Corporate Valuation for Portfolio Investment: Analyzing Assets, Earnings, Cash Flow, Stock Price, Governance, and Special Situations (Bloomberg Financial)

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A detailed guide to the discipline of corporate valuation

Designed for the professional investor who is building an investment portfolio that includes equity, Corporate Valuation for Portfolio Investment takes you through a range of approaches, including those primarily based on assets, earnings, cash flow, and securities prices, as well as hybrid techniques.

Along the way, it discusses the importance of qualitative measures such as governance, which go well beyond generally accepted accounting principles and international financial reporting standards, and addresses a variety of special situations in the life cycle of businesses, including initial public offerings and bankruptcies. Engaging and informative, Corporate Valuation for Portfolio Investment also contains formulas, checklists, and models that the authors, or other experts, have found useful in making equity investments.

• Presents more than a dozen hybrid approaches to valuation, explaining their relevance to different types of investors
• Charts stock market trends, both verbally and visually, enabling investors to think like traders when needed
• Offers valuation guidance based on less quantitative factors, namely management quality and factors relating to the company and the economy

Corporate Valuation for Portfolio Investment puts this dynamic discipline in perspective and presents proven ways to determine the value of corporate equity securities for the purpose of portfolio investment.

Corporate Valuation for Portfolio Investment: Analyzing Assets, Earnings, Cash Flow, Stock Price, Governance, and Special Situations (Bloomberg Financial) Review

You can estimate the value of any asset, including corporate shares, by forecasting future cash flows and discounting them back to the present. Simple enough. Why then does it take this splendid book over 500 pages to help investors value corporate equity? The unavoidable answer is that corporate equity valuation is devilishly difficult. While a company specifies the interest cash flows and the date when it will repay principal for its bonds, its stock has uncertain cash flows, an indefinite life, and no provision for repayment.
Because of this greater uncertainty, stocks are substantially more difficult to value than bonds. But whether a company sells soft drinks or software, it is essentially worthless if it can't generate cash to fund it future growth and pay dividends. Yet most investors avoid the difficulty of forecasting long-term cash flows. They believe it's too speculative and time-consuming to be of practical use. Bob Monks and Alex Lajoux confront this dilemma by offering readers a range of valuation approaches based on earnings, assets, price multiples, and reverse-engineered cash flows. Most importantly, they do not hesitate to alert the reader to both the advantages and limitations of each approach. The appendices provide useful overviews of a range of topics including Monte Carlo simulations, basis accounting concepts, corporate financial reporting developments, and U.S. business cycles.
I enthusiastically recommend this book to professional investors, individual investors, and corporate managers who will find a panoply of useful ideas and tools between its covers.

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