Corporate finance: a valuation approach
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York [u.a.]
McGraw-Hill
1997
|
| Edition: | Internat. ed. |
| Series: | McGraw-Hill series in finance
|
| Subjects: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008670192&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Physical Description: | XVIII, 445 S. graph. Darst. |
| ISBN: | 0070050996 0071140727 |
Staff View
MARC
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| 245 | 1 | 0 | |a Corporate finance |b a valuation approach |c Simon Z. Benninga ; Oded H. Sarig |
| 250 | |a Internat. ed. | ||
| 264 | 1 | |a New York [u.a.] |b McGraw-Hill |c 1997 | |
| 300 | |a XVIII, 445 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 490 | 0 | |a McGraw-Hill series in finance | |
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| 650 | 4 | |a Entreprises - Évaluation | |
| 650 | 7 | |a Financas das empresas |2 larpcal | |
| 650 | 4 | |a Sociétés - Finances | |
| 650 | 4 | |a Sociétés - Évaluation | |
| 650 | 7 | |a Taxatie |2 gtt | |
| 650 | 4 | |a Corporations |x Finance | |
| 650 | 4 | |a Corporations |x Valuation | |
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Record in the Search Index
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| adam_text | CONTENTS
Preface xvii
Chapter 1 Financial Valuation Tools 1
OVERVIEW 1
1.1 The Time Value of Money 2
1.2 Simple Formulas 8
1.3 Risk Adjustments 11
Time Variations in Risk—The Case of Wild Wild
Wildcatter 17
1.4 Inflation Adjustments 20
Inflatible PC Co.—Discounting Cash Flows under
Inflationary Circumstances 23
1.5 Liquidity Adjustments 25
1.6 Arbitrage and Relative Asset Prices 26
SUMMARY 28
EXERCISES 29
Chapter 2 Using Financial Reporting Information 32
OVERVIEW 32
2.1 The Structure of the Balance Sheet and
Income Statement 33
The Balance Gheet 33
The Income Statement 35
The Cash Flow Statement 36
Calculating Free Cash Flows from Consolidated
Statement of Cash Flows —An Example 40
2.2 Hacker Computers—A Simple Example 45
Bringing in a New Partner 67
SUMMARY 75
EXERCISES 77
Chapter 3 Valuation: Processes and Principles 79
OVERVIEW 79
3.1 The Valuation Process 80
Stage 1—Study the Corporate Environment 80
ix
X CONTENTS
Stage 2—Construct a Model of Expected
Financial Performance 81
Stage 3—Convert the Projected Financial
Performance to Values 82
Stage 4—Alternative Techniques 85
Stage 5—Consider the Implications of
the Estimated Values 86
3.2 Sequential Valuation versus Direct Valuation 87
3.3 Some General Valuation Rules 89
Value Cash Flow Streams 89
Make Sure to Deal Consistently with Inflation 91
Identify the Recipient(s) of Cash Flow Streams 92
Match the Discount Rate to the Characteristics
of the Cash Flow Stream 92
Carefully Take into Account the Timing
of Cash Flows 92
Double Check Your Valuation 93
3.4 The Country Motel—Case Study 94
The Case 94
A Cash Flow Spreadsheet 96
Projecting the Pro Forma Profit and Loss
Statement 99
Whose Cash Flows Are These? 101
Calculating the Value of the Motel 102
The Motel s Equity Value 105
Double Checking 105
SUMMARY 106
EXERCISES 107
Chapter 4 Building Pro Forma Financial Statements 109
OVERVIEW 109
4.1 The Simplest Pro Forma Model 111
4.2 Deriving Cash Flows from Pro Forma Statements 117
4.3 Sensitivity Analyses with Pro Forma Models 118
Negative Debt? 120
4.4 A Basic Valuation Exercise 122
4.5 Introducing Depreciation into the Model 123
4.6 Modeling the Financing of the Firm: The Target
Debt Equity Ratio 125
4.7 Nonoperating Assets and Liquid Assets 127
SUMMARY 131
EXERCISES 132
Chapter 5 Analyzing the Firm s Environment 134
OVERVIEW 134
5.1 The Analysis of Macroeconomic Activity 136
Measuring the Level of Economic Activity 136
CONTENTS Xi
5.2 The Effect of Macroeconomic Conditions on Industries 140
The Level of the Industry s Sales and Macroeconomic
Conditions 140
Data Mining—Being Ex Post Smart 142
Adjusting for Inflation 143
Short Run Effects of Macroconditions on Industries 144
The Composition of the Industry s Sales and
Macroeconomic Conditions 145
5.3 Projecting Long Run Industry Sales 146
5.4 Competition Analysis and the Projection of the Firm s
Sales 151
SUMMARY 154
EXERCISES 156
Chapter 6 Analyzing the Firm s Operations 158
