ESCP Europe

This book explores all aspects of valuation, from the fundamentals of estimating cash flows and discount rates to the principles underlying the use of multiples. It provides a compressed version of both discounted cash flow (estimating discount rates, measuring cash flow, firm valuation models...) and relative valuation models (equity multiples, value multiples). Then it shows the loose ends in valuation including topics like liquidity, control, synergy, transparency, and distress.