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Investment Valuation: Tools and Techniques for Determining the Value of Any Asset Hardcover

ISBN-13: 978-1118011522 ISBN-10: 111801152X Edition: 3rd

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Product Details

  • Hardcover: 992 pages
  • Publisher: Wiley; 3 edition (April 17, 2012)
  • Language: English
  • ISBN-10: 111801152X
  • ISBN-13: 978-1118011522
  • Product Dimensions: 7.8 x 10.5 x 2 inches
  • Shipping Weight: 3.6 pounds (View shipping rates and policies)
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (25 customer reviews)
  • Amazon Best Sellers Rank: #45,730 in Books (See Top 100 in Books)

Editorial Reviews

Amazon.com Review

More to Explore: See More Valuation Resources

 


    Title
Investment Valuation Investment Valuation Valuation Equity Asset Valuation
Tools and Techniques for Determining the Value of Any Asset
Tools and Techniques for Determining the Value of any Asset
Measuring and Managing the Value of Companies
 
 
Guide Type
Professional
Text
Professional
Text
 
Audience Level
Professional
Graduate Student
Professional
Professional and Student
 
Pages
992
992
811
464
 
Binding
Hardcover
Paperback
Hardcover
Hardcover
 
List Price
$125.00
$95.00
$95.00
$95.00
 
Author(s)
Damodaran
Damodaran
McKinsey & Company / Koller
CFA / Pinto
 
Publication Date
April, 2012
April, 2012
July, 2010
February, 2010
 
Imprint
Wiley
Wiley
Wiley
Wiley
 
Print Book
 
Kindle Book
 
Edition
3
3
5
2
 
Brief Description
Comprehensive book by a leading voice in valuation and one of the nation's top business school professors.
Comprehensive book by a leading voice in valuation and one of the nation's top business school professors.
Best-selling guide to corporate valuation. Comprehensive approach to standard and advanced topics.
Offers vital insights on equity valuation; has a separate companion workbook for practicing key concepts.
 

Review

"Aswath Damodaran's work is always worth reading.... For investors and students of the financial markets who want to embark on serious fundamental analysis, it is critical to understand how to go about valuing stocks and other instruments. There is no short cut.... Damodaran's Investment Valuation explains the hard work part." (Seeking Alpha, May 2012)

More About the Author

Aswath Damodaran is a professor of finance and David Margolis teaching fellow at the Stern School of Business at New York University. He teaches the corporate finance and equity valuation courses in the MBA program. He received his MBA and PhD from the University of California at Los Angeles. His research interests lie in valuation, portfolio management, and applied corporate finance. He has been published in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He has written three books on equity valuation (Damodaran on Valuation, Investment Valuation, and The Dark Side of Valuation) and two on corporate finance (Corporate Finance: Theory and Practice, Applied Corporate Finance: A User's Manual). He has coedited a book on investment management with Peter Bernstein (Investment Management) and has written a book on investment philosophies (Investment Philosophies). His newest book on portfolio management is titled Investment Fables and was published in 2004. He was a visiting lecturer at the University of California, Berkeley, from 1984 to 1986, where he received the Earl Cheit Outstanding Teaching Award in 1985. He has been at NYU since 1986 and received the Stern School of Business Excellence in Teaching Award (awarded by the graduating class) in 1988, 1991, 1992, 1999, 2001, and 2007, and was the youngest winner of the University-wide Distinguished Teaching Award (in 1990). He was profiled in Business Week as one of the top 12 business school professors in the United States in 1994.

Customer Reviews

3.5 out of 5 stars
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Most Helpful Customer Reviews

15 of 15 people found the following review helpful By C. Ang VINE VOICE on April 26, 2012
Format: Hardcover Verified Purchase
Many of the numbers have been updated since the 2nd edition of this book was published some 10 years ago. That is, many charts and tables have data going through as late as 2011 (although some still use old data). To be fair, it is very hard to find really good examples of things, so I don't really blame him for not updating some of the examples. Most of the topics though are still pretty much the same as the 2nd edition (this is also to be expected), but, in some instances, the discussion is updated to cover recent events.

