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Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Second Edition, by Aswath Damodaran
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Investment Valuation
Tools and Techniques for Determining the Value of Any Asset
Valuation is at the heart of every investment decision, whether that decision is to buy, sell, or hold. But the pricing of any financial asset has become a more complex task in modern financial markets. Now completely revised and fully updated to reflect changing market conditions, Investment Valuation, Second Edition, provides expert instruction on how to value virtually any type of asset-stocks, bonds, options, futures, real assets, and much more.
Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses real-world examples and the most current valuation tools, as he guides you through the theory and application of valuation models and highlights their strengths and weaknesses.
Expanded coverage addresses:
* Valuation of unconventional assets, financial service firms, start-ups, private companies, dot-coms, and many other traditionally valued assets
* Risk in foreign countries and how best to deal with it
* Using real option theory and option pricing models in valuing business and equity
* The models used to value different types of assets and the elements of these models
* How to choose the right model for any given asset valuation scenario
* Online real-time valuations that are continually updated at www.damodaran.com
A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation, Second Edition, will be a valuable asset for anyone learning about this critical part of the investment process.
- Sales Rank: #343134 in Books
- Published on: 2002-01-18
- Original language: English
- Number of items: 1
- Dimensions: 9.92" h x 2.27" w x 7.32" l, 4.15 pounds
- Binding: Hardcover
- 992 pages
From the Inside Flap
Investment Valuation
Tools and Techniques for Determining the Value of Any Asset
Regarded as one of the top experts on investment valuation, NYU Stern Business School professor Aswath Damodaran returns with a completely revised Second Edition of his classic, Investment Valuation. This practical, comprehensive guide covers a wide range of tools and techniques, both new and old, for determining the value of any asset, including the valuation of stocks, bonds, options, futures, real assets, and much more.
Using updated real-world examples and the most current valuation tools, this Second Edition addresses new sectors such as dot-coms, private companies, and financial service firms that pose complex valuation problems. Damodaran guides you through the theory and application of different valuation models and clarifies the entire process from cash flow valuation and relative valuation to acquisition valuation.
An invaluable resource for authoritative information, analysis, and insight, Investment Valuation, Second Edition, covers all the key topics in asset valuation, including:
* Choosing the right valuation model for any given asset valuation scenario
* Applying valuation techniques to start-up firms, unconventional assets, private equity, and real estate
* Risk and return-domestically and abroad
* Value enhancement measures such as economic value-added (EVA) and cash flow return on investment (CFROI)
* Using real option theory and option pricing models in valuing individual assets such as patents as well as entire businesses
Investment Valuation, Second Edition, thoroughly explains the valuation process from the ground up and offers you some of the most flexible approaches to valuing assets. Now you can easily access a significant number of data sets and spreadsheets associated with this book online at www.damodaran.com. In fact, the valuations will be constantly updated online, so you can have a closer link to real-time valuations.
Filled with case studies and proven valuation models, this indispensable guide is a must for anyone wishing to gain a better understanding of investment valuation and its methods. Take the insight and advice of a recognized authority on the valuation process and put them to work for you today.
From the Back Cover
Investment Valuation
Tools and Techniques for Determining the Value of Any Asset
Valuation is at the heart of every investment decision, whether that decision is to buy, sell, or hold. But the pricing of any financial asset has become a more complex task in modern financial markets. Now completely revised and fully updated to reflect changing market conditions, Investment Valuation, Second Edition, provides expert instruction on how to value virtually any type of asset-stocks, bonds, options, futures, real assets, and much more.
Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses real-world examples and the most current valuation tools, as he guides you through the theory and application of valuation models and highlights their strengths and weaknesses.
Expanded coverage addresses:
* Valuation of unconventional assets, financial service firms, start-ups, private companies, dot-coms, and many other traditionally valued assets
* Risk in foreign countries and how best to deal with it
* Using real option theory and option pricing models in valuing business and equity
* The models used to value different types of assets and the elements of these models
* How to choose the right model for any given asset valuation scenario
* Online real-time valuations that are continually updated
A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation, Second Edition, will be a valuable asset for anyone learning about this critical part of the investment process.
