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Table Of Contents

1. Introduction – Valuation refresher
2. Distributions, returns and growth
Value Versus Growth
3. Cash, accruals and profits
4. The Economic Profit model
5. The real world of specific forecasts
6. Introducing debt
NOPAT and Free Cash Flow
1. Risk and Return
Exhibit 2.2: Probability distributions of returns
2. Diversification and portfolio effects
Security Market Line
3. The problem of growth
4. Leverage and the cost of equity
Calculation of Equity Beta
5. Building in tax shelters
Exhibit 2.16: Conventional tax shelter calculation
Exhibit 2.21: APV/WACC – implied Beta of debt
6. Time varying WACC
Exhibit 2.27: The components of an option price
dThe Components of an Option Price
Payoffs to equity and debt
8. International markets and foreign exchange rates
9. Conclusions on discount rates
1. IRR versus NPV
2. Calculating CFROI
3. Another approach: CROCI
4. Uses and abuses of ROCE
Exhibit 4.1: Technical accounting areas covered
1. Revenue recognition and measurement
Sources of income
2. Stock options
3. Taxation
Temporary differences (£)
Exhibit 4.12: Income statement analysis of tax charge
4. Accounting for pension obligations
5. Provisions
6. Leasing
7. Derivatives
Exhibit 4.26: Commerzbank cash to profit reconciliation
8. Fixed assets
Exhibit 4.27: Vodafone tangible and intangible fixed assets
9. Foreign exchange
Exhibit 4.30: Reckitt Benckiser total recognised gains and losses
1. Building a forecast
2. Ratios and scenarios
3. Building a valuation
4. Frequent problems
5. Three period models
6. Conclusions regarding basic industrials
1. Utilities
2. Resource extraction companies
Exhibit 6.2: Exxon exploration and production model
Exhibit 6.3: IASB proposals regarding upstream oil activities
3. Banks
Exhibit 6.8: Barclays US and UK GAAP net income
Exhibit 6.10: Commerzbank accounting and valuation model
4. Insurance companies
Exhibit 6.12: Accounts for typical insurance company
Exhibit 6.13: Calculation of net earned premiums
Calculation of net earned premiums €
Exhibit 6.14: Insurance claims development table
Exhibit 6.15: Model of general insurance business
Exhibit 6.16: Achieved profit versus statutory profit
5. Property companies
Exhibit 6.21 Property company fade routine
1. Introduction
2. Treatment of Investments
2.1 Introduction
3. Methods of consolidation
Exhibit 7.4: Acquisition of 80 per cent of a company
4. Further issues in consolidation
Exhibit 7.6: Consolidating income from a subsidiary
5. Accounting for associates and joint ventures
Exhibit 7.9: Equity accounting versus proportional consolidation
6. Purchase accounting and uniting of interests
7. Foreign subsidiaries
8. Accounting for disposals
Exhibit 7.13: Disposal of minority stake (balance sheet)
Exhibit 7.14: Disposal of a majority stake (balance sheet)
9. Modelling mergers and acquisitions
1. Conclusions
2. Continuations
Further reading
Analysis formulae
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Company Valuation

Company Valuation

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Published by JIJIF

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Published by: JIJIF on Jan 06, 2011
Copyright:Attribution Non-commercial


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