Company Valuation And Information In Analyst Forecasts

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Company Valuation and Information in Analyst Forecasts

Author : Daniel Kreutzmann
Publisher : Logos Verlag Berlin GmbH
ISBN 13 : 3832525297
Total Pages : 141 pages
Book Rating : 4.8/5 (325 download)

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Book Synopsis Company Valuation and Information in Analyst Forecasts by : Daniel Kreutzmann

Download or read book Company Valuation and Information in Analyst Forecasts written by Daniel Kreutzmann and published by Logos Verlag Berlin GmbH. This book was released on 2010 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis focuses on the three primitive value drivers of each company valuation model that is based on fundamental analysis: the discount rate, the expected future payoffs during the explicit forecasting period, and the terminal value at the end of the explicit forecasting period. While the first factor is analyzed theoretically by incorporating the government into the classical valuation framework, this thesis studies the other two factors by investigating forecasts made by professional investors, i.e. financial analysts. In the first part we show that the government's and the shareholders discount rate usually differ and analyze how the government's and shareholders different objectives lead to conflicts in the context of capital budgeting. The empirical part of this thesis shows that macroeconomic information is frequently used by financial analysts when updating their earnings expecations and that target price forecastsmade by financial analysts can be used to predict abnormal returns.

Company Valuation and Bankruptcy Prediction

Author : Jan Klobucnik
Publisher : GRIN Verlag
ISBN 13 : 3656543585
Total Pages : 154 pages
Book Rating : 4.6/5 (565 download)

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Book Synopsis Company Valuation and Bankruptcy Prediction by : Jan Klobucnik

Download or read book Company Valuation and Bankruptcy Prediction written by Jan Klobucnik and published by GRIN Verlag. This book was released on 2013-11-18 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Doctoral Thesis / Dissertation from the year 2013 in the subject Economics - Finance, grade: summa cum laude, University of Cologne, language: English, abstract: The contribution of this study is manifold and relevant for academics and practitioners alike. It adds to the literature in the fields of corporate finance, financial accounting and stochastic modeling. In particular, this dissertation provides answers to the following questions: given the less efficient markets, can specialists as financial analysts provide additional information, which contain investment value? How can the true value of a company be determined with publicly available data and can discrepancies between fundamental and market values be exploited? Finally, is it possible to assess the firm’s financial health and its likelihood of failure several years into the future? Adressing these questions, the study first illustrates the company valuation assessment by financial analysts as summarized in their target prices and the information processing by analysts and investors in detail. Second, this thesis offers a novel empirical implementation of a model for fundamental company valuation that employs accounting data. In this context it demonstrates severe over- and undervaluation from a fundamental perspective in the U.S. technology sector over the last 20 years. Both the analysts’ company valuation captured by their target prices and the implementation of the fundamental company valuation model translate into significant investment value before and after transaction costs, which supports the notion of non-efficient markets. Finally, one major contribution is to evaluate a new approach for bankruptcy prediction that is based on stochastic processes. It is theoretically appealing and performs better especially for longer forecast horizons than standard methods.

COMPANY VALUATION UNDER IFRS - 3RD EDITION

Author : Nick Antill
Publisher : Harriman House Limited
ISBN 13 : 0857197770
Total Pages : 286 pages
Book Rating : 4.8/5 (571 download)

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Book Synopsis COMPANY VALUATION UNDER IFRS - 3RD EDITION by : Nick Antill

