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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Exchange Rates
As with real economic growth and inflation rates, our views on exchange rates can affect the value we attach to individual companies. In this section, we will first consider why exchange rates matter, and then we will examine past history.
Why Do Exchange Rates Matter?
Changes in exchange rates in the past and expectations in the future can make a difference in valuation. For companies with foreign operations, the reported earnings are affected by changes in exchange rates. Favorable movements in exchange rates result in higher earnings, whereas unfavorable movements can result in large losses. Note, though, that what type of movement is favorable/unfavorable depends on the nature of the foreign exposure. If the firm’s costs ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.