428_lecture12_RIM_B_S09 - Valuation Class 12 Residual...

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Unformatted text preview: Valuation Class 12 Residual Income Model Some notes based on Easton, et al (2001) The Process of Fundamental Analysis K n o w i n g t h e B u s i n e s s T h e P r o d u c t s T h e K n o w l e d g e B a s e T h e C o m p e t i t i o n T h e R e g u l a t o r y C o n s t r a i n t s S t r a t e g y A n a l y z i n g I n f o r m a t i o n I n F i n a n c i a l S t a t e m e n t s O u t s i d e o f F i n a n c i a l S t a t e m e n t s F o r e c a s t i n g P a y o f f s M e a s u r i n g V a l u e A d d e d F o r e c a s t i n g V a l u e A d d e d C o n v e r t F o r e c a s t s t o a V a l u a t i o n T r a d i n g o n t h e V a l u a t i o n O u t s i d e I n v e s t o r C o m p a r e V a l u e w i t h P r i c e t o B U Y , S E L L o r H O L D I n s i d e I n v e s t o r C o m p a r e V a l u e w i t h C o s t t o A C C E P T o r R E J E C T S t r a t e g y 1 2 3 4 5 Eric Young Discusses Fundamental Analysis of Business Plan In Valuation Process http://eclips.cornell.edu/clip.do?id=6536&tab=TabClipPagehttp://eclips.cornell.edu/clip.d Eric Young Discusses Fundamental Analysis of Business Plan In Valuation Process Eric Young was a co-founder of Canaan Partners and has served as a General Partner since its inception. At Canaan, Young has concentrated on opportunities in communications systems and enterprise automation, having led its investments in Argon Networks, Copper Mountain Networks, Diffusion Software, Frame Technology, INS, Kalpana, ONI Systems, Spectrian and Visigenic Software. Prior to Canaan, he was a Senior Vice President of GE Venture Capital. During his five years there, he was responsible for several successful investments in companies such as Nellcor and Octel Communications. Young joined GE in 1979, holding successive managerial positions in sales, marketing and manufacturing within two GE industrial product businesses before joining GE Venture Capital. Eric Young is a graduate of Cornell University with a BS in mechanical engineering and received his MBA in finance from Northwestern University. Different Valuation Models focus on alternative CF measures Source: Penman (2000) DDM DDM DCF DCF RIM RIM Wealth distribution Wealth distribution Wealth Creation Wealth Creation Metric Wars What Points Did Author Try To make? How many competitors are there? What do they sell? Metric Wars 1. What Points Did Author Try To make? 2. How many competitors are there? What do they sell? 3. Which model is better? Measuring Wealth The differences of EBO from Stern Stewart EVA Measuring Wealth Stern Stewart EVA EBO Measuring Wealth How to Implement EBO?...
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428_lecture12_RIM_B_S09 - Valuation Class 12 Residual...

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