this book online at damodaran.com. In fact, the valuations will constantly be updated online, so you can have a closer link to real-time valuations. Filled with detailed case studies and proven valuation models, this indispensable guide is a must-read for anyone wishing to gain a better understanding of investment valuation and its methods. With it, you can take the insights and advice of a recognized authority on the valuation process and immediately put them to work for you.
Valuation is at the heart of any investment decision, whether that decision is buy, sell, or hold. But the pricing of many assets has become a more complex task in modern markets, especially after the recent financial crisis. In order to be successful at this endeavor, you must have a firm understanding of the proper valuation techniques. One valuation book stands out as withstanding the test of time among investors and students of financial markets-Aswath Damodarans Investment Valuation. Now completely revised to reflect todays dynamic market conditions, this Third Edition comprehensively introduces investment professionals and students to the wide range of valuation models currently available and reveals how to choose the right model for any given asset valuation scenario. It also skillfully outlines essential valuation tools and techniques for determining the value of any asset-including the valuation of stocks, bonds, options, futures, and real assets-and contains refreshed examples and updated case studies. With this reliable resource as your guide, youll gain important insights on: The valuation lessons learned from the recent market crisis Valuing emerging market companies Probabilistic approaches in valuation, such as scenario analysis, decision trees, and simulations Using real option theory and option pricing models in valuing business and equity Applying valuation techniques to everything from start-up and financial services firms to real estate and unconventional assets And much more A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation, Third Edition will be an essential asset to anyone learning about this critical part of the investment process.
The definitive source of information on all topics related to investment valuation tools and techniques Valuation is at the heart of any investment decision, whether that decision is buy, sell or hold. But the pricing of many assets has become a more complex task in modern markets, especially after the recent financial crisis. In order to be successful at this endeavor, you must have a firm understanding of the proper valuation techniques. One valuation book stands out as withstanding the test of time among investors and students of financial markets, Aswath Damodarans Investment Valuation. Now completely revised and updated to reflect changing market conditions, this third edition comprehensively introduces investment professionals and students to the range of valuation models available and how to chose the right model for any given asset valuation scenario. This edition includes valuation techniques for a whole host of real options, start-up firms, unconventional assets, distressed companies and private equity, and real estate. All examples have been updated and new material has been added. Fully revised to incorporate valuation lessons learned from the last five years, from the market crisis and emerging markets to new types of equity investments Includes valuation practices across the life cycle of companies and emphasizes value enhancement measures, such as EVA and CFROI Contains a new chapter on probabilistic valuation techniques such as decision trees and Monte Carlo Simulation Author Aswath Damodaran is regarded as one of the best educators and thinkers on the topic of investment valuation This indispensable guide is a must read for anyone wishing to gain a better understanding of investment valuation and its methods. With it, you can take the insights and advice of a recognized authority on the valuation process and immediately put them to work for you.
The definitive source of information on all topics related to investment valuation tools and techniques Valuation is at the heart of any investment decision, whether that decision is buy, sell or hold. But the pricing of many assets has become a more complex task in modern markets, especially after the recent financial crisis.