Equity Asset Valuation 2nd Edition Pinto Solutions Manual
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Product details:
- ISBN-10 : 0470571438
- ISBN-13 : 978-0470571439
- Author: & 1 more
With the Second Edition of Equity Asset Valuation, the distinguished team of Jerald Pinto, Elaine Henry, Thomas Robinson, and John Stowe, fully update information associated with this important discipline. Blending theory with practice, they detail the contemporary techniques used to determine the intrinsic value of an equity security, and show you how to successfully apply these techniques in both foreign and domestic markets.
Unlike alternative works in this field, the Second Edition of Equity Asset Valuation clearly integrates finance and accounting concepts into the discussion-providing the evenness of subject matter treatment, consistency of notation, and continuity of topic coverage that is so critical to the learning process.
Table of contents:
CHAPTER 1 Equity Valuation: Applications and Processes 1
1. Introduction 1
2. Value Defi nitions and Valuation Applications 2
3. The Valuation Process 7
4. Communicating Valuation Results 28
CHAPTER 2 Return Concepts 37
1. Introduction 37
2. Return Concepts 38
3. The Equity Risk Premium 44
4. The Required Return on Equity 57
5. The Weighted Average Cost of Capital 76
6. Discount Rate Selection in Relation to Cash Flows 78
7. Summary 78
CHAPTER 3 Discounted Dividend Valuation 83
1. Introduction 84
2. Present Value Models 85
3. The Dividend Discount Model 93
4. The Gordon Growth Model 97
5. Multistage Dividend Discount Models 112
6. The Financial Determinants of Growth Rates 127
7. Summary 134
CHAPTER 4 Free Cash Flow Valuation 145
1. Introduction to Free Cash Flows 146
2. FCFF and FCFE Valuation Approaches 146
3. Forecasting Free Cash Flow 151
4. Free Cash Flow Model Variations 182
5. Nonoperating Assets and Firm Value 194
6. Summary 194
CHAPTER 5 Residual Income Valuation 209
1. Introduction 210
2. Residual Income 210
3. The Residual Income Model 215
4. Residual Income Valuation in Relation to Other Approaches 230
5. Accounting and International Considerations 234
6. Summary 249
Problems 252
CHAPTER 6 Market-Based Valuation: Price and Enterprise Value Multiples 257
1. Introduction 258
2. Price and Enterprise Value Multiples in Valuation 259
3. Price Multiples 262
4. Enterprise Value Multiples 320
5. International Considerations When Using Multiples 330
6. Momentum Valuation Indicators 332
7. Valuation Indicators: Issues in Practice 337
8. Summary 344
CHAPTER 7 Private Company Valuation 353
1. Introduction 354
2. The Scope of Private Company Valuation 354
3. Defi nitions (Standards) of Value 358
4. Private Company Valuation Approaches 360
5. Summary 395
