Cash Return on Capital Invested: Ten Years of Investment Analysis with the CROCI Economic Profit Model - Hardcover

9780750668545: Cash Return on Capital Invested: Ten Years of Investment Analysis with the CROCI Economic Profit Model
View all copies of this ISBN edition:
 
 
In this book, Pascal Costantini gives a lively and wonderfully readable account of ten years of efforts by a small group of investment analysts to find a reliable, practical and implementable method for valuing and selecting shares. The result of their effort is an original investment methodology called CROCI (Cash Return on Capital Invested), best described as a variation of the economic profit model. For over a decade now, Costantinis group at Deutsche Bank has been using this valuation tool every time it has had to take a view on the pricing of an equity asset, be it a market, a sector or an individual sharein other words, every single working day, since it is this groups job to advise institutional investors on equity valuation. Costantini describes in detail, accompanied by concrete examples in the form of charts and graphs, the precise investment results of the actual implementation of the CROCI approach in the global equity markets since 1996. Readers will enjoy taking this journey with Costantini to see how and why the model was developed, assess the results of ten years of actual implementation and measure the successes of using this model in stock picking and portfolio construction. This book will also make it easy for them to see how the CROCI approach can be used successfully by others now and in the future.
The book is divided into four parts. The first part is a review and discussion of the fundamentals of investment analysis. The second part is dedicated to the construction of economic data, with the sole objective of calculating an economically meaningful asset multiple and relative return, the combination of which gives an economic PE ratio, the authors main stock selection tool. While the economic profit model is not exactly new, it is still largely ignored by the investment community. In essence, it does three things: it calculates the real amount of cash, or value created by a business; it compares the market value of an asset to an approximation of its replacement value; and it assumes that the former will converge to the latter through the arbitrage of investors and capital providers. The third part is dedicated to the analysis of economic data, and the last part deals with the actual implementation of the CROCI economic profit model, including real life examples. This final part also discusses how to use the output of the CROCI model with individual stocks, and then with investment portfolios.

*Techniques are based on the authors performance record at Deutsche Bank since 1996
*Based on almost ten years of proprietary knowledge and implementation of these techniques
*Factual illustrations of the results of the valuation techniques are provided at each step

*Techniques are based on the author's performance record at Deutsche Bank since 1996
*Based on almost ten years of proprietary knowledge and implementation of these techniques
*Factual illustrations of the results of the valuation techniques are provided at each step

"synopsis" may belong to another edition of this title.

Review:
"Costantini distills the apparently arcane art of company valuation into common sense. The book is always accessible, is pleasingly iconoclastic, and is liberally studded with gems of his dry and often self-deprecating humour. In a financial world where investment performance is measured on timescales that increasingly bear no resemblance to corporate investment horizons, this should be required reading as a reality check for every analyst and fund manager--preferably before they reach full-time employment."
-- Tom Bannatyne, Chairman, Tudor Capital (UK) LP
From the Publisher:
*Techniques are based on the authors performance record at Deutsche Bank since 1996
*Based on almost ten years of proprietary knowledge and implementation of these techniques
*Factual illustrations of the results of the valuation techniques are provided at each step

"About this title" may belong to another edition of this title.

  • PublisherButterworth-Heinemann
  • Publication date2006
  • ISBN 10 0750668547
  • ISBN 13 9780750668545
  • BindingHardcover
  • Number of pages248
  • Rating

Shipping: FREE
From Italy to United Kingdom

Destination, rates & speeds

Add to Basket

Other Popular Editions of the Same Title

9780080973869: Cash Return on Capital Invested: Ten Years of Investment Analysis with the CROCI Economic Profit Model

Featured Edition

ISBN 10:  ISBN 13:  9780080973869
Publisher: Butterworth-Heinemann, 2014
Softcover

  • 9785962603223: Analysis effectiveness investments CROCI experience leading companies Analiz effektivnosti investitsiy metodom CROCI opyt vedushchikh kompaniy

    Hardcover

Top Search Results from the AbeBooks Marketplace

Stock Image

Costantini, Pascal
Published by Butterworth-Heinemann (2006)
ISBN 10: 0750668547 ISBN 13: 9780750668545
New Hardcover Quantity: > 20
Print on Demand
Seller:
Brook Bookstore On Demand
(Napoli, NA, Italy)

Book Description Condition: new. Questo è un articolo print on demand. Seller Inventory # 3ee8c67a9a470d0f3584c4a8971acf56

More information about this seller | Contact seller

Buy New
£ 81.33
Convert currency

Add to Basket

Shipping: FREE
From Italy to United Kingdom
Destination, rates & speeds
Stock Image

