Preface
Valuation is the essence of finance. It asks the question, “What is the ‘fair’ price to pay for an asset that has a set of uncertain future cash flows?” This book presents a practitioner-oriented view of the fundamentals of valuation in the context of mergers and acquisitions. Valuation is considered to be an art, not a science. Thus, the reader will find that there are many “rules of thumb” and few inviolable principles to guide them.
The metrics used for valuing companies are not well-defined, varying according to the objectives of the valuation, the characteristics of the company and its industry, and the preferences and expertise of the individual performing the valuation. Consequently, corporate executives and valuation analysts ...
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