Trademark Valuation

Trademark Valuation Author Gordon V. Smith
ISBN-10 0471141127
Release 1997
Pages 293
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Trademarks are among the most intangible of assets, yet they can have enormous value for an enterprise. The pink color of Owens-Corning insulation, McDonald's golden arches, the unique shape of the classic Coke bottle, these words, symbols, and colors embody the goodwill of the companies and institutions they represent. Potent cultural icons, trademarks are associated with quality, security, and even a sense of belonging in the minds of consumers. But how, exactly, do you determine the value of your trademark? How do you know if you are getting the best return on investment from your trademark? And what are the potential advantages and disadvantages of licensing your trademark, or even selling it outright? The first guide devoted exclusively to an increasingly important area of intellectual property, Trademark Valuation provides answers to these and all your questions about how to value your trademark and to develop strategies for exploiting its full potential. Gordon V. Smith, a consultant with more than three decades of experience advising clients on the value of their intellectual property, dispels common myths and misconceptions about trademarks and replaces them with logical, down-to-earth, practical guidance. Employing his unique talent for translating complex legal and financial concepts into plain English, he acquaints you with all the key legal and financial concepts, terms, principles, and practices, and guides you step-by-step through the entire valuation process. And, perhaps most importantly, he shows you how to use the information derived from your valuation to develop surefire strategies for getting the most out of your trademark. With the help of dozens of case studies, Smith places the subject of trademark management in a contemporary, real-world context. He examines the role of crucial factors such as trademark longevity and offers guidelines for analyzing current and future market trends. He explores the implications of the emerging world marketplace. And he considers various worst-case scenarios, including infringement and piracy, bankruptcy, acts of consumer terrorism, and other potential crises that can have a disastrous effect on the value of a trademark. Trademark Valuation is required reading for valuation experts, trademark specialists, and licensing executives, as well as the accountants and attorneys who work with them. It is also a valuable reference for advertising executives, business appraisers, and institutional investors. "They can be nostalgic reminders of times past, examples of outstanding graphic design, or the symbols of powerful institutions that influence our lives. As pleasant as it might be to contemplate their nostalgic or artistic aspects . . . trademarks are business assets and must be viewed primarily in the context of commercial enterprise. Their task is to contribute to the profitability of the parent enterprise. Commerce is driven by return-on-investment principles, and trademarks are not exempted from that requirement. Even trademarks that are associated with nonprofit, governmental, or institutional organizations are used for a purpose and promoted with an objective in mind. They must be judged by how well they meet those objectives." - Gordon V. Smith Written by an expert with thirty-five years of experience in the field, this is the first and only guide devoted exclusively to this vital area of intellectual property. Trademark Valuation includes: * Methods to determine the real value of your trademark and exploit its full potential * Dozens of case studies that illustrate how to apply valuation methods and strategies to real-world situations * Complex legal and financial concepts, terms, principles, and practices translated into plain English * Discussions of GATT, NAFTA, emerging markets, piracy, and other international trademark considerations * An appendix with valuable benchmarking information on the roles trademarks play in the financial life of many diverse industries



