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Presenter
Venue
Date
VALUATION
Examining
Values of
Comparable
Assets
Estimating Estimating
Proceeds Variables
from Related to
Immediate Future
Liquidation Returns
Value
Estimate
INTRINSIC VALUE
VE – P = (V – P) + (VE – V)
Fair Value
• Financial reporting
Investment Value
• Value to specific buyer
USES OF EQUITY VALUATION
Stock Selection
• Is the stock under- or
overvalued?
Compensation
• What is the value of equity
compensation?
THE VALUATION PROCESS
Investment Strategic
Valuation opinions
recommendations decisions
UNDERSTANDING THE BUSINESS:
INDUSTRY ANALYSIS
(PORTER’S COMPETITIVE ADVANTAGE)
New
Entrants
Supplier Buyer
Power Rivalry Power
Substitutes
UNDERSTANDING THE BUSINESS:
COMPETITIVE ANALYSIS
Low Cost Differentiation
Broad
Target Cost
Differentiation
Leadership
Market
Narrow
Target Cost Differentiation
Focus Focus
Market
ISSUES IN FINANCIAL STATEMENT ANALYSIS
Non-Numeric Analysis
Sources of Information
Quality of Earnings
QUALITY OF EARNINGS EXAMPLES
What is the
purpose of the
valuation?
OTHER VALUATION MODEL ISSUES
Sum-of-the-Parts Valuation
Sensitivity Analysis
Situational Adjustments
ANALYST ROLES
Sell-Side Buy-Side
Analysts Analysts
Corporate Independent
Analysts Analysts
ANALYST RESPONSIBILITIES