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He seems to anticipate the types of real-life challenges you'll get and then tells you how to handle them (about half the book addresses these "loose ends" that aren't always covered in more basic valuation material). I saw the author speak at a conference which prompted me to buy the book. His presentation and book nicely merge theory with practice -- too many valuation books are academic and don't deal with the real-life problems. I especially like that he's embraced valuation methods beyond DCF (such as P/E and P/B) because purists tend to dismiss these other methods as too crude for serious consideration(in his book he acknowledges that only 10% of Wall Street valuations are done with DCF). His web site is great for practitioners because you can download the raw numbers for thousands of companies and do the valuation steps he highlights in the book.
I work for one of the largest banks in the US, and we use this book as a reference when we need to dig into the more arcane details of a project, particularly with regard to publicly-held interests. If you do a lot of valuation work, this is a recommended text, but it is tome-like and laborious to use, and I've found much of the advice it contains is very ivory-tower and not-so-practical in real world situations, having been written by a theorist rather than a dealmaker. If you are studying valuation theory, or do a lot of work on publicly-held companies, you'll definitely want this textbook, though over time, for privately-held situations, it might not be the one you reach for everyday. To accompany it, I would suggest buying Horn's "Unlocking the Value of a Business" for everyday use, which is a more concise and user-friendly manual on privately-held company valuation, with a more lighthearted, less-academic tone, and Horn's credentials as an acquisitions dealmaker yield advice that is decidedly more practical.
This is an amazing book for those who want to know everything about valuation.It has all concepts and real examples. Highly recommended.
Damodaran on Valuation is the best tutor on valuation short of sitting in his actual class. Anyone that practices valuation on a regular basis needs to have this book on the shelf.www.apheleon.com
This is the best book which I have in this field. For me this is an Encyclopedia of fundamental analysis Something what I can recommend
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