July 2009
Intermediate to advanced
600 pages
19h 50m
English
book
The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Second Edition
by Aswath Damodaran
Content preview from The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Second Edition
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Foundations of Value
We will explore the details of valuation approaches in the next four chapters. But we can establish the determinants of value for any business without delving into the models themselves. In this section, we will first consider a very simple version of an intrinsic value model. Then we will use this version to list the classes of inputs that determine value in any model.
Intrinsic Valuation
Every asset has an intrinsic value. In spite of our best efforts to observe that value, all we can do, in most cases, is arrive at an estimate of value. In discounted cash flow (DCF) valuation, the intrinsic value of an asset can be written as the present value of expected cash flows over its life, discounted to reflect both the time ...
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