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Corporate Valuation and Takeover





An OverviewIntroductionSome Observations on Traditional Finance TheorySome Observations on Stock Market VolatilitySummary and ConclusionsSelected ReferencesII: Share Valuation TheoriesHow to Value a ShareIntroductionThe Capitalisation ConceptThe Capitalisation of Dividends and EarningsThe Capitalisation of Current Maintainable YieldThe Capitalisation of EarningsSummary and ConclusionsSelected ReferencesThe Role of Dividend PolicyIntroductionThe Gordon Growth ModelGordon's 'Bird in the Hand' ModelSummary and ConclusionsSelected ReferencesDividend IrrelevancyIntroductionThe MM Dividend Irrelevancy HypothesisThe MM Hypothesis and Shareholder ReactionThe MM Hypothesis: A Corporate PerspectiveSummary and ConclusionsSelected ReferencesIII: A Guide to Stock MarketInvestmentHow to Read Stock Exchange ListingsIntroductionStock Exchange ListingsSummary and ConclusionsSelected ReferencesStrategies for Investment (I)IntroductionDividends as IncomeDividends for GrowthThe Price-Earnings Ratio: Past and FutureSummary and ConclusionsSelected ReferencesStrategies for Investment (II)IntroductionCorporate Information"Beating" the MarketSummary and ConclusionsSelected ReferencesIV: Valuation and TakeoverA Stock Exchange ValuationIntroductionComing to the MarketCalculations and AssumptionsA Total Market ValuationAn Aggregate Flotation ValueThe Number and Denomination of SharesA Valuation per ShareManagerial Motivation and Corporate TakeoverIntroductionObjective Motivational FactorsSubjective Motivational FactorsSummary and ConclusionsSelected ReferencesAcquisition Pricing and Accounting DataIntroductionTakeover Valuation: The Case for Net AssetsValuing the Assets(a) Fixed Tangible Assets(b) Investments(c) Current Assets(d) Intangible Assets(e) A Going Concern ValueHow to Value GoodwillSummary and ConclusionsAcquisition Pricing-Profitability, Dividend Policy and Cash FlowIntroductionTakeover Valuation: The Profitability BasisTakeover Valuation: Dividend PolicyTakeover Valuation: The Cash Flow BasisSummary and ConclusionsSelected ReferencesTakeover Activity, Investor Behaviour and Stock Market DataIntroductionThe Current Takeover SceneInvestor BehaviourThe "Golden Rules" of Investment(I) Mandatory criteria(II) Highly desirable criteria(III) Bonus criteriaAcquisition Strategy and Stock Market DataReview ActivitySummary and ConclusionsSelected References
 
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