The Dark Side of Valuation

The Dark Side of Valuation Author Aswath Damodaran
ISBN-10 013040652X
Release 2001
Pages 479
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Preface Do the old rules still apply? Do we need new valuation metrics, or are the old metrics flexible enough to deal with the companies that constitute the new economy? Can you value a company that has no earnings, no history, and no comparable firms? These are the questions that I have heard repeatedly over the last few years. I have always believed the fundamentals that determine value are the same, no matter what company you value and what market it is in. Increasingly, though, I have faced skeptical audiences who are unwilling to take this belief at face value and have demanded proof that America Online, Amazon.com, or Priceline.com can be valued with traditional models. The genesis for this book was a paper I did on valuing Amazon.com in March 2000, where a discounted cash flow model yielded a value of $34 per share. Since the stock was trading at $80 at that time, there were many who viewed the valuation as either excessively pessimistic or as missing something. The interest in the paper led me to think about writing a book, but I expanded it to cover both new technology and old technology firms. While there are differences in estimation that arise across these firms, I believe that they have far more in common. Why technology firms? I believe that traditional valuation books and models (and I count my book on investment valuation among the culprits) have tended to concentrate on valuing manufacturing or traditional service firms. Technology firms are different. They expand by investing in research and through acquisitions and not by building plant and equipment. Many of them have astronomical growth rates in revenues and often, very little in current earnings. Their assets are often patents, technology, and skilled employees. I look at how the notions of capital expenditures, operating income, and working capital have to be redefined for these firms. I begin this book by laying out the facts on the growth of technology and, in particular, new technology stocks in the equity market and argue that although the principles of valuation might not shift, the focus can change as firms move through their life cycles. This discussion is followed by an extended section (Chapters 2-7) on applying traditional discounted cash flow models to value technology stocks, with an emphasis on the estimation of cash flows, growth, and discount rates for these firms. In the next three chapters, I look at the use of relative valuation to value technology companies, both in terms of adapting existing multiples (such as price-earnings and price-to-sales ratios) and developing new ones (value per Web site visitor, for instance). In Chapter 11, "Real Options in Valuation," I consider an argument made by many for the large premiums paid on technology stocks (i.e., they represent real options to expand into a potentially huge e-commerce market), and consider some questions that a skeptic should ask before accepting this argument. In Chapter 12, "Value Enhancement," I consider how managers of technology firms can enhance the value of their firms through better investment and financing decisions. The book is structured around the valuations of five technology firms-Motorola, Cisco, Amazon.com, Ariba, and Rediff.com. The first three are household names but represent three different points in the technology spectrum. Motorola is an old technology firm with substantial investments in existing assets. It is also a firm that has fallen on hard times in the last few years, largely as a consequence of poor investments and strategic choices. Cisco is one of the great success stories of the 1990s, but a great deal of the market value of the firm reflects expectations about the future. It is also a firm that has chosen to grow through acquisitions and has done it very well. Amazon.com is the poster child (for better or worse) for the new economy stocks that have entered the market in recent years, and the popular press has documented its ups and downs in extensive detail. Ariba and Rediff.com are more recent entrants into the new economy, with Ariba representing the promise (and peril) of the Business-to-Business (B2B) Internet model, and Rediff the potential of an Internet portal serving a market (India) that could be a huge market in the future. One of the limitations of valuing real companies is that your mistakes are there on the printed page for all to see over time, but that prospect does not bother me. At the risk of giving away the punch line, I do find discounted cash flow values for all five companies: Motorola ($32.39), Cisco ($44.92), Amazon.com ($34.37), Ariba ($72.13), and Rediff.com ($19.05). For what it is worth, at the time that I did the valuations in June 2000, I found Amazon to be overvalued at $48 per share and Cisco to be overvalued at $64.88. Motorola at $34.25 per share and Ariba at $75 per share were fairly valued, and Rediff.com was significantly undervalued at $10 per share. By the time I finished the book, Amazon had dropped in value to $30 per share, and Cisco was trading at $51. Motorola had gone from being fairly valued to undervalued, Ariba saw its stock price double, and Rediff remained undervalued. I have no doubt that you will disagree with me on some of the inputs I have used, and the values that you assign these firms will be different from mine. What I would emphasize, therefore, is not the values that I arrive at for these firms, but the process by which I got there. Finally, I want this book to be useful to a wide audience: individual investors who hold technology stocks in their portfolios, equity research analysts, venture capitalists, and managers at technology firms. There are portions of the book that I must confess are not easy reading, but I have tried as much as I can to provide an intuitive rationale for everything that I do. Technology firms, notwithstanding the back and forth of markets, are here to stay, and valuing them is something we all need to grapple with. I hope you find this book useful in that endeavor.



