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Cash return on capital investedten y...

Costantini, Pascal.

Cash return on capital investedten years of investment analysis with the CROCI economic profit model /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Cash return on capital investedPascal Costantini.
Reminder of title:	ten years of investment analysis with the CROCI economic profit model /
remainder title:	Ten years of investment analysis with the CROCI economic profit model
Author:	Costantini, Pascal.
Published:	Amsterdam ;Butterworth-Heinemann,c2006.
Description:	xiv, 230 p. :ill. ;24 cm.
Notes:	"Elsevier finance"--Jacket.
Subject:	CorporationsFinance.
Online resource:	An electronic book accessible through the World Wide Web; click for information
Online resource:	http://www.loc.gov/catdir/toc/fy0706/2006299270.html
Online resource:	http://www.loc.gov/catdir/enhancements/fy0702/2006299270-d.html
ISBN:	9780750668545

Cash return on capital investedten years of investment analysis with the CROCI economic profit model /
Costantini, Pascal.

Cash return on capital investedten years of investment analysis with the CROCI economic profit model /[electronic resource] :Ten years of investment analysis with the CROCI economic profit modelPascal Costantini. - 1st ed. - Amsterdam ;Butterworth-Heinemann,c2006. - xiv, 230 p. :ill. ;24 cm.

"Elsevier finance"--Jacket.

Includes bibliographical references and index.

Part One: What Is Investment Analysis?; Chapter 1 Investment, Investors and Financial Analysis; Chapter 2 The PE and the Equivalence Principle; Part Two: Digging the Foundations: Reconstruction of Economic Data; Chapter Three Measuring the Value of Economic Assets; Chapter Four: The Relative Return; Chapter Five The Price of Growth; -- Part Three: Drawing the Plans: Analysis of Economic Profits; Chapter Six: Fundamental Analysis of Economic Characteristics; Chapter Seven: Investment Analysis; Part Four: Building the House: Implementation of an Economic Profit Model; Chapter Eight: Stock Picking with an Economic Profit Model; Chapter Nine: Investing with an Economic Profit Model; Conclusion; References.

In this book, Pascal Costantini gives a lively and wonderfully readable account of ten years of efforts by a small group of investment analysts to find a reliable, practical and implementable method for valuing and selecting shares. The result of their effort is an original investment methodology called CROCI (Cash Return on Capital Invested), best described as a variation of the economic profit model. For over a decade now, Costantinis group at Deutsche Bank has been using this valuation tool every time it has had to take a view on the pricing of an equity asset, be it a market, a sector or an individual sharein other words, every single working day, since it is this groups job to advise institutional investors on equity valuation. Costantini describes in detail, accompanied by concrete examples in the form of charts and graphs, the precise investment results of the actual implementation of the CROCI approach in the global equity markets since 1996. Readers will enjoy taking this journey with Costantini to see how and why the model was developed, assess the results of ten years of actual implementation and measure the successes of using this model in stock picking and portfolio construction. This book will also make it easy for them to see how the CROCI approach can be used successfully by others now and in the future. The book is divided into four parts. The first part is a review and discussion of the fundamentals of investment analysis. The second part is dedicated to the construction of economic data, with the sole objective of calculating an economically meaningful asset multiple and relative return, the combination of which gives an economic PE ratio, the authors main stock selection tool. While the economic profit model is not exactly new, it is still largely ignored by the investment community. In essence, it does three things: it calculates the real amount of cash, or value created by a business; it compares the market value of an asset to an approximation of its replacement value; and it assumes that the former will converge to the latter through the arbitrage of investors and capital providers. The third part is dedicated to the analysis of economic data, and the last part deals with the actual implementation of the CROCI economic profit model, including real life examples. This final part also discusses how to use the output of the CROCI model with individual stocks, and then with investment portfolios. *Techniques are based on the authors performance record at Deutsche Bank since 1996 *Based on almost ten years of proprietary knowledge and implementation of these techniques *Factual illustrations of the results of the valuation techniques are provided at each step *Techniques are based on the author's performance record at Deutsche Bank since 1996 *Based on almost ten years of proprietary knowledge and implementation of these techniques *Factual illustrations of the results of the valuation techniques are provided at each step.

Electronic reproduction.
Amsterdam :
Elsevier Science & Technology,
2008.

Mode of access: World Wide Web.

