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Lecture Investments: Principles of portfolio and equity analysis: Chapter 10 - CFA Institute

Chapter 10 - Equity valuation: Concepts and basic tools. This lecture introduces equity valuation models used to estimate the intrinsic value (synonym: fundamental value) of a security; intrinsic value is based on an analysis of investment fundamentals and characteristics. | Chapter 10 Equity Valuation: Concepts and Basic Tools Presenter Venue Date This reading introduces equity valuation models used to estimate the intrinsic value (synonym: fundamental value) of a security; intrinsic value is based on an analysis of investment fundamentals and characteristics. Section 2 discusses the implications of differences between estimated value and market price. Section 3 introduces three major categories of valuation model. Section 4 presents an overview of present value models with a focus on the dividend discount model. Section 5 describes and examines the use of multiples in valuation. Section 6 explains asset-based valuation and demonstrates how these models can be used to estimate value. Section 7 states conclusions and summarizes the reading. DISCLAIMER: Candidates should understand this presentation is NOT a substitute for a thorough understanding of the CFA Program curriculum. This presentation is NOT necessarily a reflection of all of the knowledge and | Chapter 10 Equity Valuation: Concepts and Basic Tools Presenter Venue Date This reading introduces equity valuation models used to estimate the intrinsic value (synonym: fundamental value) of a security; intrinsic value is based on an analysis of investment fundamentals and characteristics. Section 2 discusses the implications of differences between estimated value and market price. Section 3 introduces three major categories of valuation model. Section 4 presents an overview of present value models with a focus on the dividend discount model. Section 5 describes and examines the use of multiples in valuation. Section 6 explains asset-based valuation and demonstrates how these models can be used to estimate value. Section 7 states conclusions and summarizes the reading. DISCLAIMER: Candidates should understand this presentation is NOT a substitute for a thorough understanding of the CFA Program curriculum. This presentation is NOT necessarily a reflection of all of the knowledge and skills needed for candidates to successfully complete questions regarding this topic area on the CFA exam. 1 Estimated Value and Market Price LOS: Evaluate whether a security, given its current market price and a value estimate, is overvalued, fairly valued, or undervalued by the market. Page 426 By comparing estimates of value and market price, an analyst can arrive at one of three conclusions: The security is undervalued, overvalued, or fairly valued in the market place. For example, if the market price of an asset is $10 and the analyst estimates intrinsic value at $10, a logical conclusion is that the security is fairly valued. If the security is selling for $20, the security would be considered overvalued. If the security is selling for $5, the security would be considered undervalued. 2 Dealing with Uncertainty LOS: Evaluate whether a security, given its current market price and a value estimate, is overvalued, fairly valued, or undervalued by the market. Page 426 Analysts must