Valuation

Valuation Author McKinsey & Company Inc.
ISBN-10 9780470424704
Release 2010-07-26
Pages 837
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The #1 guide to corporate valuation is back . . . and better than ever! "The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives." —Professor Benjamin C. Esty, Harvard Business School, author of Modern Project Finance: A Casebook "The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition." —Dr. Raymund Breu, former chief financial officer, Novartis AG "Valuation gets to the heart of how to measure and manage value in a company. Whether you are evaluating an acquisition, restructuring a corporation, or formulating strategy, this book will help you do it well." —John A. Manzoni, Chief Executive Officer, Talisman Energy Inc. "A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies." —New York Times "The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation." —Financial Times



Damodaran on Valuation

Damodaran on Valuation Author Aswath Damodaran
ISBN-10 9780470049372
Release 2016-02-08
Pages 696
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"Aswath Damodaran is simply the best valuation teacher around. If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf. You can bet that I do." -- Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places In order to be a successful CEO, corporate strategist, or analyst, understanding the valuation process is a necessity. The second edition of Damodaran on Valuation stands out as the most reliable book for answering many of today?s critical valuation questions. Completely revised and updated, this edition is the ideal book on valuation for CEOs and corporate strategists. You'll gain an understanding of the vitality of today?s valuation models and develop the acumen needed for the most complex and subtle valuation scenarios you will face.



The Little Book of Valuation

The Little Book of Valuation Author Aswath Damodaran
ISBN-10 1118064143
Release 2011-03-29
Pages 256
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An accessible, and intuitive, guide to stock valuation Valuation is at the heart of any investment decision, whether that decision is to buy, sell, or hold. In The Little Book of Valuation, expert Aswath Damodaran explains the techniques in language that any investors can understand, so you can make better investment decisions when reviewing stock research reports and engaging in independent efforts to value and pick stocks. Page by page, Damodaran distills the fundamentals of valuation, without glossing over or ignoring key concepts, and develops models that you can easily understand and use. Along the way, he covers various valuation approaches from intrinsic or discounted cash flow valuation and multiples or relative valuation to some elements of real option valuation. Includes case studies and examples that will help build your valuation skills Written by Aswath Damodaran, one of today's most respected valuation experts Includes an accompanying iPhone application (iVal) that makes the lessons of the book immediately useable Written with the individual investor in mind, this reliable guide will not only help you value a company quickly, but will also help you make sense of valuations done by others or found in comprehensive equity research reports.



Valuation for Arbitration

Valuation for Arbitration Author Mark Kantor
ISBN-10 9789041127358
Release 2008
Pages 411
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This book provides a clear understanding of the nuts and bolts of valuation approaches for business investments, including market, income and asset-based methods. It reviews tools that arbitrators may employ to reach their final compensation assessment on a principled basis. The bookand’s many practical recommendations explore the decision making processes entailed in three central aspects of the arbitratorand’s role: and• advance planning to enhance understanding of expert valuation evidence; and• identification of and“apples-to-orangesand” miscomparisons; and and• recognition of the true comparability between the business at issue and other examples offered in the expert evidence. The presentation focuses not only on the legal standards applicable to the valuation (full or adequate compensation, reparations, restitution, actual loss, fair market value, fair or reasonably equivalent value, lost profits, etc.), but also on the informed judgment and reasonableness that must enter into the process of weighing the facts of each case and determining its aggregate significance. The book considers common valuation methods like discounted cash flows, adjusted present values, capitalized cash flows, adjusted book values and comparable sales and transactions. Additionally, it addresses means for arbitrators to assess expert valuation evidence in complex business investment disputes. and"Best book 2008 of the OGEMID awards!and"



Property Valuation

Property Valuation Author Peter Wyatt
ISBN-10 9781118624685
Release 2013-05-13
Pages 496
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This new edition of the ‘all in one' textbook for the postgraduate study of valuation on real estate courses retains its focus on the valuation and appraisal of commercial and industrial property across investment, development and occupier markets. It is structured from the client perspective and covers single-asset pricing, risk and return issues. The structure of the book has been substantially revised. Part A introduces the key microeconomic principles, focussing on land as a resource, production functions, supply and demand and price determination. The locational aspect of real estate is also introduced. Macroeconomic considerations are categorised by the main market sectors (and their function); the market for land (development), for space (occupation) and for money (investment). The economic context is set and the author then explains why property valuations are required and discusses the main determinants of value and how they might be identified. The mathematics required to financially quantify value determinants are also introduced. Part B of the book describes the methods of valuation; Part C applies these methods to the valuation of a range of property types for a wide variety of purposes; and Part D covers investment and development appraisal. The author introduces valuation activities from a broad economic perspective, setting valuation in its business finance context and combining its academic and practical roots. Changes in this second edition include: less daunting economics expanded companion website with PowerPoint slides for lecturers, self-test Questions & Answers for students: see www.wiley.com/go/wyattpropertyvaluation up-to-date case studies and sample valuations reference to the newly-published Red Book (the valuer’s bible) Property Valuation with its user-friendly format, using tried-and-tested teaching and learning devices and a clear writing style, remains the core text for students on real estate, estate management and land economy degree courses, as well as for fast-track conversion courses for non-cognate graduates.



