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Aswath Damodaran

The Little Book of Valuation

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  • Philiphas quoted6 years ago
    Will you be wrong sometimes? Of course, but so will everyone else. Success in investing comes not from being right but from being wrong less often than everyone else.
  • Kevina Liorahas quoted6 years ago
    Value Driver #1: Scalable growth
    The faster you grow, the larger you get. The larger you get, the more difficult it is to keep growing
  • Kevina Liorahas quoted6 years ago
    Value Driver #3: Survival Skills
    For young firms to become valuable, they have to survive. What is the likelihood that your firm will not make it
  • Kevina Liorahas quoted6 years ago
    Value Driver #1: Revenue Growth
    Small revenues have to become big revenues. How much growth potential does your firm have?
    Value Driver #2: Target margins
    You can lose money today but, to have value, you have make money in the future. How profitable will your company be, when it matures
  • Kevina Liorahas quoted6 years ago
    we can then look at how the margin will evolve over time
  • Kevina Liorahas quoted6 years ago
    estimating the target operating margin when the firm becomes mature, primarily by looking at more established companies in the business
  • Kevina Liorahas quoted6 years ago
    estimating the operating expenses associated with delivering the projected revenues, and we would separate the estimation process into two part
  • Kevina Liorahas quoted6 years ago
    The next step is to estimate the share of that market that will be captured by the firm being analyzed, both in the long term and in the time periods leading up to it
  • Kevina Liorahas quoted6 years ago
    The first is revenue growth, which can be obtained by either extrapolating from the recent past or by estimating the total market for a product or service and an expected market share
  • Kevina Liorahas quoted6 years ago
    forecasting future cash flows
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