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Damodaran on Valuation 2nd edition Paperback – 4 Nov 2008

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Damodaran on Valuation 2nd edition + Investment Valuation: Tools and Techniques for Determining the Value of Any Asset + Corporate Finance Theory and Practice
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About the Author

Aswath Damodaran studied M.B.A. in Finance and PhD in Finance from UCLA and a MS from IIM-B. He is an author and professor, teaching Equity Instruments and Markets and Corporate Finance at the prestigious Stern School of Business in New York University. He has won awards for his teaching, like the Richard L. Rosenthal Award and the David Margolis Teaching Excellence Fellowship. He has been hailed worldwide as a finance guru. His works reflect his great scholarship on things like Information and Prices, Valuation and Real Estate. He also contributes to many leading economic and business journals such as The Journal of Financial Economics.



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Amazon.com: 22 reviews
29 of 29 people found the following review helpful
Good but only short version of another 26 October 2001
By Chung-Yin Cheng - Published on Amazon.com
Format: Hardcover
As everyone will agree, this is a good book in valuation tools. With different version of the DCF models, this book is one of the ideal desk reference of security analysis. However, if you also look at the book "Investment Valuation" by Professor Damodaran, you will agree that this one is only a short version of "Investment Valuation". Almost every topic is covered (or copied) from "Investment Valuation".
I gave "Investment Valuation" a 5-star rating. So, for its short version, I give 4-star.
17 of 17 people found the following review helpful
Thoroughly covers most aspects of equity valuation 22 May 2009
By jelarv - Published on Amazon.com
Format: Hardcover Verified Purchase
I saw the author speak at a conference which prompted me to buy the book. His presentation and book nicely merge theory with practice -- too many valuation books are academic and don't deal with the real-life problems. He seems to anticipate the types of real-life challenges you'll get and then tells you how to handle them (about half the book addresses these "loose ends" that aren't always covered in more basic valuation material). I especially like that he's embraced valuation methods beyond DCF (such as P/E and P/B) because purists tend to dismiss these other methods as too crude for serious consideration(in his book he acknowledges that only 10% of Wall Street valuations are done with DCF). His web site is great for practitioners because you can download the raw numbers for thousands of companies and do the valuation steps he highlights in the book.
12 of 12 people found the following review helpful
Excellent review of several valuation techniques though... 19 March 2000
By Finkbarton - Published on Amazon.com
Format: Hardcover
Professor Damodaran wrote the most comprehensive introductory books on Valuation I ever read. He covers discounted cash flow, relative valuation and the -still- less accepted contingent claim valuation. In addition, he presents simple solutions to complicated problems. Having in mind its introductory and (almost) self-teaching nature, the book is hard to criticize. Nevertheless, a couple of things should be mentioned to warned the potential reader. First, several issues that Damodaran presents as (almost) unquestionable are actually a matter of dispute among financial analytst. Second, multifactorial models -APT like- deserve much more analyisis. Third, the lack of emphasis on international investments is striking. Fourth, it lacks an analysis on preparing/estimating proforma financial statements. It might seem as a lot of objections but they are not... The book is a must.
11 of 11 people found the following review helpful
Great book on valuation (mainly equity) 7 June 2001
By "bhaskarch" - Published on Amazon.com
Format: Hardcover
The book is mainly aimed at valuation practitioners and MBA sudents. The book deals with 3 valuation techniques- DCF, relative valuation (based on PE, P/BV, PS multiples) and contingent claims (options). Great insights into determining key variables (PE, PS, P/BV) based on business fundamentals and pro and cons of using each approach. However, the book does not go into enough depth in CAPM and APT. The author assumes that the reader would have a fair idea about financial ratios, fundamentals etc. The best part of the book deals with valuation of special cases like cyclical firms, brands etc. and how corporate restructuring affects value. It also provides great insights into valuation for takeovers and mergers. The author provides a usable framework for valuing intangibles in an acquisition target- what the different sources of synergy are and how to value each in a lucid framework. Overall, a good book to gain a firm footing in investment valuation techniques.
10 of 10 people found the following review helpful
First Rate 16 March 2001
By Netman1 - Published on Amazon.com
Format: Hardcover Verified Purchase
This is an excellent book. It serves as both a course in valuation as well as a useful reference tool.

The book is heavily weighted to discounted cash flow analysis, though it also discusses relative valuation (like P/E multipliers) and contingent claims.

Clearly written the book presents in detail simple to complex DCF based models (dividend discount model, free cashflow to equity and free cashflow to the firm). This range of models deal with the complex valuation problem of variable growth. After presenting a model, its limitations and best uses are explained.

He then shows how these models can be used to derive P/E, P/S, and P/BV ratios from fundamentals.

Abundant examples are used to make the material clear.

The book also discusses special situations, e.g., cyclical firms, and distressed firms to mention just a few.

At first glance this book might be mistaken for a "cook book". Lots of formulas and detailed examples of how to work them.

But there is more. And this is where the real "meat" of the book is - underpinning the seeming forest of details and examples - is a valuation logic and philosophy.

If you read this book carefully, you will develop an appreciation for the impact certain fundamentals have on valuation and how they interact with one another. This is much more important than memorizing the formulae in the book.

Also there is some very useful and frank discussion of shortcomings in some of the tools used, including the CAPM and a warning about being seduced into believing that the DCF approach results in certainty.

Valuation involves estimates and formulas (or multiples) are simplifications of very complex real world dynamics. In the businss world, valuation is typically a process of estimating ranges of values for each of several methods chosen (e.g., DCF, market comparables, precedent transacions, replacement value, etc). The resulting matrix of values is then compared (in effect cross checked) to come up with a range of possible values. And here the differences between buyer and seller affect the outcome - different assumptions re the DCF or the cashflow and synergies that can be achieved - come into play to create two different matrices of values - from which the two parties then negotiate the actual price.

The book and its author are well regarded. This particular volume is used in AIMR's CFA study program - which is a measure of its worth.

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