OVERVIEW 158
6.1 Principles of Ratio Analysis 161
Comparing Ratios Cross Sectionally 162
The Time Series of the Firm s Ratios 162
The Economic Interpretation of Ratio Changes
and Deviations 163
Comparing Ratios on a Scale Free Basis 163
6.2 Analyzing Acme Cleveland Corp. and Its Industry 164
6.3 The Analysis of the Components of the Income
Statement 169
6.4 The Analysis of the Components of Working Capital 178
Projecting Future Accounts Receivable 181
Projecting Inventories 182
Projecting Accounts Payable (A/P) 186
Projecting Other Working Capital Items 189
6.5 The Analysis of Capital Investment Requirements 189
Depredator Inc.—A Simple Example 190
Analyzing AMT s Fixed Assets 191
SUMMARY 195
EXERCISES 197
Chapter 7 J. M. Smucker—Projecting Financial Performance 199
OVERVIEW 199
7.1 A Short Description of Smucker 200
7.2 Sales Projection 200
7.3 Ratio Analysis 205
Components of Smucker s Operating Costs 209
Analysis of Smucker s Net Working Capital 209
Estimating Smucker s Capital Expenditures 210
7.4 Pro Forma Projections 213
Building the Pro Forma Model 215
Xii CONTENTS
Simplifying the April 1992 Balance Sheet as a Basis
for Projections 218
Projecting the Pro Forma Assets 218
Projecting Pro Forma Liabilities 221
Projecting Pro Forma Cash Flows 221
7.5 Terminal Value Projection 223
7.6 Illustrative Valuation 225
The Importance of the Terminal Value 226
Valuing Smucker s Securities 227
7.7 Sensitivity Analysis 228
Sensitivity to Sales Growth 229
Sensitivity to Cost Parameters 229
SUMMARY 229
APPENDIX: MODELING ACCELERATED DEPRECIATION
AND DEFERRED TAXES 231
Chapter 8 Capital Structure and the Cost of Capital 237
OVERVIEW 237
8.1 Basic Insights—Rules ot Thumb 238
8.2 The Principle of Additivity 242
8.3 Capital Structure: An Initial, Simple Example 243
A Simple Replacement Example 244
Should XYZ Replace the Machine? 244
Adding in Financing 245
8.4 What Can We Conclude from the Machine Example? 247
8.5 Possible Solutions to the Optimal Capital Structure Problem 252
How Large Is the Net Tax Effect of Debt? 256
A Simple Comparison Table 257
Using the CAPM: What Is the Appropriate RADR
for FCFs? 258
8.6 Another Textbook Example 260
Two Methods of Discounting 262
SUMMARY 264
EXERCISES 265
APPENDIX A: DISCOUNTING DEBT TAX SHIELDS IN
THE MILLER MODEL 267
APPENDIX B: CAPM AND TAX ADJUSTED RADRs 268
Chapter 9 Estimating Discount Rates 273
OVERVIEW 273
9.1 Using Historic Returns to Estimate the Cost of Capital 276
A Bit of Theory 276
Applying the Concept 276
Estimating the Return on Equity 277
Real Returns versus Nominal Returns? 278
Arithmetic Returns versus Geometric Returns? 281
CONTENTS xiii
Estimating the WACC 282
Comparing LEG to Its Industry 286
One Final Issue: Selecting a Sample Period 288
9.2 Using Market Prices to Estimate Discount Rates 288
Estimating the Required Rate of Return on Debt 289
Using the Gordon Dividend Model to Calculate
the Cost of Equity 289
The Dividend History of Leggett Platt 292
Unlevering the Cost of Equity 294
Using P/E to Calculate the Cost of Equity 294
Using the Gordon Model and the Market P/E Ratio
to Estimate E(rm) 296
9.3 Using Models of Risk/Return Trade off to Estimate
the Cost of Capital 297
9.4 Unlevering Betas to Estimate the Firm s Cost of Capital 299
9.5 So What Is Leggett Platt s Cost of Capital? 301
SUMMARY 302
EXERCISES 303
Chapter 10 Valuation by Multiples 305
OVERVIEW 305
10.1 Principles of Valuation with Multiples 306
The Procedure of Valuation with Multiples 307
Selecting Comparable Firms to Estimate Average
Multiples 309
Valuation of Whole Firms versus Valuation
of Shareholders Equity 311
10.2 Earnings Multiples 312
Appropriate P/E Ratios 315
Estimating Growth 318
10.3 The Retail Store Industry 319
P/Es in the Retail Store Industry 320
10.4 Some Other Multiples 325
Price/Sales Multiples 326
Fixed Asset Multiples 328
SUMMARY 330
EXERCISES 331
Chapter 11 Valuing the Firm s Debt 332
OVERVIEW 332
11.1 What Is Debt? 333
11.2 Approaches to Bond Valuation 334
Discounting Expected Payments at the RADR 334
Discounting the Bond s Promised Payments at
the RAYTM 335
11.3 Debt Cash Flows 335
Xiv CONTENTS
11.4 Bond Ratings 340
11.5 Estimating Appropriate Ratings 343
Boeing Inc. 344
