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Title: Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Second Edition by Aswath Damodaran ISBN: 0-471-41488-3 Publisher: John Wiley & Sons Pub. Date: 18 January, 2002 Format: Hardcover Volumes: 1 List Price(USD): $89.95 |
Average Customer Rating: 4.71 (7 reviews)
Rating: 4
Summary: A very good modular and implementable guide
Comment: This is a very good book for those who are familiar with valuation but want to delve deeper. The great thing about this book is that it is modular i.e. one can jump between chapters without loss of continuity.
It has a very practical treatment of real options which is to say that it helps you think about certain valuation situations in an Options framework rather than getting bogged down with the mathematics of the situation. It has a lot of worked examples and of particular interest are valuation examples relating to off-beat assets like a NYC Taxi Medallion! A decent treatment of valuation of real estate, professional practices (lawyers, doctors) etc. is also provided.
For those who like to think about conceptual issues, there is a very good treatment of estimation of betas, international cost of capital and other similar matters.
The only thing preventing me from giving this book 5 stars is a not-too-detailed treatment of the Market Approach and particularly adjustment of market multiples to reflect subject company parameters. Otherwise, a great book and definitely a must-have.
Rating: 5
Summary: One of the two valuation reference books
Comment: For investors subscribed to discounted cash flows valuation (DCF), there is no other books that offer the kind of in-depth anlaysis (both in step-by-step description and available scenarios using real companies) like this book does. Plus, Professor Damodaran maintains a free website where Excel-based valuation models and industry data are periodically updated. These features make the book invaluable. In short, if I am allowed to buy only one investment book, this is the one.
But since I can buy as many books as I want, it would be more important to tell what this book does not do. First, it's always important to get a second opinion. In this case, it would be something other than DCF. Currently, DCF and relative valuation (such as PE and PV) are the dominent valuation methods used in the U.S. And yes, they are both covered in-depth by this book, in addition to the Economic Value Addded method which is gaining momentum in recent years. But this book essentially dismisses the income statements in favor of cash flows statements for valuing securities, preferring DCF to relative valuation. This is certainly understandable in lights of recent manipulation of GAAP income by offenders like Enron, WorldCom and Tyco. But I believe it's important for investors to hear the voice for income statements valuation method. For that investors should get James English's Applied Equity Analysis - another must-have - as a second valuation reference book. Secondly, this book uses CAPM model for finding the discount rate. Again, it is true that CAPM is the most widely used model in the U.S., but I came to a conclusion, after reading close to a hundred critically acclaimed articles published in the last fifty years as part of my MBA requirements, that factor models provide better tracking of stock prices than CAPM does. Unfortunately, there is no good book available. For institutional investors, they can have models from BARRA and Wilshire, etc, but individual investors would have to construct their own, probably (like me) using the Fama-French three-factor model. Description of their model is available mostly from theirs and other published papers. Data are available from Kenneth French's own website at Dartmouth. Now since you read all the way through my review, here is your reward: go to Damodaran's website and download the manuscript of this book for free if you are really frugal.
Rating: 5
Summary: Valuation Enclopaedia
Comment: I have both the 1st edition and 2nd editions. It is the most logical and complete valuation text around. Takes you through valuation processes as well as compares various methods step-by-step, logically and rationally. I also have the McKinsey edition and although it's good, it cannot compare with Damodaran's in clarity of language and logical reasoning.
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Title: Valuation: Measuring and Managing the Value of Companies, 3rd Edition by McKinsey & Company Inc., Tom Copeland, Tim Koller, Jack Murrin ISBN: 0471361909 Publisher: John Wiley & Sons Pub. Date: 28 July, 2000 List Price(USD): $80.00 |
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Title: Financial Modeling - 2nd Edition by Simon Benninga ISBN: 0262024829 Publisher: MIT Press Pub. Date: 18 September, 2000 List Price(USD): $75.00 |
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Title: The Dark Side of Valuation by Aswath Damodaran ISBN: 013040652X Publisher: Financial Times Prentice Hall Pub. Date: 15 February, 2001 List Price(USD): $59.00 |
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Title: Investment Philosophies: Successful Investment Philosophies and the Greatest Investors Who Made Them Work by Aswath Damodaran ISBN: 0471345032 Publisher: John Wiley & Sons Pub. Date: 10 January, 2003 List Price(USD): $69.95 |
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Title: Valuation WorkBook: Step-by-Step Exercises and Test to Help You Master Valuation by McKinsey & Co Inc., Tom Copeland, Tim Koller, Jack Murrin, William Foote ISBN: 0471397512 Publisher: John Wiley & Sons Pub. Date: 29 September, 2000 List Price(USD): $34.95 |
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