Chapter 1: Introduction -- PART 1: VALUATION PRINCIPLES -- Chapter 2: General principles of valuation -- Chapter 3: The valuation of intangible assets: an introduction -- Chapter 4: Goodwill valuation -- Chapter 5: Augmented Business Modeling and Planning as a Prerequisite for Valuation --...

The DCF method or multiples are used to value companies in practice. Starting with the value additivity principle, the paper presents a general framework for DCF valuation. This framework allows defining stepwise and aggregated approaches to value risky cash flows and identifying inconsistent...

The paper presents an empirical verification of the main assumptions underlying the calculation of terminal value in DCF valuation models. The test results suggest that the volatility of free cash flows and the dynamism of the operating environment do not allow us to make a reliable long-term...

This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the...

The objective of this research paper is to examine if DCF models offer reliable and accurate valuations of Wal-Mart. With the purpose of achieving most accurate results, an efficient combination between theory and practice was implemented throughout the valuation. The DCF valuation of free cash...

The article discusses the history and logic of the development of the concept of economic profit. Historically, the understanding the essence of the residual income of the business depends on the level of development of the systemic organization of economy. Complication of systemic mechanisms of...