Contents
Part one Foundations of Value
- Why Value Value?
- Finance in a nutshell
- Fundamentals Principles of Value Creation
- Risk and the Cost of Capital
- The Alcheny of Stock Market Performance
- Valuation of ESG and Digital Initiatives
- The Stock Market is Smarter Than You Think
- Return on Invested Capital
- Growht
Part Two Core Valuation Techniques
- Frameworks for Valuation
- Reorganizing the Financial Statements
- Analyzing Performance
- Forecasting Performance
- Estimating Continuing Value
- Estimating the Cost of Capital
- Moving from Enterprise Value to Value per Share
- Analyzing the Results
- Using Multiples
- Valuation by Parts
Part Three Advanced Valuation Techniques
- Taxes
- Non operating Items, Provisions, and Reserves
- Leases
- Retirement Obligations
- Measuring Performance in Capital-Light Business
- Alternative Ways to Measure Return on Capital
- Inflation
- Cross-Border Valuation
Part Four Managing for Value
- Corporate Portofolio Strategy
- Strategic Mangement: Analytics
- Strategic Management: Mindsets and Behaviors
- Mergers and Acquisitions
- Divestitures
- Capital Structure, Dividends, and Share Repurchases
- Investor Communications
Part Five Special Situations
- Emerging Markets
- High-Growth Companies
- Cyclical Companies
- Banks
- Flexibility
Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow
Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value
Appendix C Levering and Unlevering the Cost of Equity
Appendix D Leverage and the Price-to-Earnings Multiple
Appendix E Other Capital Structure Issues
Appendix F Technical Issues and Estimating the Market Risk: Premium
Appendix G Global, International, and Local CAPM
Appendix H A Valuation of Costco Wholesale
Appendix I Two-Stage Formula for Continuing Value