Equity Asset Valuation Workbook, 3rd Edition
Equity Asset Valuation Workbook, Third Edition was designed as a companion to Equity Asset Valuation, Third Edition, the most comprehensive text on this subject available on the market. This workbook provides key study tools, such as learning outcomes, chapter summaries, practice problems, and detailed solutions, that guide you in your preparation for the third step in the CFA certification program. These features reinforce essential theories and their practical application, and assist you in understanding the core concepts behind these theories, as well as when and how to implement them. Integrating both accounting and finance concepts, the workbook and its companion text offer a collection of valuation models—and challenge you to determine which models are most appropriate for given companies and circumstances.
When you make an equity investment, you purchase and hold a share of stock. Through the payment of dividends and capital gains, this investment can result in income that can boost the performance of your portfolio—but determining which investments are going to be profitable and which are best passed over is key to building a successful equity investment strategy.
- Access targeted features, such as practice problems, chapter summaries, and learning outcomes, that reiterate your newfound knowledge
- Prepare for the third step in your CFA certification program with confidence
- Reinforce the ideas presented by the workbook's companion text, sold separately
- Expand your understanding of equity assets through versatile material that blends theory and practice to provide you with a realistic understanding of the field
Equity Asset Valuation Workbook, Third Edition complements the revised Equity Asset Valuation, Third Edition, and guides your study efforts for the third step in the CFA certification program.
Chapter 1 Equity Valuation: Applications and Processes 3
Learning Outcomes 3
Summary Overview 3
Chapter 2 Return Concepts 9
Learning Outcomes 9
Summary Overview 9
Chapter 3 Introduction to Industry and Company Analysis 17
Learning Outcomes 17
Summary Overview 18
Chapter 4 Industry and Company analysis 25
Learning Outcomes 25
Summary Overview 26
Chapter 5 Discounted Dividend Valuation 33
Learning Outcomes 33
Summary Overview 34
Chapter 6 Free Cash Flow Valuation 45
Learning Outcomes 45
Summary Overview 46
Chapter 7 Market-Based Valuation: Price and Enterprise Value Multiples 61
Learning Outcomes 61
Summary Overview 62
Chapter 8 Residual Income Valuation 75
Learning Outcomes 75
Summary Overview 76
Chapter 9 Private Company Valuation 85
Learning Outcomes 85
Summary Overview 86
Part II Solutions 95
Chapter 1 Equity Valuation: Applications and Processes 97
Chapter 2 Return Concepts 101
Chapter 3 Introduction to Industry and Company Analysis 107
Chapter 4 Industry and Company Analysis 109
Chapter 5 Discounted Dividend Valuation 113
Chapter 6 Free Cash Flow Valuation 123
Chapter 7 Market-Based Valuation: Price and Enterprise Value Multiples 137
Chapter 8 Residual Income Valuation 145
Chapter 9 Private Company Valuation 157
About the CFA Program 161
JERALD E. PINTO, PHD, CFA, has been at CFA Institute since 2002 as Visiting Scholar, Vice President, and now Director, Curriculum Projects in the Credentialing Division for the CFA and CIPM Programs.
ELAINE HENRY, PHD, CFA, is a Clinical Associate Professor of Accounting at Fordham University.
THOMAS R. ROBINSON, PHD, CFA, is president and CEO of AACSB InternationalThe Association to Advance Collegiate Schools of Business (AACSB).
JOHN D. STOWE, PHD, CFA, is the JPMorgan Professor of Finance at Ohio University.