Download or read book COMPANY VALUATION UNDER IFRS - 3RD EDITION written by Nick Antill and published by Harriman House Limited. This book was released on 2020-02-11 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revised and updated. The influence of International Financial Reporting Standards (IFRS) on accounting across the world is stronger than ever. Most importantly, this stems from the mandatory adoption of IFRSs in many parts of the world, including Europe, Canada, Australia, Brazil and, with some relatively small exceptions, China. Additionally, foreign registrants in the US are also permitted to use IFRS by the SEC. The impact of IFRSs also extends to accounting developments as the IASB and the FASB work closely together to formulate new standards such as those recently issued on leasing and revenue recognition. It is clear that investors, analysts and valuers need to understand financial statements produced under IFRS to feed in to their valuations and broader investment decisions. Written by practitioners for practitioners, the book addresses valuation from the viewpoint of the analyst, the investor and the corporate acquirer. It starts with valuation theory: what is to be discounted and at what discount rate? It explains the connection between standard methodologies based on free cash flow and on return on capital. And it emphasizes that, whichever method is used, accurate interpretation of accounting information is critical to the production of sensible valuations. The authors argue that forecasts of cash flows imply views on profits and balance sheets, and that non-cash items contain useful information about future cash flows - so profits matter. The book addresses the implications for analysis, modelling and valuation of key aspects of IFRS, all updated for recent developments, including: - Pensions - Stock options - Derivatives - Provisions - Leases - Revenue recognition - Foreign currency The text also sets out the key differences between IFRS and US GAAP treatments of these issues, in addition to their implications for analysis. A detailed case study is used to provide a step-by-step valuation of an industrial company using both free cash flow and economic profit methodologies. The authors then address a range of common valuation problems, including cyclical or immature companies, as well as the specialist accounting and modelling knowledge required for regulated utilities, resource extraction companies, banks, insurance companies, real estate companies and technology companies. Accounting for mergers and disposals is first explained and then illustrated with a detailed potential acquisition.

Time Series Analysis and Its Applications

Author : Robert H. Shumway
Publisher :
ISBN 13 : 9781475732627
Total Pages : 568 pages
Book Rating : 4.7/5 (326 download)

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Book Synopsis Time Series Analysis and Its Applications by : Robert H. Shumway

Download or read book Time Series Analysis and Its Applications written by Robert H. Shumway and published by . This book was released on 2014-01-15 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Handbook of Corporate Earnings Analysis

Author : Brian R. Bruce
Publisher : Irwin Professional Publishing
ISBN 13 :
Total Pages : 398 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis The Handbook of Corporate Earnings Analysis by : Brian R. Bruce

Download or read book The Handbook of Corporate Earnings Analysis written by Brian R. Bruce and published by Irwin Professional Publishing. This book was released on 1994 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Valuation Approaches and Metrics

Author : Aswath Damodaran
Publisher : Now Publishers Inc
ISBN 13 : 1601980140
Total Pages : 102 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Valuation Approaches and Metrics by : Aswath Damodaran

Download or read book Valuation Approaches and Metrics written by Aswath Damodaran and published by Now Publishers Inc. This book was released on 2005 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.

The Banking Industry Guide: Key Insights for Investment Professionals

Author : Ryan C. Fuhrmann
Publisher : CFA Institute
ISBN 13 : 1942713428
Total Pages : 60 pages
Book Rating : 4.9/5 (427 download)

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Book Synopsis The Banking Industry Guide: Key Insights for Investment Professionals by : Ryan C. Fuhrmann

Download or read book The Banking Industry Guide: Key Insights for Investment Professionals written by Ryan C. Fuhrmann and published by CFA Institute. This book was released on 2017 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Analysts' Forecasts and Stock Recommendations

Author : Sundaresh Ramnath
Publisher : Now Publishers Inc
ISBN 13 : 1601981627
Total Pages : 125 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Financial Analysts' Forecasts and Stock Recommendations by : Sundaresh Ramnath

Download or read book Financial Analysts' Forecasts and Stock Recommendations written by Sundaresh Ramnath and published by Now Publishers Inc. This book was released on 2008 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Analysts' Forecasts and Stock Recommendations reviews research related to the role of financial analysts in the allocation of resources in capital markets. The authors provide an organized look at the literature, with particular attention to important questions that remain open for further research. They focus research related to analysts' decision processes and the usefulness of their forecasts and stock recommendations. Some of the major surveys were published in the early 1990's and since then no less than 250 papers related to financial analysts have appeared in the nine major research journals that we used to launch our review of the literature. The research has evolved from descriptions of the statistical properties of analysts' forecasts to investigations of the incentives and decision processes that give rise to those properties. However, in spite of this broader focus, much of analysts' decision processes and the market's mechanism of drawing a useful consensus from the combination of individual analysts' decisions remain hidden in a black box. What do we know about the relevant valuation metrics and the mechanism by which analysts and investors translate forecasts into present equity values? What do we know about the heuristics relied upon by analysts and the market and the appropriateness of their use? Financial Analysts' Forecasts and Stock Recommendations examines these and other questions and concludes by highlighting area for future research.

