Corporate Valuation for Portfolio Investment (eBook)

Analyzing Assets, Earnings, Cash Flow, Stock Price, Governance, and Special Situations

Robert A. G. Monks, Alexandra Reed Lajoux (Autoren)

eBook Download: PDF

2010 | 1. Auflage
576 Seiten
John Wiley & Sons (Verlag)
978-0-470-88074-6 (ISBN)

Infos

A detailed guide to the discipline of corporate valuation

Designed for the professional investor who is building an
investment portfolio that includes equity, Corporate Valuation
for Portfolio Investment takes you through a range of
approaches, including those primarily based on assets, earnings,
cash flow, and securities prices, as well as hybrid techniques.

Along the way, it discusses the importance of qualitative
measures such as governance, which go well beyond generally
accepted accounting principles and international financial
reporting standards, and addresses a variety of special situations
in the life cycle of businesses, including initial public offerings
and bankruptcies. Engaging and informative, Corporate Valuation
for Portfolio Investment also contains formulas, checklists,
and models that the authors, or other experts, have found useful in
making equity investments.

* Presents more than a dozen hybrid approaches to valuation,
explaining their relevance to different types of investors

* Charts stock market trends, both verbally and visually,
enabling investors to think like traders when needed

* Offers valuation guidance based on less quantitative factors,
namely management quality and factors relating to the company and
the economy

Corporate Valuation for Portfolio Investment puts this
dynamic discipline in perspective and presents proven ways to
determine the value of corporate equity securities for the purpose
of portfolio investment.

Autor

Robert A. G. Monks is a pioneering institutional shareholder activist. He founded Institutional Shareholder Services and the LENS Fund, and was chair of the Boston Company. He was a pension administrator in the Department of Labor and was a founding trustee of the Federal Employees Retirement System. Monks is the author or coauthor of a number of books; his most recent are Corpocracy and Corporate Governance, both from Wiley. Alexandra Reed Lajoux is Chief Knowledge Officer at the National Association of Corporate Directors (NACD). She has been an editor for Directors & Boards, Mergers & Acquisitions, and NACD's Director's Monthly. Lajoux is the author or coauthor of several books on mergers and acquisitions and received her PhD from Princeton University.

Rezensionen

"Bob Monks' new book, Corporate valuation for portfolio investment:
analyzing assets, earnings, cash flow, stock price, governance and
special situations, is a massive tome, weighing in at more than 550
pages that are really aimed at institutional investors...

The book is eminently readable, exhaustively treating the
subject in simple but engaging language, and using practical
examples wherever possible. It explains the concepts it uses as it
introduces them. It is both ambitious and modest at the same time,
covering all aspects of its subject, but disclaiming precision. It
admits the hazards of 'determining the present value of
future worth' and that, 'despite GAAP and IFRS,
financial reports remain only dim mirrors of company value',
stressing other factors 'such as qualitative measures of
corporate governance.'

Getting to the IR heart, the book claims 'valuation begins
from the hour a company's leaders find equity investors who
believe so strongly in the company's economic prospects that
they are willing to provide capital for it with no strings
attached. This belief in a company's future - this hope
- is what makes the value of the stock something more than
the current value of its assets if valued in a fire
sale.'

Of course the book does, at length, consider the different ways
to assess the qualitative aspects of a company's value, but
it also expands on that 'hope' that, ultimately, is the
added value of good investor relations beyond sending out the
spreadsheets. It is in that qualitative space where an effective
IRO can tease out and illustrate the factors that are not
susceptible to number crunching.

Although the book is officially aimed at fund managers, the
authors do express the hope that others will find it interesting
and of value. And they should. Its combination of penetrating
insights that are sharply expressed and carefully built-up
reasoning make it not only an amazingly readable work on one of the
drier branches of the dismal science of corporate valuation, but
also eminently well suited to analysts, IROs and others who want a
refreshing and provocative look at their subject."

-- Ian Williams, Inside Investor Relations, December 3,
2010

Produkt-Details

• Erscheint lt. Verlag: 6.10.2010
• Reihe/Serie: Bloomberg Professional
• Reihe/Serie: Bloomberg Professional
• Vorwort: Dean Labaron
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen
• Schlagworte: Finance & Investments • Finanz- u. Anlagewesen • Investments & Securities • Kapitalanlage • Kapitalanlagen u. Wertpapiere
• ISBN-10: 0-470-88074-0 / 0470880740
• ISBN-13: 978-0-470-88074-6 / 9780470880746