Principles of Cash Flow Valuation: An Integrated Market-Based Approach (Graphics Series)

Book Description

The valuation of assets, both tangible and intangible, is an important element of corporate finance. Putting a price tag on ideas is almost impossible, and in the new economy, where companies grow dependent on intangible assets all the time, market volatility can be attributed in large part to our collective ignorance of their value. There are two basic approaches to valuation: from financial statements to cash flows, and from cash flows to financial statements. The former projects historical financial statements into the future and the latter attempts to construct cash flow statements and use them in forecasting future financial statements. Established companies use the first method and start-ups the second. In Principles of Cash Flow Valuation, the authors strive to "close the gap" between these two approaches by presenting the principles of cash flow valuation and cost of capital in a clear and systematic fashion.

* Provides the only exclusive treatment of cash flow valuation
* Authors use examples and a case study to illustrate ideas
* Presentation appropriate for a range of technical backgrounds: ideas are presented clearly, full exposition is also provided
* Named among the Top 10 financial engineering titles by Financial Engineering News

Customer Reviews:

Tools for constructing integrated and consistent business valuation models.......2006-04-21

In the modern business environment, one of the most important tasks for CEOs and CFOs is related to the development of integrated and consistent business valuation models.

Tham & V?lez Pareja`s book is a well-oriented proposal in that sense and could be judged for what it has to offer: an organized and specific approach for structuring and valuating the firm cash flows with a special treatment in Non-Traded firms, and from that point of view a useful tool for fundamental valuation in emerging markets.

The authors begin with a definition of basic concepts in market-based cash flow valuation and a brief review of financial statements and accounting concepts, before explaining in full detail the integrated approach for the construction of four interrelated proforma financial statements: the Balance Sheet, the Income Statement, the Cash Flow Statement, and the annual Cash Budget Statement. These four financial statements form the basic building blocks for the valuation exercise.

Aditionally, Tham & V?lez Pareja have exposed several methods for deriving the firm cash flows. Special emphasis is given to the five advantages of deriving the Free Cash Flow from the Cash Budget Statement: simplicity, usefulness as a managerial tool, consistency, representation of reality and flexibility for purposes of sensitivity and scenario analysis.

Next, the authors have examined some critical issues related to the calculation of the Terminal Value and have exposed the need to guarantee the amount of reinvestment for growth in the Free Cash Flow, showing the importance of specifying the ROMVIC (Return on Market Value of Invested Capital).

The last part of the book is very useful from a practitioner?s point of view, because the case study enables the application of the main topics in the book.

This is not a book about sophisticated tools for valuing real options. It?s a book about how to construct integrated and consistent corporate valuation models, a simple but usually ignored necessity of good corporate financial models.

I would recommend the book to those who clearly understand the main topics of business valuation and its role in corporate finance, and are open-minded to new proposals in a well known field.

JUAN CARLOS GUTI?RREZ B.
FINANCE PROFESSOR
EAFIT University
Medell?n, Colombia

Cash flow and cost of capital in one theoretical system. .......2006-04-17

If you need to understand the basic fundamentals of valuation, Principles of cash flow valuation, an integrated market-based approach, is the book you need.
The book thoroughly describes valuation techniques, explaining the theory and giving comprehensive examples. Techniques for translating the financial statements into free cash flows and variations of the discounted cash flow approach are well described in a pedagogical way. Few books put the topics (Modigliani-Miller propositions, CAPM, tax shield, investment, cost of capital) in one theoretical system.
Plus, Professors V?lez Pareja and Tham maintains a free website where you can find valuation and cost of capital models.
Principles of cash flow valuation is a rigorous, detailed textbook on topics in valuation for Master finance courses.

A comprehensive treatment of DCF.......2006-04-05

In my view, this is an excellent textbook for students who are either becoming acquainted with the discounted cash-flows technique or would like to freshen up their knowledge in the subject.

Waste of money.......2005-12-11

If you have basic understanding of accounting, you won't learn anything from the book.

Sopa de pollo para el alma de la pareja: Relatos inspiracionales sobre el amor y las relaciones

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Sopa de pollo para el alma de la pareja: Relatos inspiracionales sobre el amor y las relaciones
Jack Canfield , Mark Victor Hansen , Barbara DeAngelis , Mark Donnelly , and Chrissy Donnelly
Manufacturer: HCI Espanol
ProductGroup: Book
Binding: Paperback

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ASIN: 0757301339

Book Description

Whether single, separated or someone's spouse, everyone wants to find and keep this elusive thing called love. Bestselling author and foremost relationship expert Barbara De Angelis teams up as a co-author of Chicken Soup for the Couple's Soul, a collection of heartwarming stories about how real people discovered true love with the person of their dreams. With chapters on finding each other, intimacy, commitment, understanding, and overcoming obstacles, readers will find inspiration whether they're beginning a new relationship, hoping to work through a difficult one, or trying to recognize extraordinary moments in their lives. A sweet spoonful of this enchanting Chicken Soup collection will warm the hearts of the romantic readers everywhere.