The Dark Side of Valuation

Author : Aswath Damodaran
Publisher : FT Press
ISBN 13 : 9780137036554
Total Pages : 600 pages
Book Rating : 4.0/5 (365 download)

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Book Synopsis The Dark Side of Valuation by : Aswath Damodaran

Download or read book The Dark Side of Valuation written by Aswath Damodaran and published by FT Press. This book was released on 2009-06-19 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today’s most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm’s lifecycle in The Dark Side of Valuation: Valuing Young, Distressed and Complex Businesses. In this thoroughly revised edition, he broadens his perspective to consider all companies that resist easy valuation, highlighting specific types of hard-to-value firms, including commodity firms, cyclical companies, financial services firms, organizations dependent on intangible assets, and global firms operating diverse businesses. He covers the entire corporate lifecycle, from “idea” and “nascent growth” companies to those in decline and distress, and offers specific guidance for valuing technology, human capital, commodity, and cyclical firms. ·

Damodaran on Valuation

Author : Aswath Damodaran
Publisher : John Wiley & Sons
ISBN 13 : 0470049375
Total Pages : 696 pages
Book Rating : 4.4/5 (7 download)

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Book Synopsis Damodaran on Valuation by : Aswath Damodaran

Download or read book Damodaran on Valuation written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2016-02-08 with total page 696 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Aswath Damodaran is simply the best valuation teacher around. If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf. You can bet that I do." -- Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places In order to be a successful CEO, corporate strategist, or analyst, understanding the valuation process is a necessity. The second edition of Damodaran on Valuation stands out as the most reliable book for answering many of today?s critical valuation questions. Completely revised and updated, this edition is the ideal book on valuation for CEOs and corporate strategists. You'll gain an understanding of the vitality of today?s valuation models and develop the acumen needed for the most complex and subtle valuation scenarios you will face.

Estimating the Cost of Capital Implied by Market Prices and Accounting Data

Author : Peter Easton
Publisher : Now Publishers Inc
ISBN 13 : 1601981945
Total Pages : 148 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Estimating the Cost of Capital Implied by Market Prices and Accounting Data by : Peter Easton

Download or read book Estimating the Cost of Capital Implied by Market Prices and Accounting Data written by Peter Easton and published by Now Publishers Inc. This book was released on 2009 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimating the Cost of Capital Implied by Market Prices and Accounting Data focuses on estimating the expected rate of return implied by market prices, summary accounting numbers, and forecasts of earnings and dividends. Estimates of the expected rate of return, often used as proxies for the cost of capital, are obtained by inverting accounting-based valuation models. The author describes accounting-based valuation models and discusses how these models have been used, and how they may be used, to obtain estimates of the cost of capital. The practical appeal of accounting-based valuation models is that they focus on the two variables that are commonly at the heart of valuations carried out by equity analysts -- forecasts of earnings and forecasts of earnings growth. The question at the core of this monograph is -- How can these forecasts be used to obtain an estimate of the cost of capital? The author examines the empirical validity of the estimates based on these forecasts and explores ways to improve these estimates. In addition, this monograph details a method for isolating the effect of any factor of interest (such as cross-listing, fraud, disclosure quality, taxes, analyst following, accounting standards, etc.) on the cost of capital. If you are interested in understanding the academic literature on accounting-based estimates of expected rate of return this monograph is for you. Estimating the Cost of Capital Implied by Market Prices and Accounting Data provides a foundation for a deeper comprehension of this literature and will give a jump start to those who have an interest in these topics. The key ideas are introduced via examples based on actual forecasts, accounting information, and market prices for listed firms, and the numerical examples are based on sound algebraic relations.

Analytical Approach to Investing Research - Removing the Management Fluff

Author : Pat O'Leary
Publisher :
ISBN 13 : 9781590959992
Total Pages : pages
Book Rating : 4.9/5 (599 download)

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Book Synopsis Analytical Approach to Investing Research - Removing the Management Fluff by : Pat O'Leary

