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Equity Asset Valuation Workbook, 3rd Edition

ISBN: 978-1-119-10517-6
176 pages
October 2015
Equity Asset Valuation Workbook, 3rd Edition (111910517X) cover image

Description

Your complete guide to equity assets valuation

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.

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Table of Contents

Part I Learning Objectives, Summary Overview, and Problems 1

Chapter 1 Equity Valuation: Applications and Processes 3

Learning Outcomes 3

Summary Overview 3

Problems 5

Chapter 2 Return Concepts 9

Learning Outcomes 9

Summary Overview 9

Problems 11

Chapter 3 Introduction to Industry and Company Analysis 17

Learning Outcomes 17

Summary Overview 18

Problems 20

Chapter 4 Industry and Company analysis 25

Learning Outcomes 25

Summary Overview 26

Problems 26

Chapter 5 Discounted Dividend Valuation 33

Learning Outcomes 33

Summary Overview 34

Problems 36

Chapter 6 Free Cash Flow Valuation 45

Learning Outcomes 45

Summary Overview 46

Problems 48

Chapter 7 Market-Based Valuation: Price and Enterprise Value Multiples 61

Learning Outcomes 61

Summary Overview 62

Problems 65

Chapter 8 Residual Income Valuation 75

Learning Outcomes 75

Summary Overview 76

Problems 77

Chapter 9 Private Company Valuation 85

Learning Outcomes 85

Summary Overview 86

Problems 87

Part II Solutions 95

Chapter 1 Equity Valuation: Applications and Processes 97

Solutions 97

Chapter 2 Return Concepts 101

Solutions 101

Chapter 3 Introduction to Industry and Company Analysis 107

Solutions 107

Chapter 4 Industry and Company Analysis 109

Solutions 109

Chapter 5 Discounted Dividend Valuation 113

Solutions 113

Chapter 6 Free Cash Flow Valuation 123

Solutions 123

Chapter 7 Market-Based Valuation: Price and Enterprise Value Multiples 137

Solutions 137

Chapter 8 Residual Income Valuation 145

Solutions 145

Chapter 9 Private Company Valuation 157

Solutions 157

About the CFA Program 161

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Author Information

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 International—The Association to Advance Collegiate Schools of Business (AACSB).

JOHN D. STOWE, PHD, CFA, is the JPMorgan Professor of Finance at Ohio University.

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