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  • Applied Corporate Finance. What Is A Company Worth?

    Diunggah oleh

    Manuel Lacarte
    147 tayangan5 halaman
    A thoroughly researched Corporate Finance manual, the fruit of all the understanding the author has gained in this material over his years of professional practice. A rigorous approach to fundamental Ideas, avoiding unnecessary complications Highly convenient for those who: - Already know about these matters, but they would like to refresh them and keep a book for consulting by their side (financial managers, consultants, engineers, business & MBA students, etc). - Need to master financial concepts in order to enhance their professional or academic performance - Want to really know what their money & investments are worth. Here is the rationale.. The author deals with all questions clearly, pragmatically, allowing the readers intuition to guide them forward. However, he never sacrifices his rigorous analysis, necessary to meet the standards of the best business schools in the world. He includes some case studies which show how the key concepts are applied. In the Core chapters, written in an accessible style, the book presents the fundamentals it is necessary to master in order to understand corporate finance and its typical applications such as the valuation of companies and investments in general. The author leads us through questions like the cost of financial resources for the company, shareholders’ equity and external funds and the w.a.c.c, the search for the optimum capital structure and the strategic policies that ensure an adequate financial policy To explain all this, the analysis counts on solid tools and knowledge, which have been applied through the Gordon-Shapiro formula, the CAPM (Capital Asset Pricing Model) or the Modigliani and Miller model, among others. Suitable for beginners too: The first chapter starts at a basic level for inexpert readers and then moves into the key matters of corporate finance that it is necessary to master. This chapter deals with basic questions on the discounting and capitalization of different cashflows, methods for NPV (Net present Value), IRR (internal Rate of Return), Pay-back, etc. and the reasoning behind all of them. The book explains how to deal correctly with inflation when making any analysis. The author has explained the basic concepts in some exercises so that the reader can master them before moving on to more complex issues. There is also an Appendix on the value over time of money, a correct valuation of different structures of bonds and other basic financial concepts and some key basic exercises. The final part of the book explores the valuation of companies, applying all that the reader has learnt up to now. The author also brings together all the themes worked on and enriches them with a great deal of his experience and practical advice, reason why this book is such a useful tool for those who have to make investment decisions.

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    Applied Corporate Finance. What is a Company worth?

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    A thoroughly researched Corporate Finance manual, the fruit of all the understanding the author has gained in this material over his years of professional practice. A rigorous approach to fundamental Ideas, avoiding unnecessary complications Highly convenient for those who: - Already know about these matters, but they would like to refresh them and keep a book for consulting by their side (financial managers, consultants, engineers, business & MBA students, etc). - Need to master financial concepts in order to enhance their professional or academic performance - Want to really know what their money & investments are worth. Here is the rationale.. The author deals with all questions clearly, pragmatically, allowing the readers intuition to guide them forward. However, he never sacrifices his rigorous analysis, necessary to meet the standards of the best business schools in the world. He includes some case studies which show how the key concepts are applied. In the Core chapters, written in an accessible style, the book presents the fundamentals it is necessary to master in order to understand corporate finance and its typical applications such as the valuation of companies and investments in general. The author leads us through questions like the cost of financial resources for the company, shareholders’ equity and external funds and the w.a.c.c, the search for the optimum capital structure and the strategic policies that ensure an adequate financial policy To explain all this, the analysis counts on solid tools and knowledge, which have been applied through the Gordon-Shapiro formula, the CAPM (Capital Asset Pricing Model) or the Modigliani and Miller model, among others. Suitable for beginners too: The first chapter starts at a basic level for inexpert readers and then moves into the key matters of corporate finance that it is necessary to master. This chapter deals with basic questions on the discounting and capitalization of different cashflows, methods for NPV (Net present Value), IRR (internal Rate of Return), Pay-back, etc. and the reasoning behind all of them. The book explains how to deal correctly with inflation when making any analysis. The author has explained the basic concepts in some exercises so that the reader can master them before moving on to more complex issues. There is also an Appendix on the value over time of money, a correct valuation of different structures of bonds and other basic financial concepts and some key basic exercises. The final part of the book explores the valuation of companies, applying all that the reader has learnt up to now. The author also brings together all the themes worked on and enriches them with a great deal of his experience and practical advice, reason why this book is such a useful tool for those who have to make investment decisions.

    Hak Cipta:

    Public Domain
    Unduh sebagai DOC, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    147 tayangan5 halaman

    Applied Corporate Finance. What Is A Company Worth?

