THE DARK SIDE OF VALUATION:VALUING YOUNG DISTRESSED AND COMPLEX ... DAMODARAN A. Księgarnia

The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses

Financial professionals have long faced the challenge of accurately valuing companies that are difficult to value using conventional methodologies. Years ago, this challenge was most keenly felt in the "dot-com" industries, and many professionals fell victim to the "dark side," creating values that were simply unsustainable. Now, amidst today's global financial crisis, the same challenge applies to a far wider spectrum of enterprises and assets, ranging from Asian equities to mortgage-backed securities, financial services firms like Lehman to real estate firms like Sears.

In The Dark Side of Valuation, the world's top expert on valuation brings together today's best practices for accurately valuing young, distressed, and complex businesses. Aswath Damodaran has thoroughly revised this book, broadening its perspective to consider all companies that resist easy valuation. He covers the entire corporate lifecycle, from "idea" and "nascent growth" companies to those in decline and distress; and offers specific guidance for valuing infrastructure, real estate, technology, human capital, commodity, and cyclical firms. Damodaran places special emphasis on the financial sector, illuminating the implications of today's radically changed credit markets for valuation. Along the way, he addresses valuation questions that have suddenly gained urgency, ranging from "Are US treasuries risk-free?" to "How do you value assets in highly illiquid markets?"

ASWATH DAMODARAN is Professor of Finance at the Stern School of Business at New York University and one of the world’s most highly regarded experts on valuation and finance. His books include Damodaran on Valuation, Investment Valuation, Corporate Finance: Theory and Practice, and Applied Corporate Finance: A User’s Manual. His recent book, Strategic Risk Taking, explores how we think about risk and the implications for risk management. He has received the Stern School of Business Excellence in Teaching Award seven times and was profiled in BusinessWeek as one of the top twelve U.S. business school professors.

Table of Contents

Preface vi

Chapter 1 The Dark Side of Valuation 1

Chapter 2 Intrinsic Valuation 22

Chapter 3 Probabilistic Valuation: Scenario Analysis, Decision Trees, and Simulations 64

Chapter 4 Relative Valuation 90

Chapter 5 Real Options Valuation 114

Chapter 6 A Shaky Base: A “Risky” Risk-Free Rate 144

Chapter 7 Risky Ventures: Assessing the Price of Risk 168

Chapter 8 Macro Matters: The Real Economy 194

Chapter 9 Baby Steps: Young and Start-Up Companies 213

Chapter 10 Shooting Stars? Growth Companies 263

Chapter 11 The Grown-Ups: Mature Companies 312

Chapter 12 Winding Down: Declining Companies 361

Chapter 13 Ups and Downs: Cyclical and Commodity Companies 417

Chapter 14 Mark to Market: Financial Services Companies 449

Chapter 15 Invisible Investments: Firms with Intangible Assets 476

Chapter 16 Volatility Rules: Emerging-Market Companies 505

Chapter 17 The Octopus: Multibusiness Global Companies 535

Chapter 18 Going Over to the Light: Vanquishing the Dark Side 568

Index 576

560 Pages, Hardcover

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