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Love it!
A thoughtful read
NOT an "Uncle Tom"
Truth is beauty. Beauty, truth.
A Beautifully Written and Inspiring Story

I, Juan de Pareja (Sunburst Book)
Elizabeth Borton De Trevino
Manufacturer: Farrar, Straus and Giroux (BYR)
ProductGroup: Book
Binding: Paperback

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ASIN: 0374435251

Book Description

Told through the eyes of Velasquez's slave and assistant, this vibrant novel depicts both the beauty and the cruelty of 17th century Spain and tells the story of Juan, who was born a slave and died a respected artist.

Customer Reviews:

Love it!.......2007-03-15

Hi, I'm 8 years old and I just read I, Juan de Pareja with my mom. He's a Spanish slave who loves his owners. One of the reasons he loves his owners is they don't whip him and be mean, like some of the other characters in the story. There are no pictures in this book but if you go on the Internet you can look up the paintings in this book. One of the paintings is of Juan and the real thing is in New York City. I think that any kid should read this book including both of their parents, so this would be a great book to read anytime, in the morning, at night, in the car, anywhere. It's pretty long, but I love it. I'm going to do a report on Spain. I think this book inspired me to do that.

A thoughtful read.......2007-03-14

I just finished reading this novel to my children. The prose is beautiful and my children are too young to appreciate sentence structure and word usage, but not too young to hang on every lovely phrase, even when not quite knowing what it means. This was a gentle introduction to the world of slavery. Children in the U.S. often think of it as just a part of our history and not part of the history of the world (in this case, Spain) which continues to this day in many parts of the globe. It is good for them to know that respect for human freedom is something that people have been fighting for many years before our civil war (in this case the mid-17th century).

As for the critics who needed more action, good literature is not a comic book. There are some stories which unfold on dark, velvety canvases like Velazquez, subtle and rich. Others complain that Juan didn't seem to mind being a slave..where was the outrage? Toward the end of the book another slave provides a contrast in attitude, and throughout the book it is clear that Juan is strangely at peace with his life as a servant. In my daughter's opinion, Juan felt loved and his masters were kind and never whipped him like you usually hear. He enjoyed his work and it was in his persona to be content and not dwell on the negative-the fictionalized character of Juan de Pareja is one we came to care for.

In addition, this was a great choice for art appreciation. After reading the book, we looked at works by Velazquez and by Juan de Pareja on the internet and instead of being old works by Spanish masters, it was like meeting old friends.

NOT an "Uncle Tom".......2006-12-22

One reason the story is so powerful is because it is NOT an adrenaline-packed full-bodied cry against social injustice. It's a quiet, beautiful story, and these very qualities highlight why slavery was such an insidious institution.

Some reviewers claim the book is slow. They are right, but let's examine the slowness in a little more detail. First of all, the book is intended to be a realistic look at a fictional person (not a biography as reviews state), which forced the author to cut back on the "page-turner" syndrome we're affected with today. (I'm going to sound preachy here, but most people don't lead perilous lives!! We aren't secretly spies, we don't get lost on islands populated by enigmatic others, and we don't become pop stars on American Idol.)

The book lacks whips, and bloodhounds, and chases across Southern swamps in the moonlight with a baby strapped to the hero's back.

But that doesn't make the book any less of a voice against slavery.

The sheer genius of the book is that it shows why slavery was an accepted part of life, and also shows why slavery is wrong. Juanico (he's referred to by a child's name for almost the entire book) is well-fed, he's loved, he's taken care of. He's a model slave leading a perfect life of servitude. At the time people would point to slaves like Juanico and say slavery clearly wasn't evil because Juan was well-treated.

As privileged readers, however, we know Juan doesn't like his permanent childlike state. He wants to paint. He wants it bad enough to steal from a man who has served as his father figure. Bad enough to risk death.

That's what slavery is all about -- limiting someone's life based on the color of their skin. By showing us Juan's pain Tervino shows that even the mildest form of slavery is wrong.

Juan writes his memoir after Vasquez's death, but (if memory serves) we never know precisely how long after the death. Personally I think the death is recent, and Juan is still processing the injustice of what happened to him. Without modern therapy to help him touch his inner rage he might never rail against Diego Velasquez, who he loved.

