By Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe
Within the e-book fairness Asset Valuation, specialists John Stowe, Thomas Robinson, Jerald Pinto, and Dennis McLeavey absolutely aspect the modern strategies used to figure out the intrinsic worth of an fairness safety, and express readers tips on how to effectively practice those thoughts in either overseas and family markets.In the fairness Asset Valuation Workbook, they give you a wealth of useful info and workouts that may additional improve your realizing of this self-discipline. This special learn guide--which parallels fairness Asset Valuation bankruptcy by means of chapter--contains concise precis overviews of the chapters, tough difficulties, and an entire set of solutions.Engaging and available, fairness Asset Valuation Workbook experiences crucial suggestions you need to be accustomed to with the intention to excel at this undertaking. issues lined include:The fairness valuation processDiscounted dividend valuationFree funds stream valuationMarket-based valuation--including fee multiplesResidual source of revenue valuationAnd even more
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Within the publication fairness Asset Valuation, specialists John Stowe, Thomas Robinson, Jerald Pinto, and Dennis McLeavey absolutely element the modern options used to figure out the intrinsic worth of an fairness safeguard, and convey readers tips to effectively observe those strategies in either international and household markets.
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Additional info for Equity Asset Valuation Workbook (Cfa Institute Investment)
14. (Adapted from CFA Level II exam, 2001) John Jones, CFA, is head of the research department of Peninsular Research. –based manufacturing company. Mackinac has released its June 2001 financial statements, shown in Tables 3-3, 3-4, and 3-5. Mackinac has announced that it has finalized an agreement to handle North American production of a successful product currently marketed by a foreign company. Jones decides to value Mackinac using the dividend discount model (DDM) and the free cash flow to equity (FCFE) model.
21. (Adapted from 1998 CFA Level II exam) Janet Ludlow’s company requires all its analysts to use a two-stage DDM and the CAPM to value stocks. Using these models, Ludlow has valued QuickBrush Company at $63 per share. She now must value SmileWhite Corporation. A. Calculate the required rate of return for SmileWhite using the information in Table 2-7 and the CAPM. Show your work. 00 ? 72. B. Estimate the intrinsic value of SmileWhite using the data above and the two-stage DDM. Show your work. C.
Comparing $36 with the stock’s current market price of $30, you conclude the stock is undervalued. A. Give two reasons why your conclusion that the stock is undervalued may be in error. B. What additional information about the stock and the peer group would support your original conclusion? 5. A. Identify two significant differences between Yardeni’s model of stock market valuation and the Fed model. B. Suppose an analyst uses an equity index as a comparison asset in valuing a stock. Which price multiple(s) would cause concern about the impact of potential overvaluation of the equity index on a decision to recommend purchase of an individual stock?
Equity Asset Valuation Workbook (Cfa Institute Investment) by Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe