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Books > Business & Economics > Industry & industrial studies > Service industries > Financial services industry
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Price and Value - A Guide to Equity Market Valuation Metrics (Paperback, 1st ed.)
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Price and Value - A Guide to Equity Market Valuation Metrics (Paperback, 1st ed.)
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Understand how to use equity market metrics such as the
price/earnings ratio (and other multiples) to value public and
private enterprises. This essential book gives you the tools you
need to identify and qualify investments and assess business
strategy and performance. Author George Calhoun, Founding Director
of the Quantitative Finance Program at Stevens Institute of
Technology, shows you how to use metrics to appraise mergers,
acquisitions, and spin-offs. You will be able to shed light on
financial market conditions, benchmark fair value assessments, and
check and calibrate complex cash flow models. Market multiples
share a peculiar construction: they are based on an explicit
apples-to-oranges comparison of market prices with accounting
fundamentals, combining data derived from two very different
sources and methodologies. This creates ambiguities in
interpretation that can complicate the application of these metrics
for the many purposes. Multiples are thus easy to construct, but
they can be difficult to interpret. The meanings of certain
multiples have evolved over time, and new-and-improved versions
have been introduced. The field is becoming more complex and the
question of which metrics perform best can be a source of
controversy. What You Will Learn Know the definitions,
interpretations, and applications of all major market ratios,
including: price/earnings (trailing and forward), cyclically
adjusted price/earnings, cash-adjusted price/earnings, EV/EBITDA,
price/sales, dividend yield, and many more Examine the factors that
drive the values of ratios from firm level (such as earnings
growth, leverage, and governance) to market level (such as
inflation, tax and fiscal policy, monetary policy, and
international characteristics) Apply metrics in: investment
analysis, index construction, factor models, sum-of-the-parts
analysis of corporate structures, and detection of asset bubbles
Who This Book Is For Professionals at all levels working in the
finance industry, especially in fields related to investment
management, trading, and investment banking who are involved with
valuation and assessing and advising on corporate transactions and
interpreting market trends, and university students in
finance-related programs at the undergraduate and graduate levels
General
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