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Contents 1. Learning Outcome Statements (LOS) 2. Reading 24: Equity Valuation: Applications and Processes 1. Exam Focus 2. Module 24.1: Equity Valuation: Applications and Processes 3. Key Concepts 4. Answer Key for Module Quizzes 3. Reading 25: Return Concepts 1. Exam Focus 2. Module 25.1: Return Concepts 3. Key Concepts 4. Answer Key for Module Quizzes 4. Reading 26: Industry and Company Analysis 1. Exam Focus 2. Module 26.1: Forecasting Financial Statements 3. Module 26.2: Competitive Analysis and Growth Rate 4. Key Concepts 5. Answer Key for Module Quizzes 5. Reading 27: Discounted Dividend Valuation 1. Exam Focus 2. Module 27.1: DDM Basics 3. Module 27.2: Gordon Growth Model 4. Module 27.3: Multiperiod Models 5. Key Concepts 6. Answer Key for Module Quizzes 6. Reading 28: Free Cash Flow Valuation 1. Exam Focus 2. Module 28.1: FCF Computation 3. Module 28.2: Fixed and Working Capital Computation 4. Module 28.3: Net Borrowing and Variations of Formulae 5. Module 28.4: Example 6. Module 28.5: FCF Other Aspects 7. Key Concepts 8. Answer Key for Module Quizzes 7. Reading 29: Market-Based Valuation: Price and Enterprise Value Multiples 1. Exam Focus 2. Module 29.1: P/E Multiple 3. Module 29.2: P/B Multiple 4. Module 29.3: P/S and P/CF Multiple 5. Module 29.4: EV and Other Aspects 6. Key Concepts 7. Answer Key for Module Quizzes 8. Reading 30: Residual Income Valuation 1. Exam Focus 2. Module 30.1: Residual Income Defined 3. Module 30.2: Residual Income Computation 4. Module 30.3: Constant Growth Model for RI 5. Module 30.4: Continuing Residual Income 9. 10. 11. 12. 6. Module 30.5: Strengths/Weaknesses 7. Key Concepts 8. Answer Key for Module Quizzes Reading 31: Private Company Valuation 1. Exam Focus 2. Module 31.1: Private Company Basics 3. Module 31.2: Income-Based Valuation 4. Module 31.3: Market-Based Valuation 5. Module 31.4: Valuation Discounts 6. Key Concepts 7. Answer Key for Module Quizzes Topic Assessment: Equity Valuation 1. Topic Assessment Answers: Equity Valuation Formulas Copyright List of Pages 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. v vi vii viii ix 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 35 36 37 38 39 40 41 42 43 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 99. 100. 101. 102. 103. 104. 105. 106. 107. 108. 109. 110. 111. 112. 113. 114. 115. 116. 117. 118. 119. 120. 121. 122. 123. 124. 125. 126. 127. 128. 129. 130. 131. 132. 133. 134. 135. 136. 137. 138. 139. 140. 141. 142. 143. 144. 145. 146. 147. 148. 149. 96 97 98 99 100 101 102 103 104 105 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 150. 151. 152. 153. 154. 155. 156. 157. 158. 159. 160. 161. 162. 163. 164. 165. 166. 167. 168. 169. 170. 171. 172. 173. 174. 175. 176. 177. 178. 179. 180. 181. 182. 183. 184. 185. 186. 187. 188. 189. 190. 191. 192. 193. 194. 195. 196. 197. 198. 199. 200. 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 197 198 199 201. 202. 203. 204. 205. 206. 207. 208. 209. 210. 211. 212. 213. 214. 215. 216. 217. 218. 219. 220. 221. 222. 223. 224. 225. 226. 227. 228. 229. 230. 231. 232. 233. 234. 235. 236. 237. 238. 2