如果您无法下载资料，请参考说明：
1、部分资料下载需要金币，请确保您的账户上有足够的金币
2、已购买过的文档，再次下载不重复扣费
3、资料包下载后请先用软件解压，在使用对应软件打开
CHAPTERTHREEChapter3Simple(andCheap)ApproachestoValuationTheMethodofComparablesTheMethodofComparables:Dell,HewlettPackard,andLenovo,2008HowCheapisthisMethod?Unlevered(orEnterprise)Multiples(thatareUnaffectedbytheFinancingofOperations)VariationsoftheP/ERatioDividend-AdjustedP/ETypicalValuesforCommonMultiplesScreeningAnalysisHowMultipleScreeningWorksFundamentalScreening:ReturnstoP/EScreenFundamentalScreening:ReturnstoPrice-to-BookTwo-wayScreening:P/EandP/BAverageMonthlyReturnsandEstimatedBetasfromJuly1963toDecember1990forTenSizeGroupsAverageMonthlyReturnsandEstimatedBetasfromJuly1963toDecember1990forTenBetaGroupsReturnstotwofundamentalscreensYearbyYearReturns:ValueMinusGlamourP/BandP/VRatios:TheDowStocks1979-96ProblemswithScreeningAssetBasedValuationTheProcessofFundamentalAnalysisTheProcessofFundamentalAnalysisHowFinancialStatementsareUsedinFundamentalAnalysisRoleofavaluationmodel:Directswhatistobeforecasted(Step3)Directshowtoconvertaforecasttoavaluation(Step4)Pointstoinformationforforecasting(Step2)PayoffstoInvesting:TerminalInvestmentsandGoing-ConcernInvestmentsTwoTerminalInvestments:ABondandaProjectTheValuationModel:BondsTheValuationModel:AProjectValueCreation:V0>I0ValuationModels:GoingConcernsCriteriaforPracticalValuationTheQuestionforForecasting:WhatCreatesValueinaFirm