Pascal Costantini
Published by Butterworth-Heinemann (2006)
ISBN 10: 0750668547 ISBN 13: 9780750668545
New Hardcover Quantity: 2
Seller:
Revaluation Books
(Exeter, United Kingdom)

Book Description Hardcover. Condition: Brand New. 1st edition. 248 pages. 9.00x6.50x0.25 inches. In Stock. Seller Inventory # __0750668547

More information about this seller | Contact seller

Buy New
£ 82.60
Convert currency

Add to Basket

Shipping: £ 6.99
Within United Kingdom
Destination, rates & speeds
Stock Image

Costantini, Pascal
Published by Butterworth-Heinemann (2006)
ISBN 10: 0750668547 ISBN 13: 9780750668545
New Hardcover Quantity: 1
Seller:
Book Deals
(Tucson, AZ, U.S.A.)

Book Description Condition: New. New! This book is in the same immaculate condition as when it was published. Seller Inventory # 353-0750668547-new

More information about this seller | Contact seller

Buy New
£ 97.89
Convert currency

Add to Basket

Shipping: £ 11.88
From U.S.A. to United Kingdom
Destination, rates & speeds
Stock Image

Pascal Costantini
ISBN 10: 0750668547 ISBN 13: 9780750668545
New Hardcover Quantity: > 20
Seller:
Chiron Media
(Wallingford, United Kingdom)

Book Description Hardback. Condition: New. Seller Inventory # 6666-ELS-9780750668545

More information about this seller | Contact seller

Buy New
£ 107.70
Convert currency

Add to Basket

Shipping: £ 2.49
Within United Kingdom
Destination, rates & speeds
Stock Image

Costantini, Pascal
Published by Butterworth-Heinemann (2006)
ISBN 10: 0750668547 ISBN 13: 9780750668545
New Hardcover Quantity: 1
Seller:
Books Unplugged
(Amherst, NY, U.S.A.)

Book Description Condition: New. Buy with confidence! Book is in new, never-used condition. Seller Inventory # bk0750668547xvz189zvxnew

More information about this seller | Contact seller

Buy New
£ 97.89
Convert currency

Add to Basket

Shipping: £ 12.68
From U.S.A. to United Kingdom
Destination, rates & speeds
Stock Image

Costantini, Pascal
Published by Butterworth-Heinemann (2006)
ISBN 10: 0750668547 ISBN 13: 9780750668545
New Hardcover Quantity: 1
Seller:
Wizard Books
(Long Beach, CA, U.S.A.)

Book Description Hardcover. Condition: new. New. Seller Inventory # Wizard0750668547

More information about this seller | Contact seller

Buy New
£ 120.74
Convert currency

Add to Basket

Shipping: £ 24.16
From U.S.A. to United Kingdom
Destination, rates & speeds
Stock Image

Costantini, Pascal
Published by Butterworth-Heinemann (2006)
ISBN 10: 0750668547 ISBN 13: 9780750668545
New Hardcover Quantity: 1
Seller:
Front Cover Books
(Denver, CO, U.S.A.)

Book Description Condition: new. Seller Inventory # FrontCover0750668547

More information about this seller | Contact seller

Buy New
£ 128.31
Convert currency

Add to Basket

Shipping: £ 24.16
From U.S.A. to United Kingdom
Destination, rates & speeds
Stock Image

Costantini, Pascal
Published by Butterworth-Heinemann (2006)
ISBN 10: 0750668547 ISBN 13: 9780750668545
New Hardcover Quantity: 1
Seller:
BennettBooksLtd
(LOS ANGELES, CA, U.S.A.)

Book Description Condition: New. New. In shrink wrap. Looks like an interesting title! 1.23. Seller Inventory # Q-0750668547

More information about this seller | Contact seller

Buy New
£ 130.38
Convert currency

Add to Basket

Shipping: £ 34.86
From U.S.A. to United Kingdom
Destination, rates & speeds
Stock Image

Costantini, Pascal
Published by Butterworth-Heinemann (2006)
ISBN 10: 0750668547 ISBN 13: 9780750668545
New Hardcover Quantity: 1
Seller:
GoldBooks
(Austin, TX, U.S.A.)

Book Description Hardcover. Condition: new. New Copy. Customer Service Guaranteed. Seller Inventory # think0750668547

More information about this seller | Contact seller

Buy New
£ 151.03
Convert currency

Add to Basket

Shipping: £ 24.56
From U.S.A. to United Kingdom
Destination, rates & speeds