Price and Value: A Guide to Equity Market Valuation Metrics George Calhoun

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Product details:

• ISBN-10 ‏ : ‎ 1484255518
• ISBN-13 ‏ : ‎ 978-1484255513
• Author:  George Calhoun

Understand how to use equity market metrics such as the price/earnings ratio (and other multiples) to value public and private enterprises. This essential book gives you the tools you need to identify and qualify investments and assess business strategy and performance.

Author George Calhoun, Founding Director of the Quantitative Finance Program at Stevens Institute of Technology, shows you how to use metrics to appraise mergers, acquisitions, and spin-offs. You will be able to shed light on financial market conditions, benchmark fair value assessments, and check and calibrate complex cash flow models.

Market multiples share a peculiar construction: they are based on an explicit apples-to-oranges comparison of market prices with accounting fundamentals, combining data derived from two very different sources and methodologies. This creates ambiguities in interpretation that can complicate the application of these metrics for the many purposes.

Multiples are thus easy to construct, but they can be difficult to interpret. The meanings of certain multiples have evolved over time, and new-and-improved versions have been introduced. The field is becoming more complex and the question of which metrics perform best can be a source of controversy.

Table of contents:

1. The Ford Dollar: The Mysterious Multiple

2. The Value Triangle

3. Valuation Ratios

4. Interpretations: P/E As a Dependent Variable

5. Applications: P/E As an Independent Variable

6. Assessments and Qualifications

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