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Investment Valuation: Tools and Techniques for Determining the Value of Any Asset 3rd Edition

3.9 out of 5 stars 39 customer reviews
ISBN-13: 978-1118011522
ISBN-10: 111801152X
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  • Investment Valuation: Tools and Techniques for Determining the Value of Any Asset
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  • Valuation: Measuring and Managing the Value of Companies (Wiley Finance)
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  • Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions
Total price: $180.14
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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)
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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: 7.4 x 1.3 x 10.3 inches
  • Shipping Weight: 3.6 pounds (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (39 customer reviews)
  • Amazon Best Sellers Rank: #94,592 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

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.
Read more ›
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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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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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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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Format: Hardcover Verified Purchase
As a businessman and a student of business, I consider this one of the most important business books that I own. I consult it regularly and use it in every consideration I have involving valuation. This is a complex and subtle topic. I know people wish it were a straightforward topic that you could simply apply inputs and crank the handle and receive a sure valuation that everyone could agree to. But real life isn’t like that. This is why every deal has a buyer and a seller. We each have different approaches, different needs, different desires, and different expectations about what tomorrow will bring.

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
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