内容简介
AmodernapproachtoequityvaluationUnderstandingthekeyingredientsthatcombinetoaffectprice/earnings(P/Es)isofcrucialimportancetotheinvestmentprocess.InFranchiseValue,MartinLeibowitztacklestheimposingtaskofdeterminingwhatreallyhasanimpactonP/Es.TheauthorshowswhyhesubscribestotheconventionallogicthattheP/Egaugesthemarket'sassessmentofthefirm'sfuture.Hethenintroducereaderstothefranchise-valueapproachtoanalyzingtheprospectivecashflowsthatdetermineacompany'sP/E.Thefranchise-valueapproachtovaluationenablestheanalystorinvestortobreakthefirmintotwokeycomponentpartsandtovaluethosecomponents.Thefranchisevalueapproachisoriginalandinsightful,andwiththisbook,readerscanbegintoimplementthisapproachtoperformbetterequityvaluations.MartinL.Leibowitz,PhD(Stamford,CT),isViceChairandChiefInvestmentOfficeratTIAA-CREF,whereheisresponsiblefortheoverallmanagementofallTIAA-CREFinvestments.Hehasauthoredseveralbooksandmorethan130articles,nineofwhichhavereceivedaFinancialAnalystsJournalGrahamandDoddAwardofExcellence.