Franchise Value : A Modern Approach to Security Analysis (Wiley Finance)
Editorial Reviews
Review
". . . Most investors don't have a clear sense of what a price-earnings mulitiple implies about a company's future financial performance, or how a company's price-earnings multiple will likely change over time. The widespread use of relative multiples often compounds the problem. Investors frequently justify their valuation conclusions with apples-to-oranges comparisons of businesses with very different economics. Multiples are ubiquitous but remain, on balance, poorly understood. . . . One of the investment industry's all-time great thinkers, Marty Leibowitz, covered many of these topics in a series of papers and monographs over the past 20 years (much of this work was in collaboration with Stanley Kogelman). These articles have been complied for Leibowitz's new book, Franchise Value: A Modern Approach to Security Analysis, which we recommend highly for readers who want to delve into this valuation topic in more detail."--Michael J. Mauboussin, "Mauboussin on Strategy", Legg Mason Capital Management (January 14, 2005).
Book 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.
Franchise Value : A Modern Approach to Security Analysis (Wiley Finance)
Franchise Value : A Modern Approach to Security Analysis (Wiley Finance),Martin L. Leibowitz,John Wiley & Sons,0471647888,Accounting - General,Business & Economics,Business / Economics / Finance,Business/Economics,Corporations,Finance,Franchises,Investment Analysis,Investments & Securities - General,Investments & Securities - Stocks,Price-earnings ratio,Valuation,Business & Economics / Finance,Finance & Accounting
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