Business Valuation Techniques

Business Valuation Techniques Author
ISBN-10 IND:30000046912873
Release 1997
Pages
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Business Valuation Techniques has been writing in one form or another for most of life. You can find so many inspiration from Business Valuation Techniques also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Business Valuation Techniques book for free.



The Valuation of Financial Companies

The Valuation of Financial Companies Author Mario Massari
ISBN-10 9781118617267
Release 2014-01-07
Pages 256
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This book presents the main valuation approaches that can be used to value financial institutions. By sketching 1) the different business models of banks (both commercial and investment banks) and insurance companies (life, property and casualty and reinsurance); 2) the structure and peculiarities of financial institutions’ reporting and financial statements; and 3) the main features of regulatory capital frameworks for banking and insurance (ie Basel III, Solvency II), the book addresses why such elements make the valuation of financial institutions different from the valuation of non-financial companies. The book then features the valuation models that can be used to determine the value of banks and insurance companies including the Discounted Cash Flow, Dividend Discount Model, and Residual Income Model (with the appropriate estimation techniques for the cost of capital and cash flow in financial industries). The main techniques to perform the relative valuation of financial institutions are then presented: along the traditional multiples (P/E, P/BV, P/TBV, P/NAV), the multiples based on industry-specific value drivers are discussed (for example, P/Pre Provision Profit, P/Deposits, P/Premiums, P/Number of branches). Further valuation tools such as the “Value Maps” or the “Warranted Equity Method” will be explained and discussed. The closing section of the book will briefly focus on the valuation of specific financial companies/vehicles such as closed-end funds, private equity funds, leasing companies, etc.



Towards a more accurate equity valuation

Towards a more accurate equity valuation Author Stefan Henschke
ISBN-10 9783834983428
Release 2010-09-24
Pages 165
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The accurate valuation of companies is essential for investors and managers. What appears to be straightforward from an academic perspective – discount expected future payoffs using adequate cost of capital – can be extremely difficult to implement. Using an empirical approach, Stefan Henschke investigates and improves the performance of different equity valuation methods. His research provides guidance for identifying inaccurate valuations and for improving the accuracy of valuations based on multiples.



Business Analysis and Valuation

Business Analysis and Valuation Author Krishna G. Palepu
ISBN-10 1844804933
Release 2007
Pages 572
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Business Analysis and Valuation teaches students how to use financial statement information to assess a firm's financial performance, value, and creditworthiness. This new IFRS edition has been adapted and developed by Erik Peek of Maastricht University. The text is primarily aimed at Masters and upper-level undergraduate programs in business and builds a bridge between accounting and finance, therefore making it accessible to both finance and accounting students. The distinctive strengths of this text include a large number of real-world cases used to illustrate theory; the step-by-step analysis methodology, and the extensive discussion of strategy analysis. The presentation of material is based on business analysis before financial analysis, which ensures that financial analysis is approached in a real-world manner and is driven by strategy. The pedagogy is geared toward helping students to develop strong practical skills using current applications. The most popular Harvard cases from the third edition have been retained in this IFRS edition and new cases written by Erik Peek added to give a new exciting European dimension to the text.



Valuations

Valuations Author Samuel Skrimshire
ISBN-10 UCAL:$B40062
Release 1915
Pages 462
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Valuations has been writing in one form or another for most of life. You can find so many inspiration from Valuations also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Valuations book for free.



