Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (Wiley Finance Book 666) 3rd Edition, Kindle Edition
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- ASIN : B007MF15VE
- Publisher : Wiley; 3rd edition (March 16, 2012)
- Publication date : March 16, 2012
- Language : English
- File size : 35886 KB
- Text-to-Speech : Enabled
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 993 pages
- Page numbers source ISBN : 111801152X
- Lending : Enabled
- Best Sellers Rank: #647,546 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
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Top reviews from the United States
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This is a fabulous reference text. The author covers practically every aspect of valuation: big firms, small ones, private cos., real estate, m&a, etc. What I really liked were his methods for including option theory and use of options formulae for calculating value when there is no cash-flow, such as oil or mining reserves, or some sort of contingent claim on an asset.
The section on use of estimates for cost of equity and capital are highly detailed, and don't miss any of the many aspects that can affect the variables involved: country risk, default risk, etc.
Although the book is readable, and very clear and organized in the layout of the methodology, it is heavy reading. I for one, read at most one or two chapters at a time, because of the high level of detail, and the many sub-themes within the broad chapters. Also, I have had to read quite a few chapters once or twice because the material is abundant and the many formulae are easy to forget. That is why i would consider it a reference text, as opposed to other books of Damodaran on this subject, which are much more synthetic. His most recent book: "Narratives and Numbers" complements this text very well.
Professor Damodaran has gathered together a vast number of valuation techniques and gives us great background and context for applying them and when they will tend to provide good information and when they can mislead us. I think this is tremendously valuable. But it requires work on the part of the student or the business person trying to come up with a useful valuation for some asset.
In reality, we should use multiple techniques when considering any asset and see how well they agree with each other and where there are divergent valuations. We should then consider what is causing those differences and see if that analysis yields some valuable insight.
So, if you want to think deeply and seriously about valuation, this is a great resource. If you want a simple machine to crank out a number, this is not valuation for dummies.
I recommend this book strongly.
Reviewed by Craig Matteson, Saline, MI
Overall, this is still an excellent valuation book. Especially for someone that has not read the 2nd edition, this is an excellent resource. I would describe Damodaran's writing style as "honest," which means that he gives you both the good and the bad. He acknowledges that valuation is inherently a subjective process, which, in my opinion, can only be really done well with experience. I find this book as kind of a road map to good valuation fundamentals, as Damodaran shows you what alternatives you can do and what things to avoid.
By Amazon Customer on September 18, 2020
No one does a better job than he does.
Small growing companies making losses, large behemoths lumbering to extinction, Mr Damodaran has a way to value them all.
His blog is really good and the fact that he makes his spreadsheets available to download is literally priceless.
Deals with all kinds of issues in valuation such as Net Operating Losses, Operating Leases, Research and Development Expenses, Stock Options, RSUs, and Cost of Capital Calculations.
Top reviews from other countries
Damodaran da una verdadera cátedra de sobre la Valuación. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset