In 'Guida pratica alla valutazione d'azienda' il professor Aswath Damodaran presenta i fondamenti del processo valutativo, senza trascurare le componenti fondamentali, e sviluppa modelli che gli investitori possono comprendere facilmente e utilizzare rapidamente per scegliere le aziende vincenti in cui investire. Il 'decano della valutazione aziendale' esamina i diversi approcci: la valutazione intrinseca o discounted cash flow, la valutazione relativa o basata sui multipli, e anche alcuni elementi di analisi delle opzioni reali. I lettori, oltre a imparare come valutare rapidamente un'azienda, saranno in grado di esaminare le valutazioni contenute nei report di ricerca azionaria e giudicarne la sensatezza. Il libro analizza i driver del valore per diverse categorie di aziende e spiega perché ciascun driver è pertinente a ciascuna tipologia di azioni. Le categorie trattate comprendono le aziende giovani in crescita, le aziende mature e quelle in declino, le società di servizi finanziari e le società con asset intangibili, con i relativi driver del valore come la crescita dei ricavi e del fatturato, il rischio azionario e la natura degli attivi immateriali. Casi di studio ed esempi aggiornati aiutano gli investitori ad allenare il proprio intuito e a maturare le competenze necessarie per valutare azioni e società. 'Guida pratica alla valutazione d'azienda' si guadagna un posto meritato sugli scaffali di analisti, professionisti e singoli investitori che intendono sviluppare un approccio accurato alla valutazione e accedere a strumenti e formule semplici ma estremamente effic

Per risolvere problemi contabili, fiscali, valutativi legati ai beni intangibili di norma vissuti da professionisti e dal management di entità OIC e IAS adopter.

Questo volume nasce specificamente per gli studenti delle lauree di primo livello e per coloro che per la prima volta si accostano al mondo della finanza aziendale. Il libro, pur riprendendo e rielaborando i contenuti del fortunato manuale degli stessi autori 'Finanza aziendale', da quindici anni indiscusso punto di riferimento in ambito universitario e professionale, ne innova profondamente l'impianto teorico, con nuovi obiettivi, nuovi contenuti e un approccio integrato anch'esso totalmente inedito. Già dal titolo si coglie infatti l'esigenza di coniugare, in tempi di profondo ripensamento dei paradigmi economici, il principio di massimizzazione del valore aziendale con elementi di gestione del rischio, sempre più necessari per permettere all'impresa la sopravvivenza in periodi turbolenti nei quali la volatilità dei mercati, la stretta sul credito e la carenza di liquidità sui mercati interbancari rischiano di mettere in discussione tutti i modelli della finanza neoclassica.

La quarta edizione italiana di 'Applied Corporate Finance' conserva le qualità che hanno assicurato il successo del libro nel corso degli anni, sia tra gli studenti (universitari e post-laurea) che tra i manager. Sono caratteristiche distintive del volume la chiarezza dello schema concettuale, la capacità di tradurre la teoria in prassi manageriale, il costante riferimento a esempi applicativi reali, il continuo aggiornamento per dare conto degli sviluppi teorici e delle trasformazioni dell'ambiente finanziario. Grazie all'intervento del coautore italiano, il volume è interamente adattato alla realtà del nostro Paese. In ciascun capitolo sono state inserite opportune integrazioni; inoltre, il riferimento a un caso di studio italiano fornisce lo spunto per riflettere sulla tipicità delle nostre imprese in materia di governance, regolamentazione e fiscalità.

'Provides finance professionals with practical and succinct advice on how to do corporate finance rather than debate theory, assumptions, or models. Includes applications of corporate finance to real companies. Suitable for MBA program courses on corporate finance and equity valuation'--

La capacità di valutare un asset è un'abilità essenziale in molti ambienti professionali, dalla finanza aziendale al portfolio management alla strategia. La valutazione rappresenta quindi uno dei principali punti di contatto tra mondo accademico e pratica professionale, coinvolgendo, da un lato, i sofisticati modelli della teoria della finanza, dall'altro, l'esperienza, il fiuto e la capacità di leggere in profondità i bilanci aziendali. Aswath Damodaran, che con i suoi libri è da molti anni un punto di riferimento in materia, in questo volume fornisce un esame lineare e comprensibile degli approcci e dei modelli di valutazione, arricchiti con esempi e casi reali di numerose aziende statunitensi ed internazionali. Il libro è suddiviso in due parti: le prime due illustrano i temi salienti sulla valutazione, illustrando rispettivamente l'approccio del flusso di cassa, attualizzato e l'uso dei multipli. La terza parte è dedicata a temi solitamente poco trattati nei testi sull'argomento quali la valutazione di attività non operative detenute, della liquidità, delle opzioni rilasciate, del premio di controllo.

The guide for investors who want a better understanding of investment strategies that have stood the test of time

This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work.

The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies.

• Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success
• Explores the process of creating and managing a portfolio
• Shows readers how to profit like successful value growth index investors
• Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment

This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.

The definitive source of information on all topics related to investment valuation tools and techniques

Valuation is at the heart of any investment decision, whether that decision is buy, sell or hold. But the pricing of many assets has become a more complex task in modern markets, especially after the recent financial crisis. In order to be successful at this endeavor, you must have a firm understanding of the proper valuation techniques. One valuation book stands out as withstanding the test of time among investors and students of financial markets, Aswath Damodaran'sInvestment Valuation.

Now completely revised and updated to reflect changing market conditions, this third edition comprehensively introduces investment professionals and students to the range of valuation models available and how to chose the right model for any given asset valuation scenario. This edition includes valuation techniques for a whole host of real options, start-up firms, unconventional assets, distressed companies and private equity, and real estate. All examples have been updated and new material has been added.

• Fully revised to incorporate valuation lessons learned from the last five years, from the market crisis and emerging markets to new types of equity investments
• Includes valuation practices across the life cycle of companies and emphasizes value enhancement measures, such as EVA and CFROI
• Contains a new chapter on probabilistic valuation techniques such as decision trees and Monte Carlo Simulation
• Author Aswath Damodaran is regarded as one of the best educators and thinkers on the topic of investment valuation

This indispensable guide is a must read for anyone wishing to gain a better understanding of investment valuation and its methods. With it, you can take the insights and advice of a recognized authority on the valuation process and immediately put them to work for you.

The definitive source of information on all topics related to investment valuation tools and techniques

Valuation is at the heart of any investment decision, whether that decision is buy, sell or hold. But the pricing of many assets has become a more complex task in modern markets, especially after the recent financial crisis. In order to be successful at this endeavor, you must have a firm understanding of the proper valuation techniques. One valuation book stands out as withstanding the test of time among students of financial markets and investors, Aswath Damodaran'sInvestment Valuation.

Now completely revised and updated to reflect changing market conditions, this third edition comprehensively introduces students and investment professionals to the range of valuation models available and how to chose the right model for any given asset valuation scenario. This edition includes valuation techniques for a whole host of real options, start-up firms, unconventional assets, distressed companies and private equity, and real estate. All examples have been updated and new material has been added.

• An expansion of ancillaries include updated online databases, spreadsheets, and other educational support tools
• Fully revised to incorporate valuation lessons learned from the last five years, from the market crisis and emerging markets to new types of equity investments
• Revised examples of company valuations such as companies from Eastern Europe and Africa, which stress the global nature of modern valuation
• Author Aswath Damodaran is regarded as one of the best educators and thinkers on the topic of investment valuation

This indispensable guide is a must read for students wishing to gain a better understanding of investment valuation and its methods. With it, you can take the insights and advice of a recognized authority on the valuation process and immediately put them to work for you.

One valuation book stands out as withstanding the test of time among investors and students of financial markets: Investment Valuation. That book discusses how best to value companies and securities. Damodaran's other books on valuation are directed primarily at analysts and practitioners, whose interests lie primarily in the practice of valuation. Consequently, they are filled with detail that are useful to trained financial analysts, but not to individual investors. The average investor has a less intense need for valuation details and is more interested in learning valuation basics that he or she can apply quickly to investments-and to fundamental research reports they read about companies. In the Little Book of Valuation, Prof. Aswath Damodaran will distil the fundamentals of valuation (without glossing over or ignoring key components) and develop models that investors can understand easily and use quickly (with relatively few inputs). In the process, he will aim to cover all of the different approaches - intrinsic or discounted cash flow valuation, multiples or relative valuation and even some elements of real option valuation. Readers will not only value a company quickly but will also be able to look at valuations done by others or equity research reports and discern whether they make sense. Damodaran will complement the book with iVal, an iPhone/iPad app that makes understanding stock valuations easy and intuitive.

La terza edizione italiana di 'Applied Corporate Finance' conserva le qualità che hanno assicurato il successo del libro nel corso degli anni (la chiarezza dello schema concettuale, la capacità di tradurre la teoria in prassi manageriale, il costante riferimento a esempi applicativi reali), ma è stata profondamente rinnovata nei contenuti per farne, ancor più che in passato, un ideale compendio per lo studio della finanza aziendale, dedicato sia agli studenti (universitari e post-laurea) sia ai manager. In primo luogo, la crisi finanziaria globale iniziata nel 2007 ha indotto a ripensare l'obiettivo di massimizzazione del valore per l'azionista tenendo conto dell'irrazionalità degli investitori. Accanto alla prospettiva tradizionale degli studi di finanza viene dunque dato spazio al punto di vista della finanza comportamentale. Inoltre, grazie all'intervento del coautore italiano, il volume è stato interamente adattato alla realtà del nostro Paese. In ciascun capitolo sono state inserite opportune integrazioni; il riferimento a un caso di studio italiano fornisce lo spunto per riflettere sulla tipicità delle nostre imprese in materia di governance, regolamentazione e fiscalità.

La terza edizione italiana di 'Applied Corporate Finance' conserva le qualità che hanno assicurato il successo del libro nel corso degli anni (la chiarezza dello schema concettuale, la capacità di tradurre la teoria in prassi manageriale, il costante riferimento a esempi applicativi reali), ma è stata profondamente rinnovata nei contenuti per farne, ancor più che in passato, un ideale compendio per lo studio della finanza aziendale, dedicato sia agli studenti (universitari e post-laurea) sia ai manager. In primo luogo, la crisi finanziaria globale iniziata nel 2007 ha indotto a ripensare l'obiettivo di massimizzazione del valore per l'azionista tenendo conto dell'irrazionalità degli investitori. Accanto alla prospettiva tradizionale degli studi di finanza viene dunque dato spazio al punto di vista della finanza comportamentale. Inoltre, grazie all'intervento del coautore italiano, il volume è stato interamente adattato alla realtà del nostro Paese. In ciascun capitolo sono state inserite opportune integrazioni; il riferimento a un caso di studio italiano fornisce lo spunto per riflettere sulla tipicità delle nostre imprese in materia di governance, regolamentazione e fiscalità.

The Definitive Guide to Valuing Hard-to-Value Companies: Now Fully Revised for Today's Financial Markets

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 and financial services firms. 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 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 U.S. treasuries risk free?” to “How do you value assets in highly illiquid markets?”

• Vanquishing the “dark side”
  Overcoming the temptation to use unrealistic or simplistic valuation methods
• Revisiting the macro inputs that go into valuation
  What you must know about risk-free rates, risk premiums, and other macroeconomic assumptions
• Valuing idea and nascent companies: the first stages of entrepreneurial valuation
  Intelligent analysis for angel and early venture capital investing
• Special challenges associated with valuing financial services firms
  Includes new insights into projecting the impact of regulatory changes
• Best practices and proven solutions from the world's #1 expert in valuation, Aswath Damodaran
• Now covers all industries and all stages of the corporate lifecycle
• Includes extensive new coverage of valuing financial services and commodities companies

 

What's that company or asset really worth? The question is more urgent than ever: We've all discovered the havoc that can be caused by misvaluing assets and companies. But some assets are extremely difficult to price with traditional methods. To accurately value them, start with the techniques and best practices in this book.

 

Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today's most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm's lifecycle. Next, he turns to specific types of hard-to-value firms, including commodity firms, cyclical companies, financial services firms, organizations dependent on intangible assets, and global firms operating diverse businesses.

 

Damodaran's insights will be indispensable to everyone involved in valuation: financial professionals, investors, M&A specialists, and entrepreneurs alike.

 

'Aswath Damodaran is simply the best valuation teacher around. If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf. You can bet that I do.'
-- Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places

In order to be a successful CEO, corporate strategist, or analyst, understanding the valuation process is a necessity. The second edition of Damodaran on Valuation stands out as the most reliable book for answering many of today?s critical valuation questions. Completely revised and updated, this edition is the ideal book on valuation for CEOs and corporate strategists. You'll gain an understanding of the vitality of today?s valuation models and develop the acumen needed for the most complex and subtle valuation scenarios you will face.

Convert theory into solutions

Applied Corporate Finance, Second Edition converts the theory and models in corporate finance into tools that can be used to analyze, understand, and help any business. With this hands-on guide, you can find real solutions to real corporate finance problems, using real-time data.


Offering a user perspective to corporate finance, this text poses three major questions that every business has to answer, and provides the tools and the analytical techniques needed to answer these questions.


1. Where do we invest our resources? (The Investment Decision)

The first part of the book shows how to assess risk and develop a risk profile for a firm, and convert this risk profile into a hurdle rate. You'll also learn basic rules for estimating the returns on any investment.


2. How should we fund these investments? (The Financing Decision)

Firms generally can use debt, equity, or some combination of the two to fund projects. This part of the book examines the relationship between this choice and the hurdle rate for analyzing projects, and shows how to use the financing decision to maximize firm value. You'll also find a framework for picking the right kind of security for any firm.


3. How much cash can and should we return to the owners? (The Dividend Decision)

The third part of the book establishes a process for deciding how much cash should be taken out of the business and in what form (dividends or stock buybacks).


The final chapter in the book ties the value of the firm to these three decisions, and provides insight into how firms can enhance value.

Investment Valuation
Tools and Techniques for Determining the Value of Any Asset
Valuation is at the heart of every investment decision, whether that decision is to buy, sell, or hold. But the pricing of any financial asset has become a more complex task in modern financial markets. Now completely revised and fully updated to reflect changing market conditions, Investment Valuation, Second Edition, provides expert instruction on how to value virtually any type of asset-stocks, bonds, options, futures, real assets, and much more.
Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses real-world examples and the most current valuation tools, as he guides you through the theory and application of valuation models and highlights their strengths and weaknesses.
Expanded coverage addresses:
* Valuation of unconventional assets, financial service firms, start-ups, private companies, dot-coms, and many other traditionally valued assets
* Risk in foreign countries and how best to deal with it
* Using real option theory and option pricing models in valuing business and equity
* The models used to value different types of assets and the elements of these models
* How to choose the right model for any given asset valuation scenario
* Online real-time valuations that are continually updated at www.damodaran.com
A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation, Second Edition, will be a valuable asset for anyone learning about this critical part of the investment process.

Investment Valuation
Tools and Techniques for Determining the Value of Any Asset
Valuation is at the heart of every investment decision, whether that decision is to buy, sell, or hold. But the pricing of any financial asset has become a more complex task in modern financial markets. Now completely revised and fully updated to reflect changing market conditions, Investment Valuation, Second Edition, provides expert instruction on how to value virtually any type of asset-stocks, bonds, options, futures, real assets, and much more.
Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses real-world examples and the most current valuation tools, as he guides you through the theory and application of valuation models and highlights their strengths and weaknesses.
Expanded coverage addresses:
* Valuation of unconventional assets, financial service firms, start-ups, private companies, dot-coms, and many other traditionally valued assets
* Risk in foreign countries and how best to deal with it
* Using real option theory and option pricing models in valuing business and equity
* The models used to value different types of assets and the elements of these models
* How to choose the right model for any given asset valuation scenario
* Online real-time valuations that are continually updated at www.damodaran.com
A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation, Second Edition, will be a valuable asset for anyone learning about this critical part of the investment process.

Il libro tratta di quella zona oscura in cui le tradizionali tecniche di valutazione aziendale si trovano in difficoltà per mancanza di parametri di riferimento; il caso delle imprese tecnologiche, soprattutto quelle della New Economy, ne è l'esempio più lampante. La tesi di Damodaran è che, anche in questi casi, i fondamentali della valutazione non cambiano. Il problema non è dunque inventare nuovi metodi di valutazione, ma modificare la stima degli input della valutazione per tenere conto della fase del ciclo di vita in cui ciascuna impresa si trova.

Investment Management provides a powerful package of systematic principles and cutting-edge applications for intelligent-and profitable-investing in the new world of finance. Its authoritative approach to the investment process is indispensable for coming to grips with today's rapidly changing investment environment-an environment that bombards the investor with an oversupply of information, with novel and complex strategies, with a globalized trading arena in a constant state of flux, and with radical innovations in the development of new financial instruments. Traditional investment methods no longer suffice for investors managing their own funds or for professionals entrusted with the wealth of individual and fiduciary institutions.

Edited by Peter Bernstein and Aswath Damodaran, widely respected experts in the field, this authoritative resource brings together an all-star team that combines Wall Street savvy with profound theoretical skills. The hands-on professionals who have contributed to this volume command high respect among academics in finance; the academic contributors, in turn, are also experienced in the rough-and-tumble of the Wall Street scene.

Together, they have designed the book to look at investing as a process-a series of steps, taken in the proper sequence, that provides the tools and strategies for optimal balancing of the interaction of risk and return. The analysis is at all points comprehensive and lucid as it moves from setting investment objectives to the best methods for selecting securities, from explaining how to measure risk to how to measure performance, from understanding derivatives to minimizing taxes, and from providing the essentials of portfolio strategy to the basic principles of asset allocation. In a unique chapter, the book also offers a searching evaluation of management and governance structures in the modern corporation.

One form of risk management is to make such successful investments that losses do not matter. Only luck can achieve that result; the real world requires decisions whose outcomes are never known in advance. That is what risk is all about. Every stage of the investment process-from executing a trade to optimizing diversification-must focus on making rational choices under conditions of uncertainty. The successful investor's toolkit has more inside of it than just the essential apparatus for selecting securities and allocating assets. The successful investor is also the one who has the knowledge, the confidence, and the necessary control systems to deal with the inevitable moments when forecasts go wrong.

Investment Management explores the investment process from precisely this viewpoint. It is a comprehensive and accessible introduction to investing in today's challenging marketplace-an ideal resource for serious investors and students.

A state-of-the-art program in investment principles and applications from topflight professionals.

Edited by Peter Bernstein and Aswath Damodaran, who are widely respected throughout the world of finance, this authoritative text brings together an all-star team to provide both a hands-on and theoretical overview of investing in today's challenging financial environment.

Once upon a time, Wall Street lived off little homilies like, 'buy low and sell high,' 'nothing ventured, nothing gained,' and 'don't put all your eggs in one basket.' Like all sayings that endure, these simple proverbs contain a lot of truth, even if not the whole truth. When wrapped into a body of theory that supports them with logic and a systematic set of principles, these elementary wisdoms pack a great deal of power.

Yet if the theory is so consistent, logical, and powerful, another fabled Wall Street saying comes to mind: 'If you're so smart, how come you're not rich?' The answer is disarmingly simple: The essence of investment theory is that being smart is not a sufficient condition for being rich. This bo