This web site is designed to support "The Dark Side of Valuation", the third edition. If you are looking for the earlier editions, you can find the first edition here and the second edition here. The publisher is Financial Times Prentice Hall. You can navigate the site by either going to individual chapters and getting supporting material by chapter, or by going to the supporting material directly. The supporting material includes:
Chapter 1 | Chapter 2 | Chapter 3 | Chapter 4 | Chapter 5 | Chapter 6 |
Chapter 7 | Chapter 8 | Chapter 9 | Chapter 10 | Chapter 11 | Chapter 12 |
Chapter 13 | Chapter 14 | Chapter 15 | Chapter 16 | Chapter 17 | Chapter 18 |
Chapter 19 |
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2.1: Estimating Cash flows for a firm – 3M in
2007 Illustration 2.2: Estimating Cost of Equity – 3M Illustration 2.3: Estimating the Cost of Debt – 3M Illustration 2.4: Estimating cost of capital – 3M Illustration 2.5: Estimating Growth- 3M Illustration 2.6: High Growth versus Terminal Value Assumptions: 3M Illustration 2.7: A valuation of 3M |
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Illustrations | Illustration 3.1: Valuing a company with scenario analysis Illustration 3.2: Valuing a biotech company with a decision tree Illustration 3.3: Valuing 3M – Monte Carlo Simulation (Need Crystal Ball installed) |
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Illustrations | Illustration 6.1: Currency mismatch effects on valuation Illustration 6.2: Valuing in Mature Market Currency Illustration 6.3: Valuing in the local currency Illustration 6.4: Interest Rate views and Valuation |
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10.1: Growth and Scale – Snap and Shake Shack Illustration 10.2: Reinvestment, Growth and Value – Effects of inconsistencies Illustration 10.3: Valuing Operating Assets - Snap Illustration 10.4: Valuing Operating Assets – Shake Shack Illustration 10.5: From Operating Asset to Equity Value per share – Snap and Shake Shack Illustration 10.6: A Relative Valuation of Snap Illustration 10.7: A Relative Valuation of Shake Shack |
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11.1: Stable growth, unstable inputs… Illustration 11.2: Acquisition inconsistency – Valuing Cisco Illustration 11.3: Debt and Value – The upside of debt and no downside Illustration 11.4: Valuing an acquisitive mature company – Revisiting Cisco Illustration 11.5: The Cost of Capital Approach – Hormel Foods , Enhanced cost of capital & APV Illustration 11.6: A Valuation of Hormel Foods- Status Quo versus Optimal Illustration 11.7: The Probability of Control Changing – Hormel Foods Illustration 11.8: Market Prices and the Expected Value of Control Illustration 11.9: Valuing voting and non-voting shares |
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Illustrations | Illustration 14.1: Dividends and Growth: Wells Fargo Illustration 14.2: Wells Fargo Banks – February 2009 Illustration 14.3: Excess Return Valuation – Goldman Sachs Illustration 14.4: Comparing PE ratios: Insurance Companies Illustration 14.5: Price to Book Value Ratios: Small commercial banks |
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16.1: Estimating Lambdas – Gerdau Steel and Tata
Motors Illustration 16.2: Estimating Costs of Debt and Equity – Gerdau Steel and Tata Motors Illustration 16.3: Valuing Tata Motors Illustration 16.4: Valuing Gerdau Steel Illustration 16.5: Valuing Tata Motors - Indian Auto firms Illustration 16.6: Valuing Gerdau Steel: Steel companies listed in the United States |
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