English version

• polskie
podział tematyczny
 
• anglojęzyczne
podział tematyczny
 
Newsletter:

• Zamów informacje o nowościach z wybranego tematu
 
Informacje:

• o księgarni

• koszty wysyłki

• kontakt

• Cookies na stronie

Valuation of Internet and Technology Stocks Implications for Investment Analysis

Brian Kettell
Policy Advisor, Bahrain Monetary Agency.

• Investigates why there has been a high correlation between high loss companies and a rocketing stock price
• Questions whether there is still a place for discounted cash flows when there is no cash flow to discount
• Considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques

The challenge for institutional stock market investors is to identify value ahead of the competitors thereby enabling them to buy stocks when they are undervalued. The difficulty for current investors is that existing valuation techniques no longer work. During 2000 Internet entrepreneurs succeeded in quickly transforming their business ideas into billion-dollar valuations that seemed to defy common wisdom about profits, multiples and the short-term focus of capital markets. The fact that so many of these valuations were subsequently reversed toward the year end and into 2001 means that the problems of valuing these companies will not disappear. Valuing these high growth, high risk, high loss firms is a challenge to existing corporate valuation rules.

New ways of looking, researching and valuing these companies need to be addressed. 'Valuation of Internet and Technology Stocks' offers practical information to enable institutional investors to value internet.coms and high tech companies more accurately.

The author highlights the deficiencies in existing stock market techniques and shows how they need to be modified or, in most cases, replaced with techniques more suited for the revolution in economies which had taken place since 1991. The economic rules in the financial market place have changed to the extent that strategies successfully applied in the post war era have now been relegated to the deleted items box. 'Valuation on Internet and Technology Stocks' reviews existing stock market techniques highlighting their deficiencies and show how the New Economics necessitates new forms of investment analysis.

Contents

Preface: the collapse of technology/Internet stocks; The age of information and the democratization of data; The new economy: where do technology/Internet stocks fit in?; Technology and the Internet Economy: what made it all happen?; How do you value traditional common stocks?; Applying the Porter Model to the valuation of technology/Internet stocks; What are the problems with applying traditional valuation models for Technology/Internet stocks?; Bubblelogy, stock market and the technology/Internet stock price collapse; What do we know about the valuation of technology/Internet stocks (I)?; What do we know about the valuation of technology/Internet stocks (II)?; Derivative markets, real options and the valuation of technology/Internet stocks; What are the lessons for investors from the year 2000 collapse of technology/Internet stocks?; Bibliography and web site addresses.

Readership: Traders; Investment Managers; Institutional Investors; Plan Managers; Finance Professionals.

206 pages