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Chapter 1 provides the introduction to the rest of the text. This chapter discuss the terms and framework necessary to understand the more complex subjects that appear later in the book. The focus in this chapter and the rest of the text is on equity valuation. Chapter 1 will also discuss the various definitions of value, the valuation process, the application of valuation models, and the roles and responsibilities of analysts. | Equity Valuation: Applications and Processes Presenter Venue Date 1 This chapter provides the introduction to the rest of the text. We will discuss the terms and framework necessary to understand the more complex subjects that appear later in the book. The focus in this chapter and the rest of the text is on equity valuation. We will discuss the various definitions of value, the valuation process, the application of valuation models, and the roles and responsibilities of analysts. DISCLAIMER: This presentation is NOT a substitute for the CFA Program curriculum. Candidates should not view this material as reflecting what will be required of them on the CFA exam. Valuation LOS: Define valuation and intrinsic value, and explain two possible sources of perceived mispricing. Page 1 Valuation is the estimation of asset value using one or more of the three methods above. In some cases, all three are used to provide a range of valuations. These methods are the basis for the rest of the text. | Equity Valuation: Applications and Processes Presenter Venue Date 1 This chapter provides the introduction to the rest of the text. We will discuss the terms and framework necessary to understand the more complex subjects that appear later in the book. The focus in this chapter and the rest of the text is on equity valuation. We will discuss the various definitions of value, the valuation process, the application of valuation models, and the roles and responsibilities of analysts. DISCLAIMER: This presentation is NOT a substitute for the CFA Program curriculum. Candidates should not view this material as reflecting what will be required of them on the CFA exam. Valuation LOS: Define valuation and intrinsic value, and explain two possible sources of perceived mispricing. Page 1 Valuation is the estimation of asset value using one or more of the three methods above. In some cases, all three are used to provide a range of valuations. These methods are the basis for the rest of the text. Intrinsic Value LOS: Define valuation and intrinsic value, and explain two possible sources of perceived mispricing. Page 2 Intrinsic value is the value of the asset given a (hypothetically) complete understanding of the asset and its investment characteristics (e.g., risk and future cash flows). The “true” or “real” value of the asset to an individual. Not necessarily the asset’s market price. If the market price > intrinsic value Asset is overvalued. If the market price < intrinsic value Asset is undervalued. Asset Mispricing LOS: Define valuation and intrinsic value, and explain two possible sources of perceived mispricing. Pages 2 – 3 The efficient market theory states that information about an asset is reflected in its value so that Market price = Intrinsic value. Challenges to the efficient market theory: Grossman–Stiglitz paradox: If assets were always correctly priced, then analysts would not have an incentive to find undervalued stocks. Trading costs and unclear values: In