ISBN: 9780750668545

Source: 116605:116703Elsevier Science & Technologyhttp://www.sciencedirect.comSubjects--Topical Terms:

200080
Corporations
--Finance.Index Terms--Genre/Form:

214472
Electronic books.

LC Class. No.: HG4028.V3 / C6855 2006eb

Dewey Class. No.: 658.155

Cash return on capital investedten years of investment analysis with the CROCI economic profit model /
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245 1 0 $a Cash return on capital invested $h [electronic resource] : $b ten years of investment analysis with the CROCI economic profit model / $c Pascal Costantini.
246 3 $a Ten years of investment analysis with the CROCI economic profit model
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246 3 $a CROCI economic profit model
250 $a 1st ed.
260 $a Amsterdam ; $a Boston, MA : $c c2006. $b Butterworth-Heinemann,
300 $a xiv, 230 p. : $b ill. ; $c 24 cm.
500 $a "Elsevier finance"--Jacket.
504 $a Includes bibliographical references and index.
505 0 $a Part One: What Is Investment Analysis?; Chapter 1 Investment, Investors and Financial Analysis; Chapter 2 The PE and the Equivalence Principle; Part Two: Digging the Foundations: Reconstruction of Economic Data; Chapter Three Measuring the Value of Economic Assets; Chapter Four: The Relative Return; Chapter Five The Price of Growth; -- Part Three: Drawing the Plans: Analysis of Economic Profits; Chapter Six: Fundamental Analysis of Economic Characteristics; Chapter Seven: Investment Analysis; Part Four: Building the House: Implementation of an Economic Profit Model; Chapter Eight: Stock Picking with an Economic Profit Model; Chapter Nine: Investing with an Economic Profit Model; Conclusion; References.
520 $a In this book, Pascal Costantini gives a lively and wonderfully readable account of ten years of efforts by a small group of investment analysts to find a reliable, practical and implementable method for valuing and selecting shares. The result of their effort is an original investment methodology called CROCI (Cash Return on Capital Invested), best described as a variation of the economic profit model. For over a decade now, Costantinis group at Deutsche Bank has been using this valuation tool every time it has had to take a view on the pricing of an equity asset, be it a market, a sector or an individual sharein other words, every single working day, since it is this groups job to advise institutional investors on equity valuation. Costantini describes in detail, accompanied by concrete examples in the form of charts and graphs, the precise investment results of the actual implementation of the CROCI approach in the global equity markets since 1996. Readers will enjoy taking this journey with Costantini to see how and why the model was developed, assess the results of ten years of actual implementation and measure the successes of using this model in stock picking and portfolio construction. This book will also make it easy for them to see how the CROCI approach can be used successfully by others now and in the future. The book is divided into four parts. The first part is a review and discussion of the fundamentals of investment analysis. The second part is dedicated to the construction of economic data, with the sole objective of calculating an economically meaningful asset multiple and relative return, the combination of which gives an economic PE ratio, the authors main stock selection tool. While the economic profit model is not exactly new, it is still largely ignored by the investment community. In essence, it does three things: it calculates the real amount of cash, or value created by a business; it compares the market value of an asset to an approximation of its replacement value; and it assumes that the former will converge to the latter through the arbitrage of investors and capital providers. The third part is dedicated to the analysis of economic data, and the last part deals with the actual implementation of the CROCI economic profit model, including real life examples. This final part also discusses how to use the output of the CROCI model with individual stocks, and then with investment portfolios. *Techniques are based on the authors performance record at Deutsche Bank since 1996 *Based on almost ten years of proprietary knowledge and implementation of these techniques *Factual illustrations of the results of the valuation techniques are provided at each step *Techniques are based on the author's performance record at Deutsche Bank since 1996 *Based on almost ten years of proprietary knowledge and implementation of these techniques *Factual illustrations of the results of the valuation techniques are provided at each step.
533 $a Electronic reproduction. $b Amsterdam : $c Elsevier Science & Technology, $d 2008. $n Mode of access: World Wide Web. $n System requirements: Web browser. $n Title from title screen (viewed on Mar. 10, 2008). $n Access may be restricted to users at subscribing institutions.
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650 0 $a Cash management. $3 207962
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650 1 7 $a Bedrijfswaarde. $2 gtt $3 340412
650 0 $a Corporations $x Valuation. $3 202289
655 7 $a Electronic books. $2 local. $3 214472
710 2 $a ScienceDirect (Online service) $3 307425
856 4 0 $3 ScienceDirect $u http://www.sciencedirect.com/science/book/9780750668545 $z An electronic book accessible through the World Wide Web; click for information
856 4 1 $3 Table of contents only $u http://www.loc.gov/catdir/toc/fy0706/2006299270.html
856 4 2 $3 Publisher description $u http://www.loc.gov/catdir/enhancements/fy0702/2006299270-d.html
994 $a C0 $b TEF

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