Swiss Valuation Standard SVS

Swiss Valuation Standard  SVS Author RICS The Royal Institution of Chartered Surveyors
ISBN-10 9783728137753
Release 2017-04-24
Pages 324
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Der Swiss Valuation Standard (SVS) ist der von allen relevanten Verbänden und Hochschulen getragene Immobilienbewertungsstandard der Schweiz. Mit der verbindlichen Definition der wertrelevanten Begriffe und der Einordnung der wichtigsten Bewertungskonzepte, -normen und -standards trägt der SVS massgebend zu einer höheren Transparenz und Professionalität der Immobilienbewertung in der Schweiz bei. La Swiss Valuation Standard (SVS) constitue la norme d’estimation immobilière de référence des principales associations et hautes écoles suisses. La SVS, via des définitions contraignantes des notions relatives à la valeur pertinentes et le recensement des principaux concepts et principes et des principales normes d’estimation immobilière, permet une amélioration considérable de la transparence et du professionnalisme des pratiques de l’estimation immobilière en Suisse. Lo Swiss Valuation Standard (SVS) è lo standard per la valutazione immobiliare adottato da tutte le associazioni e scuole universitarie rilevanti in Svizzera. Con la definizione vincolante dei termini relativi al valore e la classificazione dei concetti, norme e standard di valutazione più importanti, l’SVS contribuisce in maniera determinante ad una maggiore trasparenza e professionalità della valutazione immobiliare in Svizzera.



Corporate Finance and Valuation

Corporate Finance and Valuation Author Bob Ryan
ISBN-10 184480271X
Release 2007
Pages 623
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Corporate finance is a key subject within business, but one that often presents a real challenge to those coming to grips with it for the first time. Often teachers too find it a challenging subject to put across in a practically relevant way whilst at the same time ensuring that the ‘mathematics gap’ between the capabilities of the student and the demands of theory are effectively bridged. Corporate Finance and Valuation is designed to overcome these challenges by presenting the subject in the simplest way possible and by connecting vital principles with vivid practical examples. Corporate Finance and Valuation offers a practical managerial perspective on the subject. The three themes of value, return and risk are developed and form a unifying thread throughout the book. Practical tools and techniques for identifying and solving financial problems in the real world are presented. For every practical finance problem, from estimating a company’s cost of capital through to the valuation of its intangible assets, Corporate Finance and Valuation places emphasis on how the job can be done using readily available tools and freely available data.



Real Option Valuation in Service Industries

Real Option Valuation in Service Industries Author Jürgen Müller
ISBN-10 9783322992994
Release 2013-12-19
Pages 267
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Jürgen Müller applies the real option approach to service industries, in this case to retail banking; he provides empirical support for the approach and simplifies the applicability of real option concepts in corporate practice.



Equity Asset Valuation

Equity Asset Valuation Author Jerald E. Pinto
ISBN-10 047057965X
Release 2010-01-12
Pages 464
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Equity Asset Valuation has been writing in one form or another for most of life. You can find so many inspiration from Equity Asset Valuation also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Equity Asset Valuation book for free.



Capital Budgeting Valuation

Capital Budgeting Valuation Author H. Kent Baker
ISBN-10 1118044568
Release 2011-05-04
Pages 528
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An essential guide to valuation techniques and financial analysis With the collapse of the economy and financial systems, many institutions are reevaluating what they are willing to spend money on. Project valuation is key to both cost effectiveness measures and shareholder value. The purpose of this book is to provide a comprehensive examination of critical capital budgeting topics. Coverage extends from discussing basic concepts, principles, and techniques to their application to increasingly complex, real-world situations. Throughout, the book emphasizes how financially sound capital budgeting facilitates the process of value creation and discusses why various theories make sense and how firms can use them to solve problems and create wealth. Offers a strategic focus on the application of various techniques and approaches related to a firm's overall strategy Provides coverage of international topics based on the premise that managers should view business from a global perspective Emphasizes the importance of using real options Comprised of contributed chapters from both experienced professionals and academics, Capital Budgeting Valuation offers a variety of perspectives and a rich interplay of ideas related to this important financial discipline.