Download or read book Analytical Approach to Investing Research - Removing the Management Fluff written by Pat O'Leary and published by . This book was released on 2009-03-25 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A Market Insiders Analytical Approach Removes Management Fluff to Help Predict Forward Pricing and Valuation Based on Solid Principles That Can Be Quantified The management of earnings and expectations directly impacts the analytical forecasts in firm evaluation. Earnings and analysts forecasts are important inputs into accounting valuation models to reflect current and predict future firm performance. These models help predict the intrinsic value, but in recent years they may have adversely affected the usefulness of the resulting information. This book is meant to show that intrinsic value metrics estimated using manipulated earnings or forecasts have less ability to track stock prices and predict future returns. The usefulness of earnings and analysts forecasts provides evidence for the joint hypothesis of] Long-term market efficiency Negative impact of earnings management and expectations management Removing The Management Fluff. The authors approach has two major objectives in Removing the Management Fluff. First, it challenges the conventional view that more accurate and less biased forecasts are necessarily of better quality and proposes to assess the quality of analysts forecasts. It also introduces an improved measure for expectations management and presents new evidence on the following: Usefulness of earnings and analyst forecasts in firm valuation (Negative impacts of earnings management and expectations management on this usefulness (Overall performance of accounting valuation models in firm valuation Dr. Pat OLeary, Ph.D. Accounting MBA, CMA, CFM, CNE, B. Commerce Born in Brantford, Ontario, Canada, Pat has always been motivated to succeed and dedicated to getting the best formal financial education possible, as evidenced by his many degrees and certifications. As he rose through the ranks in the corporate world, he gained extensive experience in corporate structuring, mergers, IPOs, international finance, foreign exchange, and manufacturing. His impressive educational background and financial experience have blended to form the analytical and practical approach to investing research that he presents in this book.

Discussion and review of Bradshaw (2004): "How do analysts use their earnings forecasts in generating stock recommendations"

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Author : Malwina Woznik
Publisher : GRIN Verlag
ISBN 13 : 3656478236
Total Pages : 38 pages
Book Rating : 4.6/5 (564 download)

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Book Synopsis Discussion and review of Bradshaw (2004): "How do analysts use their earnings forecasts in generating stock recommendations" by : Malwina Woznik

Download or read book Discussion and review of Bradshaw (2004): "How do analysts use their earnings forecasts in generating stock recommendations" written by Malwina Woznik and published by GRIN Verlag. This book was released on 2013-08-12 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Business economics - Controlling, grade: 1,3, University of Cologne (Seminar für allgemeine BWL und Controlling), language: English, abstract: Since the beginning of the 90s research on issues referring to analysts’ practise grew rapidly to such an extent that even several publications are concerned with giving an overview of this development. Besides the principal-agent problematic between the firm’s managers and the equity investors, investors are dependent on analysts’ information in times where equity trading soared and the trading turnover in 2008 was 35 times higher than in 1980. That is why shareholders are not able to analyse the amount of information regarding a company due to lack of time or ability. Therefore analysts advise investors to make a profitable decision by publishing a report including for instance stock recommendations or earnings forecasts. Another reason why there is so much research about analysts’ practise is the fact that their information influences investors’ trading behaviour. Thus, it is crucial to know how reliable those statements are and accordingly to be able to assess the quality of the outputs. However, to answer the question of analysts’ process of transforming various information of stock recommendations have to be examined in detail. Recent investigations rather focus on the single properties of analysts’ analyses as earnings forecasts and stock recommendations, but did not connect those two values. Prior studies deal with research questions like the effect of earnings forecasts on the stock prices or the use of stock recommendations to foretell abnormal return. Bradshaw (2004) is the first research paper which follows the question whether there is a link and if so how analysts incorporate the earnings forecasts into their stock recommendation. Because of the importance of Bradshaw (2004), this paper reviews the main issues and embeds them into the existing literature concerning the role of analysts. The rest of this paper is organized as follows. The first chapter focuses on the character of analysts and potential key input factors which might be used by analysts for issuing recommendations. Then a brief review of Bradshaw (2004) is given to present the main results. This enables a discussion about potential and realized extensions in literature which follows in the third chapter. The final chapter concludes.

