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Table Of Contents

Discounted Cashflow Valuation: Basis for Approach
Equity Valuation versus Firm Valuation
I.Equity Valuation
II. Firm Valuation
Equity versus Firm Valuation
First Principle of Valuation
Valuation: The Key Inputs
Stable Growth and Terminal Value
Growth Patterns
Length of High Growth Period
Choosing a Growth Pattern: Examples
The Building Blocks of Valuation
Estimating Inputs: Discount Rates
I. Cost of Equity
Estimating Aracruz’s Bottom Up Beta
Estimating Cost of Equity: Deutsche Bank
II. Cost of Capital
Estimating Cost of Capital: Disney
Estimating FCFE when Leverage is Stable: Review
Estimating FCFE next year: Aracruz
Cashflow to Firm
A Simpler Approach
Estimating FCFF: Disney
Expected Growth in EPS
Estimating Expected Growth in EPS: Disney, Aracruz and Deutsche Bank
Growth and ROE
ROE and Leverage
Growth and Leverage: An example
Decomposing ROE: Disney in 1996
Expected Growth in EBIT And Fundamentals
Estimating Growth in EBIT: Disney
The No Net Cap Ex Assumption
Return on Capital, Profit Margin and Asset Turnover
Firm Characteristics as Growth Changes
Estimating Stable Growth Inputs
Estimate Stable Period Payout
Estimating Stable Period Net Cap Ex
The Importance of Terminal Value
Valuation: Deutsche Bank
What does the valuation tell us?
Dividend Discount Model: A Visual Perspective
Valuation: Aracruz Cellulose
Aracruz Cellulose: Inputs for Valuation
Aracruz: Estimating FCFE for next 5 years
Aracruz: Estimating Terminal Price and Value per share
The FCFE Model: A Visual Perspective
Disney: Inputs to Valuation
Disney: FCFF Estimates
Disney: Costs of Capital
Disney: Terminal Value
Disney: Present Value
Present Value Check
Disney: Value Per Share
Corporate Finance and Value: The Connections
Relative Valuation
Disney: Relative Valuation
Is Disney fairly valued?
Relative Valuation Assumptions
First Principles
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Published by: koolyogesh1 on May 04, 2011
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