The Dark Side of Valuation

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Renowned valuation expert Aswath Damodaran reviews core valuation tools and addresses today's complex estimation challenges in this thoroughly revised edition. He expands his focus to include all companies that resist easy valuation, highlighting hard-to-value firms such as commodity, cyclical, and financial services companies, as well as organizations reliant on intangible assets and global firms. The book covers the entire corporate lifecycle, from nascent growth companies to those in decline and distress, providing specific guidance for valuing technology, human capital, commodity, and cyclical firms. Special emphasis is placed on the financial sector, exploring the implications of today’s radically changed credit markets for valuation. It tackles urgent valuation questions, such as the risk-free nature of U.S. treasuries and how to value assets in illiquid markets. Readers will learn to overcome the temptation to use unrealistic valuation methods, understand macroeconomic assumptions like risk-free rates and risk premiums, conduct intelligent analysis for angel and early venture capital investing, and project the impact of regulatory changes. Damodaran's insights are essential for financial professionals, investors, M&A specialists, and entrepreneurs alike.