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Extra info for Analysis of Equity Investments: Valuation
The broad criteria for selecting a valuation approach are that the valuation approach be consistent with the characteristics of the company being valued; appropriate given the availability and quality of the data; and consistent with the analyst's valuation purpose and perspective. Valuation may be affected by control premiums (premiums for a controlling interest in the company), marketability discounts (discounts reflecting the lack of a public market for the company's shares), and liquidity discounts (discounts reflecting the lack of a liquid market for the company's shares).
Discounted cash flow models make intensive use of forecasts. As we shall see, the dividend discount model is the simplest such model, but if we do not have a record of dividends or other information to accurately assess a company's dividend policy, we may have more confidence applying an apparently more complex present value model. Similar considerations also apply in selecting a specific relative valuation approach. As an example, meaningful comparisons using PIE ratios may be hard to make for a company with highly volatile or persistently negative earnings.
An excess risk-adjusted return is also called an abnormal return or alpha. The manager hopes to capture a positive alpha as a result of his efforts to estimate intrinsic value. Any departure of market price from the manager's estimate of intrinsic value is a perceived mispricing (calculated as the difference between the estimated intrinsic value and the market price of an asset). '8 An expected holding-period return is the sum of expected capital appreciation and investment income, both stated as a proportion of purchase price.