Profitability Ratios 345
Leverage Ratios 347
Liquidity Analysis 353
Converting Ratios to an Appropriate Rating 354
11.6 Using Bond Ratings 356
Evaluating the Investment Attractiveness of a Bond 357
Using Bond Ratings in Valuation 358
SUMMARY 360
EXERCISES 360
APPENDIX: VALUING BONDS BY DISCOUNTING
EXPECTED CASH FLOWS AT RADR 363
Estimating a Bond s Expected Cash Flows 363
Estimating a Bond s RADR 364
Valuing a Bond Given Estimated Cash Flows
and RADR 368
The Relation between the RADR and RAYTM of Bonds 368
Chapter 12 The Valuation of Convertible Securities 372
OVERVIEW 372
12.1 A Short Review of Option Theory 373
Option Payoff Patterns 375
Pricing Options—The Binomial Model 376
Extending the Binomial Model to Multiple
Periods 379
The Black Scholes Formula 380
Using the Black Scholes Model: A
Simple Example 382
12.2 Warrant Valuation 384
Doing Some Sensitivity Analysis 390
The Black Scholes Formula: Some Caveats 392
12.3 Valuing Smucker s Warrants and Stock 393
Estimating the Volatility of Smucker s Assets 394
Calculating the Warrant Value 396
Sensitivity Analysis 397
What Happened to the Warrant Exercise Money? 398
12.4 Convertible Bond Valuation 399
12.5 An Illustration of a Convertible Bond Valuation 403
SUMMARY 407
EXERCISES 408
Chapter 13 Valuing Equity Cash Flows Directly 410
OVERVIEW 410
13.1 What Are Equity Cash Flows? 411
CONTENTS XV
13.2 Equity Cash Flows: Some Examples 413
Debt Is a Plug 413
Equity Is the Plug 414
No New Stock Issued 415
13.3 Valuing the Equity Cash Flow Streams—Two Examples 416
Cash as a Plug 419
13.4 Why Not Use a Direct Valuation? 421
SUMMARY 423
EXERCISE 423
Chapter 14 Final Remarks 424
OVERVIEW 424
14.1 How to Value a Firm? 425
Valuing Equity Directly Rather than Sequentially 428
14.2 Questions We Are Often Asked 428
SUMMARY 432
Index 433
|
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| author | Benninga, Simon 1947-2015 Sarig, Oded H. |
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| id | DE-604.BV012752206 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T10:35:39Z |
| institution | BVB |
| isbn | 0070050996 0071140727 |
| language | English |
| lccn | 96007925 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008670192 |
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| physical | XVIII, 445 S. graph. Darst. |
| publishDate | 1997 |
| publishDateSearch | 1997 |
| publishDateSort | 1997 |
| publisher | McGraw-Hill |
| record_format | marc |
| series2 | McGraw-Hill series in finance |
| spellingShingle | Benninga, Simon 1947-2015 Sarig, Oded H. Corporate finance a valuation approach Bedrijfsfinanciering gtt Entreprises - Finances Entreprises - Évaluation Financas das empresas larpcal Sociétés - Finances Sociétés - Évaluation Taxatie gtt Corporations Finance Corporations Valuation Corporate Finance (DE-588)4269795-5 gnd Finanzmanagement (DE-588)4139075-1 gnd |
| subject_GND | (DE-588)4269795-5 (DE-588)4139075-1 |
| title | Corporate finance a valuation approach |
| title_auth | Corporate finance a valuation approach |
| title_exact_search | Corporate finance a valuation approach |
| title_full | Corporate finance a valuation approach Simon Z. Benninga ; Oded H. Sarig |
| title_fullStr | Corporate finance a valuation approach Simon Z. Benninga ; Oded H. Sarig |
| title_full_unstemmed | Corporate finance a valuation approach Simon Z. Benninga ; Oded H. Sarig |
| title_short | Corporate finance |
| title_sort | corporate finance a valuation approach |
| title_sub | a valuation approach |
| topic | Bedrijfsfinanciering gtt Entreprises - Finances Entreprises - Évaluation Financas das empresas larpcal Sociétés - Finances Sociétés - Évaluation Taxatie gtt Corporations Finance Corporations Valuation Corporate Finance (DE-588)4269795-5 gnd Finanzmanagement (DE-588)4139075-1 gnd |
| topic_facet | Bedrijfsfinanciering Entreprises - Finances Entreprises - Évaluation Financas das empresas Sociétés - Finances Sociétés - Évaluation Taxatie Corporations Finance Corporations Valuation Corporate Finance Finanzmanagement |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008670192&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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