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xls
A short description
There are three groups of programs on this diskette -I. Discounted Cashflow Valuation:
(1) Dividend Discount Models (Steady State, 2 stage, 3 stage, H model)
(2) Free Cashflow to Equity Models (Steady State, 2 stage, 3 stage)
(3) Free Cashflow to Firm Models (2 stage, General)
II. Relative Valuation:
(1) PE Multiples
(2) PBV Multiples
(3) PS Multiples
III. Option Pricing Models
(1) Valuing Equity
(2) Valuing Product Patents/ Start-up firms
(3) Valuing Natural Resource firms
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If you do not know the model you need for your valuation, do the following:
1. Run the program titled 'Model.wks (Model.xls), or see chart below.
2. Enter the characteristics of the firm you want to value.
3. Go the model suggested by the model choice program.
4. Choose either the simpler or more complex version of the model.
Dividends
Sign
Normalcy Growth
Leverage
+'ve
Normal
Stable
NA
Stable
+'ve
Normal
Stable
NA
FCFE
Stable
+'ve
Normal
Stable
NA
NA
Unstable
+'ve
Normal
Moderate
General
=FCFE
Stable
+'ve
Normal
Moderate
Specific
=FCFE
Stable
+'ve
Normal
Moderate
Specific
FCFE
Stable
+'ve
Normal
Moderate
Either
+'ve
Normal
High
Either
+'ve
Normal
High
Either
FCFE
Stable
+'ve
Normal
High
Either
NA
Unstable
+'ve
Abnormal
NA
NA
NA
Stable
+'ve
Abnomal
NA
NA
NA
Unstable
-'ve
Cyclical
NA
NA
NA
Stable
-'ve
Cyclical
NA
NA
NA
Unstable
-'ve
Troubled
NA
NA
NA
Either
-'ve
Troubled
NA
NA
NA
Either
-'ve
Start-up
NA
NA
NA
Either
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=FCFE
NA
=FCFE
Unstable
Stable
330795377.xls
-ve
Start-up
NA
NA
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NA
Either
330795377.xls
If you have further questions on the models, review the appropriate chapter in the
Expanded
Simple
MODELCHO.*
Chapter
Model Choice
NEWGORDO.*
NEWDDM2S.* XDDM2.*
Two-Stage DDM
NEWDDMHM.* XDDMH.*
The H Model
NEWDDM3S.*
Three-Stage DDM
NEWFCFES.*
NEWFCFE2.*
XFCFE2.*
NEWFCFE3.*
NEWFCFF2.*
XFCFF2.*
DETAILVA.*
NEWNORME.*
NEWRESTR.*
"
for fi "
Corporate Restructuring
EQUITYOP.*
Equity as an Option
NEWPRODU.*
NEWNATRE.*
Product Option
The simple versions of the programs require fewer inputs but allow fewer options.
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, 2 stage, 3 stage)
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330795377.xls
program.
s are raised.
Other
Valuation
Factors
Model
NA
Gordon Growth
NA
FCFE Stable
NA
FCFF Stable
NA
H Model
NA
2 stage DDM
NA
2 stage FCFE
NA
2 stage FCFF
NA
3 stage DDM
NA
3 stage FCFE
NA
3 stage FCFF
NA
Normalized EPS
NA
Normalized FCFF
NA
Normalized EPS
NA
Normalized FCFF
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ow fewer options.
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