Equity Asset Valuation (CFA Institute Investment Series)

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Book DescriptionPublication Date: January 12, 2010A comprehensive look at the equity valuation processWith the Second Edition of Equity Asset Valuation, the distinguished team of Jerald Pinto, Elaine Henry, Thomas Robinson...
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Book Description

Publication Date: January 12, 2010
A comprehensive look at the equity valuation process

With the Second Edition of Equity Asset Valuation, the distinguished team of Jerald Pinto, Elaine Henry, Thomas Robinson, and John Stowe, fully update information associated with this important discipline. Blending theory with practice, they detail the contemporary techniques used to determine the intrinsic value of an equity security, and show you how to successfully apply these techniques in both foreign and domestic markets.

Unlike alternative works in this field, the Second Edition of Equity Asset Valuation clearly integrates finance and accounting concepts into the discussion-providing the evenness of subject matter treatment, consistency of notation, and continuity of topic coverage that is so critical to the learning process.

  • Addresses essential issues in this arena, including the equity valuation process, discounted dividend valuation, free cash flow valuation, and residual income valuation
  • Each author brings his own unique experiences and perspectives to the equity analysis process
  • Distills the knowledge, skills, and abilities you need to succeed in today's fast-paced financial environment
  • Companion Workbook also available

Valuable for classroom study, self-study, and general reference, this book contains clear, example-driven coverage of many of today's most important valuation issues.


Editorial Reviews

 

From the Inside Flap

As part of the CFA Institute Investment Series, the Second Edition of Equity Asset Valuation has been designed for a wide range of individuals, from graduate-level students focused on finance to practicing investment professionals. This globally relevant guide outlines the essential methods used to evaluate modern equity investments—including those traded outside North America.

In this latest edition, the distinguished team of Jerald Pinto, Elaine Henry, Thomas Robinson, and John Stowe returns to provide you with the most up-to-date information associated with this important discipline. Blending theory with practice, they detail the contemporary techniques used to determine the intrinsic value of an equity security, and show you how to successfully apply these techniques in both foreign and domestic markets.

The Second Edition of Equity Asset Valuation clearly integrates finance and accounting concepts into the discussion—providing the evenness of subject matter treatment, consistency of notation, and continuity of topic coverage that is so critical to the learning process. Valuable for self-study and general reference, this revised guide contains clear, example-driven coverage of many of today's most important valuation issues, including:

  • Equity valuation—applications and processes

  • Return concepts essential for evaluating an investment

  • Discounted dividend valuation

  • Free cash flow valuation

  • Market-based valuation—including price and enterprise value multiples

  • Residual income valuation

  • Private company valuation

And to further enhance your understanding of the tools and techniques presented, Equity Asset Valuation Workbook, Second Edition—an essential study guide that contains challenging problems and solutions related to the concepts developed here—is also available.

With the authors bringing their own unique experiences and perspectives to the equity analysis process, this book distills the knowledge, skills, and abilities you need to succeed in today's dynamic financial environment. Filled with in-depth insights and practical advice, the Second Edition of Equity Asset Valuation does not simply examine a collection of valuation models for you to use, it challenges you to determine which models are most appropriate for specific companies and situations.

 
 

Product Details

File Size: 5614 KB

  • Print Length: 464 pages
  • Publisher: Wiley; 2 edition (January 12, 2010)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ISBN-10: 0470052821
  • ISBN-13: 9780470052822
  • ASIN: B0034DGPO0
  • Text-to-Speech: Enabled 
  • Lending: Not Enabled
  • Amazon Best Sellers Rank: #400,064 Paid in Kindle Store (See Top 100 Paid in Kindle Store)

Most Helpful Customer Reviews
10 of 10 people found the following review helpful
 
5.0 out of 5 stars Excellent book June 24, 2008
Format:Hardcover|Verified Purchase
This was one of the better finance books I've come across and a definite keeper for reference. Instead of mindless rambling or chocked full of jargon, the material was concise yet contained enough detail to cover all aspects of equity valuation that one might need to know suitable for the CFA Level II prep. But even for laypeople who have no intention of taking the CFA, this book will be very easily understandable with just a rudimentary background in basic finance theory.

The layout is very logical, basically covering the four important aspects of equity valuation: DDM, Free cash flow models, price multiples, and residual income. Under each of these, the reading builds up to form a bigger picture of what needs to be understood. Examples are very clear and do not rely on specific methods of solving, such as being only relegated to math equations, spreadsheets, or financial calculators. You basically can approach any of the problems in whatever way you want. The emphasis is on understanding rather than route "do it my way" methods. The book appears to have been very well proofread, so you don't find numerical errors that can make you pull your hair out as with other books.

There is also a workbook for this series but at my time of writing, it has yet to be released. When it is out, I would give this book series six stars in strength.
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13 of 14 people found the following review helpful
 
5.0 out of 5 stars An important reference book in CFA curriculum April 10, 2007
Format:Hardcover
It is an extremely important reference book because I am preparing for CFA Level II exam. I've found the book an introductory one to illustrate basic concept in investment industry. Any one who wants to enter the investment banks,mutual funds,asset manangement corps. should have this book in hand.

I strongly recommend it to all candidates on the road to getting CFA charter, and other partitioners in investment field may also find it helpful.
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22 of 27 people found the following review helpful
 
3.0 out of 5 stars Analysis of Equity Redo September 29, 2008
Format:Hardcover
This book is the same book with a different name. The first edition was called "Analysis of Equity Investment Valuation." After reviewing the table of contents as well as several chapters, I have the following to report: The Table of Contents is the same; and the rest of the book is the same, too. The pages don't exactly match because in the new book the block paragraph style has been chosen.

You do not need this book for the CFA. If you call the Institute, they will tell you not to purchase the source books because the program has been tailored specifically for the candidates. Instead, the Institute mandates that you buy the "program".

If you really want the book, then buy the old version for a fraction of the cost. The content is the same.
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2 of 3 people found the following review helpful
 
4.0 out of 5 stars Very good book for teaching equity valuation models. January 24, 2010
Format:Kindle Edition
I teach Investment Analysis & Portfolio Management to undergraduate Finance majors and have found this book to be very effective in teaching equity valuation models from a fundamental analysis standpoint. There are many specific valuation examples used throughout the book making it very useful for Finance students learning how to implement intrinsic stock valuation. Although the concepts are considered intermediate-level Finance topics, the language of the authors is easy to understand and not too difficult to grasp.


 

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