About the Author
ASWATH DAMODARAN is Professor of Finance at New York University's Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU university-wide Distinguished Teaching Award, and was named one of the nation's top business school teachers by Business Week in 1994. In addition, Damodaran teaches training courses in corporate finance and valuation at many leading investment banks. His publications include Damodaran on Valuation; Investment Valuation; Corporate Finance; Investment Management; and Applied Corporate Finance, all published by Wiley, and The Dark Side of Valuation.
Most helpful customer reviews
25 of 25 people found the following review helpful.
Positives and Negatives
By guy on the west coast
This was a worthwhile purchase, but there are definitely some limitations with this book.
Positives - Damodaran has his very excellent web-site to complement this book. He does a very thorough job of breaking down the fundamental determinants of investments from both a DCF and relative valuation viewpoint. After reading this very long and detailed book, the reader should have a solid grasp of the theoretical underpinnings of valuation.
In terms of actual content, I think he does his best work in the chapters on relative valuation, fundamental growth projections, betas, risk, and the whole process of deriving cost of equity, cost of debt, and the WACC.
Negatives - There are quite a few, but it doesn't diminish from my overall recommendation to purchase this book. Among the most glaring issues:
- Calculation errors. This is my biggest gripe with the book. It is so mathematical and technically-oriented, and it is absolutely vital that the numbers are calculated properly. I can't tell you how many times Damodaran miscalculates his own examples. And even the answers to the problem sets that he posts on his web-site have some flagrant errors. This is simply UNACCEPTABLE because of the nature of this book.
- Expository style is meandering at times. I feel that a lot of the chapters could be shortened, and sometimes, it seems like the professor goes on a tangent for the sake of being overly thorough. Very rarely, there are a some key sentences that require re-reading; and after doing so, you think he could have written it a lot more simply. But maybe the topic itself is pretty complex, making his job more difficult. As an example, you have to get through four chapters to see how the Professor advocates translating the financial statements into free cash flows, and the chapters are spaced apart (a complaint some other reviewer here made as well).
- More theoretical than practical in some areas. For simplicity, many examples are primed on complex mathematical formulas and over-simplifying assumptions about growth rates, ROIC, and reinvestment rates. I think a practical valuation requires being more faithful to the actual data. In this area, I think the McKinsey does a better job and it is more detailed (and hence, more useful) about how to deal with specific items on the financial statements.
- Aggressive attempts to unify all valuation scenarios (Chapter 22 - 34) is more theoretical than practically useful. I agree that DCF is the foundation of a lot of valuation analyses, but the Real Estate chapter is a good example of going all the way with theory. Having done real estate valuations, I can't see any practitioner appreciating this chapter for anything more than its conceptual and theoretical arguments. From an actual real valuation standpoint, it's pretty limited and well... academic.
All in all, it's a great book, especially from a concepts and theoretical perspective. But that shouldn't be all surprising given that the professor is an academic himself.
0 of 0 people found the following review helpful.
Great book -check the website first.
By Warren Trotter
Damodaran's writings are clear and easy to follow, but the details shown in his discussions are overwhelming. I feel that I gain valuable information on the first reading of a chapter, but I am forced to reread to approach a full understanding. This is not a criticism, but rather a compli ment, showing how much attention to detail that the author has shown. One of the main advantages of this text is Damodaran's free website. [...] This contains detailed answers to the end of chapter problems and information about all of his books I would suggest the the potential purchaser of any of his products visit this web site first
76 of 76 people found the following review helpful.
The best valuation book I know of, but not perfect.
By Andrew West
I bought this book to replace an older valuation book also by Damodoran. I'm a professional analyst and am quite familiar with valuations, and this book provides a very thorough and comprehensive guide. I bought it just in time to serve as guidance through a very heavy and comprehensive research project.
Everything I needed for the project was in the book, however one thing surprised and disappointed me: the organization. I simply don't see much of a logical flow in the chapter structure, so I think it would be more difficult to someone who wasn't already familiar with the basic structure of the valuation process. Why is market efficiency jammed between unrelated chapters? Why is the discussion and examples of the pro-forma capitalization of R&D split between distant chapters? Throughout a single project, one would have to keep the book marked in several diffent places, not neccessarily in the order that one would have to deal with the questions if one were doing a valuation. The result is that this book is less easy to use as a practical guidebook than it could be, and will keep one busy in the index looking for where subjects are addressed.
This is nit-picking however. Professor Damodoran is to be congratulated for producing such a high quality and comprehensive text on valuation.
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