The Valuation Book
Autor Kenneth Lee, Mark Aleksanyan, Matthias Meitner, Neil Pandeen Limba Engleză Paperback – oct 2024
Mulți investitori și manageri cad în capcana mitului conform căruia evaluarea unei afaceri este o „artă neagră” rezervată exclusiv analiștilor de pe Wall Street, bazată pe formule matematice inaccesibile. În The Valuation Book, Kenneth Lee și echipa sa de experți demontează această barieră, demonstrând că o evaluare robustă se sprijină pe un cadru logic și pe utilizarea corectă a datelor contabile, nu pe intuiții obscure. Suntem de părere că forța acestui volum rezidă în capacitatea de a traduce teoria academică riguroasă în pași de execuție imediată pentru mediul de afaceri. Putem afirma că lucrarea se distinge printr-o structură modulară, unde fiecare capitol scurt abordează o componentă specifică: de la citirea corectă a bilanțului, până la aplicarea metodei fluxurilor de numerar actualizate (DCF) și a multiplilor de piață. Găsim în această carte nu doar instrumentele clasice, ci și soluții pentru provocările moderne ale pieței, cum ar fi evaluarea startup-urilor (companii imature) și integrarea factorilor ESG (mediu, social și guvernanță) în modelul financiar. Pe linia practică a volumului Investment Valuation de Aswath Damodaran, dar cu un focus sporit pe accesibilitate și pe identificarea erorilor în modelele de evaluare, această carte devine un manual de lucru esențial. Deși Kenneth Lee a explorat în trecut teme diverse în Policy-Making and Planning in the Health Sector sau Introduction to Development Engineering, această nouă apariție de la Harriman House Publishing reprezintă apogeul experienței sale de peste două decenii în gestionarea activelor și educație financiară. Este o resursă care transformă complexitatea în claritate, oferind rigoarea necesară pentru decizii de fuziuni și achiziții sau investiții strategice.
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Specificații
ISBN-10: 0857199498
Pagini: 304
Dimensiuni: 170 x 246 x 17 mm
Greutate: 0.54 kg
Editura: Harriman House Publishing
De ce să citești această carte
Dacă aveți nevoie să înțelegeți valoarea reală a unei companii fără a parcurge un tratat teoretic arid, aceasta este resursa ideală. Veți învăța să construiți modele DCF, să folosiți multipli de piață și să evaluați corect impactul ESG. Este un ghid esențial pentru manageri, avocați și contabili care doresc să vorbească limbajul finanțelor cu autoritate, câștigând un avantaj competitiv în analizele de investiții sau tranzacții.
Despre autor
Kenneth Lee este un expert recunoscut în finanțe, deținând funcția de vicepreședinte la Smith Barney, unde gestionează active de peste 50 de miliarde de dolari. Cariera sa a început la Merrill Lynch, unde a fost premiat ca cel mai performant nou broker la nivel național. Din 1989, Lee publică DowBuys, un buletin informativ de investiții axat pe companiile din indicele Dow Jones. Cu un background ce îmbină practica intensă de pe piața de capital cu activitatea academică, el a instruit mii de profesioniști în ultimele două decenii, transformând experiența sa vastă în metodologii de evaluare accesibile și riguroase.
Descriere scurtă
No detailed prior knowledge of business valuation is required - the book covers everything you need to know, including how to read relevant parts of company accounts and the valuation tools (including DCF and multiples) that are used by professionals.
Written by academics who are also practitioners, The Valuation Book provides a unique mix of theory and practical application. It is designed around the authors' experience of teaching thousands of people about valuation principles over the last two decades.
Short, accessible chapters with a consistent structure and layout allow readers to build up their knowledge step by step.
And the book is fully up to date, with accessible specialist chapters on integrating ESG into valuations, valuing immature companies, identifying flaws in valuation models, valuation for mergers and acquisitions, and more.
The Valuation Book is a comprehensive introductory valuation guide for investors, managers, accountants, lawyers and anyone else who needs to value a business.
Notă biografică
Dr Kenneth Lee is a professor at Loughborough Business School in the UK. Prior to that he was an associate professorial lecturer at the London School of Economics and Political Science. Before academia Kenneth was a Managing Director & Head of European Equity Research at Barclays Capital. Prior to this he was also a Managing Director and a ranked accounting and valuation analyst at Citi Investment Research in London. Professor Lee is a Fellow of the Institute of Chartered Accountants, a member of the Institute of Taxation, a CFA Charterholder and holds a doctorate from Aston Business School. He has published in leading academic journals, including Contemporary Accounting Research and European Management Review. He is co-author of two books: Financial Statement Analysis Under IFRS (2018, Financial Edge); and Company Valuation Under IFRS (2020, Harriman House).
Professor Dr Matthias Meitner is the managing partner of VALUESQUE, a consultancy firm that focuses on business valuations and financial analysis. He also serves as a publicly appointed and sworn expert for business valuation (verified by the German Chamber of Commerce and Industry). Matthias has more than 20 years of practical and research experience in business valuation and in the analysis of financial statements. His track record includes more than a decade at Allianz SE and Allianz Global Investors where, as an equity portfolio manager, deep fundamental analysis was combined with a valuation-driven approach. Matthias holds a doctorate from the University of Erlangen-Nuernberg and is Chair of Finance at the International School of Management in Munich.
Professor Mark Aleksanyan is a Professor in Accounting and Finance at the Adam Smith Business School of the University of Glasgow. at the Adam Smith Business School of the University of Glasgow. His main expertise and research interests are in the areas of financial analysis and equity valuation, as well as information processing and decision-making of capital market actors. His research has been published in a number of leading international accounting and finance journals, including Contemporary Accounting Research, Journal of Corporate Finance, Journal of Empirical Finance, Accounting and Business Research, and Accounting Auditing and Accountability Journal. He is an associate editor of Qualitative Research in Financial Markets. Mark has been teaching financial analysis and valuation courses at undergraduate, postgraduate and MBA levels for more than 15 years. Before joining academia, Mark worked as a macroeconomist in the Ministry of Economy and Finance and the Government of the Republic of Armenia, and prior to that as a financial analyst in a financial consulting firm.
Neil Pande is a financial training consultant based in London.Most recently Neil was a Senior Instructor at the UBS Research Academy where as part of the number-one-ranked Fundamental Analytics team he was integral in building an EdTech platform consisting of hundreds of audio, video and immersive ebook digital assets, including the "Build Better Models" manual, aimed primarily at buy-side portfolio management clients.Prior to that Neil spent 20 years designing and delivering instructor-led training courses in financial statement analysis, financial forecasting and modelling in Excel, company valuation, and M&A and LBO transaction modelling for M&A and leveraged finance bankers, private equity practitioners and equity and credit research analysts from many of the most preeminent global financial institutions. Neil graduated with a Master's in History from the University of Cambridge, focusing on modern economic history. He is a Fellow of the Institute of Chartered Accountants in England & Wales, having qualified in the Audit & Business Advisory practice of Arthur Andersen in London while specialising in large public company audits, and is a CFA Charterholder, having taught the program over several years.