Designed for courses in corporate finance, this text is a detailed description of the valuation process, providing an integrated, comprehensive method for valuing assets, firms, and securities across a wide variety of industries. The presentation begins with a review of financial and accounting techniques, proceeds with a presentation of the valuation process, leading towards the development of pro-forma financial statements and the translation of these projections into values. A key strength of this text is teaching students how to use pro forma financial statements as a basis for valuation.
"synopsis" may belong to another edition of this title.
This text integrates the three most important elements required for valuation: (1) a consistent theoretical foundation, (2) an integrated structural approach, focusing on the operational and financial aspects of the firm, and (3) a series of consistent worked-out applications.
A series of consistent, worked out applications appear throughout the book, providing students and instructors alike with reverent easy-to-follow examples.
Another strength is the integration with computer spreadsheets with references to tools available in Lotus 123 and Microsoft Excel, the two most popular spreadsheets. The consistent use of spreadsheets allows the student to follow the topic development and makes the theoretical underpinnings much more intuitive.
The materials in the text have been extensively class-tested both with undergraduates and MBA-level students.
In Chapter 2, IBM financial statements are used to illustrate the relationship between accounting statements and cash flows.
In Chapter 6 the authors demonstrate how to do a thorough financial statement analysis of a company (Acme Cleveland) and its industry.
In Chapter 9 various methods of estimating the cost are highlighted using firms in the furniture industry.
In Chapter 10 Boeing is used to illustrate the calculation of the value of debt securitiesFrom the Author:
What's unusual about this book
This is the only text which takes the reader through a step-by-step valuation process. Throughout we integrate financial theory and practice, showing the reader how to build pro-formas, project cash flows and derive discount rates. For more information, see Benninga's Web page (address above).
"About this title" may belong to another edition of this title.
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