Viebig / Poddig / Varmaz Equity Valuation

Models from Leading Investment Banks
1. Auflage 2008
ISBN: 978-0-470-75880-9
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 438 Seiten, E-Book

Reihe: Wiley Finance Series

Equity Valuation: Models from the Leading Investment Banksis a clear and reader-friendly guide to how today's leadinginvestment banks analyze firms. Editors Jan Viebigand Thorsten Poddig bring together expertise from UBS, MorganStanley, DWS Investment GmbH and Credit Suisse, providing a uniqueanalysis of leading equity valuation models, from the veryindividuals who use them. Filled with real world insights,practical examples and theoretical approaches, the book willexamine the strengths and weaknesses of some of the leadingvaluation approaches, helping readers understand how analysts:
· estimate cash flows
· calculate discount rates
· adjust for accounting distortions
· take uncertainty into consideration
Written for investment professionals, corporate managers andanyone interested in developing their understanding of this keyarea, Equity Valuation: Models from the Leading InvestmentBanks will arm readers with the latest thinking and depth ofknowledge necessary to make the right decisions in their valuationmethodologies.

Autoren/Hrsg.

Viebig, Jan

Poddig, Thorsten

Varmaz, Armin

Inhaltsverzeichnis

Foreword.
Preface.
Acknowledgments.
Abbreviations.
Part I: Discounted Cash Flow (DCF) Models (Jan Viebig andThorsten Poddig).
1. Introduction.
2. The Fundamental Value of Stocks and Bonds.
3. Discounted Cash Flow Models: The Main Input Factors.
Part II: Monte Carlo Free Cash Flow to the Firm (MC-FCFF)Models (Deutsche Bank/DWS) (Jan Viebig and ThorstenPoddig).
4. Introduction.
5. Standard FCFF Model.
6. Monte Carlo FCFF Models.
Part III: Beyond Earnings: A User's Guide to Excess ReturnModels and the HOLT CFROI¯® Framework (Tom Larsenand David Holland).
7. Introduction.
8. From Accounting to Economics - Part I.
9. From Economics to Valuation - Part I.
10. Where Does Accounting Go Wrong?
11. From Accounting to Economics: CFROI.
12. From Accounting to Economics: Economic Profit.
13. From Economics to Valuation - Part II.
Appendix1. Vodafone Financial Statements and Relevant Notes forCFROI Calculation.
Appendix 2: Additional Notes from Vodafone Annual Report for EPCalculation.
Part IV: Morgan Stanley ModelWare's Approach to IntrinsicValue: Focusing on Risk-Reward Trade-Offs (Trevor S. Harris, JulietEstridge and Doron Nissim).
14. Introduction.
15. Linking Fundamental Analysis to the Inputs of the ValuationModel.
16. Our Valuation Framework.
17. Linking Business Activity to Intrinsic Value Approach: TheModelWare Profitability Tree.
18. ModelWare's Instrinsic Value Approach.
19. Treatment of Key Inputs.
20. The Cost of Capital.
21. Summary and Conclusions.
Appendix.
Part V: UBS VCAM and EGW Regression-based Valuation (DavidBianco).
22. Introducing "EGQ" - Where Intrinsic Methods and EmpiricalTechniques Meet.
23. A Quick Guide to DCF and Economic Profit Analysis.
24. Regression-based Valuation.
25. UBS Economic Growth Quotient.
26. UBS EGQ Regression Valuation.
27. Understanding Regressions.
28. Appendix Discussions.
Part VI: Leverage Buyout (LBO) Models (Jan Viebig, DanielStillit and Thorsten Poddig).
29. Introduction.
30. Leveraged Buyouts.
31. IRRs and the Structure of LBO Models.
32. Assumptions of LBO Models.
33. Example: Continental AG.
34. A Word of Caution.
Part VII: Valuation 101: Approaches and Alternatives (AswathDamodaran).
35. Introduction.
36. Overview of Valuation.
37. Discounted Cash Flow Valuation.
38. Liquidation and Accounting Valuation.
39. Relative Valuation.
40. Real Option valuation.
41. Closing Thoughts on Value Enhancement.
Part VIII: Final Thoughts on Valuation (Armin Varmaz,Thorsten Poddig and Jan Viebig).
42. Introduction.
43. Valuation in Theory: The Valuation of a Single Asset.
44. Outlook: The Multi-asset Valuation and Allocation Case.
45. Summary.
Index.

Über Autor(innen)

Jan Viebig, CFA, is a Managing Director at DWS InvestmentGmbH in Frankfurt, Germany, where he manages two long / shortequity hedge funds. With EUR 142 billion under management, DWS isthe largest asset manager in Germany. DWS is part of Deutsche AssetManagement (DeAM). Jan holds a Diploma and a PhD degree in BusinessAdministration from the University of the Armed Forces in Munichand a Master of International Management (Post-MBA) degree fromThunderbird, School of Global Management. He is a lecturer at theUniversity of Bremen. His research interests are in the field ofhedge funds and equity valuation.
Thorsten Poddig has studied business administration,economics, and computer sciences. He received his PhD degree at theUniversity of Bamberg. His work on concepts in ArtificialIntelligence and its application to decision theory and decisionmaking in business administration was followed by analyzing,modeling and forecasting financial markets with neural networks atthe University of Freiburg. Since 1996, he has been Professorof Business Administration and Finance at the University of Bremen.His research interests cover all aspects of asset management,including financial market modeling and forecasting, portfoliooptimization and asset allocation, equity valuation, capital markettheory and empirical finance.
Armin Varmaz studied business administration andeconomics. In his PhD thesis he analyzed the profitability, thecompetition and the efficiency in the German banking sector, usingpanel data approaches and data envelopment analysis. Since 2006 hehas been a post-doctoral research fellow at the University ofBremen. His main interests and research experience includevaluation theory, optimization in economics and empirical finance.He is currently working on advanced quantitative methods foranalyzing, modeling and simulating long-term developments infinancial markets.