    Diunggah oleh

    Manuel Lacarte
    A thoroughly researched Corporate Finance manual, the fruit of all the understanding the author has gained in this material over his years of professional practice. A rigorous approach to fundamental Ideas, avoiding unnecessary complications Highly convenient for those who: - Already know about these matters, but they would like to refresh them and keep a book for consulting by their side (financial managers, consultants, engineers, business & MBA students, etc). - Need to master financial concepts in order to enhance their professional or academic performance - Want to really know what their money & investments are worth. Here is the rationale.. The author deals with all questions clearly, pragmatically, allowing the readers intuition to guide them forward. However, he never sacrifices his rigorous analysis, necessary to meet the standards of the best business schools in the world. He includes some case studies which show how the key concepts are applied. In the Core chapters, written in an accessible style, the book presents the fundamentals it is necessary to master in order to understand corporate finance and its typical applications such as the valuation of companies and investments in general. The author leads us through questions like the cost of financial resources for the company, shareholders’ equity and external funds and the w.a.c.c, the search for the optimum capital structure and the strategic policies that ensure an adequate financial policy To explain all this, the analysis counts on solid tools and knowledge, which have been applied through the Gordon-Shapiro formula, the CAPM (Capital Asset Pricing Model) or the Modigliani and Miller model, among others. Suitable for beginners too: The first chapter starts at a basic level for inexpert readers and then moves into the key matters of corporate finance that it is necessary to master. This chapter deals with basic questions on the discounting and capitalization of different cashflows, methods for NPV (Net present Value), IRR (internal Rate of Return), Pay-back, etc. and the reasoning behind all of them. The book explains how to deal correctly with inflation when making any analysis. The author has explained the basic concepts in some exercises so that the reader can master them before moving on to more complex issues. There is also an Appendix on the value over time of money, a correct valuation of different structures of bonds and other basic financial concepts and some key basic exercises. The final part of the book explores the valuation of companies, applying all that the reader has learnt up to now. The author also brings together all the themes worked on and enriches them with a great deal of his experience and practical advice, reason why this book is such a useful tool for those who have to make investment decisions.

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    TABLE OF CONTENTS 1-Measuring the profitability of investments Criteria for the analysis of investments Project definition Simple return

    on investment First Considerations on other methods: calculation of cash flows The Pay-back period Net Present Value Method (NPV) Internal Rate of Return (IRR) Relationship between the Present Value and the IRR

    Discounting Cash Flows with and without inflation Indexed financial flows. Rates with or without inflation The question can get more complicated The practical effect of amortization on historical acquisition values The effects of inflation on the Operational financial necessities Other effects on the profits in accounting records and taxes Conclusion The IRONSOUHTH case FINALTERNA case The FERSA case 2-The cost of Permanent Resources ( Equity and external resources) The cost of Debt The cost of debt for the company. Introduction of the effect of taxes. The cost of the capital The Gordon-Shapiro model for the calculation of the cost of the companys funds Ke Estimating the g factor for the Gordon-Shapiro model What is the best method to estimate g? Average Cost of the Permanent Resources. The Weighted Average Cost of Capital: WACC Factors that affect the cost of the permanent resources 3-The Capital Structure and the Optimun Debt level The theory of Optimal Capital Structure and the Modigliani & Miller formula How the reality does not always match up to the theory ( Modigliani & Miller) Avoiding serious mistakes. How the Modigliani and Miller formulas can lead you into error And even worse. The leveraged beta formulas and without leverage And now what shall we do with the real problem of the structure of capital? Putting a financial strategy into practice Conclusions on the practice of taking financial decisions Exercises on the cost of resources 4-The CAPM. Calculation of the Cost of Equity Calculation of the cost of the resources wuith the Capital Asset Pricing Model The CAPM formula is a simple Regression model Calculating Conclusions reached so far The CAPM for Asset pricing For the cost of Capital: how to go from the CAPM one period model to the formula Limitations of the CAPM model

    5-Methods to Value a Company Value and price Methods based on the Balance sheet Net Asset Value & Real Net Asset Value Terminal Value & Replacement Value Methods based on the Profit and Loss Account Value of the profits. PER Value of the dividends Multiple of sales Other multiples Example. Use of the multiples method to value a company (case) Multiples methods used to value companies in Internet Methods based on Discounted Cash Flow Present value, but of what? The concept of flows of funds General method for discounting cash flows Determination of the correct cash flow rate for discounting Ensuring the companys financial balance is correct The free cash flow The cash flow available for shares Capital cash flow Calculation of the company value through the free cash flow Calculation of the unlevered company value plus the value of the tax savings due to the debt (APV adjusted present value). Calculation of the equity value from the cash flow available for the shares A numerical example and reflections on market values The main stages in company valuation by discounted flows Critical aspects in a valuation These methods give good results in any situation The break up value of a company The specialists opinion on the valuation Key factors that affect the companys value: growth, return, risk and the interest rates Some commentaries on valuation The most common errors when valuing companies Case: CONSULTANCY vs. INVESTMENT BANK: valuation of a TELCO 6- Appendix: The Value of Money over Time The time factor. The concept of compound interest Elements: Time, Interest, Flows of funds Equivalence between a present flow and a future flow. Inflation and the Value of Money over time Present value of a perpetual income Solved exercises on basic concepts

    Find it at:...

    http://www.amazon.com/Applied-Corporate-Finance-Companyworth/dp/1478334118/ref=pd_rhf_ee_p_t_2 (Kindle format available too) *-*-*-*-*-*-*-*

    ...Or get it directly from Publisher : CREATESPACE ( an AMAZON company) (if you ae in USA, UK, or CANADA). You ensure to avoid unknown printing subcontractors -Same logistics & guaranties than Amazon-

    https://www.createspace.com/3951802 *-*-*-*-*-*-*-*

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    (Example Spanish access) http://books.google.es/books? printsec=frontcover&id=IHwnqxHRpXsC#v=onepage&q&f=false

    https://www.smashwords.com/books/view/215862

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