Public Disclosure of Corporate Earnings Forecasts

Author : Francis A. Lees
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 (97 download)

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Book Synopsis Public Disclosure of Corporate Earnings Forecasts by : Francis A. Lees

Download or read book Public Disclosure of Corporate Earnings Forecasts written by Francis A. Lees and published by . This book was released on 1981 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Analysts and Information Processing on Financial Markets

Author : Jan-Philipp Matthewes
Publisher : BoD – Books on Demand
ISBN 13 : 3945021073
Total Pages : 185 pages
Book Rating : 4.9/5 (45 download)

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Book Synopsis Financial Analysts and Information Processing on Financial Markets by : Jan-Philipp Matthewes

Download or read book Financial Analysts and Information Processing on Financial Markets written by Jan-Philipp Matthewes and published by BoD – Books on Demand. This book was released on 2015-01-28 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial analysts play an ambivalent role on financial markets: On the one hand investors and the media frequently follow their advice, on the other hand they are regularly discredited when their forecasts or recommendations prove to be erroneous. This cumulative thesis explores the informational content of financial analysts’ forecasts for investors by addressing three specific topics: Consensus size as a rudimentary investment signal, the association of analysts’ target prices with business sentiment, and the consistency of analysts’ different investment signals in the context of the 2008 financial crisis. Overall, the thesis provides additional evidence that investors can profit from analysts’ forecasts and recommendations. However, it is also shown that investors need to be very selective about which signal to rely on and in which context to use these because analysts’ investment signals can also be heavily biased and erroneous. About the author: Jan-Philipp Matthewes studied ‘Economics’ at the University of Cologne, Germany, and holds a Dean’s Award from the Faculty of Economics and Social Sciences. His research focus on financial analysts evolved while working in equity research at a leading German bank. The PhD-thesis was supervised by Prof. Dr. Martin Wallmeier, Finance and Accounting, at the University of Fribourg, Switzerland. Since 2013 Jan-Philipp Matthewes is the managing director of the boutique private equity firm ‘Matthewes Capital Invest GmbH’.

Corporate Valuation

Author : Mario Massari
Publisher : John Wiley & Sons
ISBN 13 : 1119003350
Total Pages : 512 pages
Book Rating : 4.1/5 (19 download)

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Book Synopsis Corporate Valuation by : Mario Massari

Download or read book Corporate Valuation written by Mario Massari and published by John Wiley & Sons. This book was released on 2016-07-15 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk consideration is central to more accurate post-crisis valuation Corporate Valuation presents the most up-to-date tools and techniques for more accurate valuation in a highly volatile, globalized, and risky business environment. This insightful guide takes a multidisciplinary approach, considering both accounting and financial principles, with a practical focus that uses case studies and numerical examples to illustrate major concepts. Readers are walked through a map of the valuation approaches proven most effective post-crisis, with explicit guidance toward implementation and enhancement using advanced tools, while exploring new models, techniques, and perspectives on the new meaning of value. Risk centrality and scenario analysis are major themes among the techniques covered, and the companion website provides relevant spreadsheets, models, and instructor materials. Business is now done in a faster, more diverse, more interconnected environment, making valuation an increasingly more complex endeavor. New types of risks and competition are shaping operations and finance, redefining the importance of managing uncertainty as the key to success. This book brings that perspective to bear in valuation, providing new insight, new models, and practical techniques for the modern finance industry. Gain a new understanding of the idea of "value," from both accounting and financial perspectives Learn new valuation models and techniques, including scenario-based valuation, the Monte Carlo analysis, and other advanced tools Understand valuation multiples as adjusted for risk and cycle, and the decomposition of deal multiples Examine the approach to valuation for rights issues and hybrid securities, and more Traditional valuation models are inaccurate in that they hinge on the idea of ensured success and only minor adjustments to forecasts. These rules no longer apply, and accurate valuation demands a shift in the paradigm. Corporate Valuation describes that shift, and how it translates to more accurate methods.

Best Practices for Equity Research (PB)

Author : James Valentine
Publisher : McGraw Hill Professional
ISBN 13 : 0071736395
Total Pages : 465 pages
Book Rating : 4.0/5 (717 download)

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Book Synopsis Best Practices for Equity Research (PB) by : James Valentine

Download or read book Best Practices for Equity Research (PB) written by James Valentine and published by McGraw Hill Professional. This book was released on 2011-01-07 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first real-world guide for training equity research analysts—from a Morgan Stanley veteran Addresses the dearth of practical training materials for research analysts in the U.S. and globally Valentine managed a department of 70 analysts and 100 associates at Morgan Stanley and developed new programs for over 500 employees around the globe He will promote the book through his company's extensive outreach capabilities