- Hardcover: 248 pages
- Publisher: Butterworth-Heinemann; 1 edition (July 6, 2006)
- Language: English
- ISBN-10: 0750668547
- ISBN-13: 978-0750668545
- Product Dimensions: 6.1 x 0.6 x 9.2 inches
- Shipping Weight: 1.2 pounds (View shipping rates and policies)
- Average Customer Review: Be the first to review this item
- Amazon Best Sellers Rank: #1,424,794 in Books (See Top 100 in Books)
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Cash Return on Capital Invested: Ten Years of Investment Analysis with the CROCI Economic Profit Model 1st Edition
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"Costantini distills the apparently arcane art of company valuation into common sense. The book is always accessible, is pleasingly iconoclastic, and is liberally studded with gems of his dry and often self-deprecating humour. In a financial world where investment performance is measured on timescales that increasingly bear no resemblance to corporate investment horizons, this should be required reading as a reality check for every analyst and fund manager--preferably before they reach full-time employment."
-- Tom Bannatyne, Chairman, Tudor Capital (UK) LP
About the Author
Pascal Costantini is a Managing Director in Deutsche Bank’s Global Markets Research. He researches and designs systematic equity trading strategies for a multitude of applications, including proprietary trading, structured and derivative products.
Mr. Costantini runs Deutsche Bank’s Global Valuation and CROCI Investment Strategy Group. This thirty-member team focuses on the relative value of the top 700 companies in the world, and designs investment strategies for institutional clients as well as for structured products. Prior to this, he was the Bank’s Global Sector Strategist.
Mr. Costantini's area of professional interest is equity valuation and sector rotation. Together with his London-based team, he has developed the proprietary CROCI (Cash Return on Capital Invested) metric, a model that calculates the level of excess return (“Economic Profits) generated by a company or industry, and extracts from the market valuation the competitive advantage period expected by investors. He gives numerous lectures on valuation and teaches a post graduate Finance course at the University of Paris Dauphine.
Pascal joined Deutsche Bank in 1995. Prior to this, he worked for S.G. Warburg as Head of German Research. He has degrees from the Institute of Political Sciences, Lyons and from the Ecole Supérieure des Sciences Economiques et Commerciales (ESSEC), Paris.
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