Franchise Value

Description

A modern approach to equity valuation Understanding the key ingredients that combine to affect price/earnings (P/Es) is of crucial importance to the investment process. In Franchise Value, Martin Leibowitz tackles the imposing task of determining what really has an impact on P/Es. The author shows why he subscribes to the conventional logic that the P/E gauges the market's assessment of the firm's future. He then introduce readers to the franchise-value approach to analyzing the prospective cash flows that determine a company's P/E. The franchise-value approach to valuation enables the analyst or investor to break the firm into two key component parts and to value those components. The franchise value approach is original and insightful, and with this book, readers can begin to implement this approach to perform better equity valuations. Martin L. Leibowitz, PhD (Stamford, CT), is Vice Chair and Chief Investment Officer at TIAA-CREF, where he is responsible for the overall management of all TIAA-CREF investments. He has authored several books and more than 130 articles, nine of which have received a Financial Analysts Journal Graham and Dodd Award of Excellence.

Description

"Investors and analysts in today's fiercely competitive global equities market are finding traditional valuation models to be unrealistically static - and woefully inadequate - for reliably valuing companies and their stock. Looking for improved flexibility and insight into the components of price/earnings growth, they are increasingly turning to the practical and innovative franchise value (FV) approach, introduced by Martin Leibowitz and Stanley Kogelman in the early 1990s. Over the subsequent ten years, this FV approach was further developed through a series of papers, four of which received the prestigious Graham and Dodd Award." "Franchise Value is the first book to provide investment practitioners with authoritative and comprehensive guidance on the use of this adaptable and insightful approach. Compiling and arranging the writings of FV pioneer Leibowitz in one accessible volume, Franchise Value features detailed information and analysis on the documented improvements FV provides."--BOOK JACKET.

Subjects

Other Editions

• Franchise Value: A Modern Approach to Security Analysis (Wiley Finance)HardcoverWiley2004-07-30
• Franchise ValueElectronic resourceJohn Wiley & Sons, Ltd.2004-01-01