Other reviewers don't like how Velasquez "forgot" to free Juan. To me that is one of the most realistic parts of the book. Velasquez saw Juanico as a child, as a slave, for almost the entire book. He never frees Juan because he doesn't see Juan as a man and an equal. This mindset lasts right up to the point when he sees Juan's paintings. At that moment their relationship shifts. Diego suddenly sees Juan as an equal, and in that moment he frees Juan.

Several reviewers also seem to want some retribution; a better, more climatic ending. I personally like the ending because it's realistic. Juan comes to terms with what life has dealt him, maintaining the quiet dignity that makes him such a strong character.

Truth is beauty. Beauty, truth........2005-09-12

How far we have come. How much farther we have to go. As with most Newbery award winning children's books published before the year 1990, I approached "I, Juan de Pareja" with mounting trepidation. Originally published in 1965, the book is a fictionalized story of the real-life relationship between the great Spanish painter Diego Velazquez and his slave, Juan de Pareja. Potential pitfalls abound in such a set-up. The great danger of books like this one is that it can possibly trivialize the notion of slavery itself. When you write a slave-master buddy book like this one, it's all too easy to make them appear like equals, glossing over the inherent horror of one man owning another. As an author, Elizabeth Barton de Trevino does this quite a bit. Juan's sole objection to slavery is the fact that it means he cannot legally paint. We can suspect that the real Senor Pareja felt a tad differently. Just the same, the book is a warm interesting historical novel that will educate a great many kids on painting, the great painters of the past, and Juan de Pareja's role.

Born a slave and owned by the aunt of painter Diego Velazquez, Juan narrates the story of his life to us. Dona Emilia teaches Juan to read and write, eventually dying and leaving him to her nephew after her death. Traveling to Velazquez's home becomes an enormous ordeal, however, when Juan finds himself at the cruel mercy of a sadistic gypsy and is nearly killed in the move. All the more reason he should appreciate his new master, a taciturn man of little words but great compassion. Juan's duties become primarily based on stretching canvasses for his master, grinding paints, and setting up studio settings. Over the years, the slave yearns to paint his own portraits, but is stopped by a Spanish law forbidding slaves from participating in the arts. This does not stop our hero, however, and he proceeds to paint in secret for years on end. Only when he confesses in a surprisingly public way does Juan receive far more than the mere permission to put paint to canvass.

Trevino tells her story lightly and with great spirit. Little adventures spring up on each and every page, keeping the action going with what appears to be little effort. She is equally adept at almost all the characters' personalities as well. Velazquez is aloof but compassionate and a man of few words. His daughter Paquita is willful but has enough charm in her to get what she wants at all times. Only Juan de Pareja seems a half-completed portrait. He cries constantly, weeping at everything from the death of his first mistress to a viewing of Michelangelo's Pieta to receiving his own freedom. When he says that "I have always been quick to tears", this is understatement at its finest. You wonder if there is ever a time when he is not sobbing into his wine. Other problems with Juan's character continue. When he receives his freedom we are supposed to believe (as Trevino says in an Afterword at the end) that Pareja and Velazquez, "continued as companions in their maturity and ended as equals and as friends". Equals where one calls the other "master" to the end of his days? Trevino has made the awful mistake of having Pareja be so docile and undemanding that slavery is not a burden to him. He's never mad at the institution, all the more maddening when you see his future wife begin her story by being angry at slavery and end as stupefied as her husband. What on earth does Trevino gain if she creates a character who worships his enslaver long past the point of understanding? I was also a little surprised by how little of this story concentrated on Velazquez's undoubtedly most famous portrait, "Las Meninas". The picture appears for exactly two pages, and that is all. A very odd choice on the author's part.

None of this is to say that the book doesn't make for a good read. It's simply very difficult to wholeheartedly love a book in which a slave acts more than a bit of an Uncle Tom for most of its pages. Certainly Trevino does not condone slavery. She just has a hard time understanding that if a white man frees a black man and the black man continues to cow-tow to the white man, that is not equality. That is a slavery of the mind. Had Velazquez once done something nice for Pareja post-freedom or even paid him for his past services, the book would be redeemed. Instead, he makes a somewhat lame excuse about meaning to have freed Juan years ago (it just slipped his mind, silly man!) then feels a saint for having done it at all. ARG! The reason I even read this book is that I am leading a book group of six 8-12 year-olds and I needed to know the story. I'm looking forward to hearing the kids' reactions to it. Was it horrendously boring for them? What did they like about it? Would they recommend it to friends? Whatever the case, "I, Juan de Pareja" has some interesting passages and a great story that is mired down by the ignorance of its author. I would still recommend that kids read it, but I would be very careful to point out its flaws and stupidities to them as well. Good but with many reservations.

A Beautifully Written and Inspiring Story.......2005-02-25

..."I am working, Juanico," was his answer. "Working, by looking." I did not understand and so I held my tongue, thinking that this was what he meant me to do with his cryptic answer. But a week or more later, he spoke to me as if I had put my question but a moment before, answering, "When I sit and look at something I am feeling its shape, so that I shall have it in my fingers when I start to draw the outline. I am analyzing the colors, too. For example, do you see that piece of brocade on the chair? What color is it? "Blue," I answered promptly. "No, Juanico. There is a faint underlay of blue, but there is violet in that blue, the faintest touch of rose, and the highlights are red and bright green. Look again." It was magical, for suddenly I could see them, the other colors, just as he said. "The eye is complicated. It mixes the colors for you," explained Master. "The painter must unmix them and lay them on again shade by shade, and then the eye of the beholder takes over and mixes them again." "I should like to paint!" I cried out in my joy at this revelation...This is the book my 3rd and 4th grade students are reading. It is an inspiring story about relationships. Truth and fiction are intertwined...Velazquez is a famous Spanish painter, Juan de Pareja was a slave Velazquez inherited from his aunt's estate. The reader is taken on a profound journey through the 17th century, and introduced to many colorful and intriguing characters--characters who are very real in their familiar human qualities. The story is beautifully and vividly written. You can't help but come to love, appreciate, and admire Juan de Pareja and Diego Velazquez. Every sentence is full of rich language taking you step by step down a path of adventure and discovery. The inspiration from this book has brought forth "oooh's" and "aaah's" as we look forward to viewing the paintings by Velazquez and Rubens at the National Gallery of Art in Washington, D.C.

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La Pareja Multiorgasmica
Chia , and Abrams
Manufacturer: Neoperson
ProductGroup: Book
Binding: Paperback

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ASIN: 8488066864

El Amor Inteligente: Corazon y Cabeza: Claves Para Construir una Pareja Feliz

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What you should consider before marriage

El Amor Inteligente: Corazon y Cabeza: Claves Para Construir una Pareja Feliz
Enrique Rojas
Manufacturer: Booket
ProductGroup: Book
Binding: Paperback

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Quien Eres?

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ASIN: 9875800325

Customer Reviews:

What you should consider before marriage.......2003-10-21

If there would be any formal preparation for marriage, like a seminar or even a career, this book would be an essential asignature, maybe the most important. It is not about religion, but about daily interaction issues, that you should learn in order to take care of your relationship.

Terapia de parejas/ Couple's Therapy (Ciencias Sociales)

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Terapia de parejas/ Couple's Therapy (Ciencias Sociales)
Miguel Costa , and Carmen Serrat
Manufacturer: Alianza Editorial Sa
ProductGroup: Book
Binding: Paperback

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Terapia Familiar y de Pareja
Arturo S. Roizblatt
Manufacturer: Mediterraneo
ProductGroup: Book
Binding: Hardcover

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El arte de vivir en pareja / The Couple's Art of Living

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El arte de vivir en pareja / The Couple's Art of Living
Sergio Sinay
Manufacturer: Rba Libros
ProductGroup: Book
Binding: Hardcover

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Ser Padre Es Cosa de Hombres

ASIN: 8478712453

Book Description

If living is an art, sharing your life with someone is the utmost expression of this art. Love may seem serendipitous but the truth is that it is the unique, voluntary and responsible act of creation of two human beings brought together by the magnificence of this energy. This book presents Sinay's lucid and sensitive exploration of the most subtle and most profound aspects of love. Diving into everyday living, Sinay proposes concrete tasks that lead to the consolidation of the couple, to the art of living in a relationship.

Las Siete Disciplinas Esenciales Para Crear Una Empresa Competitiva/ The Seven Essential Disciplines for Building a World Class Company: Los secretos del E-myth/ E-Myth Mastery (Empresa)

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Las Siete Disciplinas Esenciales Para Crear Una Empresa Competitiva/ The Seven Essential Disciplines for Building a World Class Company: Los secretos del E-myth/ E-Myth Mastery (Empresa)
Michael E. Gerber
Manufacturer: Ediciones P.Ica.So/La Rosa Blindada
ProductGroup: Book
Binding: Paperback

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Almas Gemelas: Como Reconocer y Atraer a Tu Pareja del Alma

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Almas Gemelas: Como Reconocer y Atraer a Tu Pareja del Alma
Patricia Azulay
Manufacturer: Kier Editorial
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Binding: Paperback

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ASIN: 9501770281

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