cfa l2 finquiz reading (30-37)-equity-l2-2013

《cfa l2 finquiz reading (30-37)-equity-l2-2013》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、Reading30EquityValuation:ApplicationsandProcesses31.INTRODUCTIONValuationistheprocessofestimatingthevalueofansuccesssignificantlydependsontheanalyst’sabilitytoasset.Therearemanywaystodovaluationofandeterminethecorrectvalue.asset;butitisachallengingtaskandinvestment’s2012.VALUEDEFINITIONSAN

2、DVALUATIONAPPLICATIONS2.1.2)Going-ConcernValueandLiquidationValue2.1WhatisValue?GoingConcernValue:Itisavaluebasedontheassumptionthatthecompanywillcontinueitsbusiness2.1.1)IntrinsicValueactivitiesintotheforeseeablefuture.Theintrinsicvalueofanassetisthevalueoftheassetwhichiscalculatedbasedon

3、“hypothetically”LiquidationValue:Itisavaluebasedonthesituationcompleteunderstandingoftheasset’sinvestmentoffinancialdistressi.e.whenacompanyisdissolvedcharacteristics.anditsassetsaresoldindividually.·Abnormal/AlphaReturn:Itisanexcessrisk·OrderlyLiquidationValue:Valueofcompany’sadjustedretu

4、rnassetsalsodependsonthetimeavailableto·Expostalpha:Itisthehistoricalholdingperiodliquidatethemi.e.valueofanasset(e.g.returnminusthehistoricalreturnonsimilarassets.inventory)whichcanbesoldduringalonger·Ex-AnteAlpha:ForwardlookingAlphaiscalledex-periodoftimewillbegreaterthanthevalueofanteal

5、pha.“perishable”inventorythathastobeliquidatedimmediately.Activeinvestmentmanagerestimatesabnormal/alphareturntoevaluatehis/herreturns.The2.1.3)FairMarketValueandInvestmentValuedifferencebetweenmarketprice&his/herintrinsicFairmarketValue:Itisthepriceatwhichanasset(orvalueiscalled“mispricin

6、g”.i.e.liability)wouldchangehandsbetweenbothawillingbuyerandasellerwhennoneofthemisunderVE–P=(V-P)+(VE–V)compulsiontobuy/sellandbothhavecompletemarketinformation.ThisvalueisoftenusedforVE–P:Mispricingassessingtaxesandforfinancialreportingpurposes.V–P:TrueMispricingVE–V:ValuationErrorInvest

7、mentValue:Itisavaluebasedontherequirements,expectationsandpotentialsynergiesofwhere,theacquisitionstoaspecificbuyer(investor).VE=estimatedvalueP=marketprice·AccountingstandardsdefinitionofFairvalue:FairV=intrinsicvaluevalueistheamountforwhichanassetcouldbeexch