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1、FinalPDFtoprinterCHAPTEREIGHTEENEquityValuationModels18ASOURDISCUSSIONofmarketefficiencyweprogresstoquantitativetoolscalleddivi-indicated,findingundervaluedsecuritiesdenddiscountmodels,whichsecurityana-ishardlyeasy.Atthesametime,therearelystscommonlyusetomeasuretheva
2、lueofenoughchinksinthearmoroftheefficientafirmasanongoingconcern.Nextweturnmarkethypothesisthatthesearchforsuchtoprice–earnings,orP/E,ratios,explainingsecuritiesshouldnotbedismissedoutofwhytheyareofsuchinteresttoanalystsbuthand.Moreover,itistheongoingsearchforalsohig
3、hlightingsomeoftheirshortcomings.mispricedsecuritiesthatmaintainsanearlyWeexplainhowP/Eratiosaretiedtodividendefficientmarket.Evenminormispricingvaluationmodelsand,moregenerally,tothewouldallowastockmarketanalysttoearngrowthprospectsofthefirm.hissalary.Weclosethechap
4、terwithadiscussionandThischapterdescribesthevaluationmod-extendedexampleoffreecashflowmodelselsthatstockmarketanalystsusetouncoverusedbyanalyststovaluefirmsbasedonfore-mispricedsecurities.Themodelspresentedcastsofthecashflowsthatwillbegeneratedarethoseusedbyfundament
5、alanalysts,fromthefirms’businessendeavors.Finally,thoseanalystswhouseinformationconcern-weapplytheseveralvaluationtoolscoveredingthecurrentandprospectiveprofitabilityinthechaptertoarealfirmandfindsomeofacompanytoassessitsfairmarketvalue.disparityintheirconclusions—ac
6、onundrumWestartwithadiscussionofalternativemea-thatwillconfrontanysecurityanalyst—andsuresofthevalueofacompany.Fromthere,considerreasonsforthesediscrepancies.18.1ValuationbyComparablesPARTVThepurposeoffundamentalanalysisistoidentifystocksthataremispricedrelativetosom
7、emeasureof“true”valuethatcanbederivedfromobservablefinancialdata.Therearemanycon-venientsourcesofrelevantdata.ForU.S.companies,theSecuritiesandExchangeCommissionprovidesinformationatitsEDGARWebsite,www.sec.gov/edgar.shtml.TheSECrequiresallpubliccompanies(exceptforeig
8、ncompaniesandcompanieswithlessthan$10millioninassetsand500shareholders)tofileregistrationstatements,periodicreports,andotherformsel