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.
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10 of 10 people found the following review helpful By A Customer on August 21, 2000
Format: Hardcover Verified Purchase
This book has the potential to be an excellent resource on valuation analysis. It was well written and insightful. However, the typos contained in this book prevent it from reaching its true potential. Too often, formulas contained plus signs where there should have been a minus sign or an "is" should have been an "is not." Although the typos did not ultimately prevent me from understanding the material, I had to work harder than I should have to sort out some of the confusion.
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29 of 37 people found the following review helpful By A Customer on September 26, 1999
Format: Hardcover
I have an MBA and work in investment banking and yet I have found Damodaran's book extremely useful. It's simply a great book on valuation that teaches exactly how to value companies by various techniques. Valuation by its very nature is a quantitative exercise. Anyone who thinks they can approach valuation in some non-quantitative fashion is just kidding themself. I highly recommend this book !!!
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9 of 10 people found the following review helpful By A Customer on December 4, 1998
Format: Hardcover
An outstanding book from the high-priest of valuation. Covers all major techniques and applications. However, not all that suitable for beginners or as an introductory text since some of the (slightly advanced) material is presented in a fairly condensed manner. Readers with a little experience in the area or students who have taken at least one finance course and understand the fundamentals of financial economics should find this book extremely useful, though. Great as a reference guide, too.
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14 of 17 people found the following review helpful By A Customer on August 10, 1999
Format: Hardcover
Having an MBA and having worked in an investment bank, this is the best all around valuation book I've read. The most significant feature of this book is how the ideas are presented. The reader gathers new insights, and is exposed to the nuances of valuation technologies, which usually confuse even the practitioners. His website also contains several discussion points that supplement the well presented text. If you have to choose only one valuation book, this is it. This book rates highly not only because of the excellent coverage but more importantly how the examples and the ideas have been brilliantly crafted into a great learning experience. A great teacher surely shines in how he impart even the mundane ideas of basic valuation. Buy this book for the way he teaches, not only for the topics he discusses.
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8 of 9 people found the following review helpful By Ant Gara on August 8, 2013
Format: Hardcover Verified Purchase
Bought this book expecting a plethora of valuation methods, as the title suggests. It was certainly thorough, and what it does good, it does very good. Yet there were some specific shortcomings that I couldn't help but overlook.

PROs:
- Unlike many, many, MANY other investment books out there, which mismatch numerators and denominators when constructing various ratios, the author is VERY consistent in his application of these ratios. For instance, Return on Assets is typically calculated as Net Income/Total Assets. However, the numerator, net income, is what's available to equity-holders after bond-holders have been paid, whereas the denominator, total assets, is funded by both debt AND equity. The author explicitly points out the flaws of this ratio, as well as Price/Sales (Again, the numerator is an equity measure, whereas the denominator, revenues, is what's generated via both bond-holders and equity-holders), and stresses that numerators and denominators should be consistent with what they're measuring. This is a big plus, as almost every other investment book out there makes this mistake at some point within their text.
- Sufficient detail is given to both "intrinsic" valuation (DCF, EVA, etc.) and "relative" valuation (P/E, EV/EBITDA, etc.)
- His explanation on what drives different multiples is fantastic.
- The accompanied spreadsheets on his website are very good.
- Both the pros and cons for each valuation method are given honestly.
- The valuation methods for financial service firms, which are notoriously hard to value, is amongst the best I've seen.

CONs:
- The biggest issue I have is the authors strict adherence to CAPM and beta when calculating a discount rate.
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5 of 5 people found the following review helpful By Denis on October 18, 2000
Format: Paperback
This is without doubt the best book on valuation since Graham and Dodd. It thoroughly explains the valuation process from the ground up with simplicity,intuitively and with just the right amount of math.All that one needs to get enchanted by this gifted teacher and writer is commonsense and an understanding of basic school level math.
However, I feel that the chapters on measuring growth as well as relative valuation were a bit skimpy. Dr. Damodaran has excellently covered some of these areas in the working papers available on his website. Together, his website and this book present the most powerful learning source that I have found in this fascinating area.
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