[PDF] Top 20 Equity valuation: The Navigator Company

... About the current assets, it is observable that inventories are an important part of the total ...inclusively the working capital. This was expectable, because of the type of the ... See full document

... 2) The value of the company represents the market value of the economic ...assets. The value of the company is equal to the market sum of the ... See full document

... of valuation methods: discounted cash flows (FCFF and FCFE) and multiples (or relative ...from the company under analysis, although there were some differences between these results: in the ... See full document

... considered the same both for Europe and USA since the markets have similar characteristics and were considered to represent the same risk for equity ...investments. The risk free rate ... See full document

... A company valuation is a complex process that requires a rich set of assumptions from the analyst – understanding the mechanisms behind valuation is crucial to make value-added ... See full document

... of the Financial Services and Markets Act 2000 (the “FSMA”), for an activity to be a regulated activity, it must be carried on “by way of ...by the Financial Conduct Authority ...business. The ... See full document

... on the first problem related of bank’s valuation, Capital Expenditures in a bank does not correspond to reinvestment, like it would in a regular ...visible the classification into current assets and ... See full document

... points the similarities between equity and call options, by stating that equity holders “cannot lose more than their investment in the ...options: the underlying asset cannot be traded; ... See full document

... of the methods of assessment of equity securities in theory and ...practice. The practical application of the comparative method is arranged in MS Decree ...on the establishment of ... See full document

... in the period under analysis, having displayed some volatility mainly due to divestments and acquisitions in line with its strategy and stated ambition, as well as foreign exchange rates volatility (the ... See full document

... De acordo com Modigliani & Miller (1958), o valor dos ativos de uma empresa equivale ao valor do capital aplicado nessa empresa, isto é, capital próprio e capital alheio. Deste modo, para avaliar os capitais próprios ... See full document

... mechanical valuation tool and once it is used to estimate intrinsic value it requires more information than other ...in the value of a company; and inputs can be easily manipulated by the ... See full document

... contrario the absence of grants as financing instruments does neither imply moral hazard nor a non alignment of ...interest. The contrary is found to be true in the Brazilian ...market.Through ... See full document

... as the existence of a possible strategic bias, namely the one that leads to undervaluing a good when the subject believes the final price can get lowered, cannot be evaluated with ...at ... See full document

... that the CVA method corrects only one of the several defects of EVA , and at the same the method needs rather complex calculation ...markets, the quoted methods are not clearly adequate ... See full document

... of the asset and get cash to pay down its debt burden, while KKR and Affinity were “sitting on piles of cash” from investors with no solid investment to ...included the $300m vendor financing provided by AB ... See full document

... measure, the Jensen measure is subject to same criticism: the result depends on the choice of market ...when the managers concerns with market-timing strategy, which involves varying ... See full document

... to the conclusion of the contract, a special purpose company shall be set up to implement and manage the object of the ...- The transfer of control of the special purpose ... See full document

... of the expected excess returns to equity in ...extending the dividend discount model to incorporate excess returns on future opportunities were divised in Walter (1966), Mao ...revitalizing ... See full document

... on the findings of Lewis (2003) who already did this analysis on a sample that went from 1978 to ...if the drivers of stock price movement after an announcement have ...all the dates of convertible ... See full document