About the Authors |
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ix | |
Preface |
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xi | |
Acknowledgments |
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xv | |
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Part One Foundations of Value |
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3 | (14) |
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16 | (1) |
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2 Fundamental Principles of Value Creation |
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17 | (18) |
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34 | (1) |
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3 Conservation of Value and the Role of Risk |
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35 | (14) |
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48 | (1) |
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4 The Alchemy of Stock Market Performance |
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49 | (16) |
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64 | (1) |
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5 The Stock Market Is Smarter Than You Think |
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65 | (30) |
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93 | (2) |
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6 Return on Invested Capital |
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95 | (22) |
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116 | (1) |
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117 | (20) |
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134 | (3) |
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Part Two Core Valuation Techniques |
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8 Frameworks for Valuation |
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137 | (32) |
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167 | (2) |
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9 Reorganizing the Financial Statements |
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169 | (38) |
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204 | (3) |
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207 | (22) |
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226 | (3) |
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11 Forecasting Performance |
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229 | (30) |
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255 | (4) |
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12 Estimating Continuing Value |
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259 | (24) |
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280 | (3) |
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13 Estimating the Cost of Capital |
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283 | (34) |
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314 | (3) |
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14 Moving from Enterprise Value to Value per Share |
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317 | (22) |
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336 | (3) |
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339 | (12) |
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349 | (2) |
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351 | (24) |
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372 | (3) |
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375 | (22) |
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393 | (4) |
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Part Three Advanced Valuation Techniques |
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397 | (16) |
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411 | (2) |
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19 Nonoperating Items, Provisions, and Reserves |
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413 | (18) |
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430 | (1) |
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20 Leases and Retirement Obligations |
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431 | (18) |
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448 | (1) |
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21 Alternative Ways to Measure Return on Capital |
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449 | (24) |
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471 | (2) |
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473 | (16) |
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487 | (2) |
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23 Cross-Border Valuation |
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489 | (24) |
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511 | (2) |
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513 | (44) |
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Part Four Managing for Value |
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25 Corporate Portfolio Strategy |
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557 | (20) |
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575 | (2) |
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26 Performance Management |
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577 | (22) |
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598 | (1) |
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27 Mergers and Acquisitions |
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599 | (30) |
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627 | (2) |
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629 | (20) |
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647 | (2) |
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29 Capital Structure, Dividends, and Share Repurchases |
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649 | (32) |
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680 | (1) |
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30 Investor Communications |
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681 | (24) |
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702 | (3) |
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Part Five Special Situations |
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705 | (26) |
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729 | (2) |
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32 Valuing High-Growth Companies |
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731 | (16) |
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745 | (2) |
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747 | (10) |
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755 | (2) |
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757 | (28) |
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784 | (1) |
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785 | (36) |
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819 | (2) |
Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow |
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821 | (6) |
Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value |
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827 | (6) |
Appendix C Levering and Unlevering the Cost of Equity |
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833 | (8) |
Appendix D Leverage and the Price-to-Earnings Multiple |
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841 | (4) |
Appendix E Other Capital Structure Issues |
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845 | (6) |
Appendix F Technical Issues in Estimating the Market Risk Premium |
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851 | (4) |
Index |
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855 | |