Part I Learning Objectives, Summary Overview, and Problems 1
Chapter 1 Equity Valuation: Applications and Processes 3
Learning Outcomes 3
Summary Overview 3
Problems 5
Chapter 2 Return Concepts 9
Learning Outcomes 9
Summary Overview 9
Problems 11
Chapter 3 Introduction to Industry and Company Analysis 17
Learning Outcomes 17
Summary Overview 18
Problems 20
Chapter 4 Industry and Company analysis 25
Learning Outcomes 25
Summary Overview 26
Problems 26
Chapter 5 Discounted Dividend Valuation 33
Learning Outcomes 33
Summary Overview 34
Problems 36
Chapter 6 Free Cash Flow Valuation 45
Learning Outcomes 45
Summary Overview 46
Problems 48
Chapter 7 Market-Based Valuation: Price and Enterprise Value Multiples 61
Learning Outcomes 61
Summary Overview 62
Problems 65
Chapter 8 Residual Income Valuation 75
Learning Outcomes 75
Summary Overview 76
Problems 77
Chapter 9 Private Company Valuation 85
Learning Outcomes 85
Summary Overview 86
Problems 87
Part II Solutions 95
Chapter 1 Equity Valuation: Applications and Processes 97
Solutions 97
Chapter 2 Return Concepts 101
Solutions 101
Chapter 3 Introduction to Industry and Company Analysis 107
Solutions 107
Chapter 4 Industry and Company Analysis 109
Solutions 109
Chapter 5 Discounted Dividend Valuation 113
Solutions 113
Chapter 6 Free Cash Flow Valuation 123
Solutions 123
Chapter 7 Market-Based Valuation: Price and Enterprise Value Multiples 137
Solutions 137
Chapter 8 Residual Income Valuation 145
Solutions 145
Chapter 9 Private Company Valuation 157
Solutions 157
About the CFA Program 161