Equity Valuation: Models from the Leading Investment Banks is
a clear and reader-friendly guide to how today’s leading investment
banks analyze firms. Editors Jan Viebig and Thorsten Poddig bring
together expertise from UBS, Morgan Stanley, DWS Investment GmbH
and Credit Suisse, providing a unique analysis of leading equity
valuation models, from the very individuals who use them. Filled
with real world insights, practical examples and theoretical
approaches, the book will examine the strengths and weaknesses of
some of the leading valuation approaches, helping readers
understand how analysts:
estimate cash flows
calculate discount rates
adjust for accounting distortions
take uncertainty into consideration
Written for investment professionals, corporate managers and
anyone interested in developing their understanding of this key
area, Equity Valuation: Models from the Leading Investment Banks
will arm readers with the latest thinking and depth of knowledge
necessary to make the right decisions in their valuation
methodologies.
關於作者：
Jan Viebig, CFA, is a Managing Director at DWS Investment GmbH
in Frankfurt, Germany, where he manages two long short equity
hedge funds. With EUR 142 billion under management, DWS is the
largest asset manager in Germany. DWS is part of Deutsche Asset
Management DeAM. Jan holds a Diploma and a PhD degree in Business
Administration from the University of the Armed Forces in Munich
and a Master of International Management Post-MBA degree from
Thunderbird, School of Global Management. He is a lecturer at the
University of Bremen. His research interests are in the field of
hedge funds and equity valuation.
目錄：
Foreword.
Preface.
Acknowledgments.
Abbreviations.
Part I: Discounted Cash Flow DCF Models Jan Viebig and Thorsten
Poddig.
1. Introduction.
2. The Fundamental Value of Stocks and Bonds.
3. Discounted Cash Flow Models: The Main Input Factors.
Part II: Monte Carlo Free Cash Flow to the Firm MC-FCFF Models
Deutsche BankDWS Jan Viebig and Thorsten Poddig.
4. Introduction.
5. Standard FCFF Model.
6. Monte Carlo FCFF Models.
Part III: Beyond Earnings: A User''s Guide to Excess Return Models
and the HOLT CFROI Framework Tom Larsen and David
Holland.
7. Introduction.
8. From Accounting to Economics - Part I.
9. From Economics to Valuation - Part I.
10. Where Does Accounting Go Wrong?
11. From Accounting to Economics: CFROI.
12. From Accounting to Economics: Economic Profit.
13. From Economics to Valuation - Part II.
Appendix1. Vodafone Financial Statements and Relevant Notes for
CFROI Calculation.
Appendix 2: Additional Notes from Vodafone Annual Report for EP
Calculation.
Part IV: Morgan Stanley ModelWare''s Approach to Intrinsic Value:
Focusing on Risk-Reward Trade-Offs Trevor S. Harris, Juliet
Estridge and Doron Nissim.
14. Introduction.
15. Linking Fundamental Analysis to the Inputs of the Valuation
Model.
16. Our Valuation Framework.
17. Linking Business Activity to Intrinsic Value Approach: The
ModelWare Profitability Tree.
18. ModelWare''s Instrinsic Value Approach.
19. Treatment of Key Inputs.
20. The Cost of Capital.
21. Summary and Conclusions.
Appendix.
Part V: UBS VCAM and EGW Regression-based Valuation David
Bianco.
22. Introducing "EGQ" - Where Intrinsic Methods and Empirical
Techniques Meet.
23. A Quick Guide to DCF and Economic Profit Analysis.
24. Regression-based Valuation.
25. UBS Economic Growth Quotient.
26. UBS EGQ Regression Valuation.
27. Understanding Regressions.
28. Appendix Discussions.
Part VI: Leverage Buyout LBO Models Jan Viebig, Daniel Stillit
and Thorsten Poddig.
29. Introduction.
30. Leveraged Buyouts.
31. IRRs and the Structure of LBO Models.
32. Assumptions of LBO Models.
33. Example: Continental AG.
34. A Word of Caution.
Part VII: Valuation 101: Approaches and Alternatives Aswath
Damodaran.
35. Introduction.
36. Overview of Valuation.
37. Discounted Cash Flow Valuation.
38. Liquidation and Accounting Valuation.
39. Relative Valuation.
40. Real Option valuation.
41. Closing Thoughts on Value Enhancement.
Part VIII: Final Thoughts on Valuation Armin Varmaz, Thorsten
Poddig and Jan Viebig.
42. Introduction.
43. Valuation in Theory: The Valuation of a Single Asset.
44. Outlook: The Multi-asset Valuation and Allocation Case.
45. Summary.
Index.
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