Download Equity Asset Valuation (CFA Institute Investment Series) - by Jerald E. Pinto CFA, Elaine Henry CFA, Thomas R. Robinson PDF

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By Jerald E. Pinto CFA, Elaine Henry CFA, Thomas R. Robinson CFA, John D. Stowe CFA

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Extra info for Equity Asset Valuation (CFA Institute Investment Series) - 2nd edition

Example text

5. 6 million. Note: In November 1998, Livent declared bankruptcy and is now defunct. The criminal trial, in Canada, began in May 2008. 5 The discussion in this example is indebted to Moody’s Investors Service (2000). Chapter 1 Equity Valuation: Applications and Processes 17 In general, growth in an asset account (such as deferred costs in the Livent example) at a much faster rate than the growth rate of sales may indicate aggressive accounting. Analysts recognize a variety of risk factors that may signal possible future negative surprises.

How attractive are the industries in which the company operates in terms of offering prospects for sustained profitability? Inherent industry profitability is one important factor in determining a company’s profitability. Analysts should try to understand industry structure—the industry’s underlying economic Chapter 1 Equity Valuation: Applications and Processes 9 and technical characteristics—and the trends affecting that structure. Basic economic factors— supply and demand—provide a fundamental framework for understanding an industry.

Selection of a model consistent with the characteristics of the company being valued is facilitated by having a good understanding of the business, which is the first step in the valuation process. Part of understanding a company is understanding the nature of its assets and how it uses those assets to create value. For example, a bank is composed largely of marketable or potentially marketable assets and securities; thus, for a bank, a relative valuation based on assets (as recognized in accounting) has more relevance than a similar exercise for a service company with few marketable assets.

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