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Klappentext Navigate equity investments and asset valuation with confidenceEquity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. The most comprehensive resource on the market, this text supplements your studies for the third step in the three-level CFA certification program by integrating both accounting and finance concepts to explore a collection of valuation models and challenge you to determine which models are most appropriate for certain companies and circumstances. Detailed learning outcome statements help you navigate your way through the content, which covers a wide range of topics, including how an analyst approaches the equity valuation process, the basic DDM, the derivation of the required rate of return within the context of Markowitz and Sharpe's modern portfolio theory, and more.Equity investments encompass the buying and holding of shares of stock in the anticipation of collecting income from dividends and capital gains. Determining which shares will be profitable is key, and an array of valuation techniques is applied on today's market to decide which stocks are ripe for investment and which are best left out of your portfolio.* Access the most comprehensive equity asset valuation text on the market* Leverage detailed learning outcome statements that focus your attention on key concepts, and guide you in applying the material accurately and effectively* Explore a wide range of essential topics, such as the free cash flow approach, valuation using Graham and Dodd type concepts of earning power, associated market multiples, and residual income models* Improve your study efforts by leveraging the text during your CFA certification program prepEquity Asset Valuation, Third Edition is a comprehensive, updated text that guides you through the information you need to know to fully understand the general analysis of equity investments.Navigate equity investments and asset valuation with confidence Equity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. Inhaltsverzeichnis Foreword xiPreface xiiiAcknowledgments xvAbout the CFA Investment Series xviiChapter 1 Equity Valuation: Applications & Processes 1Learning Outcomes 11. Introduction 22. Value Definitions and Valuation Applications 22.1. What Is Value? 22.2. Applications of Equity Valuation 53. The Valuation Process 73.1. Understanding the Business 83.2. Forecasting Company Performance 173.3. Selecting the Appropriate Valuation Model 183.4. Converting Forecasts to a Valuation 253.5. Applying the Valuation Conclusion: The Analyst's Role and Responsibilities 264. Communicating Valuation Results 284.1. Contents of a Research Report 284.2. Format of a Research Report 304.3. Research Reporting Responsibilities 325. Summary 33References 34Problems 35Chapter 2 Return Concepts 39Learning Outcomes 391. Introduction 402. Return Concepts 402.1. Holding Period Return 402.2. Realized and Expected (Holding Period) Return 412.3. Required Return 412.4. Expected Return Estimates from Intrinsic Value Estimates 432.5. Discount Rate 452.6. Internal Rate of Return 463. The Equity Risk Premium 473.1. Historical Estimates 483.2. Forward-Looking Estimates 574. The Required Return on Equity 604.1. The Capital Asset Pricing Model 604.2. Multifactor Models 684.3. Build-Up Method Estimates of the Required Return on Equity 754.4. The Required Return on Equity: International Issues 795. The Weighted Average Cost of Capital 806. Discount Rate Selection in Relation to Cash Flows 827. Summary 82References 84Problems 85Chapter 3 Introduction to Industry and Company Analysis 91Learning Outcomes 911. Introduction 922. Uses of Industry Analysis 923. Approaches to Identifying Similar Companies 933.1. Products and/or ...
